Document and Entity Information
Document and Entity Information - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MIC | |
Entity Registrant Name | Macquarie Infrastructure Corp | |
Entity Central Index Key | 1,289,790 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 79,590,014 | |
Common stock, par value per share | $ 0.001 | $ 0.001 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Current assets: | |||
Cash and cash equivalents | $ 168,184 | $ 48,014 | |
Restricted cash | 21,060 | 21,282 | |
Accounts receivable, less allowance for doubtful accounts of $1,513 and $771, respectively | 115,019 | 96,885 | |
Inventories | 31,025 | 28,080 | |
Prepaid expenses | 15,019 | 14,276 | |
Deferred income taxes | 25,412 | 25,412 | |
Other | 28,209 | 22,941 | |
Total current assets | 403,928 | 256,890 | |
Property, equipment, land and leasehold improvements, net | 4,037,977 | 3,362,585 | |
Investment in unconsolidated business | 9,166 | 9,773 | |
Goodwill | 2,019,204 | 1,996,259 | |
Intangible assets, net | 960,076 | 959,634 | |
Deferred financing costs, net of accumulated amortization | 42,541 | 32,037 | |
Other | 19,780 | 8,010 | |
Total assets | 7,492,672 | 6,625,188 | |
Current liabilities: | |||
Due to manager-related party | 142,169 | 4,858 | |
Accounts payable | 53,507 | 49,733 | |
Accrued expenses | 72,810 | 77,248 | |
Current portion of long-term debt | 28,346 | 27,655 | |
Fair value of derivative instruments | 24,846 | 32,111 | |
Other | 33,126 | 32,727 | |
Total current liabilities | 354,804 | 224,332 | |
Long-term debt, net of current portion | 2,782,737 | 2,364,866 | |
Deferred income taxes | 812,312 | 904,108 | |
Fair value of derivative instruments | 23,689 | $ 27,724 | |
Tolling agreements - noncurrent | 73,800 | ||
Other | 141,812 | $ 133,990 | |
Total liabilities | $ 4,189,154 | $ 3,655,020 | |
Commitments and contingencies | |||
Shareholders' equity: | |||
Preferred stock ($0.001 par value; 100,000,000 authorized; no shares issued and outstanding at June 30, 2015) | [1] | ||
Special stock ($0.001 par value; 100 authorized; 100 shares issued and outstanding at June 30, 2015) | [1] | ||
Common stock ($0.001 par value; 500,000,000 authorized; 79,501,783 shares issued and outstanding at June 30, 2015); LLC interests (no par value; 71,089,590 LLC interests issued and outstanding at December 31, 2014) | [1] | $ 79 | $ 1,942,745 |
Additional paid in capital | [1] | 2,455,851 | 21,447 |
Accumulated other comprehensive loss | (23,975) | (21,550) | |
Retained earnings | 692,423 | 844,521 | |
Total stockholders' equity | 3,124,378 | 2,787,163 | |
Noncontrolling interests | 179,140 | 183,005 | |
Total equity | 3,303,518 | 2,970,168 | |
Total liabilities and equity | $ 7,492,672 | $ 6,625,188 | |
[1] | See Note 9, “Stockholders' Equity”, for discussions on preferred stock, special stock, common stock, LLC interests and additional paid in capital. |
CONSOLIDATED CONDENSED BALANCE3
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
CONSOLIDATED CONDENSED BALANCE SHEETS [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 1,513 | $ 771 |
Preferred stock, par value per share | $ 0.001 | |
Preferred stock, authorized | 100,000,000 | |
Preferred stock, issued | 0 | |
Preferred stock, outstanding | 0 | |
Special stock, par value per share | $ 0.001 | |
Special stock, authorized | 100 | |
Special stock, issued | 100 | |
Special stock, outstanding | 100 | |
Common stock, par value per share | $ 0.001 | |
Shares, no par value | ||
Shares, authorized | 500,000,000 | |
Shares, issued | 79,501,783 | 71,089,590 |
Shares, outstanding | 79,501,783 | 71,089,590 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Revenue | |||||
Service revenue | $ 327,809 | $ 205,269 | $ 653,811 | $ 407,708 | |
Product revenue | $ 95,880 | 74,964 | $ 168,376 | 147,973 | |
Financing and equipment lease income | 710 | 1,457 | |||
Total revenue | $ 423,689 | 280,943 | $ 822,187 | 557,138 | |
Costs and expenses | |||||
Cost of services | 148,417 | 115,497 | 281,834 | 228,451 | |
Cost of product sales | 45,247 | 50,597 | 84,374 | 100,836 | |
Selling, general and administrative | 81,064 | 56,836 | 151,717 | 112,300 | |
Fees to manager-related party | 154,559 | 14,495 | 319,832 | 23,489 | |
Depreciation | 51,801 | 12,428 | 109,223 | 24,582 | |
Amortization of intangibles | 17,902 | 9,456 | 65,873 | 18,221 | |
Loss on disposal of assets | 104 | 866 | 649 | 866 | |
Total operating expenses | 499,094 | 260,175 | 1,013,502 | 508,745 | |
Operating (loss) income | (75,405) | $ 20,768 | (191,315) | $ 48,393 | |
Other income (expense) | |||||
Dividend income | 267 | 798 | |||
Interest income | 7 | $ 31 | 13 | $ 95 | |
Interest expense | [1] | $ (22,342) | (17,945) | $ (53,863) | (31,956) |
Equity in earnings and amortization charges of investee | 10,799 | 25,086 | |||
Other income, net | $ 425 | 1,576 | $ 1,471 | 2,257 | |
Net (loss) income before income taxes | (97,048) | 15,229 | (242,896) | 43,875 | |
Benefit (provision) for income taxes | [2] | 33,531 | (5,485) | 88,864 | (13,971) |
Net (loss) income | (63,517) | 9,744 | (154,032) | 29,904 | |
Less: net (loss) income attributable to noncontrolling interests | (421) | 44 | (1,934) | (162) | |
Net (loss) income attributable to MIC | $ (63,096) | $ 9,700 | $ (152,098) | $ 30,066 | |
Basic (loss) income per common stock attributable to MIC | $ (0.80) | $ 0.17 | $ (2) | $ 0.53 | |
Weighted average number of common stock outstanding: basic | 79,246,069 | 56,559,924 | 76,214,929 | 56,465,136 | |
Diluted (loss) income per common stock attributable to MIC | $ (0.80) | $ 0.17 | $ (2) | $ 0.53 | |
Weighted average number of shares outstanding: diluted | 79,246,069 | 56,572,519 | 76,214,929 | 56,477,888 | |
Cash dividends declared per common stock | $ 1.11 | $ 0.95 | $ 2.18 | $ 1.8875 | |
[1] | Interest expense includes gains on derivative instruments of $3.1 million and losses on derivative instruments of $9.8 million for the quarter and six months ended June 30, 2015, respectively. For the quarter and six months ended June 30, 2014, interest expense includes losses on derivative instruments of $8.6 million and $13.9 million, respectively, of which net losses of $269,000 and $508,000, respectively, were reclassified from accumulated other comprehensive loss. | ||||
[2] | Includes $107,000 and $202,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the quarter and six months ended June 30, 2014, respectively. |
CONSOLIDATED CONDENSED STATEME5
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS [Abstract] | ||||
Gains (losses) on derivative instruments | $ 3,100 | $ (8,600) | $ (9,800) | $ (13,900) |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | (269) | (508) | ||
Reclassification of realized losses of derivatives into earnings, taxes | $ 107 | $ 202 |
CONSOLIDATED CONDENSED STATEME6
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Abstract] | |||||
Net (loss) income | $ (63,517) | $ 9,744 | $ (154,032) | $ 29,904 | |
Other comprehensive income (loss), net of taxes: | |||||
Reclassification of realized losses of derivatives into earnings | [1] | 171 | 321 | ||
Translation adjustment | [2] | 289 | $ (4,051) | 4 | |
Other comprehensive income (loss) | 460 | (4,051) | 325 | ||
Comprehensive (loss) income | $ (63,517) | 10,204 | (158,083) | 30,229 | |
Less: comprehensive (loss) income attributable to noncontrolling interests | (421) | 125 | (3,560) | (9) | |
Comprehensive (loss) income attributable to MIC | $ (63,096) | $ 10,079 | $ (154,523) | $ 30,238 | |
[1] | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $269,000 and $508,000, respectively, and the related tax benefit of $107,000 and $202,000, respectively, recorded in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses of $13,000 and $23,000, respectively, as an adjustment to investment in unconsolidated business and an adjustment to deferred taxes of $4,000 and $8,000, respectively, recorded in the consolidated condensed balance sheet for the quarter and six months ended June 30, 2014, respectively. | ||||
[2] | Translation adjustment is presented net of taxes of $1.7 million for the six months ended June 30, 2015. For the quarter and six months ended June 30, 2014, translation adjustment is presented net of taxes of $156,000 and $2,000, respectively. |
CONSOLIDATED CONDENSED STATEME7
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Abstract] | |||
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | $ (269) | $ (508) | |
Reclassification of realized losses of derivatives into earnings, taxes | 107 | 202 | |
Loss in accumulated other comprehensive income reclassifications for cash flow hedges from unconsolidated business | (13) | (23) | |
Reclassification of realized losses of derivatives into earnings from unconsolidated business, taxes | 4 | 8 | |
Translation adjustment, taxes | $ (156) | $ 1,700 | $ (2) |
CONSOLIDATED CONDENSED STATEME8
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Operating activities | |||
Net (loss) income | $ (154,032) | $ 29,904 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization of property and equipment | 109,223 | 27,993 | |
Amortization of intangible assets | 65,873 | 18,221 | |
Loss on disposal of assets | $ 548 | 816 | |
Equity in earnings and amortization charges of investee | (25,086) | ||
Equity distributions from investee | 25,086 | ||
Amortization of debt financing costs | $ 4,566 | 2,141 | |
Adjustments to derivative instruments | (40,465) | 5,367 | |
Fees to manager-related party | $ 252,012 | 23,489 | |
Equipment lease receivable, net | 2,028 | ||
Deferred rent | $ 885 | 189 | |
Deferred taxes | (89,312) | 10,030 | |
Other non-cash expenses (income), net | 1,957 | (319) | |
Changes in other assets and liabilities, net of acquisitions: | |||
Restricted cash | 2,071 | 25,262 | |
Accounts receivable | (13,081) | (10,851) | |
Inventories | (152) | (1,227) | |
Prepaid expenses and other current assets | 3,580 | 877 | |
Due to manager - related party | 67,813 | (51) | |
Accounts payable and accrued expenses | (10,489) | 270 | |
Income taxes payable | $ (5,461) | (313) | |
Pension contribution | (1,135) | ||
Other, net | $ (1,592) | (1,356) | |
Net cash provided by operating activities | 193,944 | 131,335 | |
Investing activities | |||
Acquisitions of businesses and investments, net of cash acquired | $ (236,956) | (232,947) | |
Return of investment in unconsolidated business | 12,297 | ||
Purchases of property and equipment | $ (50,025) | (36,053) | |
Other, net | 522 | 46 | |
Net cash used in investing activities | (286,459) | (256,657) | |
Financing activities | |||
Proceeds from long-term debt | 1,654,569 | 104,884 | |
Payment of long-term debt | (1,744,761) | $ (16,726) | |
Proceeds from the issuance of common stock | 487,937 | ||
Dividends paid to common stockholders | (162,967) | $ (104,502) | |
Contributions received from noncontrolling interests | 532 | ||
Distributions paid to noncontrolling interests | (1,238) | $ (1,406) | |
Offering and equity raise costs paid | (16,540) | (17) | |
Debt financing costs paid | (14,293) | (2,317) | |
Proceeds from the issuance of common stock pursuant to MIC Direct | 188 | 130 | |
Change in restricted cash | 10,975 | (2,599) | |
Payment of capital lease obligations | (1,419) | (915) | |
Net cash provided by (used in) financing activities | 212,983 | $ (23,468) | |
Effect of exchange rate changes on cash and cash equivalents | (298) | ||
Net change in cash and cash equivalents | 120,170 | $ (148,790) | |
Cash and cash equivalents, beginning of period | 48,014 | 233,373 | |
Cash and cash equivalents, end of period | 168,184 | 84,583 | |
Non-cash investing and financing activities: | |||
Accrued equity offering costs | 168 | 286 | |
Accrued financing costs | 887 | 322 | |
Accrued purchases of property and equipment | 16,359 | $ 2,501 | |
Acquisition of equipment through capital leases | 398 | ||
Issuance of common stock to manager | 182,513 | $ 18,100 | |
Issuance of common stock to independent directors | 750 | $ 750 | |
Conversion of convertible senior notes to common stock | 25 | ||
Conversion of LLC interests to common stock | [1] | 79 | |
Conversion of LLC interests to additional paid in capital | [1] | $ 2,428,334 | |
Conversion of construction loan to term loan | $ 60,360 | ||
Distributions payable to noncontrolling interests | $ 39 | 406 | |
Taxes paid | 5,909 | 4,254 | |
Interest paid | $ 54,038 | $ 24,173 | |
[1] | See Note 9, “Stockholders' Equity” for discussion on presentation of common stock, LLC interests and additional paid in capital. |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2015 | |
Organization and Description of Business [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Macquarie Infrastructure Corporation, a Delaware corporation, is the successor to Macquarie Infrastructure Company LLC (MIC LLC) pursuant to the conversion (the Conversion) of MIC LLC into a corporation on May 21, 2015. MIC LLC was formed on April 13, 2004. Except as otherwise specified, all references in this Form 10-Q to MIC or the Company, refer (i) from and after the time of the Conversion, to Macquarie Infrastructure Corporation and its subsidiaries and (ii) prior to the Conversion, to the predecessor MIC LLC and its subsidiaries. Except as otherwise specified, all references in this Form 10-Q to common stock or shares refer (i) from and after the time of the Conversion, to common stock and (ii) prior to the Conversion, LLC interests. The Company owns, operates and invests in a diversified group of infrastructure businesses in the United States. Macquarie Infrastructure Management (USA) Inc. is the Company's manager and is referred to in these financial statements as the Manager. The Manager is a wholly-owned subsidiary within the Macquarie Group of companies, which is comprised of Macquarie Group Limited and its subsidiaries and affiliates worldwide. Macquarie Group Limited is headquartered in Australia and is listed on the Australian Stock Exchange. MIC is a non-operating holding company with a Board of Directors and other corporate governance responsibilities. MIC is treated as a corporation for tax purposes. The Company owns its businesses through its direct wholly-owned subsidiary MIC Ohana Corporation, the successor to Macquarie Infrastructure Company Inc. pursuant to the Conversion on May 21, 2015. The Company's businesses operate predominantly in the United States and consist of the following: International-Matex Tank Terminals (IMTT) ten two Atlantic Aviation 69 Contracted Power and Energy (CP&E) Segment Hawaii Gas |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014 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, 2014 included in the Company's Annual Report on Form 10-K, as filed with the SEC on February 18, 2015. Operating results for the quarter and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 or for any future interim periods. Use of Estimates The preparation of unaudited consolidated condensed 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 consolidated condensed 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 consolidated condensed 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 July 22, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. The ASU defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The ASU will not apply to inventories that are measured by using either the last-in, first-out (LIFO) method or the retail inventory method. The guidance in the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is allowed. 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 7, 2015, the FASB issued ASU No. 2015-03, Interest Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments. The guidance in the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is allowed. The standard must be applied retrospectively to all prior periods presented. The Company will include appropriate disclosures related to debt issuance costs in accordance with the standard when it adopts the provisions of this ASU. On February 18, 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity (VIE), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. The ASU significantly changes how to evaluate voting rights for entities that are not similar to limited partnerships when determining whether the entity is a VIE, which may affect entities for which the decision making rights are conveyed through a contractual arrangement. The ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2015. Early adoption is allowed, including early adoption in an interim period. A reporting enterprise may apply a modified retrospective approach or full retrospective application. The Company has not yet determined the effect of the standard on its ongoing financial reporting. 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, 2018. Early application is permitted to the original effective date of January 1, 2017. 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. |
(Loss) Income per Share
(Loss) Income per Share | 6 Months Ended |
Jun. 30, 2015 | |
(Loss) Income per Share [Abstract] | |
(Loss) Income per Share | 3. (Loss) Income per Share Following is a reconciliation of the basic and diluted number of shares of common stock used in computing (loss) income per share: Quarter Ended Six Months Ended 2015 2014 2015 2014 Weighted average number of shares outstanding: basic 79,246,069 56,559,924 76,214,929 56,465,136 Dilutive effect of restricted stock unit grants and convertible senior notes 12,595 12,752 Weighted average number of shares outstanding: diluted 79,246,069 56,572,519 76,214,929 56,477,888 Restricted stock unit grants totaling 8,660 12,525 Quarter Ended Six Months Ended 2015 2014 2015 2014 Restricted stock unit grants 7,843 10,172 Convertible senior notes 4,238,274 4,183,427 Total 4,246,117 4,193,599 The effect of potentially dilutive shares for the quarter and six months ended June 30, 2014 is calculated assuming that the 12,525 12,910 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | 4. Acquisitions CP&E Bayonne Energy Center (BEC) Acquisition On April 1, 2015, the Company completed the acquisition of a 100 724.3 215.2 509.1 BEC is a 512 62.5 The acquisition has been accounted for as a business combination. Accordingly, the results of operations of BEC are included in the consolidated condensed statement of operations and as a component of the Company's CP&E segment since April 1, 2015. The preliminary allocation of the purchase price for BEC's assets acquired and liabilities assumed was as follows ($ in thousands): Restricted cash $ 12,440 Accounts receivable 5,471 Inventories 3,155 Prepaid expenses 1,835 Other current assets 479 Total current assets 23,380 Property, equipment and leasehold improvements 719,990 Intangible assets contractual arrangements (1) 61,463 Goodwill (2) 26,462 Total assets acquired $ 831,295 Accounts payable $ 1,926 Accrued expenses 1,084 Current portion of long-term debt 5,250 Fair value of derivative instruments current 6,196 Tolling agreements current (3) 6,368 Other current liabilities 179 Total current liabilities 21,003 Long-term debt, net of current portion 503,827 Tolling agreements noncurrent (3) 75,392 Fair value of derivative instruments non-current 15,279 Other noncurrent liabilities 538 Total liabilities assumed 616,039 Net assets acquired $ 215,256 (1) Contractual arrangements are being amortized over a seventeen (2) Goodwill is deductible for tax purposes. (3) Tolling agreements represent agreements with an off-taker where BEC agreed to sell 62.5 thirteen The preliminary fair value of the acquired assets and liabilities assumed were determined using various valuation techniques, including the market, income and/or cost approaches. The Company is still in the process of reviewing the valuation of the assets acquired and liabilities assumed and expect such process to be completed by September 30, 2015. Had the acquisition occurred as of January 1, 2015, the consolidated results of operations would not have been materially different. For the six months ended June 30, 2015, the Company incurred acquisition costs of approximately $ 9.1 CP&E 2014 Wind Power Generation Facilities Acquisition In 2014, the Company acquired controlling interests in wind power generation facilities, consisting of Brahms Wind, LLC, Exergy Idaho Holdings, LLC and Idaho Wind Partners 1, LLC (collectively the 2014 wind power generation facilities), for a combined purchase price of $ 106.1 134 203 During the six months ended June 30, 2015, the Company completed the purchase price allocation associated with the acquisitions. Substantially all of the purchase price has been allocated to the wind turbines, which have a fair value of $ 316.2 163.9 For the year ended December 31, 2014, the Company recorded transaction related costs of $ 2.0 |
Property, Equipment, Land and L
Property, Equipment, Land and Leasehold Improvements | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 consist of the following ($ in thousands): June 30, December 31, Land $ 271,521 $ 272,110 Easements 131 131 Buildings 40,986 40,730 Leasehold and land improvements 562,859 439,962 Machinery and equipment 3,423,823 2,810,531 Furniture and fixtures 28,984 28,664 Construction in progress 103,908 72,241 4,432,212 3,664,369 Less: accumulated depreciation (394,235 ) (301,784 ) Property, equipment, land and leasehold improvements, net $ 4,037,977 $ 3,362,585 As discussed in Note 4, Acquisitions, the Company acquired $ 720.0 During the quarter ended March 31, 2015, Atlantic Aviation reassessed the useful lives of its leasehold and land improvements related to leases at certain airports to generally match these useful lives with the remaining lease terms plus extensions under Atlantic Aviation's control. This change will generally accelerate depreciation expense at the affected sites. During the quarter ended March 31, 2015, as a result of this reassessment, the business performed an impairment analysis related to its leasehold and land improvements and recorded an impairment of $ 2.8 2.1 In addition, during the quarter ended March 31, 2015, an impairment charge of $ 4.2 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets [Abstract] | |
Intangible Assets | 6. Intangible Assets Intangible assets at June 30, 2015 and December 31, 2014 consist of the following ($ in thousands): June 30, December 31, 2014 Contractual arrangements $ 891,988 $ 873,406 Non-compete agreements 9,665 9,665 Customer relationships 341,457 342,232 Leasehold rights 350 350 Trade names 16,091 16,091 Technology 8,760 8,760 1,268,311 1,250,504 Less: accumulated amortization (308,235 ) (290,870 ) Intangible assets, net $ 960,076 $ 959,634 As discussed in Note 4, Acquisitions, the Company acquired $ 61.5 During the quarter ended March 31, 2015, Atlantic Aviation reassessed the useful lives of its contractual arrangements related to leases at certain airports to generally match these useful lives with the remaining lease terms plus extensions under Atlantic Aviation's control. This change will generally accelerate amortization expense at the affected sites. During the quarter ended March 31, 2015, as a result of this reassessment, the business performed an impairment analysis related to its contractual arrangements and recorded an impairment of $ 13.5 9.1 In addition, during the quarter ended March 31, 2015, an impairment charge of $ 17.8 The goodwill balance as of June 30, 2015 is comprised of the following ($ in thousands): Goodwill acquired in business combinations, net of disposals, at December 31, 2014 $ 2,120,424 Less: accumulated impairment charges (123,200 ) Less: other (965 ) Balance at December 31, 2014 1,996,259 Add: goodwill related to 2015 acquisitions 29,906 Less: purchase accounting adjustments related to 2014 acquisitions (6,241 ) Less: other (720 ) Balance at June 30, 2015 $ 2,019,204 The Company tests for goodwill impairment at the reporting unit level on an annual basis on October 1 st |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 7. Long-Term Debt At June 30, 2015 and December 31, 2014, the Company's consolidated long-term debt comprised the following ($ in thousands): June 30, December 31, IMTT $ 1,129,322 $ 953,061 Atlantic Aviation 607,972 611,328 CP&E 543,814 298,132 Hawaii Gas 180,000 180,000 MIC Corporate 349,975 350,000 Total 2,811,083 2,392,521 Less: current portion (28,346 ) (27,655 ) Long-term portion $ 2,782,737 $ 2,364,866 The total undrawn capacity on the revolving credit facilities at IMTT, Atlantic Aviation, Hawaii Gas and MIC Corporate were $ 1.1 MIC Corporate On April 1, 2015, the Company drew down $ 155.0 250.0 360.0 191.0 251.5 As a result of the Conversion, holders of the Company's $ 350.0 12.7836 11.7942 1,000 23,000 25,000 IMTT Effective May 21, 2015, ITT Holdings LLC (ITT LLC), a direct subsidiary of IMTT Holdings LLC and an indirect subsidiary of the Company, entered into a Credit Agreement (the Credit Agreement), among ITT LLC, IMTT Quebec Inc. and IMTT NTL, LTD. as Canadian borrowers, Sun Trust Bank as administrative agent and the lenders thereto. The Credit Agreement provides for (a) a $ 550.0 50.0 325.0 3.92 2025 275.0 4.02 2027 In connection with this refinancing, $ 509.0 Revolving Credit Facility The revolving credit facility will be used primarily to fund IMTT's growth capital expenditures in the U.S. and Canada and for general corporate purposes. The terms of IMTT's U.S. dollar and Canadian dollar portion of its revolving credit facility at June 30, 2015 are summarized in the table below. Facility Terms USD Revolving Credit Facility CAD Revolving Credit Facility Total Committed Amount $ 550.0 $ 50.0 Amount Outstanding at June 30, 2015 Undrawn $ 797,000 Maturity May 21, 2020 May 21, 2020 Amortization Revolving, payable at maturity Revolving, payable at maturity Interest Rate LIBOR plus 1.625 Bankers' Acceptances (BA) Rate plus 1.625 Commitment Fees 0.3125 0.3125 Security Unsecured Unsecured Senior Notes The key terms of the senior notes at June 30, 2015 are summarized in the table below. Facility Terms Senior Notes, Series A Senior Notes, Series B Amount Outstanding at June 30, 2015 $ 325.0 $ 275.0 Maturity May 21, 2025 May 21, 2027 Amortization Payable at maturity Payable at maturity Interest Rate 3.92 4.02 Security Unsecured Unsecured Louisiana Public Facilities Authority Bonds and Ascension Parish Bonds (LA Bonds) The key terms of the LA Bonds at June 30, 2015 are summarized in the table below. Facility Terms Louisiana Public Facilities Authority Revenue Bonds, Series 2007 The Industrial Development Board of the Parish of Ascension, Louisiana Revenue Bonds, Series 2007 Louisiana Public Facilities Authority Gulf Opportunity Zone Revenue Bonds, Series 2010 Louisiana Public Facilities Authority Revenue Bonds, Series 2010A Louisiana Public Facilities Authority Revenue Bonds, Series 2010B Amount Outstanding at June 30, 2015 $ 50.0 $ 165.0 $ 85.0 $ 90.9 $ 81.8 Maturity June 2043 June 2043 August 2046 December 2040 December 2040 Amortization Payable at maturity, subject to tender in May 2022 Payable at maturity, subject to tender in May 2022 Payable at maturity, subject to tender in May 2022 Payable at maturity, subject to tender in May 2022 Payable at maturity, subject to tender in May 2022 Interest Rate One-month LIBOR plus Revolving Credit Facility margin plus 0.625 75 One-month LIBOR plus Revolving Credit Facility margin plus 0.625 75 One-month LIBOR plus Revolving Credit Facility margin plus 0.625 67 One-month LIBOR plus Revolving Credit Facility margin plus 0.625 67 One-month LIBOR plus Revolving Credit Facility margin plus 0.625 67 Security Unsecured Unsecured Unsecured Unsecured Unsecured New Jersey Economic Development Authority Bond (NJEDA Bond) The key terms of the NJEDA Bond at June 30, 2015 are summarized in the table below. Facility Terms New Jersey Economic Development Authority Amount Outstanding at June 30, 2015 $ 36.3 Maturity December 2027 Amortization Payable at maturity, subject to tender in May 2022 Interest Rate One-month LIBOR plus Revolving Credit Facility margin plus 0.625 75 Security Unsecured IMTT entered into two June 2021 361.1 1.677 In addition to the debt facilities discussed above, the key terms of IMTT's loans from its previous shareholders, other than MIC, remains unchanged. The shareholder loans have a fixed interest rate of 5.5 15 19.6 CP&E On June 3, 2015, the wind power generation facility located in Idaho amended its term loan facility to reduce the cost of borrowings. The margin on the floating interest rate decreased from 2.75 1.625 0.20 4.755 On April 1, 2015, the Company acquired BEC and assumed $ 509.1 30.0 19.0 4.0 1.0 4.125 August 2021 BEC has three 3.455 3.705 3.955 249.9 During the quarter ended June 30, 2015, the Company repaid $ 257.6 251.5 191.0 251.5 19.2 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Instruments and Hedging Activities | 8. Derivative Instruments and Hedging Activities Interest Rate Swap Contracts The Company and certain of its businesses have in place variable-rate debt. Management believes that it is prudent to limit the variability 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 June 30, 2015, the Company had $ 2.8 1.5 1.2 150.2 The Company elected to discontinue hedge accounting in 2009. In prior periods, when the Company applied hedge accounting, changes in the fair value of derivatives that effectively offset the variability of cash flows on the Company's debt interest obligations were recorded in other comprehensive income or loss. From the dates that hedge accounting was discontinued, all movements in the fair value of the interest rate swaps are recorded directly through earnings. As interest payments were made, a portion of the other comprehensive loss recorded under hedge accounting was also reclassified into earnings. At December 31, 2014, the other comprehensive loss was fully amortized. The following discussion represents new or amended interest rate swap contracts that were entered into during the six months ended June 30, 2015. On June 1, 2015, IMTT, as part of the IMTT refinancing in May 2015, entered into two 361.1 six 1.677 31.4 On June 3, 2015, the wind power generation facility located in Idaho amended its term loan facility to reduce the cost of borrowings. The margin on the floating interest rate decreased from 2.75 1.625 0.20 4.755 On April 1, 2015, the Company acquired BEC and assumed $ 509.1 21.5 255.1 4.0 1.0 three 3.455 3.705 3.955 249.9 19.0 Commodity Price Hedges The risk associated with fluctuations in the prices Hawaii Gas pays for propane is principally a result of market forces reflecting changes in supply and demand for propane and other energy commodities. Hawaii Gas's gross profit is sensitive to changes in propane supply costs and Hawaii Gas may not always be able to pass through product cost increases fully or on a timely basis, particularly when product costs rise rapidly. In order to reduce the volatility of the business' propane market price risk, Hawaii Gas had used and expects to continue to use over-the-counter commodity derivative instruments including price swaps. Hawaii Gas does not use commodity derivative instruments for speculative or trading purposes. Over-the-counter commodity derivative instruments utilized by Hawaii Gas to hedge forecasted purchases of propane are generally settled at expiration of the contract. Financial Statement Location Disclosure for Derivative Instruments 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 June 30, 2015 and December 31, 2014 were as follows ($ in thousands): Assets (Liabilities) at (1) Derivative Contracts Balance Sheet Location June 30, December 31, Fair value of derivative instruments non-current assets (2) (3) $ 8,276 $ 584 Total derivative contracts assets (2) (3) $ 8,276 $ 584 Fair value of derivative instruments current liabilities (2) (3) $ (24,846 ) $ (32,111 ) Fair value of derivative instruments non-current liabilities (2) (23,689 ) (27,724 ) Total derivative contracts liabilities (2) (3) $ (48,535 ) $ (59,835 ) (1) Fair value measurements at reporting date were made using significant other observable inputs (level 2). (2) Derivative contracts include interest rate swaps. (3) Derivative contracts include commodity hedges. The Company's hedging activities for the quarters and six months ended June 30, 2015 and 2014 and the related location within the consolidated condensed statements of operations were as follows ($ in thousands): Derivative Contracts Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Consolidated Condensed Statements of Operations for the Quarter Amount of Loss Recognized in Consolidated Condensed Statements of Operations for the Six Months Financial Statement Account 2015 2014 2015 2014 Interest expense Interest rate cap $ $ $ $ (1 ) Interest expense Interest rate swaps (1) 3,087 (8,618 ) (9,832 ) (13,950 ) Cost of product sales Commodity swaps (952 ) (970 ) Total $ 2,135 $ (8,618 ) $ (10,802 ) $ (13,951 ) (1) Interest expense for the quarter and six months ended June 30, 2014 includes $ 8.3 13.4 269,000 508,000 All of the Company's derivative instruments are collateralized by the assets of the respective businesses. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 9. Stockholders' Equity Classes of Stock The Company is authorized to issue (i) 500,000,000 0.001 100 0.001 100,000,000 0.001 79,501,783 100 no one Upon consummation of the Conversion on May 21, 2015, each issued and outstanding LLC interest of MIC LLC was converted into one 100 one At May 21, 2015, upon consummation of the Conversion, the Company made a non-cash reclassification of $ 79,000 0.001 At the Market (ATM) Program On June 24, 2015, the Company entered into an equity distribution agreement providing for the sale by the Company, from time to time, of shares of its common stock having an aggregate gross offering price of up to $ 400.0 Under the terms of the equity distribution agreement, the Company may also sell shares to any sales agent as principal for its own account. The Company is under no obligation to sell shares under the ATM Program. The Company did not sell any shares under the ATM Program during the quarter ended June 30, 2015. MIC Direct The Company maintains a dividend reinvestment/direct share purchase program, named MIC Direct, that allows for the issuance of up to 1.0 992,405 Equity Offerings On May 21, 2015, in connection with the Conversion, the Company filed a post-effective amendment to the automatic shelf registration statement on Form S-3 (shelf) originally filed by MIC LLC with the Securities and Exchange Commission on April 8, 2013 to issue and sell an indeterminate amount of its shares of common and preferred stock and debt securities in one or more future offerings. On July 15, 2014, the Company completed an underwritten public offering of 10,000,000 1,500,000 739.2 50 On March 2, 2015, the Company completed an underwritten public offering of 5,312,500 796,875 471.6 Accumulated Other Comprehensive Loss The following represents the changes and balances to the components of accumulated other comprehensive loss for the six months ended June 30, 2015 and 2014 ($ in thousands): Cash Flow (1) Post-Retirement Translation (2) Total Noncontrolling Total Balance at December 31, 2013 $ (636 ) $ (8,021 ) $ (46 ) $ (8,703 ) $ 258 $ (8,445 ) Reclassification of realized losses of derivatives into earnings 321 321 (153 ) 168 Translation adjustment 4 4 4 Balance at June 30, 2014 $ (315 ) $ (8,021 ) $ (42 ) $ (8,378 ) $ 105 $ (8,273 ) Balance at December 31, 2014 $ $ (18,837 ) $ (4,859 ) $ (23,696 ) $ 2,146 $ (21,550 ) Translation adjustment (4,051 ) (4,051 ) 1,626 (2,425 ) Balance at June 30, 2015 $ $ (18,837 ) $ (8,910 ) $ (27,747 ) $ 3,772 $ (23,975 ) (1) For the six months ended June 30, 2014, reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $ 508,000 202,000 23,000 8,000 (2) Translation adjustment is presented net of taxes of $ 1.7 2,000 |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2015 | |
Reportable Segments [Abstract] | |
Reportable Segments | 10. Reportable Segments At June 30, 2015, the Company's businesses consist of four 50 For the quarter and six months ended June 30, 2014, the results of IMTT had been accounted for under the equity method of accounting. The Company recorded equity in earnings and amortization charges of investee of $ 10.8 25.1 50 50 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, 2014. 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 period presented ($ in thousands): Quarter Ended Six Months Revenue $ 423,461 $ 847,734 Net income attributable to MIC (1) 18,859 52,172 (1) The tax rate used to calculate net income attributable to MIC was 35.0 Financial information for IMTT's business as a whole for the quarter and six months ended June 30, 2014, prior to the IMTT Acquisition, is presented below ($ in thousands): As of, and for the Quarter Ended (1) Six Months Ended June 30, 2014 (1) Revenue $ 142,518 $ 290,596 Net income $ 24,003 $ 54,984 Interest expense, net 8,813 15,946 Provision for income taxes 15,455 36,557 Depreciation and amortization 19,646 37,920 Other non-cash expense 1,518 3,501 EBITDA excluding non-cash items (2) $ 69,435 $ 148,908 Capital expenditures paid $ 24,272 $ 53,893 Property, equipment, land and leasehold improvements, net 1,285,148 1,285,148 Total assets 1,386,959 1,386,959 (1) Amounts represent 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. IMTT IMTT provides bulk liquid terminal and handling services in North America through ten Atlantic Aviation Atlantic Aviation derives the majority of its revenues from fuel delivery services and from other airport services, including de-icing and aircraft hanger rental. All of the revenue of Atlantic Aviation is generated at airports in the U.S. At June 30, 2015, the business operates at 69 CP&E The CP&E business segment derives revenue from the contracted power generation, comprised of solar, wind and gas-fired power generation facilities, and, through the date it was sold, the district energy business. Revenues from the solar, wind and gas-fired power generation facilities are included in product revenue and prior to August 21, 2014, the district energy business recorded revenues in service revenue and financing and equipment lease income. As of June 30, 2015, the Company has invested in five two The solar and wind power generation facilities have an aggregate generating capacity of 260 20 25 The Company has certain rights to make decisions over the management and operations of the five two As discussed in Note 4, Acquisitions, on April 1, 2015, the Company acquired 100 512 62.5 Hawaii Gas Revenue from Hawaii Gas is included in product revenue. Revenue is generated from the distribution and sales of synthetic natural gas (SNG), liquefied petroleum gas (LPG) and liquefied natural gas (LNG). Revenue is primarily a function of the volume of SNG, LPG and LNG 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. All of the business segments are managed separately and management has chosen to organize the Company around the distinct products and services offered. Selected information by segment is presented in the following tables. The tables include financial data of IMTT for the quarter and six months ended June 30, 2015 but do not include financial data of the Company's equity investment in IMTT for the quarter and six months ended June 30, 2014. Revenue from external customers for the Company's consolidated reportable segments was as follows ($ in thousands): Quarter Ended June 30, 2015 IMTT Atlantic Contracted Hawaii Total Service revenue $ 142,384 $ 185,425 $ $ $ 327,809 Product revenue 36,121 59,759 95,880 Total revenue $ 142,384 $ 185,425 $ 36,121 $ 59,759 $ 423,689 Quarter Ended June 30, 2014 Atlantic Contracted Hawaii Total Service revenue $ 193,212 $ 12,057 $ $ 205,269 Product revenue 5,830 69,134 74,964 Financing and equipment lease income 710 710 Total revenue $ 193,212 $ 18,597 $ 69,134 $ 280,943 Six Months Ended June 30, 2015 IMTT Atlantic Contracted Hawaii Total Service revenue $ 280,445 $ 373,366 $ $ $ 653,811 Product revenue 47,953 120,423 168,376 Total revenue $ 280,445 $ 373,366 $ 47,953 $ 120,423 $ 822,187 Six Months Ended June 30, 2014 Atlantic Contracted Hawaii Total Service revenue $ 387,173 $ 20,535 $ $ 407,708 Product revenue 9,488 138,485 147,973 Financing and equipment lease income 1,457 1,457 Total revenue $ 387,173 $ 31,480 $ 138,485 $ 557,138 In accordance with FASB ASC 280 Segment Reporting, the Company has disclosed earnings before interest, taxes, depreciation and amortization (EBITDA) excluding non-cash items as a key performance metric relied on by management in the evaluation of the Company's performance. Non-cash items include impairments, derivative gains and losses and adjustments for other non-cash items reflected in the statements of operations. EBITDA excluding non-cash items also excludes any base management fees and performance fees, if any, whether paid in cash or stock. 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 June 30, 2015 IMTT Atlantic Contracted Hawaii Total Net income (loss) $ 21,096 $ 12,208 $ (5,138 ) $ 6,430 $ 34,596 Interest expense, net 6,263 5,605 4,945 1,806 18,619 Provision for income taxes 14,659 8,335 3,683 4,068 30,745 Depreciation 28,907 8,013 12,772 2,109 51,801 Amortization of intangibles 2,766 13,797 1,082 257 17,902 Loss on disposal of assets 95 95 Other non-cash expense (income) 1,957 653 (2,099 ) 1,219 1,730 EBITDA excluding non-cash items $ 75,648 $ 48,706 $ 15,245 $ 15,889 $ 155,488 Quarter Ended June 30, 2014 Atlantic Contracted Hawaii Total Net income $ 5,698 $ 1,154 $ 6,294 $ 13,146 Interest expense, net 13,352 2,690 1,891 17,933 Provision for income taxes 3,855 616 4,092 8,563 Depreciation (1) 6,789 5,363 1,983 14,135 Amortization of intangibles 8,818 326 312 9,456 Loss on disposal of assets 816 816 Other non-cash expense (income) 88 (2,125 ) 408 (1,629 ) EBITDA excluding non-cash items $ 39,416 $ 8,024 $ 14,980 $ 62,420 (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. Six Months Ended June 30, 2015 IMTT Atlantic Contracted Hawaii Total Net income (loss) $ 41,370 $ 10,581 $ (8,677 ) $ 15,285 $ 58,559 Interest expense, net 13,169 18,690 11,283 3,749 46,891 Provision (benefit) for income taxes 28,748 (7,304 ) 2,865 9,600 33,909 Depreciation 62,022 23,012 20,038 4,151 109,223 Amortization of intangibles 5,530 58,513 1,261 569 65,873 Loss on disposal of assets 548 548 Other non-cash expense (income) 3,213 925 (5,040 ) (611 ) (1,513 ) EBITDA excluding non-cash items $ 154,052 $ 104,965 $ 21,730 $ 32,743 $ 313,490 Six Months Ended June 30, 2014 Atlantic Contracted Hawaii Total Net income (loss) $ 16,253 $ (261 ) $ 12,489 $ 28,481 Interest expense, net 22,917 5,335 3,678 31,930 Provision for income taxes 8,770 1,215 8,119 18,104 Depreciation (1) 13,591 10,473 3,929 27,993 Amortization of intangibles 16,949 648 624 18,221 Loss on disposal of assets 816 816 Other non-cash expense (income) 156 (2,890 ) 1,132 (1,602 ) EBITDA excluding non-cash items $ 79,452 $ 14,520 $ 29,971 $ 123,943 (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 (loss) income before income taxes are as follows ($ in thousands): Quarter Ended Six Months Ended 2015 2014 2015 2014 Total reportable segments EBITDA excluding non-cash items (1) $ 155,488 $ 62,420 $ 313,490 $ 123,943 Interest income 7 31 13 95 Interest expense (22,342 ) (17,945 ) (53,863 ) (31,956 ) Depreciation (2) (51,801 ) (14,135 ) (109,223 ) (27,993 ) Amortization of intangibles (17,902 ) (9,456 ) (65,873 ) (18,221 ) Loss on disposal of assets (95 ) (816 ) (548 ) (816 ) Selling, general and administrative - corporate (3,693 ) (2,233 ) (6,639 ) (3,279 ) Fees to managerrelated party (154,559 ) (14,495 ) (319,832 ) (23,489 ) Equity in earnings and amortization charges of (1) 10,799 25,086 Other (expense) income, net (2,151 ) 1,059 (421 ) 505 Total consolidated net (loss) income before income $ (97,048 ) $ 15,229 $ (242,896 ) $ 43,875 (1) For the quarter and six months ended June 30, 2015, total reportable segments' EBITDA excluding non-cash items includes the results of IMTT's EBITDA excluding non-cash items. Prior to July 16, 2014, the date of the IMTT Acquisition, MIC accounted for its 50 50 (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. Capital expenditures for the Company's reportable segments were as follows ($ in thousands): Quarter Ended Six Months Ended 2015 2014 2015 2014 IMTT $ 8,350 $ $ 20,219 $ Atlantic Aviation 10,919 7,947 19,142 16,672 Contracted Power and Energy 308 2,077 308 11,400 Hawaii Gas 4,967 4,416 10,356 7,981 Total $ 24,544 $ 14,440 $ 50,025 $ 36,053 Property, equipment, land and leasehold improvements, goodwill and total assets for the Company's reportable segments as of June 30 th Property, Equipment, Goodwill Total Assets 2015 2014 2015 2014 2015 2014 IMTT $ 2,229,637 $ $ 1,411,629 $ $ 4,135,842 $ Atlantic Aviation 332,320 314,628 460,920 458,488 1,484,589 1,575,588 Contracted Power and Energy 1,272,499 390,101 26,462 17,946 1,428,412 482,547 Hawaii Gas 203,521 189,936 120,193 120,193 384,085 403,681 Total $ 4,037,977 $ 894,665 $ 2,019,204 $ 596,627 $ 7,432,928 $ 2,461,816 Reconciliation of reportable segments' total assets to consolidated total assets ($ in thousands): As of June 30, 2015 2014 Total assets of reportable segments $ 7,432,928 $ 2,461,816 Investment in unconsolidated business 71,434 Corporate and other 59,744 9,255 Total consolidated assets $ 7,492,672 $ 2,542,505 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions Management Services At June 30, 2015 and December 31, 2014, the Manager held 5,054,755 4,667,105 1,900,000 160.4 Since January 1, 2014, the Company paid the Manager cash dividends on shares held for the following periods: Declared Period Covered $ per Record Date Payable Date Cash Paid July 30, 2015 Second quarter 2015 $ 1.11 August 13, 2015 August 18, 2015 $ (1) April 30, 2015 First quarter 2015 $ 1.07 May 14, 2015 May 19, 2015 $ 7,281 February 17, 2015 Fourth quarter 2014 $ 1.02 March 2, 2015 March 5, 2015 $ 4,905 October 27, 2014 Third quarter 2014 $ 0.98 November 10, 2014 November 13, 2014 $ 4,438 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 (1) The amount of dividend payable to the Manager for the second quarter of 2015 will be determined on August 13, 2015, 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, subject to minimum equity ownership, and to assign, or second, to the Company, two 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 common stock relative to a U.S. utilities index. For the quarter and six months ended June 30, 2015, the Company incurred base management fees of $ 18.9 35.5 135.6 284.4 9.5 18.5 5.0 The unpaid portion of the base management fees and performance fees, if any, at the end of each reporting period is included in due to manager-related party in the consolidated condensed balance sheets. The following table shows the Manager's election to reinvest its base management fees and performance fees, if any, in additional shares of the Company, except as noted: Period Base Management Performance Shares 2015 Activities: Second quarter 2015 $ 18,918 $ 135,641 223,827 (1) First quarter 2015 16,545 148,728 2,068,038 2014 Activities: Fourth quarter 2014 $ 14,192 $ 208,122 Third quarter 2014 13,915 116,586 947,583 (2) Second quarter 2014 9,535 4,960 243,329 First quarter 2014 8,994 164,546 (1) In July 2015, the Board requested, and the Manager agreed, that $ 67.8 223,827 73,986 (2) In October 2014, the Board requested, and the Manager agreed, that $ 65.0 51.6 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, income taxes, audit and legal fees, acquisitions and dispositions and its compliance with applicable laws and regulations. During the quarter and six months ended June 30, 2015, the Manager charged the Company $ 169,000 257,000 136,000 208,000 Third Amended and Restated Management Service Agreement On May 21, 2015, to give effect to the Conversion, Macquarie Infrastructure Corporation entered into a Third Amended and Restated Management Services Agreement (the Amended Agreement), among the Company, MIC Ohana Corporation and Macquarie Infrastructure Management (USA) Inc. (the Manager). Concurrently with the Conversion, the Manager was issued 100 one one On May 21, 2015, the Company entered into an amended and restated registration rights agreement with the Manager to give effect to the Conversion. 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 stockholders' 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. On June 24, 2015, the Company commenced the ATM program where the Company may offer and sell shares of its common stock, par value $ 0.001 400.0 In March 2015 and July 2014, the Company completed underwritten public offerings of 6,109,375 11,500,000 2.3 3.0 The district energy business' credit facility was scheduled to mature in September 2014. 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 2014, the Company paid $ 1.6 In July 2014, the Company also completed underwritten public offering of $ 350.0 1.1 On January 22, 2014, Atlantic Aviation entered into an incremental $ 100.0 16,000 In December 2013, Atlantic Aviation entered into an equity bridge loan for $ 70.0 35.0 88,000 Long-Term Debt and Derivatives On April 1, 2015, in conjunction with the acquisition of BEC, the Company assumed the existing revolving credit facility of BEC, of which $ 7.5 5,000 3.455 63.8 396,000 Atlantic Aviation's $ 70.0 15.7 28,000 56,000 26,000 52,000 In July 2014, the Company entered into a credit agreement at the holding company that provides a five 250.0 50.0 250,000 250.0 360.0 50.0 During the quarter ended June 30, 2015, the Company drew down and repaid $ 155.0 80,000 155.0 24,000 58,000 24,000 36,000 Other Transactions Macquarie, through the Macquarie Insurance Facility (MIF), has an aggregated insurance buying program. By combining the insurance premiums of Macquarie owned and managed funds, MIF has been able to deliver very competitive terms to businesses that participate in the facility. MIF earns a commission from the insurers. No payments were made to MIF by the Company during the six months ended June 30, 2015 and 2014. In February 2015, the Company renewed its Directors and Officers liability insurance utilizing several of the MIF insurers. IMTT, Atlantic Aviation, CP&E and Hawaii Gas purchase and renew property and casualty insurance coverage on an ongoing basis from insurance underwriters who then pay commissions to MIF. For the six months ended June 30, 2015 and 2014, no payments were made directly to MIF for property and casualty insurance. Macquarie Energy North America Trading, Inc., a subsidiary of Macquarie Group Limited, entered into contracts with IMTT to lease a total of 154,000 212,000 10,000 During the first quarter of 2015 18,000 In July 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 (MEF), an indirect subsidiary of Macquarie Group Limited. For the quarter ended March 31, 2015, Atlantic Aviation incurred $ 2,000 6,000 12,000 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 six months ended June 30, 2015 and 2014. 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 | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 12. Income Taxes The Company expects to incur a federal consolidated taxable loss for the year ending December 31, 2015, which will increase the net operating loss (NOL) carryforward. The Company believes that it will be able to utilize all of its federal prior year NOLs, which will begin to expire after 2021 2034 800,000 1.4 |
Legal Proceedings and Contingen
Legal Proceedings and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Legal Proceedings and Contingencies [Abstract] | |
Legal Proceedings and Contingencies | 13. Legal Proceedings and Contingencies The Company and its subsidiaries are subject to legal proceedings arising in the ordinary course of business. In management's opinion, the Company has adequate legal defenses and/or insurance coverage with respect to the eventuality of such actions, and does not believe the outcome of any pending legal proceedings will be material to the Company's financial position or result of operations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Dividend On July 30, 2015 1.11 August 18, 2015 August 13, 2015 |
(Loss) Income per Share (Tables
(Loss) Income per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
(Loss) Income per Share [Abstract] | |
Reconciliation of Earnings Income (Loss) per Share | Quarter Ended Six Months Ended 2015 2014 2015 2014 Weighted average number of shares outstanding: basic 79,246,069 56,559,924 76,214,929 56,465,136 Dilutive effect of restricted stock unit grants and convertible senior notes 12,595 12,752 Weighted average number of shares outstanding: diluted 79,246,069 56,572,519 76,214,929 56,477,888 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Quarter Ended Six Months Ended 2015 2014 2015 2014 Restricted stock unit grants 7,843 10,172 Convertible senior notes 4,238,274 4,183,427 Total 4,246,117 4,193,599 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Acquisition [Line Items] | |
Schedule of Assets Acquired and Liabilities Assumed | Restricted cash $ 12,440 Accounts receivable 5,471 Inventories 3,155 Prepaid expenses 1,835 Other current assets 479 Total current assets 23,380 Property, equipment and leasehold improvements 719,990 Intangible assets contractual arrangements (1) 61,463 Goodwill (2) 26,462 Total assets acquired $ 831,295 Accounts payable $ 1,926 Accrued expenses 1,084 Current portion of long-term debt 5,250 Fair value of derivative instruments current 6,196 Tolling agreements current (3) 6,368 Other current liabilities 179 Total current liabilities 21,003 Long-term debt, net of current portion 503,827 Tolling agreements noncurrent (3) 75,392 Fair value of derivative instruments non-current 15,279 Other noncurrent liabilities 538 Total liabilities assumed 616,039 Net assets acquired $ 215,256 (1) Contractual arrangements are being amortized over a seventeen (2) Goodwill is deductible for tax purposes. (3) Tolling agreements represent agreements with an off-taker where BEC agreed to sell 62.5 thirteen |
Property, Equipment, Land and25
Property, Equipment, Land and Leasehold Improvements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property, Equipment, Land and Leasehold Improvements [Abstract] | |
Schedule of Property and Equipment | June 30, December 31, Land $ 271,521 $ 272,110 Easements 131 131 Buildings 40,986 40,730 Leasehold and land improvements 562,859 439,962 Machinery and equipment 3,423,823 2,810,531 Furniture and fixtures 28,984 28,664 Construction in progress 103,908 72,241 4,432,212 3,664,369 Less: accumulated depreciation (394,235 ) (301,784 ) Property, equipment, land and leasehold improvements, net $ 4,037,977 $ 3,362,585 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets [Abstract] | |
Schedule of Intangible Assets | June 30, December 31, 2014 Contractual arrangements $ 891,988 $ 873,406 Non-compete agreements 9,665 9,665 Customer relationships 341,457 342,232 Leasehold rights 350 350 Trade names 16,091 16,091 Technology 8,760 8,760 1,268,311 1,250,504 Less: accumulated amortization (308,235 ) (290,870 ) Intangible assets, net $ 960,076 $ 959,634 |
Schedule of Goodwill | Goodwill acquired in business combinations, net of disposals, at December 31, 2014 $ 2,120,424 Less: accumulated impairment charges (123,200 ) Less: other (965 ) Balance at December 31, 2014 1,996,259 Add: goodwill related to 2015 acquisitions 29,906 Less: purchase accounting adjustments related to 2014 acquisitions (6,241 ) Less: other (720 ) Balance at June 30, 2015 $ 2,019,204 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Long-Term Debt [Abstract] | |
Schedule of Long-Term Debt | June 30, December 31, IMTT $ 1,129,322 $ 953,061 Atlantic Aviation 607,972 611,328 CP&E 543,814 298,132 Hawaii Gas 180,000 180,000 MIC Corporate 349,975 350,000 Total 2,811,083 2,392,521 Less: current portion (28,346 ) (27,655 ) Long-term portion $ 2,782,737 $ 2,364,866 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | Facility Terms USD Revolving Credit Facility CAD Revolving Credit Facility Total Committed Amount $ 550.0 $ 50.0 Amount Outstanding at June 30, 2015 Undrawn $ 797,000 Maturity May 21, 2020 May 21, 2020 Amortization Revolving, payable at maturity Revolving, payable at maturity Interest Rate LIBOR plus 1.625 Bankers' Acceptances (BA) Rate plus 1.625 Commitment Fees 0.3125 0.3125 Security Unsecured Unsecured |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | Facility Terms Senior Notes, Series A Senior Notes, Series B Amount Outstanding at June 30, 2015 $ 325.0 $ 275.0 Maturity May 21, 2025 May 21, 2027 Amortization Payable at maturity Payable at maturity Interest Rate 3.92 4.02 Security Unsecured Unsecured |
Tax-exempt bonds [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | Facility Terms Louisiana Public Facilities Authority Revenue Bonds, Series 2007 The Industrial Development Board of the Parish of Ascension, Louisiana Revenue Bonds, Series 2007 Louisiana Public Facilities Authority Gulf Opportunity Zone Revenue Bonds, Series 2010 Louisiana Public Facilities Authority Revenue Bonds, Series 2010A Louisiana Public Facilities Authority Revenue Bonds, Series 2010B Amount Outstanding at June 30, 2015 $ 50.0 $ 165.0 $ 85.0 $ 90.9 $ 81.8 Maturity June 2043 June 2043 August 2046 December 2040 December 2040 Amortization Payable at maturity, subject to tender in May 2022 Payable at maturity, subject to tender in May 2022 Payable at maturity, subject to tender in May 2022 Payable at maturity, subject to tender in May 2022 Payable at maturity, subject to tender in May 2022 Interest Rate One-month LIBOR plus Revolving Credit Facility margin plus 0.625 75 One-month LIBOR plus Revolving Credit Facility margin plus 0.625 75 One-month LIBOR plus Revolving Credit Facility margin plus 0.625 67 One-month LIBOR plus Revolving Credit Facility margin plus 0.625 67 One-month LIBOR plus Revolving Credit Facility margin plus 0.625 67 Security Unsecured Unsecured Unsecured Unsecured Unsecured |
NJEDA Bonds [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | Facility Terms New Jersey Economic Development Authority Amount Outstanding at June 30, 2015 $ 36.3 Maturity December 2027 Amortization Payable at maturity, subject to tender in May 2022 Interest Rate One-month LIBOR plus Revolving Credit Facility margin plus 0.625 75 Security Unsecured |
Derivative Instruments and He28
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Fair Value of Derivative Instruments | Assets (Liabilities) at (1) Derivative Contracts Balance Sheet Location June 30, December 31, Fair value of derivative instruments non-current assets (2) (3) $ 8,276 $ 584 Total derivative contracts assets (2) (3) $ 8,276 $ 584 Fair value of derivative instruments current liabilities (2) (3) $ (24,846 ) $ (32,111 ) Fair value of derivative instruments non-current liabilities (2) (23,689 ) (27,724 ) Total derivative contracts liabilities (2) (3) $ (48,535 ) $ (59,835 ) (1) Fair value measurements at reporting date were made using significant other observable inputs (level 2). (2) Derivative contracts include interest rate swaps. (3) Derivative contracts include commodity hedges. |
Schedule of Location of Hedging Activities | Derivative Contracts Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Consolidated Condensed Statements of Operations for the Quarter Amount of Loss Recognized in Consolidated Condensed Statements of Operations for the Six Months Financial Statement Account 2015 2014 2015 2014 Interest expense Interest rate cap $ $ $ $ (1 ) Interest expense Interest rate swaps (1) 3,087 (8,618 ) (9,832 ) (13,950 ) Cost of product sales Commodity swaps (952 ) (970 ) Total $ 2,135 $ (8,618 ) $ (10,802 ) $ (13,951 ) (1) Interest expense for the quarter and six months ended June 30, 2014 includes $ 8.3 13.4 269,000 508,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Shareholders' Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Cash Flow (1) Post-Retirement Translation (2) Total Noncontrolling Total Balance at December 31, 2013 $ (636 ) $ (8,021 ) $ (46 ) $ (8,703 ) $ 258 $ (8,445 ) Reclassification of realized losses of derivatives into earnings 321 321 (153 ) 168 Translation adjustment 4 4 4 Balance at June 30, 2014 $ (315 ) $ (8,021 ) $ (42 ) $ (8,378 ) $ 105 $ (8,273 ) Balance at December 31, 2014 $ $ (18,837 ) $ (4,859 ) $ (23,696 ) $ 2,146 $ (21,550 ) Translation adjustment (4,051 ) (4,051 ) 1,626 (2,425 ) Balance at June 30, 2015 $ $ (18,837 ) $ (8,910 ) $ (27,747 ) $ 3,772 $ (23,975 ) (1) For the six months ended June 30, 2014, reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $ 508,000 202,000 23,000 8,000 (2) Translation adjustment is presented net of taxes of $ 1.7 2,000 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Revenue From External Customers | Quarter Ended June 30, 2015 IMTT Atlantic Contracted Hawaii Total Service revenue $ 142,384 $ 185,425 $ $ $ 327,809 Product revenue 36,121 59,759 95,880 Total revenue $ 142,384 $ 185,425 $ 36,121 $ 59,759 $ 423,689 Quarter Ended June 30, 2014 Atlantic Contracted Hawaii Total Service revenue $ 193,212 $ 12,057 $ $ 205,269 Product revenue 5,830 69,134 74,964 Financing and equipment lease income 710 710 Total revenue $ 193,212 $ 18,597 $ 69,134 $ 280,943 Six Months Ended June 30, 2015 IMTT Atlantic Contracted Hawaii Total Service revenue $ 280,445 $ 373,366 $ $ $ 653,811 Product revenue 47,953 120,423 168,376 Total revenue $ 280,445 $ 373,366 $ 47,953 $ 120,423 $ 822,187 Six Months Ended June 30, 2014 Atlantic Contracted Hawaii Total Service revenue $ 387,173 $ 20,535 $ $ 407,708 Product revenue 9,488 138,485 147,973 Financing and equipment lease income 1,457 1,457 Total revenue $ 387,173 $ 31,480 $ 138,485 $ 557,138 |
Schedule of EBITDA for Reportable Segments | Quarter Ended June 30, 2015 IMTT Atlantic Contracted Hawaii Total Net income (loss) $ 21,096 $ 12,208 $ (5,138 ) $ 6,430 $ 34,596 Interest expense, net 6,263 5,605 4,945 1,806 18,619 Provision for income taxes 14,659 8,335 3,683 4,068 30,745 Depreciation 28,907 8,013 12,772 2,109 51,801 Amortization of intangibles 2,766 13,797 1,082 257 17,902 Loss on disposal of assets 95 95 Other non-cash expense (income) 1,957 653 (2,099 ) 1,219 1,730 EBITDA excluding non-cash items $ 75,648 $ 48,706 $ 15,245 $ 15,889 $ 155,488 Quarter Ended June 30, 2014 Atlantic Contracted Hawaii Total Net income $ 5,698 $ 1,154 $ 6,294 $ 13,146 Interest expense, net 13,352 2,690 1,891 17,933 Provision for income taxes 3,855 616 4,092 8,563 Depreciation (1) 6,789 5,363 1,983 14,135 Amortization of intangibles 8,818 326 312 9,456 Loss on disposal of assets 816 816 Other non-cash expense (income) 88 (2,125 ) 408 (1,629 ) EBITDA excluding non-cash items $ 39,416 $ 8,024 $ 14,980 $ 62,420 (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. Six Months Ended June 30, 2015 IMTT Atlantic Contracted Hawaii Total Net income (loss) $ 41,370 $ 10,581 $ (8,677 ) $ 15,285 $ 58,559 Interest expense, net 13,169 18,690 11,283 3,749 46,891 Provision (benefit) for income taxes 28,748 (7,304 ) 2,865 9,600 33,909 Depreciation 62,022 23,012 20,038 4,151 109,223 Amortization of intangibles 5,530 58,513 1,261 569 65,873 Loss on disposal of assets 548 548 Other non-cash expense (income) 3,213 925 (5,040 ) (611 ) (1,513 ) EBITDA excluding non-cash items $ 154,052 $ 104,965 $ 21,730 $ 32,743 $ 313,490 Six Months Ended June 30, 2014 Atlantic Contracted Hawaii Total Net income (loss) $ 16,253 $ (261 ) $ 12,489 $ 28,481 Interest expense, net 22,917 5,335 3,678 31,930 Provision for income taxes 8,770 1,215 8,119 18,104 Depreciation (1) 13,591 10,473 3,929 27,993 Amortization of intangibles 16,949 648 624 18,221 Loss on disposal of assets 816 816 Other non-cash expense (income) 156 (2,890 ) 1,132 (1,602 ) EBITDA excluding non-cash items $ 79,452 $ 14,520 $ 29,971 $ 123,943 (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 Six Months Ended 2015 2014 2015 2014 IMTT $ 8,350 $ $ 20,219 $ Atlantic Aviation 10,919 7,947 19,142 16,672 Contracted Power and Energy 308 2,077 308 11,400 Hawaii Gas 4,967 4,416 10,356 7,981 Total $ 24,544 $ 14,440 $ 50,025 $ 36,053 |
Schedule of Assets of Reportable Segments | Property, Equipment, Goodwill Total Assets 2015 2014 2015 2014 2015 2014 IMTT $ 2,229,637 $ $ 1,411,629 $ $ 4,135,842 $ Atlantic Aviation 332,320 314,628 460,920 458,488 1,484,589 1,575,588 Contracted Power and Energy 1,272,499 390,101 26,462 17,946 1,428,412 482,547 Hawaii Gas 203,521 189,936 120,193 120,193 384,085 403,681 Total $ 4,037,977 $ 894,665 $ 2,019,204 $ 596,627 $ 7,432,928 $ 2,461,816 |
Schedule of Reconciliation of Assets of Reportable Segments | As of June 30, 2015 2014 Total assets of reportable segments $ 7,432,928 $ 2,461,816 Investment in unconsolidated business 71,434 Corporate and other 59,744 9,255 Total consolidated assets $ 7,492,672 $ 2,542,505 |
IMTT [Member] | |
Schedule of Selected Consolidated Financial Data | Quarter Ended Six Months Revenue $ 423,461 $ 847,734 Net income attributable to MIC (1) 18,859 52,172 (1) The tax rate used to calculate net income attributable to MIC was 35.0 |
Schedule of Segment Information | As of, and for the Quarter Ended (1) Six Months Ended June 30, 2014 (1) Revenue $ 142,518 $ 290,596 Net income $ 24,003 $ 54,984 Interest expense, net 8,813 15,946 Provision for income taxes 15,455 36,557 Depreciation and amortization 19,646 37,920 Other non-cash expense 1,518 3,501 EBITDA excluding non-cash items (2) $ 69,435 $ 148,908 Capital expenditures paid $ 24,272 $ 53,893 Property, equipment, land and leasehold improvements, net 1,285,148 1,285,148 Total assets 1,386,959 1,386,959 (1) Amounts represent 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. |
Reportable Segment [Member] | |
Schedule of EBITDA for Reportable Segments | Quarter Ended Six Months Ended 2015 2014 2015 2014 Total reportable segments EBITDA excluding non-cash items (1) $ 155,488 $ 62,420 $ 313,490 $ 123,943 Interest income 7 31 13 95 Interest expense (22,342 ) (17,945 ) (53,863 ) (31,956 ) Depreciation (2) (51,801 ) (14,135 ) (109,223 ) (27,993 ) Amortization of intangibles (17,902 ) (9,456 ) (65,873 ) (18,221 ) Loss on disposal of assets (95 ) (816 ) (548 ) (816 ) Selling, general and administrative - corporate (3,693 ) (2,233 ) (6,639 ) (3,279 ) Fees to managerrelated party (154,559 ) (14,495 ) (319,832 ) (23,489 ) Equity in earnings and amortization charges of (1) 10,799 25,086 Other (expense) income, net (2,151 ) 1,059 (421 ) 505 Total consolidated net (loss) income before income $ (97,048 ) $ 15,229 $ (242,896 ) $ 43,875 (1) For the quarter and six months ended June 30, 2015, total reportable segments' EBITDA excluding non-cash items includes the results of IMTT's EBITDA excluding non-cash items. Prior to July 16, 2014, the date of the IMTT Acquisition, MIC accounted for its 50 50 (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. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Dividends Paid to Manager | Declared Period Covered $ per Record Date Payable Date Cash Paid July 30, 2015 Second quarter 2015 $ 1.11 August 13, 2015 August 18, 2015 $ (1) April 30, 2015 First quarter 2015 $ 1.07 May 14, 2015 May 19, 2015 $ 7,281 February 17, 2015 Fourth quarter 2014 $ 1.02 March 2, 2015 March 5, 2015 $ 4,905 October 27, 2014 Third quarter 2014 $ 0.98 November 10, 2014 November 13, 2014 $ 4,438 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 (1) The amount of dividend payable to the Manager for the second quarter of 2015 will be determined on August 13, 2015, the record date. |
Schedule of Base Management Fees and Performance Fees | Period Base Management Performance Shares 2015 Activities: Second quarter 2015 $ 18,918 $ 135,641 223,827 (1) First quarter 2015 16,545 148,728 2,068,038 2014 Activities: Fourth quarter 2014 $ 14,192 $ 208,122 Third quarter 2014 13,915 116,586 947,583 (2) Second quarter 2014 9,535 4,960 243,329 First quarter 2014 8,994 164,546 (1) In July 2015, the Board requested, and the Manager agreed, that $ 67.8 223,827 73,986 (2) In October 2014, the Board requested, and the Manager agreed, that $ 65.0 51.6 |
Organization and Description 32
Organization and Description of Business (Details) | Jun. 30, 2015 |
Atlantic Aviation [Member] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of Airport Locations | 69 |
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 |
(Loss) Income per Share (Schedu
(Loss) Income per Share (Schedule of Reconciliation of Number of Shares Used in Computing (Loss) Income per Share) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reconciliation of the basic and diluted number of shares of common stock used in computing (loss) income per share: | ||||
Weighted average number of shares outstanding: basic | 79,246,069 | 56,559,924 | 76,214,929 | 56,465,136 |
Dilutive effect of restricted stock unit grants and convertible senior notes | 12,595 | 12,752 | ||
Weighted average number of shares outstanding: diluted | 79,246,069 | 56,572,519 | 76,214,929 | 56,477,888 |
(Loss) Income per Share (Narrat
(Loss) Income per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Class Of Stock [Line Items] | ||||
Antidilutive securities | 4,246,117 | 4,193,599 | ||
Restricted stock unit grants June 18, 2015 [Member] | ||||
Class Of Stock [Line Items] | ||||
Antidilutive securities | 8,660 | 8,660 | ||
Restricted stock unit grants May 21, 2014 [Member] | ||||
Class Of Stock [Line Items] | ||||
Potentially dilutive shares | 12,525 | 12,525 | ||
Antidilutive securities | 12,525 | 12,525 | ||
Restricted stock unit grants May 20, 2013 [Member] | ||||
Class Of Stock [Line Items] | ||||
Potentially dilutive shares | 12,910 | 12,910 |
(Loss) Income per Share (Sche35
(Loss) Income per Share (Schedule of Shares Excluded from Calculation) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 4,246,117 | 4,193,599 | ||
Restricted Stock Unit Grants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 7,843 | 10,172 | ||
Convertible Senior Notes [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 4,238,274 | 4,183,427 |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | Apr. 01, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($)MW | Mar. 31, 2015USD ($)MW |
2014 wind power generation facilities [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, purchase price | $ 106.1 | |||
Number of wind turbines | 134 | |||
Electricity generating capacity | MW | 203 | |||
Fair value of wind turbines | $ 316.2 | |||
Amortizing term loan debt assumed | 163.9 | |||
Transaction related costs | $ 2 | |||
Bayonne Energy Center [Member] | ||||
Business Acquisition [Line Items] | ||||
Equity interest acquired | 100.00% | |||
Business acquisition, purchase price | $ 724.3 | |||
Business acquisition, cash paid | $ 215.2 | |||
Percentage of contracted tolling agreement | 62.50% | |||
Electricity generating capacity | MW | 512 | |||
Amortizing term loan debt assumed | $ 509.1 | |||
Transaction related costs | $ 9.1 |
Acquisitions (Schedule of Asset
Acquisitions (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | ||
Business Acquisition [Line Items] | |||||
Goodwill | $ 2,019,204 | $ 1,996,259 | $ 596,627 | ||
Bayonne Energy Center [Member] | |||||
Business Acquisition [Line Items] | |||||
Restricted cash | $ 12,440 | ||||
Accounts receivable | 5,471 | ||||
Inventories | 3,155 | ||||
Prepaid expenses | 1,835 | ||||
Other current assets | 479 | ||||
Total current assets | 23,380 | ||||
Property, equipment, land and leasehold improvements | 719,990 | ||||
Goodwill | [1] | 26,462 | |||
Total assets acquired | 831,295 | ||||
Accounts payable | 1,926 | ||||
Accrued expenses | 1,084 | ||||
Current portion of long term debt | 5,250 | ||||
Fair value of derivative instruments - current | [2] | 6,196 | |||
Tolling agreements - current | 6,368 | ||||
Other current liabilities | 179 | ||||
Total current liabilities | 21,003 | ||||
Long-term debt, net of current portion | 503,827 | ||||
Tolling agreements - noncurrent | [2] | 75,392 | |||
Fair value of derivative instruments - non-current | 15,279 | ||||
Other noncurrent liabilities | 538 | ||||
Total liabilities assumed | 616,039 | ||||
Net assets acquired | $ 215,256 | ||||
Weighted average remaining life of tolling agreements | 13 years | ||||
Percentage of contracted tolling agreement | 62.50% | ||||
Bayonne Energy Center [Member] | Contractual Rights [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | [3] | $ 61,463 | |||
Finite Lived Intangible assets, useful life | 17 years | ||||
[1] | Goodwill is deductible for tax purposes. | ||||
[2] | Tolling agreements represent agreements with an off-taker where BEC agreed to sell 62.5% of its capacity, energy and ancillary services for fixed monthly tolling and capacity payments and monthly variable operation and maintenance fees (“O&M”). Fixed payments received under these contracts were below prevailing market rates at the date of acquisition. The difference between the present value of the fixed payments and the present value of the market rates at the date of acquisition is recorded as a liability on the consolidated condensed balance sheet as part of purchase accounting. This liability will be amortized over the weighted average life of the tolling agreements of approximately thirteen years. | ||||
[3] | Contractual arrangements are being amortized over a seventeen year period. |
Property, Equipment, Land and38
Property, Equipment, Land and Leasehold Improvements (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Property, Equipment, Land and Leasehold Improvements [Abstract] | ||||||
Land | $ 271,521 | $ 271,521 | $ 272,110 | |||
Easements | 131 | 131 | 131 | |||
Buildings | 40,986 | 40,986 | 40,730 | |||
Leasehold and land improvements | 562,859 | 562,859 | 439,962 | |||
Machinery and equipment | 3,423,823 | 3,423,823 | 2,810,531 | |||
Furniture and fixtures | 28,984 | 28,984 | 28,664 | |||
Construction in progress | 103,908 | 103,908 | 72,241 | |||
Property, equipment, land and leasehold improvements, gross | 4,432,212 | 4,432,212 | 3,664,369 | |||
Less: accumulated depreciation | (394,235) | (394,235) | (301,784) | |||
Property, equipment, land and leasehold improvements, net | 4,037,977 | $ 894,665 | 4,037,977 | $ 894,665 | $ 3,362,585 | |
Property, Plant and Equipment [Line Items] | ||||||
Depreciation | 51,801 | 12,428 | 109,223 | 24,582 | ||
Bayonne Energy Center [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, equipment, land and leasehold improvements | $ 719,990 | |||||
Atlantic Aviation [Member] | ||||||
Property, Equipment, Land and Leasehold Improvements [Abstract] | ||||||
Property, equipment, land and leasehold improvements, net | $ 332,320 | $ 314,628 | 332,320 | $ 314,628 | ||
Leasehold and Land Improvements [Member] | Atlantic Aviation [Member] | Multiple FBOs [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Fixed assets impairment charge | 2,800 | |||||
Leasehold and Land Improvements [Member] | Atlantic Aviation [Member] | One specific FBO [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Fixed assets impairment charge | $ 4,200 | |||||
Leasehold and Land Improvements [Member] | Atlantic Aviation [Member] | Incremental depreciation due to change in policy [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Depreciation | $ 2,100 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Intangible Assets [Abstract] | |||||||
Contractual arrangements | $ 891,988 | $ 891,988 | $ 873,406 | ||||
Non-compete agreements | 9,665 | 9,665 | 9,665 | ||||
Customer relationships | 341,457 | 341,457 | 342,232 | ||||
Leasehold rights | 350 | 350 | 350 | ||||
Trade names | 16,091 | 16,091 | 16,091 | ||||
Technology | 8,760 | 8,760 | 8,760 | ||||
Intangible assets, gross | 1,268,311 | 1,268,311 | 1,250,504 | ||||
Less: accumulated amortization | (308,235) | (308,235) | (290,870) | ||||
Intangible assets, net | 960,076 | 960,076 | $ 959,634 | ||||
Finite Lived Intangible Assets [Line Items] | |||||||
Amortization of intangibles | 17,902 | $ 9,456 | 65,873 | $ 18,221 | |||
Atlantic Aviation [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Amortization of intangibles | $ 13,797 | $ 8,818 | 58,513 | $ 16,949 | |||
Contractual Rights [Member] | Bayonne Energy Center [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Intangible assets | [1] | $ 61,463 | |||||
Contractual Rights [Member] | Atlantic Aviation [Member] | Multiple FBOs [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Intangible impairment charge | 13,500 | ||||||
Contractual Rights [Member] | Atlantic Aviation [Member] | One specific FBO [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Intangible impairment charge | $ 17,800 | ||||||
Contractual Rights [Member] | Atlantic Aviation [Member] | Incremental amortization due to change in policy [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Amortization of intangibles | $ 9,100 | ||||||
[1] | Contractual arrangements are being amortized over a seventeen year period. |
Intangible Assets (Schedule o40
Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Intangible Assets [Abstract] | ||
Goodwill acquired in business combinations, net of disposals | $ 2,120,424 | |
Less: accumulated impairment charges | (123,200) | |
Balance at December 31, 2014 | $ 1,996,259 | |
Add: goodwill related to 2015 acquisitions | 29,906 | |
Less: purchase accounting adjustments related to 2014 acquisitions | (6,241) | |
Less: other | (720) | (965) |
Balance at June 30, 2015 | $ 2,019,204 | $ 1,996,259 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Current and long-term Debt | $ 2,811,083 | $ 2,392,521 |
Less: current portion | (28,346) | (27,655) |
Long-term portion | 2,782,737 | 2,364,866 |
IMTT [Member] | ||
Debt Instrument [Line Items] | ||
Current and long-term Debt | 1,129,322 | 953,061 |
Atlantic Aviation [Member] | ||
Debt Instrument [Line Items] | ||
Current and long-term Debt | 607,972 | 611,328 |
Contracted Power and Energy Businesses [Member] | ||
Debt Instrument [Line Items] | ||
Current and long-term Debt | 543,814 | 298,132 |
Hawaii Gas Business [Member] | ||
Debt Instrument [Line Items] | ||
Current and long-term Debt | 180,000 | 180,000 |
MIC Corporate [Member] | ||
Debt Instrument [Line Items] | ||
Current and long-term Debt | $ 349,975 | $ 350,000 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - Line of Credit Facility, Lender [Domain] | Jun. 30, 2015USD ($)item | Jul. 31, 2015USD ($) | Jun. 30, 2015USD ($)item | Jun. 30, 2015USD ($)item | Jun. 18, 2015USD ($) | Jul. 31, 2014USD ($) | May. 27, 2015USD ($) | Jun. 30, 2015USD ($)item | Jun. 02, 2015 | Jun. 30, 2015USD ($)item | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)item | Jan. 01, 2019 | Jan. 01, 2017 | May. 21, 2015USD ($) | Apr. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 15, 2014USD ($) |
Debt Disclosure [Line Items] | |||||||||||||||||||
Convertible senior notes converted to equity | $ 25,000 | ||||||||||||||||||
Current and long-term debt | $ 2,811,083,000 | $ 2,811,083,000 | $ 2,811,083,000 | $ 2,811,083,000 | 2,811,083,000 | $ 2,811,083,000 | $ 2,392,521,000 | ||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Undrawn portion of line of credit | 1,100,000,000 | 1,100,000,000 | 1,100,000,000 | 1,100,000,000 | 1,100,000,000 | 1,100,000,000 | |||||||||||||
Revolving Credit Facility [Member] | United States- IMTT [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Borrowing capacity | 550,000,000 | 550,000,000 | $ 550,000,000 | 550,000,000 | $ 550,000,000 | 550,000,000 | |||||||||||||
Fixed portion of interest rate component | 1.625% | ||||||||||||||||||
Maturity | May 21, 2020 | ||||||||||||||||||
Revolving Credit Facility [Member] | Canada- IMTT [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Borrowing capacity | 50,000,000 | 50,000,000 | $ 50,000,000 | 50,000,000 | $ 50,000,000 | 50,000,000 | |||||||||||||
Line of credit, amount outstanding | 797,000 | 797,000 | $ 797,000 | 797,000 | $ 797,000 | 797,000 | |||||||||||||
Fixed portion of interest rate component | 1.625% | ||||||||||||||||||
Maturity | May 21, 2020 | ||||||||||||||||||
IMTT [Member] | Tax-exempt bonds [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Current and long-term debt | $ 509,000,000 | ||||||||||||||||||
IMTT [Member] | Tax-exempt bonds [Member] | Interest Rate Swap [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Notional amount of derivative | $ 361,100,000 | $ 361,100,000 | $ 361,100,000 | $ 361,100,000 | $ 361,100,000 | $ 361,100,000 | |||||||||||||
Derivative, Number of Instruments Held | item | 2 | 2 | 2 | 2 | 2 | 2 | |||||||||||||
Fixed interest rate | 1.677% | 1.677% | 1.677% | 1.677% | 1.677% | 1.677% | |||||||||||||
Derivative, Term of Contract | 6 years | ||||||||||||||||||
Derivatives, expiration date | Jun. 1, 2021 | ||||||||||||||||||
Payment on early termination of interest rate swap agreement | $ 31,400,000 | ||||||||||||||||||
Idaho Wind Partners [Member] | Term Loan Facility [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Weighted average interest rate | 4.755% | 4.755% | 4.755% | 4.755% | 4.755% | 4.755% | |||||||||||||
Fixed portion of interest rate component | 1.625% | 2.75% | |||||||||||||||||
Change in fixed interest rate | 0.20% | ||||||||||||||||||
2014 wind power generation facilities [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Amortizing term loan debt assumed | 163,900,000 | ||||||||||||||||||
Bayonne Energy Center [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Long-term debt, net of current portion | $ 503,827,000 | ||||||||||||||||||
Variable Term Loan Interest Rate Floor | 1.00% | ||||||||||||||||||
Current and long-term debt | $ 251,500,000 | $ 251,500,000 | $ 251,500,000 | $ 251,500,000 | $ 251,500,000 | $ 251,500,000 | |||||||||||||
Fixed portion of interest rate component | 4.00% | ||||||||||||||||||
Amortizing term loan debt assumed | 509,100,000 | ||||||||||||||||||
Bayonne Energy Center [Member] | Interest Rate Swap [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Notional amount of derivative | $ 249,900,000 | $ 249,900,000 | $ 249,900,000 | $ 249,900,000 | $ 249,900,000 | $ 249,900,000 | 255,100,000 | ||||||||||||
Derivative, Number of Instruments Held | item | 3 | 3 | 3 | 3 | 3 | 3 | |||||||||||||
Fixed interest rate | 3.455% | 3.455% | 3.455% | 3.455% | 3.455% | 3.455% | |||||||||||||
Derivatives, expiration date | Aug. 21, 2021 | ||||||||||||||||||
Payment on early termination of interest rate swap agreement | $ 19,200,000 | ||||||||||||||||||
Bayonne Energy Center [Member] | Interest Rate Swap [Member] | Future Scheduled Step-up [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Fixed interest rate | 3.955% | 3.705% | |||||||||||||||||
Bayonne Energy Center [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Letters of credit outstanding | 19,000,000 | ||||||||||||||||||
Borrowing capacity | $ 30,000,000 | ||||||||||||||||||
Maturity | Aug. 21, 2019 | ||||||||||||||||||
Bayonne Energy Center [Member] | Letter of Credit [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Interest Rate | 4.125% | 4.125% | 4.125% | 4.125% | 4.125% | 4.125% | |||||||||||||
Bayonne Energy Center [Member] | Term Loan Facility [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Repayments of Debt | 251,500,000 | $ 257,600,000 | |||||||||||||||||
Maturity | Aug. 21, 2021 | ||||||||||||||||||
Hawaii Gas Business [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Current and long-term debt | $ 180,000,000 | $ 180,000,000 | $ 180,000,000 | 180,000,000 | $ 180,000,000 | $ 180,000,000 | 180,000,000 | ||||||||||||
MIC Corporate [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Current and long-term debt | 349,975,000 | 349,975,000 | 349,975,000 | 349,975,000 | 349,975,000 | 349,975,000 | $ 350,000,000 | ||||||||||||
MIC Corporate [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Borrowing capacity | $ 360,000,000 | 360,000,000 | 360,000,000 | $ 250,000,000 | 360,000,000 | 360,000,000 | 360,000,000 | $ 250,000,000 | |||||||||||
Drawn on revolver credit facility | $ 191,000,000 | $ 155,000,000 | |||||||||||||||||
Repayments of Debt | 155,000,000 | ||||||||||||||||||
Debt instrument, term | 5 years | ||||||||||||||||||
Convertible Senior Notes [Member] | MIC Corporate [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Conversion rate | 11.7942 | 12.7836 | |||||||||||||||||
Convertible senior notes | $ 350,000,000 | 350,000,000 | 350,000,000 | 350,000,000 | 350,000,000 | 350,000,000 | $ 350,000,000 | ||||||||||||
Convertible senior notes converted to equity | $ 23,000 | 25,000 | |||||||||||||||||
Face value of convertible senior notes | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||
Senior secured notes [Member] | IMTT [Member] | Senior Series A Notes [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Interest Rate | 3.92% | 3.92% | 3.92% | 3.92% | 3.92% | 3.92% | |||||||||||||
Current and long-term debt | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | |||||||||||||
Maturity | May 21, 2025 | ||||||||||||||||||
Senior secured notes [Member] | IMTT [Member] | Senior Series B Notes [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Interest Rate | 4.02% | 4.02% | 4.02% | 4.02% | 4.02% | 4.02% | |||||||||||||
Current and long-term debt | $ 275,000,000 | $ 275,000,000 | $ 275,000,000 | $ 275,000,000 | $ 275,000,000 | $ 275,000,000 | |||||||||||||
Maturity | May 21, 2027 | ||||||||||||||||||
Loan From Previous Shareholder [Member] | IMTT [Member] | |||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||
Interest Rate | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | |||||||||||||
Debt instrument, term | 15 years | ||||||||||||||||||
Current and long-term debt | $ 19,600,000 | $ 19,600,000 | $ 19,600,000 | $ 19,600,000 | $ 19,600,000 | $ 19,600,000 |
Long-Term Debt (Schedule of Mat
Long-Term Debt (Schedule of Material Terms) (Details) - Segment [Domain] - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Current and long-term debt | $ 2,811,083 | $ 2,811,083 | $ 2,392,521 |
United States- IMTT [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Borrowing capacity | $ 550,000 | $ 550,000 | |
Fixed portion of interest rate component | 1.625% | ||
Interest rate and fees, commitment fee percentage | 0.3125% | ||
Maturity | May 21, 2020 | ||
Canada- IMTT [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Borrowing capacity | $ 50,000 | $ 50,000 | |
Line of credit, amount outstanding | $ 797 | $ 797 | |
Fixed portion of interest rate component | 1.625% | ||
Interest rate and fees, commitment fee percentage | 0.3125% | ||
Maturity | May 21, 2020 | ||
IMTT [Member] | LA Bonds One [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term debt | $ 50,000 | $ 50,000 | |
Fixed portion of interest rate component | 0.625% | ||
Percentage of 30-day LIBOR | 75.00% | 75.00% | |
Maturity | Jun. 1, 2043 | ||
Tender period | May 21, 2022 | ||
IMTT [Member] | LA Bonds Two [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term debt | $ 165,000 | $ 165,000 | |
Fixed portion of interest rate component | 0.625% | ||
Percentage of 30-day LIBOR | 75.00% | 75.00% | |
Maturity | Jun. 1, 2043 | ||
Tender period | May 21, 2022 | ||
IMTT [Member] | LA Bonds Three [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term debt | $ 85,000 | $ 85,000 | |
Fixed portion of interest rate component | 0.625% | ||
Percentage of 30-day LIBOR | 67.00% | 67.00% | |
Maturity | Aug. 1, 2046 | ||
Tender period | May 21, 2022 | ||
IMTT [Member] | LA Bonds Four [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term debt | $ 90,900 | $ 90,900 | |
Fixed portion of interest rate component | 0.625% | ||
Percentage of 30-day LIBOR | 67.00% | 67.00% | |
Maturity | Dec. 1, 2040 | ||
Tender period | May 21, 2022 | ||
IMTT [Member] | LA Bonds Five [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term debt | $ 81,800 | $ 81,800 | |
Fixed portion of interest rate component | 0.625% | ||
Percentage of 30-day LIBOR | 67.00% | 67.00% | |
Maturity | Dec. 1, 2040 | ||
Tender period | May 21, 2022 | ||
IMTT [Member] | New Jersey Economic Development Authority Revenue Refund Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term debt | $ 36,300 | $ 36,300 | |
Fixed portion of interest rate component | 0.625% | ||
Percentage of 30-day LIBOR | 75.00% | 75.00% | |
Maturity | Dec. 1, 2027 | ||
Tender period | May 21, 2022 | ||
IMTT [Member] | Senior Notes [Member] | Senior Series A Notes [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term debt | $ 325,000 | $ 325,000 | |
Interest Rate | 3.92% | 3.92% | |
Maturity | May 21, 2025 | ||
IMTT [Member] | Senior Notes [Member] | Senior Series B Notes [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term debt | $ 275,000 | $ 275,000 | |
Interest Rate | 4.02% | 4.02% | |
Maturity | May 21, 2027 |
Derivative Instruments and He44
Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | |||||||
Jul. 31, 2015USD ($) | Jun. 30, 2015USD ($)item | Jun. 30, 2015USD ($)item | Jun. 30, 2015USD ($)item | Jun. 02, 2015 | Jun. 30, 2015USD ($)item | Jan. 01, 2019 | Jan. 01, 2017 | May. 21, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Derivative [Line Items] | |||||||||||
Fixed rate debt | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 | |||||||
Unhedged debt | 150,200 | 150,200 | 150,200 | 150,200 | |||||||
Current and long-term debt | 2,811,083 | 2,811,083 | 2,811,083 | 2,811,083 | $ 2,392,521 | ||||||
2014 wind power generation facilities [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Amortizing term loan debt assumed | 163,900 | ||||||||||
Bayonne Energy Center [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Current and long-term debt | $ 251,500 | $ 251,500 | $ 251,500 | $ 251,500 | |||||||
Fixed portion of interest rate component | 4.00% | ||||||||||
Variable term loan Interest rate floor | 1.00% | ||||||||||
Amortizing term loan debt assumed | $ 509,100 | ||||||||||
Revolving Credit Facility [Member] | Bayonne Energy Center [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Maturity | Aug. 21, 2019 | ||||||||||
Term Loan Facility [Member] | Idaho Wind Partners [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Fixed portion of interest rate component | 1.625% | 2.75% | |||||||||
Weighted average interest rate | 4.755% | 4.755% | 4.755% | 4.755% | |||||||
Change in fixed interest rate | 0.20% | ||||||||||
Term Loan Facility [Member] | Bayonne Energy Center [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Maturity | Aug. 21, 2021 | ||||||||||
Tax-exempt bonds [Member] | IMTT [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Current and long-term debt | $ 509,000 | ||||||||||
Atlantic Aviation [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Current and long-term debt | $ 607,972 | $ 607,972 | $ 607,972 | $ 607,972 | 611,328 | ||||||
IMTT [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Current and long-term debt | 1,129,322 | 1,129,322 | 1,129,322 | 1,129,322 | 953,061 | ||||||
Hawaii Gas Business [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Current and long-term debt | 180,000 | 180,000 | 180,000 | 180,000 | $ 180,000 | ||||||
Interest Rate Swaps [Member] | Bayonne Energy Center [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount of derivative | $ 249,900 | $ 249,900 | $ 249,900 | $ 249,900 | 255,100 | ||||||
Fixed interest rate | 3.455% | 3.455% | 3.455% | 3.455% | |||||||
Derivatives, expiration date | Aug. 21, 2021 | ||||||||||
Number of interest rate swap contracts | item | 3 | 3 | 3 | 3 | |||||||
Payment on early termination of interest rate swap agreement | $ 19,200 | ||||||||||
Fair value of derivative instruments | $ 19,000 | $ 19,000 | $ 19,000 | $ 19,000 | $ 21,500 | ||||||
Interest Rate Swaps [Member] | Bayonne Energy Center [Member] | Future Scheduled Step-up [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Fixed interest rate | 3.955% | 3.705% | |||||||||
Interest Rate Swaps [Member] | Tax-exempt bonds [Member] | IMTT [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount of derivative | $ 361,100 | $ 361,100 | $ 361,100 | $ 361,100 | |||||||
Fixed interest rate | 1.677% | 1.677% | 1.677% | 1.677% | |||||||
Derivatives, expiration date | Jun. 1, 2021 | ||||||||||
Number of interest rate swap contracts | item | 2 | 2 | 2 | 2 | |||||||
Derivative, Term of Contract | 6 years | ||||||||||
Payment on early termination of interest rate swap agreement | $ 31,400 | ||||||||||
Interest Rate Contracts [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Debt economically hedged with interest rate contracts | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 |
Derivative Instruments and He45
Derivative Instruments and Hedging Activities (Schedule of Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative instruments - current liabilities | $ (24,846) | $ (32,111) | |
Fair value of derivative instruments - non-current liabilities | (23,689) | (27,724) | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative instruments - non-current liabilities | [1],[2] | (23,689) | (27,724) |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps and Commodity Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative instruments - non-current assets | [1],[2],[3] | 8,276 | 584 |
Total derivative contracts - assets | [1],[2],[3] | 8,276 | 584 |
Fair value of derivative instruments - current liabilities | [1],[2],[3] | (24,846) | (32,111) |
Total derivative contracts - liabilities | [1],[2],[3] | $ (48,535) | $ (59,835) |
[1] | Derivative contracts include interest rate swaps. | ||
[2] | Fair value measurements at reporting date were made using significant other observable inputs (“level 2”). | ||
[3] | Derivative contracts include commodity hedges. |
Derivative Instruments and He46
Derivative Instruments and Hedging Activities (Schedule of Location of Hedging Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gains (losses) on derivative instruments | $ 3,100 | $ (8,600) | $ (9,800) | $ (13,900) | |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | $ (269) | (508) | |||
Not Designated as Hedging Instrument [Member] | Interest Expense [Member] | Interest Rate Cap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gains (losses) on derivative instruments | (1) | ||||
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 | $ (8,300) | (13,400) | |||
Gains (losses) on derivative instruments | [1] | $ 3,087 | (8,618) | $ (9,832) | (13,950) |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | $ (269) | $ (508) | |||
Not Designated as Hedging Instrument [Member] | Cost of product sales [Member] | Commodity swaps [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gains (losses) on derivative instruments | (952) | (970) | |||
Not Designated as Hedging Instrument [Member] | Gains (Losses) on Derivative Contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gains (losses) on derivative instruments | $ 2,135 | $ (8,618) | $ (10,802) | $ (13,951) | |
[1] | Interest expense for the quarter and six months ended June 30, 2014 includes $8.3 million and $13.4 million, respectively, of derivative losses and $269,000 and $508,000, respectively, for amounts reclassified from accumulated other comprehensive loss for the interest rate swap contracts. |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) $ / shares in Units, $ in Thousands | May. 21, 2015USD ($)itemshares | Mar. 12, 2015USD ($)shares | Mar. 02, 2015shares | Jul. 15, 2014USD ($)shares | Mar. 31, 2015shares | Jul. 31, 2014shares | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($) | [1] | Jul. 31, 2015$ / shares | Jun. 24, 2015USD ($)$ / shares | Dec. 31, 2014shares | Jul. 16, 2014 | |
Shareholders' Equity [Abstract] | ||||||||||||||
Shares, authorized | 500,000,000 | |||||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | $ 0.001 | ||||||||||||
Preferred stock, authorized | 100,000,000 | |||||||||||||
Preferred stock, par value per share | $ / shares | $ 0.001 | |||||||||||||
Special stock, authorized | 100 | |||||||||||||
Special stock, par value per share | $ / shares | $ 0.001 | |||||||||||||
Number of votes for each outstanding share of the Company | 1 | |||||||||||||
Shares, issued | 79,501,783 | 71,089,590 | ||||||||||||
Shares, outstanding | 79,501,783 | 71,089,590 | ||||||||||||
Special stock, outstanding | 100 | |||||||||||||
Preferred stock, issued | 0 | |||||||||||||
Preferred stock, outstanding | 0 | |||||||||||||
Shares, authorized under Dividend Reinvestment Plan | 1,000,000 | |||||||||||||
Shares, unissued under Dividend Reinvestment Plan | 992,405 | |||||||||||||
Shares Activity [Line Items] | ||||||||||||||
Equity offering, shares | 6,109,375 | 11,500,000 | ||||||||||||
Conversion of LLC interests to common stock | $ | $ 79 | $ 79 | [1] | |||||||||||
Special stock, issued | 100 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Shares Activity [Line Items] | ||||||||||||||
Shares issued per LLC interest | 1 | |||||||||||||
At the Market [Member] | ||||||||||||||
Shareholders' Equity [Abstract] | ||||||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | |||||||||||||
At the Market [Member] | Maximum [Member] | ||||||||||||||
Shares Activity [Line Items] | ||||||||||||||
Aggregate gross offering price | $ | $ 400,000 | |||||||||||||
IMTT [Member] | ||||||||||||||
Shares Activity [Line Items] | ||||||||||||||
Equity interest acquired | 50.00% | |||||||||||||
MIC Corporate [Member] | ||||||||||||||
Shares Activity [Line Items] | ||||||||||||||
Equity offering, shares | 5,312,500 | 10,000,000 | ||||||||||||
Proceeds from equity offering | $ | $ 471,600 | $ 739,200 | ||||||||||||
MIC Corporate [Member] | Over Allotment Option [Member] | ||||||||||||||
Shares Activity [Line Items] | ||||||||||||||
Equity offering, shares | 796,875 | 1,500,000 | ||||||||||||
Macquarie Infrastructure Management (USA) Inc. [Member] | ||||||||||||||
Shares Activity [Line Items] | ||||||||||||||
Special stock, issued | 100 | |||||||||||||
Macquarie Infrastructure Management (USA) Inc. [Member] | Special Stock [Member] | ||||||||||||||
Shares Activity [Line Items] | ||||||||||||||
Right to appoint number of directors | item | 1 | |||||||||||||
[1] | See Note 9, “Stockholders' Equity” for discussion on presentation of common stock, LLC interests and additional paid in capital. |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | $ 2,970,168 | ||||
Reclassification of realized losses of derivatives into earnings | [1] | $ 171 | $ 321 | ||
Translation adjustment | [2] | 289 | $ (4,051) | 4 | |
Balance | $ 3,303,518 | 3,303,518 | |||
Loss in accumulated other comprehensive income reclassifications for cash flow hedges from unconsolidated business | (13) | (23) | |||
Reclassification of realized losses of derivatives into earnings from unconsolidated business, taxes | 4 | 8 | |||
Translation adjustment, taxes | (156) | $ 1,700 | (2) | ||
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | (269) | (508) | |||
Reclassification of realized losses of derivatives into earnings, taxes | 107 | 202 | |||
Cash Flow Hedges, net of taxes [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | [3] | (636) | |||
Reclassification of realized losses of derivatives into earnings | [3] | $ 321 | |||
Translation adjustment | [3] | ||||
Balance | [3] | (315) | $ (315) | ||
Post-Retirement Benefit Plans, net of taxes [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | $ (18,837) | $ (8,021) | |||
Reclassification of realized losses of derivatives into earnings | |||||
Translation adjustment | |||||
Balance | $ (18,837) | (8,021) | $ (18,837) | $ (8,021) | |
Translation Adjustment, net of taxes [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | [4] | (4,859) | $ (46) | ||
Reclassification of realized losses of derivatives into earnings | [4] | ||||
Translation adjustment | [4] | (4,051) | $ 4 | ||
Balance | [4] | (8,910) | (42) | (8,910) | (42) |
Total Accumulated Other Comprehensive Loss, net of taxes [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (23,696) | (8,703) | |||
Reclassification of realized losses of derivatives into earnings | 321 | ||||
Translation adjustment | (4,051) | 4 | |||
Balance | (27,747) | (8,378) | (27,747) | (8,378) | |
Noncontrolling Interest [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | 2,146 | 258 | |||
Reclassification of realized losses of derivatives into earnings | $ (153) | ||||
Translation adjustment | 1,626 | ||||
Balance | 3,772 | 105 | 3,772 | $ 105 | |
Total Stockholders' Accumulated Other Comprehensive Loss, Net of Taxes [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (21,550) | (8,445) | |||
Reclassification of realized losses of derivatives into earnings | 168 | ||||
Translation adjustment | (2,425) | 4 | |||
Balance | $ (23,975) | $ (8,273) | $ (23,975) | $ (8,273) | |
[1] | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $269,000 and $508,000, respectively, and the related tax benefit of $107,000 and $202,000, respectively, recorded in the consolidated condensed statements of operations; and (ii) pre-tax derivative losses of $13,000 and $23,000, respectively, as an adjustment to investment in unconsolidated business and an adjustment to deferred taxes of $4,000 and $8,000, respectively, recorded in the consolidated condensed balance sheet for the quarter and six months ended June 30, 2014, respectively. | ||||
[2] | Translation adjustment is presented net of taxes of $1.7 million for the six months ended June 30, 2015. For the quarter and six months ended June 30, 2014, translation adjustment is presented net of taxes of $156,000 and $2,000, respectively. | ||||
[3] | For the six months ended June 30, 2014, reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $508,000 and the related tax benefit of $202,000 recorded in the consolidated condensed statement of operations; and (ii) pre-tax derivative losses of $23,000 as an adjustment to investment in unconsolidated business and an adjustment to deferred taxes of $8,000 recorded in the consolidated condensed balance sheet. | ||||
[4] | Translation adjustment is presented net of taxes of $1.7 million and $2,000 for the six months ended June 30, 2015 and 2014, respectively. |
Reportable Segments (Narrative)
Reportable Segments (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015USD ($)MW | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)MW | Jun. 30, 2014USD ($) | Mar. 31, 2015MW | Dec. 31, 2014MW | Jul. 16, 2014 | Jul. 15, 2014 | |
Segment Reporting Information [Line Items] | ||||||||
Number of reportable segments | 4 | |||||||
Equity in earnings and amortization charges of investee | $ | $ 10,799 | $ 25,086 | ||||||
Tax rate used to calculate net income attributable to MIC | 35.00% | 35.00% | ||||||
Wind Power Generation Facilities 2014 [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Electricity generating capacity | 203 | |||||||
Bayonne Energy Center [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Equity interest acquired | 100.00% | |||||||
Electricity generating capacity | 512 | |||||||
Percentage of contracted tolling agreement | 62.50% | |||||||
IMTT [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Equity method ownership percentage | 50.00% | 50.00% | 50.00% | |||||
Equity in earnings and amortization charges of investee | $ | $ 10,800 | $ 25,100 | ||||||
Equity interest acquired | 50.00% | |||||||
Atlantic Aviation [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Number of Airport Locations | 69 | 69 | ||||||
Contracted Power and Energy Businesses [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Number of solar projects | 5 | 5 | ||||||
Number of wind power generation facilities | 2 | 2 | ||||||
Electricity generating capacity | 260 | 260 | ||||||
Minimum [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Life of Purchase Power Agreements | 20 years | |||||||
Maximum [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Life of Purchase Power Agreements | 25 years | |||||||
United States- IMTT [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Number of marine terminals | 10 | 10 |
Reportable Segments (Schedule o
Reportable Segments (Schedule of Selected Consolidated Financial Data) (Details) - Jun. 30, 2014 - IMTT [Member] - USD ($) $ in Thousands | Total | Total | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 423,461 | $ 847,734 | |
Net income attributable to MIC | [1] | $ 18,859 | $ 52,172 |
[1] | The tax rate used to calculate net income attributable to MIC was 35.0%. |
Reportable Segments (Schedule51
Reportable Segments (Schedule of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||||
Revenue | $ 423,689 | $ 280,943 | $ 822,187 | $ 557,138 | ||
Net income | (63,096) | 9,700 | (152,098) | 30,066 | ||
Provision for income taxes | [1] | (33,531) | 5,485 | (88,864) | 13,971 | |
Other non-cash expense | (1,957) | 319 | ||||
Capital expenditures paid | 24,544 | 14,440 | 50,025 | 36,053 | ||
Property, equipment, land and leasehold improvements, net | 4,037,977 | 894,665 | 4,037,977 | 894,665 | $ 3,362,585 | |
Total assets | 7,492,672 | $ 2,542,505 | 7,492,672 | $ 2,542,505 | $ 6,625,188 | |
IMTT [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | 142,384 | 280,445 | ||||
Net income | 21,096 | 41,370 | ||||
Interest expense, net | 6,263 | 13,169 | ||||
Provision for income taxes | 14,659 | 28,748 | ||||
Other non-cash expense | (1,957) | (3,213) | ||||
EBITDA excluding non-cash items | 75,648 | 154,052 | ||||
Capital expenditures paid | 8,350 | 20,219 | ||||
Property, equipment, land and leasehold improvements, net | $ 2,229,637 | $ 2,229,637 | ||||
IMTT [Member] | Prior to acquisition [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | [2] | $ 142,518 | $ 290,596 | |||
Net income | [2] | 24,003 | 54,984 | |||
Interest expense, net | [2] | 8,813 | 15,946 | |||
Provision for income taxes | [2] | 15,455 | 36,557 | |||
Depreciation and amortization | [2] | 19,646 | 37,920 | |||
Other non-cash expense | [2] | 1,518 | 3,501 | |||
EBITDA excluding non-cash items | [2],[3] | 69,435 | 148,908 | |||
Capital expenditures paid | [2] | 24,272 | 53,893 | |||
Property, equipment, land and leasehold improvements, net | [2] | 1,285,148 | 1,285,148 | |||
Total assets | [2] | $ 1,386,959 | $ 1,386,959 | |||
[1] | Includes $107,000 and $202,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the quarter and six months ended June 30, 2014, respectively. | |||||
[2] | Amounts represent financial position of IMTT business prior to July 16, 2014, the date of the IMTT Acquisition. | |||||
[3] | EBITDA consists of earnings before interest, taxes, depreciation and amortization. Non-cash items that are excluded consist of impairments, derivative gains and losses and all other non-cash income and expense items. |
Reportable Segments (Schedule52
Reportable Segments (Schedule of Revenue From External Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Service revenue | $ 327,809 | $ 205,269 | $ 653,811 | $ 407,708 |
Product revenue | $ 95,880 | 74,964 | $ 168,376 | 147,973 |
Financing and equipment lease income | 710 | 1,457 | ||
Total revenue | $ 423,689 | 280,943 | $ 822,187 | 557,138 |
IMTT [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Service revenue | $ 142,384 | $ 280,445 | ||
Product revenue | ||||
Total revenue | $ 142,384 | $ 280,445 | ||
Atlantic Aviation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Service revenue | $ 185,425 | $ 193,212 | $ 373,366 | $ 387,173 |
Product revenue | ||||
Financing and equipment lease income | ||||
Total revenue | $ 185,425 | $ 193,212 | $ 373,366 | $ 387,173 |
Contracted Power and Energy Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Service revenue | 12,057 | 20,535 | ||
Product revenue | $ 36,121 | 5,830 | $ 47,953 | 9,488 |
Financing and equipment lease income | 710 | 1,457 | ||
Total revenue | $ 36,121 | $ 18,597 | $ 47,953 | $ 31,480 |
Hawaii Gas Business [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Service revenue | ||||
Product revenue | $ 59,759 | $ 69,134 | $ 120,423 | $ 138,485 |
Financing and equipment lease income | ||||
Total revenue | $ 59,759 | $ 69,134 | $ 120,423 | $ 138,485 |
Reportable Segments (Schedule53
Reportable Segments (Schedule of EBITDA for Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Segment Reporting Information [Line Items] | |||||||
Net income (loss) | $ (63,096) | $ 9,700 | $ (152,098) | $ 30,066 | |||
Provision (benefit) for income taxes | [1] | (33,531) | 5,485 | (88,864) | 13,971 | ||
Depreciation | 109,223 | 27,993 | |||||
Amortization of intangibles | 17,902 | 9,456 | 65,873 | 18,221 | |||
Loss on disposal of assets | 548 | 816 | |||||
Other non-cash expense (income) | 1,957 | (319) | |||||
IMTT [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net income (loss) | 21,096 | 41,370 | |||||
Interest expense, net | 6,263 | 13,169 | |||||
Provision (benefit) for income taxes | 14,659 | 28,748 | |||||
Depreciation | 28,907 | 62,022 | |||||
Amortization of intangibles | $ 2,766 | $ 5,530 | |||||
Loss on disposal of assets | |||||||
Other non-cash expense (income) | $ 1,957 | $ 3,213 | |||||
EBITDA excluding non-cash items | 75,648 | 154,052 | |||||
Atlantic Aviation [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net income (loss) | 12,208 | 5,698 | 10,581 | 16,253 | |||
Interest expense, net | 5,605 | 13,352 | 18,690 | 22,917 | |||
Provision (benefit) for income taxes | 8,335 | 3,855 | (7,304) | 8,770 | |||
Depreciation | 8,013 | 6,789 | [2] | 23,012 | 13,591 | [3] | |
Amortization of intangibles | 13,797 | 8,818 | 58,513 | 16,949 | |||
Loss on disposal of assets | 95 | 816 | 548 | 816 | |||
Other non-cash expense (income) | 653 | 88 | 925 | 156 | |||
EBITDA excluding non-cash items | 48,706 | 39,416 | 104,965 | 79,452 | |||
Contracted Power and Energy Businesses [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net income (loss) | (5,138) | 1,154 | (8,677) | (261) | |||
Interest expense, net | 4,945 | 2,690 | 11,283 | 5,335 | |||
Provision (benefit) for income taxes | 3,683 | 616 | 2,865 | 1,215 | |||
Depreciation | 12,772 | 5,363 | [2] | 20,038 | 10,473 | [3] | |
Amortization of intangibles | $ 1,082 | $ 326 | $ 1,261 | $ 648 | |||
Loss on disposal of assets | |||||||
Other non-cash expense (income) | $ (2,099) | $ (2,125) | $ (5,040) | $ (2,890) | |||
EBITDA excluding non-cash items | 15,245 | 8,024 | 21,730 | 14,520 | |||
Hawaii Gas Business [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net income (loss) | 6,430 | 6,294 | 15,285 | 12,489 | |||
Interest expense, net | 1,806 | 1,891 | 3,749 | 3,678 | |||
Provision (benefit) for income taxes | 4,068 | 4,092 | 9,600 | 8,119 | |||
Depreciation | 2,109 | 1,983 | [2] | 4,151 | 3,929 | [3] | |
Amortization of intangibles | $ 257 | $ 312 | $ 569 | $ 624 | |||
Loss on disposal of assets | |||||||
Other non-cash expense (income) | $ 1,219 | $ 408 | $ (611) | $ 1,132 | |||
EBITDA excluding non-cash items | 15,889 | 14,980 | 32,743 | 29,971 | |||
Total reportable segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net income (loss) | 34,596 | 13,146 | 58,559 | 28,481 | |||
Interest expense, net | 18,619 | 17,933 | 46,891 | 31,930 | |||
Provision (benefit) for income taxes | 30,745 | 8,563 | 33,909 | 18,104 | |||
Depreciation | 51,801 | 14,135 | [2] | 109,223 | 27,993 | [3] | |
Amortization of intangibles | 17,902 | 9,456 | 65,873 | 18,221 | |||
Loss on disposal of assets | 95 | 816 | 548 | 816 | |||
Other non-cash expense (income) | 1,730 | (1,629) | (1,513) | (1,602) | |||
EBITDA excluding non-cash items | $ 155,488 | $ 62,420 | $ 313,490 | $ 123,943 | |||
[1] | Includes $107,000 and $202,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the quarter and six months ended June 30, 2014, respectively. | ||||||
[2] | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company's divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated condensed statements of operations. | ||||||
[3] | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company's divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated condensed statements of operations. |
Reportable Segments (Schedule54
Reportable Segments (Schedule of Reconciliation of EBITDA for Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Interest income | $ 7 | $ 31 | $ 13 | $ 95 | |
Interest expense | [1] | (22,342) | (17,945) | (53,863) | (31,956) |
Depreciation | (109,223) | (27,993) | |||
Amortization of intangibles | (17,902) | (9,456) | (65,873) | (18,221) | |
Loss on disposal of assets | (548) | (816) | |||
Selling, general and administrative - corporate | (499,094) | (260,175) | (1,013,502) | (508,745) | |
Fees to manager-related party | $ (154,559) | (14,495) | $ (319,832) | (23,489) | |
Equity in earnings and amortization charges of investee | 10,799 | 25,086 | |||
Total consolidated net (loss) income before income taxes | $ (97,048) | 15,229 | $ (242,896) | 43,875 | |
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 | [2] | 155,488 | 62,420 | 313,490 | 123,943 |
Interest income | 7 | 31 | 13 | 95 | |
Interest expense | (22,342) | (17,945) | (53,863) | (31,956) | |
Depreciation | [3] | (51,801) | (14,135) | (109,223) | (27,993) |
Amortization of intangibles | (17,902) | (9,456) | (65,873) | (18,221) | |
Loss on disposal of assets | (95) | (816) | (548) | (816) | |
Selling, general and administrative - corporate | (3,693) | (2,233) | (6,639) | (3,279) | |
Fees to manager-related party | $ (154,559) | (14,495) | $ (319,832) | (23,489) | |
Equity in earnings and amortization charges of investee | [2] | 10,799 | 25,086 | ||
Other (expense) income, net | $ (2,151) | 1,059 | $ (421) | 505 | |
Total consolidated net (loss) income before income taxes | $ (97,048) | $ 15,229 | $ (242,896) | $ 43,875 | |
[1] | Interest expense includes gains on derivative instruments of $3.1 million and losses on derivative instruments of $9.8 million for the quarter and six months ended June 30, 2015, respectively. For the quarter and six months ended June 30, 2014, interest expense includes losses on derivative instruments of $8.6 million and $13.9 million, respectively, of which net losses of $269,000 and $508,000, respectively, were reclassified from accumulated other comprehensive loss. | ||||
[2] | For the quarter and six months ended June 30, 2015, total reportable segments' EBITDA excluding non-cash items includes the results of IMTT's EBITDA excluding non-cash items. Prior to July 16, 2014, the date of the IMTT Acquisition, MIC accounted for its 50% investment in IMTT under the equity method of accounting. As such, MIC's 50% share of IMTT's net income was reported in equity in earnings and amortization charges of investee in the above table for the quarter and six months ended June 30, 2014. | ||||
[3] | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company's divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated condensed statements of operations. |
Reportable Segments (Schedule55
Reportable Segments (Schedule of Capital Expenditures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $ 24,544 | $ 14,440 | $ 50,025 | $ 36,053 |
IMTT [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 8,350 | 20,219 | ||
Atlantic Aviation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 10,919 | $ 7,947 | 19,142 | $ 16,672 |
Contracted Power and Energy Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 308 | 2,077 | 308 | 11,400 |
Hawaii Gas Business [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $ 4,967 | $ 4,416 | $ 10,356 | $ 7,981 |
Reportable Segments (Schedule56
Reportable Segments (Schedule of Assets of Reportable Segments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Segment Reporting Information [Line Items] | |||
Property, Equipment, Land and Leasehold Improvements | $ 4,037,977 | $ 3,362,585 | $ 894,665 |
Goodwill | 2,019,204 | $ 1,996,259 | 596,627 |
Total Assets | 7,432,928 | $ 2,461,816 | |
IMTT [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, Equipment, Land and Leasehold Improvements | 2,229,637 | ||
Goodwill | 1,411,629 | ||
Total Assets | 4,135,842 | ||
Atlantic Aviation [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, Equipment, Land and Leasehold Improvements | 332,320 | $ 314,628 | |
Goodwill | 460,920 | 458,488 | |
Total Assets | 1,484,589 | 1,575,588 | |
Contracted Power and Energy Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, Equipment, Land and Leasehold Improvements | 1,272,499 | 390,101 | |
Goodwill | 26,462 | 17,946 | |
Total Assets | 1,428,412 | 482,547 | |
Hawaii Gas Business [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, Equipment, Land and Leasehold Improvements | 203,521 | 189,936 | |
Goodwill | 120,193 | 120,193 | |
Total Assets | $ 384,085 | $ 403,681 |
Reportable Segments (Schedule57
Reportable Segments (Schedule of Reconciliation of Assets of Reportable Segments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Segment Reporting Information [Line Items] | |||
Total assets of reportable segments | $ 7,432,928 | $ 2,461,816 | |
Investment in unconsolidated business | 9,166 | $ 9,773 | |
Corporate and other | 59,744 | 9,255 | |
Total assets | $ 7,492,672 | $ 6,625,188 | 2,542,505 |
Non Reportable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Investment in unconsolidated business | $ 71,434 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | May. 27, 2015USD ($)shares | Jul. 31, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)shares | Aug. 31, 2014USD ($) | Jul. 31, 2014USD ($)shares | Jan. 22, 2014USD ($) | Jun. 30, 2015USD ($)bbl$ / sharesshares | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)shares | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Jun. 30, 2015USD ($)bbl$ / sharesshares | Jun. 30, 2014USD ($) | Jun. 24, 2015USD ($)$ / shares | May. 21, 2015itemshares | Apr. 30, 2015USD ($) | Jul. 15, 2014USD ($) | Dec. 31, 2013USD ($) |
Related Party Transaction [Line Items] | |||||||||||||||||||
Equity offering, shares | shares | 6,109,375 | 11,500,000 | |||||||||||||||||
Number of employees | 2 | 2 | |||||||||||||||||
Accounts receivable | $ 115,019,000 | $ 96,885,000 | $ 115,019,000 | ||||||||||||||||
Accounts payable | $ 53,507,000 | 49,733,000 | 53,507,000 | ||||||||||||||||
Interest paid | $ 54,038,000 | $ 24,173,000 | |||||||||||||||||
Special stock, issued | shares | 100 | 100 | |||||||||||||||||
Accrued interest | $ 72,810,000 | $ 77,248,000 | $ 72,810,000 | ||||||||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||
Bayonne Energy Center [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Fixed portion of interest rate component | 4.00% | ||||||||||||||||||
At the Market [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | ||||||||||||||||||
At the Market [Member] | Maximum [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Aggregate gross offering price | $ 400,000,000 | ||||||||||||||||||
Interest Rate Swaps [Member] | Bayonne Energy Center [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Notional amount of derivative | $ 255,100,000 | $ 249,900,000 | $ 255,100,000 | $ 249,900,000 | |||||||||||||||
Fixed interest rate | 3.455% | 3.455% | |||||||||||||||||
Derivatives, expiration date | Aug. 21, 2021 | ||||||||||||||||||
Revolving Credit Facility [Member] | Bayonne Energy Center [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Borrowing capacity | 30,000,000 | 30,000,000 | |||||||||||||||||
Revolving Credit Facility [Member] | MIHI LLC [Member] | Bayonne Energy Center [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Borrowing capacity | 7,500,000 | 7,500,000 | |||||||||||||||||
Commitment fee | $ 5,000 | ||||||||||||||||||
Term Loan Facility [Member] | Bayonne Energy Center [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Repayments of debt | $ 251,500,000 | 257,600,000 | |||||||||||||||||
Macquarie Infrastructure Management (USA) Inc. [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Special stock, issued | shares | 100 | ||||||||||||||||||
Macquarie Infrastructure Management (USA) Inc. [Member] | Special Stock [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Right to appoint number of directors | item | 1 | ||||||||||||||||||
Macquarie Bank Limited [Member] | Interest Rate Swaps [Member] | Bayonne Energy Center [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Notional amount of derivative | 63,800,000 | $ 63,800,000 | |||||||||||||||||
Interest paid | $ 396,000 | ||||||||||||||||||
Fixed interest rate | 3.455% | 3.455% | |||||||||||||||||
Derivatives, expiration date | Aug. 21, 2021 | ||||||||||||||||||
Atlantic Aviation [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Borrowing capacity | $ 70,000,000 | $ 70,000,000 | |||||||||||||||||
Atlantic Aviation [Member] | Revolving Credit Facility [Member] | Macquarie Bank Limited [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Borrowing capacity | 15,700,000 | 15,700,000 | |||||||||||||||||
Commitment fee | $ 28,000 | $ 56,000 | |||||||||||||||||
Atlantic Aviation [Member] | Term Loan Facility [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Borrowing capacity | $ 100,000,000 | ||||||||||||||||||
Atlantic Aviation [Member] | Equity Bridge Loan [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Borrowing capacity | $ 70,000,000 | ||||||||||||||||||
Atlantic Aviation [Member] | MIHI LLC [Member] | Equity Bridge Loan [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Borrowing capacity | $ 35,000,000 | ||||||||||||||||||
Atlantic Aviation [Member] | Macquarie Capital Markets Canada Ltd [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Revenue from related party | 18,000 | ||||||||||||||||||
Atlantic Aviation [Member] | MCUSA [Member] | Term Loan Facility [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Advisory fees | $ 16,000 | ||||||||||||||||||
Atlantic Aviation [Member] | MCUSA [Member] | Equity Bridge Loan [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Commitment fee | $ 88,000 | ||||||||||||||||||
Atlantic Aviation [Member] | MEF [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Lease expense on copiers | 2,000 | $ 6,000 | 12,000 | ||||||||||||||||
Atlantic Aviation [Member] | Macquarie Bank Limited [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Commitment fee | 26,000 | 52,000 | |||||||||||||||||
Macquarie Infrastructure Management (USA) Inc. [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Shares of the Company held by Manager, a related party | shares | 5,054,755 | 4,667,105 | 5,054,755 | ||||||||||||||||
Base management fees to be settled/settled in shares | $ 18,918,000 | 16,545,000 | $ 14,192,000 | $ 13,915,000 | 9,535,000 | $ 8,994,000 | $ 35,500,000 | 18,500,000 | |||||||||||
Performance fees to be settled/settled in shares and cash | 135,641,000 | $ 148,728,000 | $ 116,586,000 | 4,960,000 | 284,400,000 | 5,000,000 | |||||||||||||
Reimbursement of out-of-pocket expenses | 169,000 | $ 136,000 | 257,000 | $ 208,000 | |||||||||||||||
Number of shares sold | shares | 1,900,000 | ||||||||||||||||||
Proceeds from sale of shares | $ 160,400,000 | ||||||||||||||||||
District Energy [Member] | MCUSA [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Advisory fees | $ 1,600,000 | ||||||||||||||||||
MIC Corporate [Member] | Convertible Senior Notes [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Convertible Debt | 350,000,000 | 350,000,000 | $ 350,000,000 | ||||||||||||||||
MIC Corporate [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Debt instrument, term | 5 years | ||||||||||||||||||
Borrowing capacity | $ 250,000,000 | 360,000,000 | 360,000,000 | $ 250,000,000 | |||||||||||||||
Proceeds from debt | 155,000,000 | ||||||||||||||||||
Repayments of debt | 155,000,000 | ||||||||||||||||||
MIC Corporate [Member] | MIHI LLC [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Borrowing capacity | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||||
Commitment fee | 24,000 | 58,000 | |||||||||||||||||
Debt issuance costs | 250,000 | ||||||||||||||||||
Interest paid | 80,000 | ||||||||||||||||||
Accrued interest | $ 24,000 | $ 36,000 | $ 24,000 | ||||||||||||||||
MIC Corporate [Member] | MCUSA [Member] | Convertible Senior Notes [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Advisory fees | 1,100,000 | ||||||||||||||||||
MIC Corporate [Member] | MCUSA [Member] | Equity Offering [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Advisory fees | $ 2,300,000 | $ 3,000,000 | |||||||||||||||||
IMTT [Member] | MENAT [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Capacity leased to related party | bbl | 154,000 | 154,000 | |||||||||||||||||
Revenue from related party | $ 212,000 | $ 212,000 | |||||||||||||||||
Accounts receivable, related party | $ 10,000 | $ 10,000 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Dividends Paid to Manager) (Details) - Jun. 30, 2015 - Management [Member] - USD ($) $ / shares in Units, $ in Thousands | Total | |
Dividend One [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Feb. 18, 2014 | |
Period Covered | Fourth quarter 2013 | |
$ per Share | $ 0.9125 | |
Record Date | Mar. 3, 2014 | |
Payable Date | Mar. 6, 2014 | |
Cash Paid to Manager | $ 2,945 | |
Dividend Two [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Apr. 28, 2014 | |
Period Covered | First quarter 2014 | |
$ per Share | $ 0.9375 | |
Record Date | May 12, 2014 | |
Payable Date | May 15, 2014 | |
Cash Paid to Manager | $ 3,180 | |
Dividend Three [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Jul. 3, 2014 | |
Period Covered | Second quarter 2014 | |
$ per Share | $ 0.95 | |
Record Date | Aug. 11, 2014 | |
Payable Date | Aug. 14, 2014 | |
Cash Paid to Manager | $ 3,402 | |
Dividend Four [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Oct. 27, 2014 | |
Period Covered | Third quarter 2014 | |
$ per Share | $ 0.98 | |
Record Date | Nov. 10, 2014 | |
Payable Date | Nov. 13, 2014 | |
Cash Paid to Manager | $ 4,438 | |
Dividend Five [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Feb. 17, 2015 | |
Period Covered | Fourth quarter 2014 | |
$ per Share | $ 1.02 | |
Record Date | Mar. 2, 2015 | |
Payable Date | Mar. 5, 2015 | |
Cash Paid to Manager | $ 4,905 | |
Dividend Six [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Apr. 30, 2015 | |
Period Covered | First quarter 2015 | |
$ per Share | $ 1.07 | |
Record Date | May 14, 2015 | |
Payable Date | May 19, 2015 | |
Cash Paid to Manager | $ 7,281 | |
Dividend Seven [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Jul. 30, 2015 | |
Period Covered | Second quarter 2015 | |
$ per Share | $ 1.11 | |
Record Date | Aug. 13, 2015 | |
Payable Date | Aug. 18, 2015 | |
Cash Paid to Manager | [1] | |
[1] | The amount of dividend payable to the Manager for the second quarter of 2015 will be determined on August 13, 2015, the record date. |
Related Party Transactions (S60
Related Party Transactions (Schedule of Base Management Fees and Performance Fees) (Details) - Macquarie Infrastructure Management (USA) Inc. [Member] - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
Jul. 31, 2015 | Oct. 31, 2014 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||
Common Stock Equity [Line Items] | ||||||||||||
Base management fees to be settled/settled in shares | $ 18,918 | $ 16,545 | $ 14,192 | $ 13,915 | $ 9,535 | $ 8,994 | $ 35,500 | $ 18,500 | ||||
Performance fees to be settled/settled in shares and cash | $ 135,641 | $ 148,728 | $ 116,586 | $ 4,960 | $ 284,400 | $ 5,000 | ||||||
Shares Issued | 223,827 | [1] | 2,068,038 | 208,122 | 947,583 | [2] | 243,329 | 164,546 | ||||
Shares issued subsequent, for fees to manager | 73,986 | |||||||||||
Performance fee settled in cash | $ 67,800 | $ 65,000 | ||||||||||
Performance fee reinvested | $ 51,600 | |||||||||||
[1] | In July 2015, the Board requested, and the Manager agreed, that $67.8 million of the performance fee for the second quarter ended June 30, 2015 would be and was settled in cash in July 2015 to minimize dilution. The remainder of the fee will be reinvested in shares of MIC common stock in July 2016 using the June 2016 monthly volume weighted average price. The Company issued 223,827 shares, of which 73,986 shares were issued in July 2015 for the June 2015 base management fee. | |||||||||||
[2] | In October 2014, the Board requested, and the Manager agreed, that $65.0 million of the performance fee for the third quarter ended September 30, 2014 be settled in cash using the proceeds from the sale of the district energy business to minimize dilution. The remainder of the fee of $51.6 million was reinvested in additional shares of MIC. |
Income Taxes (Details)
Income Taxes (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Income Taxes [Line Items] | ||
Change in valuation allowance | $ 800 | $ 1,400 |
Minimum [Member] | ||
Income Taxes [Line Items] | ||
Net operating loss carry-forwards, expiration date | Dec. 31, 2021 | |
Maximum [Member] | ||
Income Taxes [Line Items] | ||
Net operating loss carry-forwards, expiration date | Dec. 31, 2034 |
Subsequent Events (Details)
Subsequent Events (Details) - Jul. 30, 2015 - Subsequent Event [Member] - Credit Facility [Domain] - Long-term Debt, Type [Domain] - $ / shares | Total |
Subsequent Event [Line Items] | |
Cash dividend declared, date declared | Jul. 30, 2015 |
Cash dividend declared per share | $ 1.11 |
Cash dividend declared, date to be paid | Aug. 18, 2015 |
Cash dividend declared, date of record | Aug. 13, 2015 |