Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Macquarie Infrastructure Corp | ||
Entity Central Index Key | 1,289,790 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 6,127,906,408 | ||
Trading Symbol | MIC | ||
Entity Common Stock, Shares Outstanding | 80,084,457 | ||
Common stock, par value per share | $ 0.001 | $ 0.001 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Current assets: | |||
Cash and cash equivalents | $ 22,394 | $ 48,014 | |
Restricted cash | 18,946 | 21,282 | |
Accounts receivable, less allowance for doubtful accounts of $1,690 and $771, respectively | 95,597 | 96,885 | |
Inventories | 29,489 | 28,080 | |
Prepaid expenses | 21,690 | 14,276 | |
Deferred income taxes | 23,355 | 25,412 | |
Other | 28,453 | 22,941 | |
Total current assets | 239,924 | 256,890 | |
Property, equipment, land and leasehold improvements, net | 4,116,163 | 3,362,585 | |
Investment in unconsolidated business | 8,274 | 9,773 | |
Goodwill | 2,017,211 | 1,996,259 | |
Intangible assets, net | 934,892 | 959,634 | |
Deferred financing costs, net of accumulated amortization | 46,669 | 32,037 | |
Other | 15,695 | 8,010 | |
Total assets | 7,378,828 | 6,625,188 | |
Current liabilities: | |||
Due to Manager - related party | 73,317 | 4,858 | |
Accounts payable | 56,688 | 49,733 | |
Accrued expenses | 78,527 | 77,248 | |
Current portion of long-term debt | 40,099 | 27,655 | |
Fair value of derivative instruments | 19,628 | 32,111 | |
Other | 40,531 | 32,727 | |
Total current liabilities | 308,790 | 224,332 | |
Long-term debt, net of current portion | 2,793,194 | 2,364,866 | |
Deferred income taxes | 840,191 | 904,108 | |
Fair value of derivative instruments | 15,698 | 27,724 | |
Tolling agreements - noncurrent | 68,150 | 0 | |
Other | 150,363 | 133,990 | |
Total liabilities | $ 4,176,386 | $ 3,655,020 | |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Preferred stock ($0.001 par value; 100,000,000 authorized; no shares issued and outstanding at December 31, 2015) | [1] | $ 0 | $ 0 |
Special stock ($0.001 par value; 100 authorized; 100 shares issued and outstanding at December 31, 2015) | [1] | 0 | 0 |
Common stock ($0.001 par value; 500,000,000 authorized; 80,006,744 shares issued and outstanding at December 31, 2015) LLC interests (no par value; 71,089,590 LLC interests issued and outstanding at December 31, 2014) | [1] | 80 | 1,942,745 |
Additional paid in capital | [1] | 2,317,421 | 21,447 |
Accumulated other comprehensive loss | (23,295) | (21,550) | |
Retained earnings | 735,984 | 844,521 | |
Total stockholders’ equity | 3,030,190 | 2,787,163 | |
Noncontrolling interests | 172,252 | 183,005 | |
Total equity | 3,202,442 | 2,970,168 | |
Total liabilities and equity | $ 7,378,828 | $ 6,625,188 | |
[1] | See Note 10, "Stockholders' Equity", for discussions on preferred stock, special stock, common stock, LLC interests and additional paid in capital. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable, allowance for doubtful accounts | $ 1,690 | $ 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 | $ 0 | |
Shares, authorized | 500,000,000 | |
Shares, issued | 80,006,744 | 71,089,590 |
Shares, outstanding | 80,006,744 | 71,089,590 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenue | ||||
Service revenue | $ 1,288,501 | $ 1,064,682 | $ 770,360 | |
Product revenue | 350,749 | 284,400 | 267,096 | |
Financing and equipment lease income | 0 | 1,836 | 3,563 | |
Total revenue | 1,639,250 | 1,350,918 | 1,041,019 | |
Costs and expenses | ||||
Cost of services | 551,029 | 546,609 | 434,177 | |
Cost of product sales | 168,954 | 192,881 | 185,843 | |
Selling, general and administrative | 304,862 | 265,254 | 210,060 | |
Fees to Manager - related party | 354,959 | 168,182 | 85,367 | |
Depreciation | 215,243 | 98,442 | 39,150 | |
Amortization of intangibles | 101,435 | 42,695 | 34,651 | |
Loss from customer contract termination | 0 | 1,269 | 5,906 | |
Loss on disposal of assets | 2,093 | 1,279 | 226 | |
Total operating expenses | 1,698,575 | 1,316,611 | 995,380 | |
Operating (loss) income | (59,325) | 34,307 | 45,639 | |
Other income (expense) | ||||
Interest income | 55 | 112 | 204 | |
Interest expense | [1] | (123,079) | (73,196) | (37,044) |
Loss on extinguishment of debt | 0 | (90) | (2,472) | |
Equity in earnings and amortization charges of investee | 0 | 26,391 | 39,115 | |
Gain from acquisition/divestiture of businesses | [2] | 0 | 1,027,054 | 0 |
Other income, net | 3,381 | 331 | 681 | |
Net (loss) income before income taxes | (178,968) | 1,014,909 | 46,123 | |
Benefit (provision) for income taxes | [3] | 65,161 | 24,374 | (18,043) |
Net (loss) income | (113,807) | 1,039,283 | 28,080 | |
Less: net loss attributable to noncontrolling interests | (5,270) | (2,745) | (3,174) | |
Net (loss) income attributable to MIC | $ (108,537) | $ 1,042,028 | $ 31,254 | |
Basic (loss) income per share attributable to MIC | $ (1.39) | $ 16.54 | $ 0.61 | |
Weighted average number of shares outstanding: basic | 77,997,826 | 62,990,312 | 51,381,003 | |
Diluted (loss) income per share attributable to MIC | $ (1.39) | $ 16.1 | $ 0.61 | |
Weighted average number of shares outstanding: diluted | 77,997,826 | 64,925,565 | 51,396,146 | |
Cash dividends declared per share | $ 4.46 | $ 3.8875 | $ 3.35 | |
[1] | Interest expense includes losses on derivative instruments of $30.5 million, $21.3 million and $7.5 million for the years ended December 31, 2015, 2014 and 2013, respectively, of which net losses of $856,000 and $1.4 million were reclassified from accumulated other comprehensive loss for the years ended December 31, 2014 and 2013, respectively. | |||
[2] | Gain from acquisition/divestiture of businesses represents the gain of $948.1 million from IMTT Acquisition from the remeasuring to fair value of the Company’s previous 50% ownership interest and the gain of $78.9 million from the sale of the Company’s interest in the district energy business. | |||
[3] | Includes $340,000 and $568,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the years ended December 31, 2014 and 2013, respectively. |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | Jul. 15, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Losses on derivative instruments | $ (36,915) | $ (23,853) | $ (7,483) | |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | (856) | (1,400) | ||
Percentage of ownership interest accounted under equity method of accounting | 50.00% | |||
Reclassification of realized losses of derivatives into earnings, taxes | 340 | 568 | ||
Interest Expense [Member] | ||||
Losses on derivative instruments | $ (30,500) | (21,300) | $ (7,500) | |
District Energy [Member] | ||||
Gain on disposal of business | 78,900 | |||
IMTT [Member] | ||||
Fair value gain on previously held interest in equity method investee recognised on business acquisition | $ 948,100 | |||
Percentage of ownership interest accounted under equity method of accounting | 50.00% |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Net (loss) income | $ (113,807) | $ 1,039,283 | $ 28,080 | |
Other comprehensive (loss) income, net of taxes: | ||||
Reclassification of realized losses of derivatives into earnings | [1] | 0 | 636 | 902 |
Change in post-retirement benefit plans | [2] | 4,049 | (10,816) | 12,445 |
Translation adjustment | [3] | (9,671) | (4,813) | (560) |
Other comprehensive (loss) income | (5,622) | (14,993) | 12,787 | |
Comprehensive (loss) income | (119,429) | 1,024,290 | 40,867 | |
Less: comprehensive loss attributable to noncontrolling interests | (9,147) | (4,633) | (2,743) | |
Comprehensive (loss) income attributable to MIC | $ (110,282) | $ 1,028,923 | $ 43,610 | |
[1] | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $856,000 and $1.4 million, respectively, and the related tax benefit of $340,000 and $568,000, respectively, in the consolidated statements of operations; and (ii) pre-tax derivative losses of $185,000 and $61,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $65,000 and $21,000, respectively, in the consolidated balance sheets for the years ended December 31, 2014, and 2013, respectively. See Note 10, “Stockholders' Equity” for further discussions. | |||
[2] | Change in post-retirement benefit plans is presented net of taxes of $2.7 million, $6.9 million and $7.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. See Note 10, “Stockholders' Equity” for further discussions. | |||
[3] | Translation adjustment is presented net of taxes of $3.9 million, $2.7 million and $302,000 for the years ended December 31, 2015, 2014 and 2013, respectively. See Note 10, “Stockholders' Equity” for further discussions. |
CONSOLIDATED STATEMENTS OF COM7
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | $ (856) | $ (1,400) | |
Reclassification of realized losses of derivatives into earnings, taxes | 340 | 568 | |
Loss in accumulated other comprehensive income reclassifications for cash flow hedges from unconsolidated business | (185) | (61) | |
Reclassification of realized losses of derivatives into earnings from unconsolidated business, taxes | 65 | 21 | |
Change in post-retirement benefit plans, taxes | $ (2,700) | 6,900 | (7,300) |
Translation adjustment, taxes | $ 3,900 | $ 2,700 | $ 302 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | LLC Interest [Member] | LLC Interest [Member]Manager [Member] | [1] | LLC Interest [Member]IMTT Acquisition [Member] | [1] | LLC Interest [Member]Independent Directors [Member] | [1] | Common Stock [Member] | Common Stock [Member]Manager [Member] | [2] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member]Manager [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit /Retained Earnings [Member] | Noncontrolling Interests [Member] | ||||
Balance at Dec. 31, 2012 | $ 883,143 | [1] | $ 0 | $ 21,447 | $ (20,801) | $ (228,761) | $ 42,537 | |||||||||||||
Balance (in shares) at Dec. 31, 2012 | 47,453,943 | [1] | 0 | |||||||||||||||||
Issuance of shares | $ 339,279 | [1] | $ 132,641 | $ 0 | $ 640 | $ 0 | $ 0 | 0 | $ 0 | |||||||||||
Issuance of shares (in shares) | 6,334,277 | 2,488,272 | 0 | 19,103 | 0 | 0 | ||||||||||||||
Dividends to common stockholders | [3] | $ (128,970) | 0 | |||||||||||||||||
Conversion of LLC interests to common stock | $ 0 | $ 0 | [1] | 0 | [1] | |||||||||||||||
Conversion of LLC interests to common stock (shares) | 0 | 0 | [1] | |||||||||||||||||
Distributions to noncontrolling interests | (2,366) | |||||||||||||||||||
Net adjustment to noncontrolling interest from acquisitions/disposition | 0 | |||||||||||||||||||
Contributions from noncontrolling interest members | $ 73,612 | 73,612 | ||||||||||||||||||
Net (loss) income | 28,080 | 31,254 | (3,174) | |||||||||||||||||
Other comprehensive (loss) income | 12,787 | 12,356 | 431 | |||||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes | 0 | $ 0 | [1] | $ 0 | 0 | |||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes (in shares) | 0 | [1] | 0 | |||||||||||||||||
Balance at Dec. 31, 2013 | 1,153,268 | $ 1,226,733 | [1] | $ 0 | 21,447 | (8,445) | (197,507) | 111,040 | ||||||||||||
Balance (in shares) at Dec. 31, 2013 | 56,295,595 | [1] | 0 | |||||||||||||||||
Total Stockholders' Equity | 1,042,228 | |||||||||||||||||||
Issuance of shares | $ 739,452 | [1] | $ 101,345 | $ 115,000 | $ 750 | $ 0 | $ 0 | 0 | 0 | |||||||||||
Issuance of shares (in shares) | 11,504,844 | [1] | 1,546,918 | 1,729,323 | 12,910 | 0 | 0 | |||||||||||||
Dividends to common stockholders | [3] | $ (240,535) | 0 | |||||||||||||||||
Conversion of LLC interests to common stock | $ 0 | $ 0 | [1] | 0 | [1] | |||||||||||||||
Conversion of LLC interests to common stock (shares) | 0 | 0 | [1] | |||||||||||||||||
Distributions to noncontrolling interests | (62,703) | |||||||||||||||||||
Net adjustment to noncontrolling interest from acquisitions/disposition | 139,301 | |||||||||||||||||||
Contributions from noncontrolling interest members | 0 | 0 | ||||||||||||||||||
Net (loss) income | 1,039,283 | 1,042,028 | (2,745) | |||||||||||||||||
Other comprehensive (loss) income | (14,993) | (13,105) | (1,888) | |||||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes | 0 | $ 0 | [1] | $ 0 | 0 | |||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes (in shares) | 0 | [1] | 0 | |||||||||||||||||
Balance at Dec. 31, 2014 | 2,970,168 | $ 1,942,745 | [1] | $ 0 | 21,447 | (21,550) | 844,521 | 183,005 | ||||||||||||
Balance (in shares) at Dec. 31, 2014 | 71,089,590 | [1] | 0 | |||||||||||||||||
Total Stockholders' Equity | 2,787,163 | |||||||||||||||||||
Issuance of shares | $ 471,627 | [1] | $ 176,256 | $ 0 | $ 750 | $ 0 | $ 1 | 3,822 | $ 42,388 | |||||||||||
Issuance of shares (in shares) | 6,111,253 | [1] | 2,213,666 | 0 | 12,525 | 53,798 | 525,598 | |||||||||||||
Dividends to common stockholders | [3] | $ (162,967) | (178,593) | |||||||||||||||||
Conversion of LLC interests to common stock | $ (2,428,413) | $ 79 | [1] | 2,428,334 | [1] | |||||||||||||||
Conversion of LLC interests to common stock (shares) | (79,427,057) | 79,427,057 | [1] | |||||||||||||||||
Distributions to noncontrolling interests | (2,138) | |||||||||||||||||||
Net adjustment to noncontrolling interest from acquisitions/disposition | 0 | |||||||||||||||||||
Contributions from noncontrolling interest members | 532 | 532 | ||||||||||||||||||
Net (loss) income | (113,807) | (108,537) | (5,270) | |||||||||||||||||
Other comprehensive (loss) income | (5,622) | (1,745) | (3,877) | |||||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes | 25 | $ 2 | [1] | $ 0 | 23 | |||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes (in shares) | 23 | [1] | 291 | |||||||||||||||||
Balance at Dec. 31, 2015 | 3,202,442 | $ 0 | $ 80 | $ 2,317,421 | $ (23,295) | $ 735,984 | $ 172,252 | |||||||||||||
Balance (in shares) at Dec. 31, 2015 | 0 | [1] | 80,006,744 | |||||||||||||||||
Total Stockholders' Equity | $ 3,030,190 | |||||||||||||||||||
[1] | See Note 10, “Stockholders' Equity”, for discussion on common stock, LLC interests and additional paid in capital. | |||||||||||||||||||
[2] | Excludes 100 shares of special stock issued to Manager for the year ended December 31, 2015. See Note 10, “Stockholders' Equity” for further discussion. | |||||||||||||||||||
[3] | See Note 10, “Stockholders' Equity”, for discussion on cash dividends paid on shares for each period. |
CONSOLIDATED STATEMENTS OF STO9
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) | Dec. 31, 2015shares |
Special Stock Shares Issued | 100 |
Manager [Member] | |
Special Stock Shares Issued | 100 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Operating activities | ||||
Net (loss) income | $ (113,807) | $ 1,039,283 | $ 28,080 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Depreciation and amortization of property and equipment | 215,243 | 102,816 | 45,876 | |
Amortization of intangible assets | 101,435 | 42,695 | 34,651 | |
Equity in earnings and amortization charges of investee | 0 | (26,391) | (39,115) | |
Equity distributions from investee | 0 | 25,330 | 39,115 | |
Gain from acquisition/divestiture of businesses | 0 | (1,027,181) | 0 | |
Amortization of debt financing costs | 9,075 | 5,376 | 3,874 | |
Adjustments to derivative instruments | (47,208) | (567) | (5,138) | |
Fees to Manager-related party | 287,139 | 103,182 | 85,367 | |
Equipment lease receivable, net | 0 | 2,805 | 3,807 | |
Deferred taxes | (58,734) | (27,942) | 13,295 | |
Other non-cash expense, net | 6,253 | 9,559 | 8,777 | |
Changes in other assets and liabilities, net of acquisitions: | ||||
Restricted cash | 722 | 35,858 | (28,303) | |
Accounts receivable | 5,418 | 1,645 | (4,239) | |
Inventories | (84) | 4,779 | (4,662) | |
Prepaid expenses and other current assets | (6,964) | 5,448 | 1,062 | |
Due to Manager - related party | (33) | (11) | 29 | |
Accounts payable and accrued expenses | (8,002) | (12,446) | (23,796) | |
Income taxes payable | (5,926) | 288 | 1,037 | |
Pension contribution | 0 | (26,960) | (3,150) | |
Other, net | (3,371) | (5,951) | (1,450) | |
Net cash provided by operating activities | 381,156 | 251,615 | 155,117 | |
Investing activities | ||||
Acquisitions of businesses and investments, net of cash acquired | (266,895) | (1,222,266) | (28,953) | |
Proceeds from sale of business, net of cash divested | 0 | 265,295 | 0 | |
Return of investment in unconsolidated business | 0 | 12,319 | 371 | |
Purchases of property and equipment | (194,148) | (123,946) | (111,208) | |
Change in restricted cash | 10,559 | 0 | 0 | |
Other, net | 1,668 | (208) | 154 | |
Net cash used in investing activities | (448,816) | (1,068,806) | (139,636) | |
Financing activities | ||||
Proceeds from long-term debt | 2,486,569 | 412,884 | 561,253 | |
Payment of long-term debt | (2,554,552) | (548,431) | (748,668) | |
Proceeds from the issuance of shares | 492,433 | 765,052 | 355,890 | |
Dividends paid to common stockholders | (341,560) | (240,535) | (128,970) | |
Contributions received from noncontrolling interests | 532 | 0 | 73,612 | |
Distributions paid to noncontrolling interests | (2,546) | (62,538) | (2,366) | |
Offering and equity raise costs paid | (16,984) | (25,600) | (16,313) | |
Debt financing costs paid | (23,816) | (15,142) | (19,699) | |
Proceeds from the issuance of convertible senior notes | 0 | 350,000 | 0 | |
Change in restricted cash | 5,166 | (999) | 3,810 | |
Payment of capital lease obligations | (2,346) | (2,269) | (2,033) | |
Net cash provided by financing activities | 42,896 | 632,422 | 76,516 | |
Effect of exchange rate changes on cash and cash equivalents | (856) | (590) | 0 | |
Net change in cash and cash equivalents | (25,620) | (185,359) | 91,997 | |
Cash and cash equivalents, beginning of year | 48,014 | 233,373 | 141,376 | |
Cash and cash equivalents, end of year | 22,394 | 48,014 | 233,373 | |
Non-cash investing and financing activities: | ||||
Accrued equity offering costs | 0 | 0 | 298 | |
Accrued financing costs | 3 | 112 | 479 | |
Accrued purchases of property and equipment | 23,396 | 8,122 | 13,950 | |
Acquisition of equipment through capital leases | 398 | 3,744 | 1,320 | |
Issuance of shares to Manager | 218,645 | 101,345 | 132,641 | |
Issuance of shares to independent directors | 750 | 750 | 640 | |
Issuance of shares for acquisition of business | 0 | 115,000 | 0 | |
Conversion of convertible senior notes to shares | 25 | 0 | 0 | |
Conversion of LLC interests to common stock | [1] | 79 | 0 | 0 |
Conversion of LLC interests to additional paid in capital | [1] | 2,428,334 | 0 | 0 |
Conversion of construction loan to term loan | 0 | 60,360 | 24,749 | |
Distributions payable to noncontrolling interests | 33 | 441 | 276 | |
Taxes paid, net | 6,654 | 19,704 | 3,710 | |
Interest paid | $ 108,896 | $ 70,894 | $ 38,956 | |
[1] | See Note 10, “Stockholders' Equity”, for discussion on common stock, LLC interests and additional paid in capital. |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Macquarie Infrastructure Corporation is the successor to Macquarie Infrastructure Company LLC (MIC LLC) pursuant to the conversion (the Conversion) of MIC LLC from a Delaware limited liability company to a Delaware corporation on May 21, 2015. MIC LLC was formed on April 13, 2004. Except as otherwise specified, all references in this Form 10-K 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-K 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 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, and MIC LLC prior to the Conversion, 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 operates and invests in a diversified group of businesses that provide services to other businesses, government agencies and individuals primarily in the U.S. The businesses it owns and operates include: · International-Matex Tank Terminals (IMTT) · Atlantic Aviation 69 · Contracted Power and Energy (CP&E) Segment gas-fired, wind and solar power facilities in the U.S.; and · Hawaii Gas |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates investments where it has a controlling financial interest. The general condition for a controlling financial interest is ownership of a majority of the voting interest and, therefore, as a general rule, ownership, directly or indirectly, of over 50 As of December 31, 2015, the Company was the primary beneficiary in six solar power facilities and two wind power facilities in the U.S. and consolidated these projects accordingly. The Company accounts for 50 Subsequent to the IMTT acquisition on July 16, 2014 (IMTT Acquisition), the Company does not have any equity method investments on its consolidated balance sheet. From January 1, 2014 through July 15, 2014, the results of IMTT have been accounted for under the equity method of accounting. From July 16, 2014 through December 31, 2014 and subsequent periods, the Company has consolidated the results of IMTT. Investment in unconsolidated business of $ 8.3 9.8 20 The preparation of the consolidated financial statements, which are in conformity with generally accepted accounting principles (GAAP) requires the Company to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and the estimates are based on experience, current and expected future conditions, third-party evaluations and various other assumptions that the Company believes are reasonable under the circumstances. Significant items subject to such estimates and assumptions include the carrying amount of property, equipment, land and leasehold improvements, intangibles and goodwill; valuation allowances for receivables, inventories and deferred income tax assets; assets and obligations related to employee benefits; and valuation of derivative instruments. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from the estimates and assumptions used in the financial statements and related notes. Acquisitions of businesses that the Company controls are accounted for under the purchase method of accounting. The amounts assigned to the identifiable assets acquired and liabilities assumed in connection with acquisitions are based on estimated fair values as of the date of the acquisition, with the remainder, if any, recorded as goodwill. The fair values are determined by the Company’s management, taking into consideration information supplied by the management of acquired entities and other relevant information. Such information includes valuations supplied by independent appraisal experts for significant business combinations. The valuations are generally based upon future cash flow projections for the acquired assets, discounted to present value. The determination of fair values require significant judgment both by management and outside experts engaged to assist in this process. The Company considers all highly liquid investments , including commercial paper, Restricted cash on the consolidated balance sheets represents cash account agreements that require the businesses within the CP&E segment that have long-term debt to maintain cash accounts restricted to fund operations, capital expenditures and debt service. For these businesses, cash generated from operations is recorded in restricted cash upon receipts. The solar and wind businesses within the CP&E segment use the restricted cash to pay distributions to its partners and the Bayonne Energy Center (BEC) within the CP&E segment also uses restricted cash to fund capital expenditures. The Company recorded $ 19.0 $ 18.9 22.0 21.3 The remaining amounts are included in other noncurrent asset The Company uses estimates to determine the amount of the allowance for doubtful accounts necessary to reduce billed and unbilled accounts receivable to their net realizable value. The Company estimates the required allowance by reviewing the status of past-due receivables and analyzing historical bad debt trends. Actual collection experience has not varied significantly from estimates primarily due to credit policies and a lack of concentration of accounts receivable. The Company writes off receivables deemed to be uncollectible to the allowance for doubtful accounts. Inventory consists principally of fuel purchased from various third-party vendors at Atlantic Aviation and Hawaii Gas and materials and supplies at all of the operating businesses. Fuel inventory is stated at the lower of cost or market. Materials and supplies inventory is valued at the lower of average cost or market. Inventory sold is recorded using the first-in-first-out method at Atlantic Aviation and an average cost method at Hawaii Gas. IMTT also has inventory for sale for its spill response activity business. This is carried at lower of average cost or market. Cash flows related to the sale of inventory are classified in net cash provided by operating activities in the consolidated statements of cash flows. The Company’s inventory balance at December 31, 2015 comprised $ 14.3 $ 15.2 15.6 12.5 Property, equipment and land are initially recorded at cost. Leasehold improvements are recorded at the initial present value of the minimum lease payments less accumulated amortization. Major renewals and improvements are capitalized while maintenance and repair expenditures are expensed when incurred. Interest expense relating to construction in progress is capitalized as an additional cost of the asset. The Company depreciates property, equipment and leasehold improvements over their estimated useful lives on a straight-line basis. Within the CP&E segment, depreciation expense for the district energy business was included in cost of services in the consolidated statements of operations prior to the Company’s divestiture of the business on August 21, 2014. Buildings 10 68 Leasehold and land improvements 5 40 Machinery and equipment 3 62 Furniture and Fixtures 3 25 Goodwill consists of costs in excess of the aggregate purchase price over the fair value of tangible and identifiable intangible net assets acquired in business combinations. Customer relationships 9 30 Contractual arrangements 5 57 Non-compete agreements 10 Leasehold rights 25 Trade names 20 Technology 5 Long-lived assets, including amortizable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be fully recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the fair value of the assets. Fair value is generally determined by estimates of discounted cash flows or value expected to be realized in a third party sale. The discount rate used in any estimate of discounted cash flows would be the rate required for a similar investment of like risk. Goodwill is tested for impairment at least annually or when there is a triggering event that indicates impairment. For the annual impairment test, the Company can make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test, as discussed below. If an entity concludes it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it need not perform the two-step impairment test. If an entity concludes that it is more likely than not that the fair value of reporting unit is less than its carrying amount, or if there is a triggering event that indicates impairment, the Company needs to perform the two-step impairment test. This requires management to make judgments in determining what assumptions to use in the calculation. The first step is to determine the estimated fair value of each reporting unit with goodwill. The reporting units of the Company, for purposes of the impairment test, are those components of operating segments for which discrete financial information is available and segment management regularly reviews the operating results of that component. When determining reporting units, components with similar economic characteristics are combined. The Company estimates the fair value of each reporting unit by estimating the present value of the reporting unit’s future discounted cash flows or value expected to be realized in a third party sale. If the recorded net assets of the reporting unit are less than the reporting unit’s estimated fair value, then no impairment is indicated. Alternatively, if the recorded net assets of the reporting unit exceed its estimated fair value, then goodwill is assumed to be impaired and a second step is performed. In the second step, the implied fair value of goodwill is determined by deducting the estimated fair value of all tangible and identifiable intangible net assets of the reporting unit from the estimated fair value of the reporting unit. If the recorded amount of goodwill exceeds this implied fair value, an impairment charge is recorded for the excess. Indefinite-lived intangibles, which consist of trademarks, are considered impaired when the carrying amount of the asset exceeds its implied fair value. The Company estimates the fair value of each trademark using the relief-from-royalty method that discounts the estimated net cash flows the Company would have to pay to license the trademark under an arm’s length licensing agreement. If the recorded indefinite-lived intangible is less than its estimated fair value, then no impairment is indicated. Alternatively, if the recorded intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company capitalizes all direct costs incurred in connection with the issuance of debt as debt issuance costs. These costs are amortized over the contractual term of the debt instrument, which ranges from 5 23 From time to time the Company enters into interest rate swap agreements to minimize potential variations in cash flows resulting from fluctuations in interest rates and their impact on its variable-rate debt. Since the fourth quarter of 2014, the Company’s Hawaii Gas business entered into commodity price hedges to mitigate the impact of fluctuations in propane prices on its cash flows. The Company accounts for derivatives and hedging activities in accordance with Accounting Standard Codification ( Derivatives and Hedging The Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and variable-rate senior debt, are carried at cost, which approximates their fair value because of either the short-term maturity, or variable or competitive interest rates assigned to these financial instruments. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with financial institutions and its balances may exceed federally insured limits. The Company’s accounts receivable are mainly derived from fuel and gas sales and services rendered under contract terms with commercial and private customers located primarily in the United States. At December 31, 2015 December 31, 2015 The assets and liabilities of IMTT’s Newfoundland and Quebec locations are translated from their local currency (Canadian dollars) to U.S. dollars at exchange rates in effect at the end of the year and consolidated statement of operations accounts are translated at average exchange rates for the year. Translation gains or losses as a result of changes in the exchange rate are recorded as a component of other comprehensive income (loss). Tolling agreements represent agreements with an off-taker where BEC agreed to sell 62.5 The Company calculates income (loss) per share using the weighted average number of common shares outstanding during the period. Diluted income (loss) per share is computed using the weighted average number of dilutive common equivalent shares outstanding during the period. Common equivalent shares consist of shares issuable upon conversion of the Company’s convertible senior notes (using the if-converted method), stock units granted to the Company’s independent directors and fees payable to the Manager that will be reinvested in shares by the Manager in a future period. Common equivalent shares are excluded from the calculation if their effect is anti-dilutive. The Company follows the requirements of ASC 220 Comprehensive Income The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the seller’s price to the buyer is fixed and determinable and collectability is probable. IMTT Contracts for the use of storage capacity at the various terminals predominantly have non-cancelable terms of one to five years. These contracts generally provide for payments for providing storage capacity throughout their term based on a fixed rate per barrel of capacity leased, as adjusted annually for inflation indices. Contract revenue is recognized over their term based on the rate specified in the contract. Revenue from the rendering of ancillary services (e.g., product movement (throughput), heating, blending, etc.) is recognized as the related services are performed based on contract rates. Throughput revenues in excess of those provided by contract are not recognized until the throughput quantity specified in the contract for the applicable period is exceeded. Payments received prior to the related services being performed or as a reimbursement for specific fixed asset additions or improvements related to a customer’s contract are recorded as deferred revenue and ratably recognized as revenues over the contract term; the noncurrent portion is included in other noncurrent liabilities. Environmental response services revenues are recognized as services are rendered. Revenue from IMTT is recorded in service revenue on the consolidated statements of operations. Atlantic Aviation Revenue from Atlantic Aviation is recorded in service revenue on the consolidated statements of operations. Services provided by Atlantic Aviation include: (i) Fuel services recognized when fuel has been delivered to the customer, collection of the resulting receivable is probable, persuasive evidence of an arrangement exists and the fee is fixed or determinable. Fuel services are recorded net of volume discounts and rebates; (ii) Certain fueling fees for fueling certain carriers with fuel owned by such carriers. Revenue from these transactions are recorded based on the service fee earned and does not include the cost of the carriers’ fuel; and (iii) Other services consisting principally of de-icing services, landing and fuel distribution fees as well as rental income for hangar and terminal use. Other fixed base operation (FBO) revenue is recognized as the services are rendered to the customer. CP&E BEC With respect to BEC’s contracted capacity, revenue is recognized as energy, capacity and ancillary services are sold to the off-taker under the third-party tolling agreements, which are based on a fixed rate per megawatt (MW) of capacity and not subject to dispatch or utilization. A portion of the revenues under the tolling agreements are subject to annual increases. Revenues under the tolling agreements are subject to availability of capacity (subject to a historical rolling average forced outage factor). Variable operating and major maintenance revenues under the tolling agreements are a function of net plant output and a negotiated rate, which is adjusted annually based on historical plant experience. With respect to BEC’s residual capacity, revenue is recognized as energy, capacity and ancillary services are sold into the New York Independent System Operator (NYISO) energy market, which are based on prevailing market rates at the time such services are sold. Volumes of energy and ancillary services sold are subject to BEC’s market based dispatch from NYISO. Revenue from BEC is recorded in product revenue on the consolidated statements of operations. Solar and wind power facilities Revenue from the solar and wind power facilities are recognized when the electricity is provided to the utility companies. Owners of the solar and wind power facilities sell substantially all of the electricity generated at a fixed price to electric utilities pursuant to long-term (typically 20 25 District energy business (through the date sold) Revenue from cooling capacity and consumption was recognized at the time of performance of service. Cash received from customers for services to be provided in the future was recorded as unearned revenue and recognized over the expected service period on a straight-line basis. Revenue from the district energy business was recorded in service revenue on the consolidated statements of operations through the date of sale on August 21, 2014. Hawaii Gas Hawaii Gas recognizes revenue when products are delivered. Sales of gas to customers are billed on a monthly-cycle basis. Earned but unbilled revenue is accrued and included in accounts receivable and revenue based on the amount of gas that is delivered but not billed to customers from the latest meter reading or billed delivery date to the end of an accounting period, and the related costs are charged to expense. Most revenue is based upon consumption; however, certain revenue is based upon a flat rate . The regulated utility operations of Hawaii Gas are subject to regulations with respect to rates, service, maintenance of accounting records, and various other matters by the Hawaii Public Utilities Commission (HPUC). The established accounting policies recognize the financial effects of the rate-making and accounting practices and policies of the HPUC. Regulated utility operations are subject to the provisions of ASC 980, Regulated Operations ASC 980 may, at some future date, be deemed inapplicable because of changes in the regulatory and competitive environments or other factors. If the Company were to discontinue the application of this guidance, the Company would be required to write-off its regulatory assets and regulatory liabilities and would be required to adjust the carrying amount of any other assets, including property, plant and equipment, that would be deemed not recoverable related to these affected operations. The Company believes its regulated operations in Hawaii Gas continue to meet the criteria of ASC 980 and that the carrying value of its regulated property, plant and equipment is recoverable in accordance with established HPUC rate-making practices. The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company and its more than 80% owned subsidiaries file a consolidated U.S. federal income tax return, including its allocated share of the taxable income from its solar and wind power facilities. The investments in solar and wind power facilities within the CP&E business are held in various LLCs, which are treated as partnerships for income tax purposes. Prior to the IMTT Acquisition in July 2014, the Company’s consolidated income tax return did not include IMTT and the district energy business, both of which were less than 80% owned by the Company and each filed separate income tax returns. Subsequent to the Company’s acquisition of the remaining 50 In assessing the need for a valuation allowance, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Certain reclassifications were made to the financial statements for the prior period to conform to current year presentation. On November 20, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes On September 25, 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement Period Adjustments On August 12, 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, Revenue from Contracts with Customers, On July 22, 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, 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 On February 18, 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis |
(Loss) Income per Share
(Loss) Income per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
(Loss) Income per Share | (Loss) Income per Share Following is a reconciliation of the basic and diluted (loss) Year Ended December 31, 2015 2014 2013 Numerator: Net (loss) income attributable to MIC $ (108,537) $ 1,042,028 $ 31,254 Interest expense attributable to convertible senior notes, net of taxes 3,016 Diluted net (loss) income attributable to MIC $ (108,537) $ 1,045,044 $ 31,254 Denominator: Weighted average number of shares outstanding: basic 77,997,826 62,990,312 51,381,003 Dilutive effect of restricted stock unit grants 12,637 15,143 Dilutive effect of convertible senior notes 1,922,616 Weighted average number of shares outstanding: diluted 77,997,826 64,925,565 51,396,146 (Loss) income per share: Basic (loss) income per share attributable to MIC $ (1.39) $ 16.54 $ 0.61 Diluted (loss) income per share attributable to MIC $ (1.39) $ 16.10 $ 0.61 Due to the Company’s net loss for the year ended December 31, 2015, (i) the 8,660 12,525 67.8 ; and (iii) the convertible senior notes that were issued on July 15, 2014, The effect of potentially dilutive shares for the year ended December 31, 2014 is calculated assuming that (i) the 12,525 12,910 The effect of potentially dilutive shares for the year ended December 31, 2013 is calculated assuming that the 12,910 18,208 895 diluted ( loss) Year Ended December 31, 2015 2014 2013 Restricted stock unit grants 9,410 Fees to Manager-related party (1) 449,126 Convertible senior notes 4,160,717 Total 4,619,253 (1) Represents $67.8 million of the performance fee for the quarter ended June 30, 2015, settlement of which was deferred to July 2016. The weighted average potentially dilutive shares of common stock in the above table includes shares assumed to have been issued had the Manager reinvested this fee in shares in July 2015. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | CP&E Bayonne Energy Center (BEC) Acquisition On April 1, 2015, the Company completed the acquisition of a 100 718.0 of $ 208.9 509.1 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 statement of operations and as a component of the Company’s CP&E segment since April 1, 2015. The 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 716,818 Intangible assets-contractual arrangements (1) 63,115 Goodwill (2) 21,628 Total assets acquired $ 824,941 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) 7,777 Other current liabilities 179 Total current liabilities 22,412 Long-term debt, net of current portion 503,827 Tolling agreements noncurrent (3) 73,983 Fair value of derivative instruments non-current 15,279 Other noncurrent liabilities 486 Total liabilities assumed 615,987 Net assets acquired $ 208,954 (1) Contractual arrangements are being amortized over a seventeen year period. (2) Goodwill is deductible for tax purposes. (3) Tolling agreements represent agreements with an off-taker where BEC agreed to sell 62.5 The fair value of the acquired assets and liabilities assumed were determined using various valuation techniques, including the market, income and/or cost approaches. Had the acquisition occurred as of January 1, 2015, the consolidated results of operations would not have been materially different. For the year ended December 31, 2015, the Company incurred acquisition costs of approximately $ 9.3 CP&E 2014 Wind Power Facilities Acquisitions In 2014, the Company acquired controlling interests in wind power facilities, consisting of Brahms Wind, LLC, Exergy Idaho Holdings, LLC and Idaho Wind Partners 1, LLC (collectively the 2014 wind power facilities), for a combined purchase price of $ 106.1 134 203 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 Other Transactions During 2015, the Company acquired three 49.0 54.4 16.4 29.3 three |
Property, Equipment, Land and L
Property, Equipment, Land and Leasehold Improvements | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment, Land and Leasehold Improvements | 5. Property, Equipment, Land and Leasehold Improvements Property, equipment, land and leasehold improvements at December 31, 2015 and 2014 consist of the following ($ in thousands): As of December 31, 2015 2014 Land $ 291,521 $ 272,110 Easements 131 131 Buildings 41,049 40,730 Leasehold and land improvements 590,646 439,962 Machinery and equipment 3,455,776 2,810,531 Furniture and fixtures 29,547 28,664 Construction in progress 203,146 72,241 4,611,816 3,664,369 Less: accumulated depreciation (495,653) (301,784) Property, equipment, land and leasehold improvements, net $ 4,116,163 $ 3,362,585 As discussed in Note 4, “Acquisitions”, the Company acquired $ 716.8 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 a non-cash impairment of $ 2.8 $ 4.3 In addition, during the quarter ended March 31, 2015, a non-cash impairment charge of $ 4.2 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets Intangible assets at December 31, 2015 and 2014 consist of the following ($ in thousands): As of December 31, 2015 2014 Contractual arrangements $ 901,807 $ 873,406 Non-compete agreements 9,665 9,665 Customer relationships 340,425 342,232 Leasehold rights 350 350 Trade names 16,091 16,091 Technology 8,760 8,760 1,277,098 1,250,504 Less: accumulated amortization (342,206) (290,870) Intangible assets, net $ 934,892 $ 959,634 As discussed in Note 4, “Acquisitions”, the Company acquired $ 63.1 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 a non-cash impairment of $ 13.5 of $ 18.6 In addition, during the quarter ended March 31, 2015, a non-cash impairment charge of $ 17.8 At December 31, 2015, the Company had $14.5 million $ 7.5 $ 7.0 Amortization expense of intangible assets for the years ended December 31, 2015, 2014 and 2013 totaled $ 101.4 42.7 34.7 2016 $ 64,713 2017 59,031 2018 54,740 2019 51,791 2020 47,759 Thereafter 649,367 Total $ 927,401 The goodwill balance as of December 31, 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 28,874 Less: purchase accounting adjustments related to 2014 acquisitions (6,241) Less: other (1,681) Balance at December 31, 2015 $ 2,017,211 The Company tests for goodwill impairment at the reporting unit level on an annual basis on October 1 st |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | 7. Accrued Expenses Accrued expenses at December 31, 2015 and 2014 consisted of the following ($ in thousands): As of December 31, 2015 2014 Payroll and related liabilities $ 26,740 $ 27,185 Purchase of property and equipment 8,045 4,170 Interest 10,684 7,853 Sales tax 5,750 8,322 Insurance 6,361 8,832 Property tax 4,670 4,191 Other 16,277 16,695 $ 78,527 $ 77,248 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 8. Long-Term Debt The Company capitalizes its operating businesses separately using non-recourse, project finance style debt. All of the term debt facilities described below contain customary financial covenants, including maintaining or exceeding certain financial ratios, and limitations on capital expenditures and additional debt. The facilities include events of default, representations and warranties and other covenants that are customary for facilities of this type, including change of control, which will occur if the Macquarie Group, or any fund or entity managed by the Macquarie Group, fails to control a majority of the Borrower. For a description of related party transactions associated with the Company’s long-term debt, see Note 12, “Related Party Transactions”. At December 31, 2015 and 2014, the Company’s consolidated long-term debt comprised the following ($ in thousands): As of December 31, 2015 2014 IMTT $ 1,127,223 $ 953,061 Atlantic Aviation 604,609 611,328 CP&E 555,486 298,132 Hawaii Gas 180,000 180,000 MIC Corporate 365,975 350,000 Total 2,833,293 2,392,521 Less: current portion (40,099) (27,655) Long-term portion $ 2,793,194 $ 2,364,866 The total undrawn capacity on the revolving credit facilities at IMTT, Atlantic Aviation, CP&E, Hawaii Gas and MIC Corporate was $ 1.1 At December 31, 2015, future maturities of long-term debt are as follows ($ in thousands): 2016 $ 40,099 2017 114,072 2018 35,108 2019 395,151 2020 606,844 Thereafter 1,642,019 Total $ 2,833,293 MIC Corporate In July 2014, the Company entered into a five-year, $250.0 million senior secured revolving credit facility with a syndicate of banks. On May 1, 2015, the Company increased the aggregate commitments under its revolving credit facility from $ 250.0 360.0 410.0 155.0 191.0 251.5 2015. In December 2015, the Company drew down $ 16.0 7.0 was $ 394.0 On July 15, 2014, the Company completed an underwritten public offering of a five-year, $ 350.0 2.875 11.7942 1,000 84.79 As a result of the Conversion, holders of the Company’s outstanding convertible senior notes that chose to convert those securities into the Company’s shares from May 21, 2015, the effective date of the Conversion, until the close of business on June 18, 2015, were entitled to an increased conversion rate of 12.7836 1,000 date, $25,000 The key terms of the senior secured revolving credit facility and the convertible senior notes at December 31, 2015 are summarized in the table below. Facility Terms Senior Secured Revolving Credit Facility Convertible Senior Notes Total Committed Amount $ 410.0 Amount Outstanding at December 31, 2015 $ 16.0 $ 350.0 Maturity July 2019 July 2019 Amortization Revolving, payable at maturity Payable at maturity or convertible at the holder's option into the Company's shares Interest Rate LIBOR plus 1.75 2.875 Commitment Fees 0.275 Security Secured Unsecured IMTT On July 16, 2014, the Company acquired the remaining 50 1.0 512.8 486.0 22.2 Effective May 21, 2015 550.0 50.0 remained undrawn In addition, ITT LLC entered into a Note Purchase Agreement for the issuance of $ 325.0 3.92 275.0 4.02 In connection with this refinancing, $ 509.0 361.1 1.677 Revolving Credit Facilities The revolving credit facilities are used primarily to fund IMTT’s growth capital expenditures in the U.S. and Canada and for general corporate purposes. The key terms of IMTT’s U.S. dollar and Canadian dollar denominated revolving credit facilities at December 31, 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 December 31, 2015 Undrawn Undrawn Maturity May 2020 May 2020 Amortization Revolving, payable at maturity Revolving, payable at maturity Interest Rate LIBOR plus 1.50 Bankers' Acceptances Rate plus 1.50 Commitment Fees 0.225 0.225 Security Unsecured Unsecured Senior Notes The key terms of the senior notes at December 31, 2015 are summarized in the table below. Facility Terms Senior Notes, Series A Senior Notes, Series B Amount Outstanding at December 31, 2015 $ 325.0 $ 275.0 Maturity May 2025 May 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) Facility Terms Louisiana Public Series 2007 The Industrial Series 2007 Louisiana Public Series 2010 Louisiana Public Series 2010A Louisiana Public Series 2010B Amount Outstanding at December 31, 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 mandatory tender in May 2022 Payable at maturity, subject to mandatory tender in May 2022 Payable at maturity, subject to mandatory tender in May 2022 Payable at maturity, subject to mandatory tender in May 2022 Payable at maturity, subject to mandatory 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 Bonds (NJEDA Bonds) The key terms of the NJEDA Bonds at December 31, 2015 are summarized in the table below. Facility Terms New Jersey Economic Development Authority Amount Outstanding at December 31, 2015 $ 36.3 Maturity December 2027 Amortization Payable at maturity, subject to mandatory tender in May 2022 Interest Rate One-month LIBOR plus Revolving Credit Facility margin plus 0.625 Security Unsecured Atlantic Aviation On May 31, 2013, Atlantic Aviation entered into a credit agreement (the AA Credit Agreement), that provides the business with a seven-year, $ 465.0 50.0 100.0 2.50 0.75 6 70.0 2.50 undrawn The key terms of the term loan and revolving credit facility of Atlantic Aviation at December 31, 2015 are summarized in the table below. Term Financing Revolving Credit Facility Borrower AA FBO AA FBO Facilities $ 615.0 600.5 $ 70.0 Maturity June 2020 May 2018 Amortization 1.0 % of the original principal amount per annum paid in equal quarterly installments with the balance payable at maturity Revolving, payable at maturity Interest Type Floating Floating Interest Rate and Fees • LIBOR plus 2.50 1.50 0.5 1.0 • LIBOR plus 2.50 1.50 Commitment fee: 0.50 • Subject to a minimum LIBOR of 0.75 1.75 Collateral First priority security interest in (x) the equity securities of AA FBO and certain of its subsidiaries and (y) the personal and material real property of Holdings, AA FBO and certain of its subsidiaries (in each case subject to certain exceptions) First priority security interest in (x) the equity securities of AA FBO and certain of its subsidiaries and (y) the personal and material real property of Holdings, AA FBO and certain of its subsidiaries (in each case subject to certain exceptions) Mandatory Prepayment • With 0% excess cash flow, with a step up to 50 4.25 1.00 • With net proceeds from the sale of assets in excess of $ 5.0 • With net proceeds of debt issuances by Holdings, AA FBO and its restricted subsidiaries (other than certain permitted debt) CP&E BEC On April 1, 2015 509.1 30.0 4.0 1.0 3.455 19.2 On August 10, 2015, BEC entered into a seven-year, $ 275.0 25.0 1.786 Facility Terms Term Financing Revolving Credit Facility Total Committed Amount $ 275.0 $ 25.0 Amount Outstanding at December 31, 2015 $ 271.0 Undrawn Maturity August 2022 August 2022 Amortization $ 10.0 Revolving, payable at maturity Interest Rate LIBOR plus 2.125 LIBOR plus 2.125 LIBOR plus 2.375 LIBOR plus 2.375 Commitment Fee 0.50 % per annum Collateral First lien on all assets (subject to certain exceptions) First lien on all assets (subject to certain exceptions) Solar and wind power facilities Since 2012, the Company acquired six solar power facilities and assumed term loan and construction loan debt. Subsequent to operations, the construction loans are converted into amortizing term loan debt. During 2013 and 2014, $ 24.7 60.4 4.00 5.60 4.67 During 2014, in conjunction with the acquisitions of the 2014 wind power facilities, the Company assumed $ 163.9 2.75 1.625 0.20 4.756 The key terms of the term loans at the solar and wind power facilities at December 31, 2015 are presented below. Facility Terms Solar Power Facilities Term Loans Wind Power Facility Term Loan Borrower • Picture Rocks Solar, LLC (Tucson Project); • Bryan Solar, LLC (Presidio Project); • Sune DM, LLC (DMAFB Project); • Sol Orchard San Diego 20 LLC and Sol Orchard San Diego 21 LLC (Ramona Project ); and • Sol Orchard San Diego 22 LLC and Sol Orchard San Diego 23 LLC (Valley Center Project) • Idaho Wind Partners 1, LLC (IWP Project) Facilities $ 133.1 $ 151.4 Maturity September 2032 to September 2036 December 2027 Amortization Fully amortizing over 20 23 Fully amortizing over 17 Interest Type Fixed Floating Interest Rate 4.0 % to 5.6 LIBOR plus 1.625 The margin increases by 0.25% every five Collateral First lien on the following: • Project revenues; • Equity of the Borrower; • All property and assets of the Borrower; and • Insurance policies and claims or proceeds. First lien on the following: • All property and assets of the Borrower and project companies; and • Equity interests in the Borrower Mandatory Prepayment • With net proceeds that equal or exceed $ 250,000 500,000 • With net proceeds that equal or exceed $ 500,000 • With insurance proceeds that exceed from $ 250,000 1.0 • With insurance proceeds that exceed $ 10.0 • With condemnation proceeds that exceed from $ 250,000 1.0 • With Guaranteed Performance commitment liquidated damages in excess of $ 250,000 • With net proceeds from equity and certain debt issuances. • With amount necessary to reduce debt to within the revised projected debt service coverage ratio following a substantial change such as additional wind turbines not in engineers plan. Hawaii Gas Hawaii Gas issued a ten-year, $100.0 million non-amortizing senior secured notes and entered into a five-year, $80.0 million non-amortizing senior secured term loan facility and a five-year, $ 60.0 undrawn The obligations under the credit agreements are secured by security interests in the assets of Hawaii Gas as well as the equity interests of Hawaii Gas and HGC Holdings LLC (HGC). The key terms of the term loan, senior secured notes and revolving credit facility of Hawaii Gas at December 31, 2015 are summarized in the table below. Facility Terms Holding Company Debt Operating Company Debt Borrowers HGC Holdings LLC (HGC) The Gas Company, LLC (TGC) Facilities $ 80.0 $ 100.0 $ 60.0 Maturity August 2017 August 2022 August 2017 Amortization Payable at maturity Payable at maturity Revolving, payable at maturity Interest Rate LIBOR plus 2.25 0.5 4.22 % payable semi-annually LIBOR plus 1.50 0.5 0.5 Commitment Fees Collateral ___ First lien on all assets of HGC and its subsidiaries ___ First lien on all assets of TGC and its subsidiaries 0.225 % on the undrawn portion First lien on all assets of TGC and its subsidiaries The interest rate of the $ 80.0 2.25 2.89 August 2016 The facilities also require mandatory repayment if the Company fails to either own 50 As part of the regulatory approval process of the Company’s acquisition of Hawaii Gas, the Company agreed to 14 regulatory conditions from the HPUC that addresses a variety of matters. The more significant conditions include: • the non-recoverability of goodwill, transaction or transition costs in future rate cases; • a requirement that Hawaii Gas and HGC’s ratio of consolidated debt to total capital does not exceed 65 • a requirement to maintain $ 20.0 On February 10, 2016, Hawaii Gas completed its refinancing on its existing $80.0 million term loan facility and its $60.0 million revolving credit facility and extended their maturities to February 2021. For further discussions, see Note 17, “Subsequent Events”. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 9. Derivative Instruments and Hedging Activities From time to time the Company enters into interest rate swap agreements to minimize potential variations in cash flows resulting from fluctuations in interest rates and their impact on its variable-rate debt. The Company does not enter into derivative instruments for any purpose other than economic interest rate hedging. That is, the Company does not speculate using derivative instruments. In addition, the Company’s Hawaii Gas business enters into commodity price hedges to mitigate the impact of fluctuations in propane prices on its cash flows. By using derivative financial instruments to hedge exposures to changes in interest rates, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, it does not possess credit risk. The Company minimizes the credit risk in derivative instruments by entering into transactions with creditworthy counterparties. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. The market risk associated with interest rates is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. 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 a portion of the business’ interest payments. To meet this objective, the Company enters into interest rate swap agreements to manage fluctuations in cash flows resulting from interest rate risk on a portion of its debt with a variable-rate component. These swaps change the variable-rate cash flow exposure on the debt obligations to fixed cash flows. Under the terms of the interest rate swaps, the Company receives variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed-rate debt for the portion of the debt that is swapped. At December 31, 2015, the Company had $ 2.8 billion current and long-term debt, of which $ 1.6 $ 1.2 $ 16.0 2.4 1.3 613.1 517.2 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 are made, a portion of the other comprehensive loss recorded under hedge accounting is also reclassified into earnings. At December 31, 2015, the other comprehensive loss was fully amortized. IMTT On June 1, 2015, IMTT, as part of the IMTT refinancing in May 2015, entered into interest rate swap contracts, maturing in June 2021, with a total notional amount of $ 361.1 1.677 31.4 Atlantic Aviation Under the AA Credit Agreement, Atlantic Aviation entered into a seven-year, $ 465.0 50.0 100.0 2.50 0.75 100 fixed at 4.63 CP&E BEC On April 1, 2015, the Company acquired BEC and assumed $ 509.1 21.5 4.0 1.0 3.455 19.2 On August 10, 2015, BEC entered into a seven year, $ 275.0 2.125 275.0 1.786 Wind power facility During 2014, in conjunction with the acquisition of the wind power facility located in Idaho, the Company assumed $ 163.9 2.75 1.625 0.20 was 4.756 Hawaii Gas The interest rate on the $ 80.0 2.25 80.0 2.89 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 derivative commodity 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. Assets (Liabilities) (1) As of December 31, Balance Sheet Location 2015 2014 Fair value of derivative instruments other noncurrent assets (2) $ 1,810 $ 584 Total derivative contracts assets (2) $ 1,810 $ 584 Fair value of derivative instruments current liabilities (2)(3) $ (19,628) $ (32,111) Fair value of derivative instruments noncurrent liabilities (2)(3) (15,698) (27,724) Total derivative contracts liabilities (2)(3) $ (35,326) $ (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 years ended December 31, 2015, 2014 and 2013 and the related location within the consolidated financial statements were as follows ($ in thousands): Amount of Loss Recognized in Financial Statement Account 2015 2014 2013 Interest expense Interest rate cap $ $ (1) $ (94) Interest expense Interest rate swaps (1) (30,457) (21,311) (7,389) Cost of product sales Commodity swaps (6,458) Other income, net Commodity swaps (2,541) Total $ (36,915) $ (23,853) $ (7,483) (1) Interest expense for the years ended December 31, 2014 and 2013 includes $20.5 million and $6.0 million, respectively, of derivative losses and $856,000 and $1.4 million, respectively, for amounts reclassified from accumulated other comprehensive loss for the interest rate swap contracts. All of the Company’s derivative instruments are collateralized by the assets of the respective businesses. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
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 80,006,744 100 no Upon consummation of the Conversion on May 21, 2015, each issued and outstanding LLC interest of MIC LLC was converted into one share of common stock of the Company. The Company also issued to its Manager 100 At May 21, 2015, upon consummation of the Conversion, the Company made a non-cash reclassification of $79,000 from LLC interests to common stock, par value $0.001 per share, with the remaining balance of LLC interests reclassified to additional paid in capital for the presentation of the consolidated balance sheet. 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 37,000 $ 3.0 MIC Direct The Company maintains a dividend reinvestment/direct share purchase program, named “MIC Direct”, that allows for the issuance of up to 1.0 976,058 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 March 2, 2015, the Company completed an underwritten public offering of 5,312,500 796,875 471.6 On July 15, 2014, the Company completed an underwritten public offering of 10,000,000 1,500,000 739.2 On December 18, 2013, the Company completed an underwritten public offering of 2,125,200 318,780 123.2 On May 8, 2013, the Company completed an underwritten public offering of 3,756,500 133,375 217.8 Accumulated Other Comprehensive Loss Cash Flow Hedges, (1) Post-Retirement (2) Translation (3) Total Accumulated Noncontrolling Total Stockholders' Balance at December 31, 2012 $ (1,538) $ (20,466) $ 514 $ (21,490) $ 689 $ (20,801) Reclassification of realized losses of derivatives into earnings 902 902 (431) 471 Change in post-retirement benefit plans 12,445 12,445 12,445 Translation adjustment (560) (560) (560) Balance at December 31, 2013 $ (636) $ (8,021) $ (46) $ (8,703) $ 258 $ (8,445) Reclassification of realized losses of derivatives into earnings 636 636 (258) 378 Change in post-retirement benefit plan (10,816) (10,816) (10,816) Translation adjustment (4,813) (4,813) 2,146 (2,667) Balance at December 31, 2014 $ $ (18,837) $ (4,859) $ (23,696) $ 2,146 $ (21,550) Change in post-retirement benefit plans 4,049 4,049 4,049 Translation adjustment (9,671) (9,671) 3,877 (5,794) Balance at December 31, 2015 $ $ (14,788) $ (14,530) $ (29,318) $ 6,023 $ (23,295) (1) Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $856,000 and $1.4 million, respectively, and the related tax benefit of $ 340 $5 68 65 21 57 operatio (2) Change in post-retirement benefit plans is presented net of taxes of $2.7 million, $6.9 million and $7.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. For the year ended December (3) Translation adjustment is presented net of taxes of $3.9 million, $2.7 million and $ 302 Dividends Declared Period Covered $ per Share Record Date Payable Date February 18, 2016 Fourth quarter 2015 $ 1.15 March 3, 2016 March 8, 2016 October 29, 2015 Third quarter 2015 $ 1.13 November 13, 2015 November 18, 2015 July 30, 2015 Second quarter 2015 $ 1.11 August 13, 2015 August 18, 2015 April 30, 2015 First quarter 2015 $ 1.07 May 14, 2015 May 19, 2015 February 17, 2015 Fourth quarter 2014 $ 1.02 March 2, 2015 March 5, 2015 October 27, 2014 Third quarter 2014 $ 0.98 November 10, 2014 November 13, 2014 July 3, 2014 Second quarter 2014 $ 0.95 August 11, 2014 August 14, 2014 April 28, 2014 First quarter 2014 $ 0.9375 May 12, 2014 May 15, 2014 February 18, 2014 Fourth quarter 2013 $ 0.9125 March 3, 2014 March 6, 2014 October 25, 2013 Third quarter 2013 $ 0.875 November 11, 2013 November 14, 2013 July 29, 2013 Second quarter 2013 $ 0.875 August 12, 2013 August 15, 2013 April 26, 2013 First quarter 2013 $ 0.6875 May 13, 2013 May 16, 2013 The declaration and payment of any future dividends will be subject to a decision of the Company’s Board of Directors. The Board will take into account such matters as the state of the capital markets and general business conditions, the Company’s financial condition, results of operations, capital requirements, capital opportunities and any contractual, legal and regulatory restrictions on the payment of dividends by the Company to its shareholders or by its subsidiaries to the Company, and any other factors that it deems relevant, subject to maintaining a prudent level of reserves and without creating undue volatility in the amount of such dividends where possible. In particular, each of the Company’s businesses has debt commitments and restrictive covenants, which must be satisfied before any of them can make distributions to the Company. In addition, the Company’s senior secured credit facility contains restrictions on the Company’s ability to pay dividends. Although historically the Company has declared cash dividends on its shares, any or all of these factors or other factors could result in the modification of the dividend policy, or the reduction, modification or elimination of its dividend in the future. The dividends paid have been recorded as a reduction to additional paid in capital, subsequent to the Conversion (and as a reduction to LLC interests prior to the Conversion), in the stockholders’ equity section of the consolidated balance sheets. Independent Director Equity Plan In 2014, MIC adopted, and MIC’s stockholders approved, the 2014 Independent Directors Equity Plan (2014 Plan) to replace the 2004 Independent Directors Equity Plan, which expired in December 2014. The purpose of this plan is to promote the long-term growth and financial success of the Company by attracting, motivating and retaining independent directors of outstanding ability. Only the Company’s independent directors may participate in the 2014 Plan. The only type of award that may be granted under the 2014 Plan is an award of director shares. Each share is an unsecured promise to transfer one share on the settlement date, subject to satisfaction of the applicable terms and conditions. The maximum number of shares available for issuance under the 2014 Plan is 300,000 291,340 Since 2013, the Company has granted and issued the following stock to the Board of Directors under the Plans: Stock Units Price of Stock Date of Grant Granted (1) Units Granted Date of Vesting February 21, 2013 895 $ 44.55 May 19, 2013 May 20, 2013 12,910 $ 58.09 May 20, 2014 May 21, 2014 12,525 $ 59.89 May 19, 2015 June 18, 2015 (2) 8,660 $ 86.61 (3) (1) Stock units granted refer (i) from and after the time of the Conversion, to common stock and (ii) prior to the Conversion, LLC interests. (2) The 8,660 restricted stock units granted on June 18, 2015 were granted under the 2014 Plan. (3) Date of vesting will be the day immediately preceding the 2016 annual meeting of the Company's stockholders. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segments | 11. Reportable Segments At December 31, 2015, the Company’s businesses consist of four reportable segments: IMTT, Atlantic Aviation, CP&E and Hawaii Gas. Effective July 16, 2014, the date of the IMTT Acquisition, the Company consolidated the financial results of IMTT and IMTT became a reportable segment. Prior to July 16, 2014, the Company had a 50% investment in IMTT, which was accounted for under the equity method of accounting. The Company recorded equity in earnings and amortization charges of investee of $ 26.1 39.1 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): Year Ended 2014 Revenue $ 1,662,451 Net income attributable to MIC (1) 77,923 (1) The tax rate used to calculate net income attributable to MIC was 35.0 Financial information for IMTT’s business as a whole is presented below for periods prior to July 16, 2014, where the Company accounted for the investment in IMTT under the equity method of accounting ($ in thousands): As of, and for the Period From (1) Year Ended Revenue $ 311,533 $ 513,902 Net income $ 57,496 $ 87,855 Interest expense, net 16,375 24,572 Provision for income taxes 38,265 61,149 Depreciation and amortization 40,922 76,091 Other non-cash expenses 4,366 18,822 EBITDA excluding non-cash items(2) $ 157,424 $ 268,489 Capital expenditures paid $ 59,868 $ 149,723 Property, equipment, land and leasehold improvements, net 1,289,245 1,273,692 Total assets 1,415,378 1,378,930 (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 terminals located in the United States and partially owned terminals in Quebec and Newfoundland, Canada. IMTT derives the majority of its revenue from storage and handling of petroleum products, various chemicals, renewable fuels, and vegetable and animal oils. Based on storage capacity, IMTT operates one of the larger third-party bulk liquid terminals businesses in the United States. Revenue from IMTT is included in service revenue. 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 December 31, 2015, the business operates on 69 CP&E The CP&E business segment derives revenue from the contracted power, comprised of solar, wind and gas-fired power facilities, and, through the date it was sold, the district energy business. Revenues from the solar, wind and gas-fired power 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 December 31, 2015, the Company has six utility-scale solar photovoltaic power facilities, two wind power facilities and a gas-fired power facility that are located in the United States. The solar and wind power facilities that are operational at December 31, 2015 have an aggregate generating capacity of 260 20 25 The Company has certain rights to make decisions over the management and operations of these solar and wind power facilities. The Company has determined that it is appropriate to consolidate these projects, with the co-investors’ interest reflected as “noncontrolling interest” in the consolidated financial statements. As discussed in Note 4, “Acquisitions”, on April 1, 2015, the Company acquired 100 512 62.5 Hawaii Gas 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. Revenue from Hawaii Gas is included in product revenue. 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 since July 16, 2014, subsequent to the IMTT Acquisition, and the CP&E businesses since acquisition and through the sale of the district energy business. Revenue from external customers for the Company’s consolidated reportable segments was as follows ($ in thousands): Year Ended December 31, 2015 IMTT Atlantic Contracted Hawaii Total Reportable Service revenue $ 550,041 $ 738,460 $ $ $ 1,288,501 Product revenue 123,797 226,952 350,749 Total revenue $ 550,041 $ 738,460 $ 123,797 $ 226,952 $ 1,639,250 Year Ended December 31, 2014 IMTT (1) Atlantic Contracted Hawaii Total Reportable Service revenue $ 255,934 $ 779,261 $ 29,487 $ $ 1,064,682 Product revenue 19,779 264,621 284,400 Financing and equipment lease income 1,836 1,836 Total revenue $ 255,934 $ 779,261 $ 51,102 $ 264,621 $ 1,350,918 (1) Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. Year Ended December 31, 2013 Atlantic Contracted Hawaii Total Service revenue $ 725,480 $ 44,880 $ $ 770,360 Product revenue 9,371 257,725 267,096 Financing and equipment lease income 3,563 3,563 Total revenue $ 725,480 $ 57,814 $ 257,725 $ 1,041,019 In accordance with FASB ASC 280 Segment Reporting 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. Year Ended December 31, 2015 IMTT Atlantic Contracted Hawaii Total Reportable Net income (loss) $ 74,140 $ 22,805 $ (1,296) $ 23,993 $ 119,642 Interest expense, net 37,378 35,735 28,390 7,279 108,782 Provision for income taxes 51,520 16,081 4,887 14,261 86,749 Depreciation 120,950 40,249 45,490 8,554 215,243 Amortization of intangibles 11,052 86,102 3,500 781 101,435 Other non-cash expense (income) 7,027 2,645 (12,815) 5,215 2,072 EBITDA excluding non-cash items $ 302,067 $ 203,617 $ 68,156 $ 60,083 $ 633,923 Year Ended December 31, 2014 IMTT (1) Atlantic Contracted Hawaii Total Reportable Net income (loss) $ 34,650 $ 36,964 $ (1,771) $ 21,329 $ 91,172 Interest expense, net 10,864 40,618 8,606 7,091 67,179 Provision for income taxes 25,768 25,096 823 12,635 64,322 Depreciation(2) 47,475 28,264 19,132 7,945 102,816 Amortization of intangibles 5,091 35,514 843 1,247 42,695 Other non-cash expense (income) 3,903 1,475 (4,910) 6,709 7,177 EBITDA excluding non-cash items $ 127,751 $ 167,931 $ 22,723 $ 56,956 $ 375,361 (1) Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. (2) Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company’s divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated statements of operations. Year Ended December 31, 2013 Atlantic Contracted Hawaii Total Reportable Net income $ 38,545 $ 611 $ 22,316 $ 61,472 Interest expense, net 22,151 7,930 6,834 36,915 Provision for income taxes 25,218 827 14,995 41,040 Depreciation (1) 24,301 14,056 7,519 45,876 Amortization of intangibles 32,077 1,326 1,248 34,651 Other non-cash expense (income) 2,545 (663) 2,116 3,998 EBITDA excluding non-cash items $ 144,837 $ 24,087 $ 55,028 $ 223,952 (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 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): Year Ended December 31, 2015 2014 2013 Total reportable segments EBITDA excluding non-cash items (1) $ 633,923 $ 375,361 $ 223,952 Interest income 55 112 204 Interest expense (123,079) (73,196) (37,044) Depreciation (2) (215,243) (102,816) (45,876) Amortization of intangibles (101,435) (42,695) (34,651) Selling, general and administrative expenses Corporate and Other (11,575) (15,526) (6,149) Fees to Manager related party (354,959) (168,182) (85,367) Gain from acquisition/divestiture of businesses 1,027,054 Equity in earnings and amortization charges of investee (1) 26,391 39,115 Other expense, net (6,655) (11,594) (8,061) Total consolidated net (loss) income before income taxes $ (178,968) $ 1,014,909 $ 46,123 (1) For the year ended December 31, 2015 and from July 16, 2014 through December 31, 2014, 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 periods prior to July 16, 2014. (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 statements of operations. Capital expenditures, on a cash basis, for the Company’s reportable segments were as follows ($ in thousands): Year Ended December 31, 2015 2014 2013 IMTT $ 96,990 $ 47,376 $ Atlantic Aviation 64,385 43,691 31,049 Contracted Power and Energy 15,636 14,376 58,687 Hawaii Gas 17,137 18,503 21,472 Total $ 194,148 $ 123,946 $ 111,208 Property, equipment, land and leasehold improvements, net, goodwill and total assets for the Company’s reportable segments as of December 31 st Property, Equipment, Goodwill Total Assets 2015 2014 2015 2014 2015 2014 IMTT $ 2,238,654 $ 2,267,650 $ 1,410,668 $ 1,412,349 $ 4,022,584 $ 4,057,857 Atlantic Aviation 390,188 331,945 464,722 457,476 1,527,556 1,537,370 Contracted Power and Energy 1,274,557 563,056 21,628 6,241 1,431,086 618,199 Hawaii Gas 212,764 199,934 120,193 120,193 387,465 394,363 Total $ 4,116,163 $ 3,362,585 $ 2,017,211 $ 1,996,259 $ 7,368,691 $ 6,607,789 Reconciliation of reportable segments’ total assets to consolidated total assets ($ in thousands): As of December 31, 2015 2014 Total assets of reportable segments $ 7,368,691 $ 6,607,789 Corporate and other 10,137 17,399 Total consolidated assets $ 7,378,828 $ 6,625,188 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions Management Services At December 31, 2015 and December 31, 2014, the Manager held 5,506,369 4,667,105 As part of the Company’s equity offering completed in May 2013, the Manager sold 3,182,625 178.2 1,900,000 160.4 Cash Paid to Manager Declared Period Covered $ per Share Record Date Payable Date (in thousands) February 18, 2016 Fourth quarter 2015 $ 1.15 March 3, 2016 March 8, 2016 $ (1) October 29, 2015 Third quarter 2015 $ 1.13 November 13, 2015 November 18, 2015 $ 6,052 July 30, 2015 Second quarter 2015 $ 1.11 August 13, 2015 August 18, 2015 $ 5,693 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 October 25, 2013 Third quarter 2013 $ 0.875 November 11, 2013 November 14, 2013 $ 2,442 July 29, 2013 Second quarter 2013 $ 0.875 August 12, 2013 August 15, 2013 $ 2,744 April 26, 2013 First quarter 2013 $ 0.6875 May 13, 2013 May 16, 2013 $ 1,872 (1) The amount of dividend payable to the Manager for the fourth quarter of 2015 will be determined on March 3, 2016, 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 of its employees to serve as chief executive officer and chief financial officer of the Company and seconds or makes other personnel available as required. In accordance with the Management Agreement, the Manager is entitled to a monthly base management fee based primarily on the Company’s market capitalization, and potentially a quarterly performance fee, based on the performance of the Company’s stock relative to a U.S. utilities index. For the years ended December 31, 2015, 2014 and 2013, the Company incurred base management fees of $ 70.6 46.6 32.0 $ 284.4 121.5 53.4 67.8 65.0 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 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: Base Management Performance Fee Amount Fee Amount Shares Period ($ in thousands) ($ in thousands) Issued 2015 Activities: Fourth quarter 2015 $ 17,009 $ 227,733 (1) Third quarter 2015 18,118 226,914 Second quarter 2015 18,918 135,641 223,827 (2) 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 (3) Second quarter 2014 9,535 4,960 243,329 First quarter 2014 8,994 164,546 2013 Activities: Fourth quarter 2013 $ 8,455 $ 155,943 Third quarter 2013 8,336 6,906 278,480 Second quarter 2013 8,053 24,440 603,936 First quarter 2013 7,135 22,042 522,638 (1) The Manager elected to reinvest all of the monthly base management fees for the fourth quarter of 2015 in shares of MIC common stock. The Company issued 227,733 shares, of which 77,019 (2) In July 2015, the Board requested, and the Manager agreed, that $67.8 million of the performance fee for the quarter ended June 30, 2015 be settled in cash in July 2015 to minimize dilution. The remaining $ 67.8 (3) In October 2014, the Board requested, and the Manager agreed, that $65.0 million of the performance fee for the 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. 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 years ended December 31, 2015, 2014 and 2013, the Manager charged the Company $ 533,000 571 614,000 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 Third Amended Agreement), among the Company, MIC Ohana Corporation and the Manager. Concurrently with the Conversion, the Manager was issued 100 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 (MBL) and Macquarie Capital (USA) Inc. (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, July 2014, December 2013 and May 2013, the Company completed underwritten public offerings of 6,109,375 11,500,000 2,443,980 3,889,875 2.3 3.0 2.6 2.4 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 During 2013, the Company engaged MCUSA as Joint Bookrunner, Joint Lead Arranger and Syndication Agent in connection with the refinancing of the long-term debt facilities of Atlantic Aviation. Atlantic 100.0 16,000 In December 2013, Atlantic Aviation entered into an equity bridge loan for $ 70.0 35.0 88,000 MIC engaged MCUSA in connection with its ongoing initiative to bring Liquefied Natural Gas to the state of Hawaii. During the year ended December 31, 2013, the business incurred $ 132,000 7,000 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 which $ 7.5 paid $8,000 $396,000 4.8 Atlantic Aviation’s $ 70.0 15.7 undrawn $ 114,000 107,000 65,000 In July 2014, the Company entered into a credit agreement at the holding company that provides a five-year, $ 250.0 50.0 250,000 410.0 50.0 During the year ended December 31, 2015, the Company incurred and paid $113,000 $ 123,000 65,000 $ 35,000 36,000 1,000 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 years ended December 31, 2015, 2014 and 2013. 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 years ended December 31, 2015, 2014 and 2013, no payments were made directly to MIF for property and casualty insurance. During 2015, Hawaii Gas appointed an independent director who is the chief executive officer of one of its syndicate of lenders on its $ 80.0 60.0 11.4 146,000 8.6 10,000 6,000 100,000 Macquarie Energy North America Trading, Inc., a subsidiary of Macquarie Group Limited, entered into contracts with IMTT to lease a total of 154,000 56,000 98,000 $ 565,000 During the quarter ended March 31, 2015, Macquarie Capital Markets Canada Ltd, an indirect subsidiary of Macquarie Group Limited, used Atlantic Aviation’s charter jet business and incurred $ 18,000 In July 2014, in connection with the acquisition of the remaining interest in 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 years ended December 31, 2015, 2014 and 2013, Atlantic Aviation incurred $ 2,000 23,000 23,000 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 years ended December 31, 2015, 2014 and 2013. In addition, the Company and several of its subsidiaries have entered into a licensing agreement with the Macquarie Group related to the use of the Macquarie name and trademark. The Macquarie Group does not charge the Company any fees for this license. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company and its subsidiaries are subject to income taxes. The Company files a consolidated U.S. income tax return with its wholly-owned subsidiaries, including its allocated share of the taxable income from the solar and wind power facilities within the CP&E businesses. The Company and its subsidiaries file separate and combined state income tax returns. IMTT filed a short period consolidated federal income tax return for the period ended July 15, 2014. On July 16, 2014, the Company acquired the remaining 50 Prior to the IMTT Acquisition, the Company included in its income the taxable portion of distributions received from its interests in IMTT. The taxable portion of these distributions generally qualified for the 80 Components of the Company’s income tax (benefit) provision related to the (loss) income for the years ended December 31, 2015, 2014, and 2013 were as follows ($ in thousands): Year Ended December 31, 2015 2014 2013 Current taxes: Federal $ (6,884) $ 463 $ 150 State 457 2,134 4,584 Total current tax (benefit) provision $ (6,427) $ 2,597 $ 4,734 Deferred taxes: Federal $ (46,744) $ (23,339) $ 12,900 State (14,348) (1,435) (2,638) Total deferred tax (benefit) provision (61,092) (24,774) 10,262 Change in valuation allowance 2,358 (2,197) 3,047 Total tax (benefit) provision $ (65,161) $ (24,374) $ 18,043 On December 18, 2015, President Obama signed bill HR 2029, the Protecting Americans from Tax Hikes Act (PATH Act), into law. The PATH Act retroactively extends several tax provisions applicable to corporations, including the extension of 50 40 30 The tax effects of temporary differences give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014, which are presented below ($ in thousands): At December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 189,060 $ 111,616 Deferred revenue 9,383 7,158 Accrued compensation 13,837 13,347 Accrued expenses 30,133 28,299 Unrealized losses 6,482 19,523 Allowance for doubtful accounts 561 848 Other 4,935 4,361 Total gross deferred tax assets 254,391 185,152 Less: valuation allowance (18,983) (16,625) Net deferred tax assets $ 235,408 $ 168,527 Deferred tax liabilities: Intangible assets $ (140,128) $ (158,830) Investment basis difference (32,816) (17,972) Property and equipment (877,065) (868,888) Prepaid expenses (2,235) (1,533) Total deferred tax liabilities (1,052,244) (1,047,223) Net deferred tax liabilities (816,836) (878,696) Less: current deferred tax asset (23,355) (25,412) Noncurrent deferred tax liabilities $ (840,191) $ (904,108) At December 31, 2015, the Company and its wholly owned subsidiaries had federal income tax NOL carryforwards of approximately $ 426.2 2035 2021 $ 41.3 The Company incurred a federal consolidated taxable loss for the year ended December 31, 2015, which increased the NOL carryforward. The Company believes that it will be able to utilize all of its federal prior year NOLs. The Company’s valuation allowance increased $ 2.3 In assessing the need for a valuation allowance, management considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2015, the Company had approximately $ 840.2 For the years ended December 31, 2015 and 2014, the Company recorded income tax benefit of $ 65.2 24.4 18.0 35 Year Ended December 31, 2015 2014 2013 Tax (benefit) provision at U.S. statutory rate $ (62,639) $ 355,218 $ 16,143 Permanent differences and other 1,299 3,418 409 State income taxes, net of federal benefit (10,082) (2,111) 127 Income attributable to noncontrolling interest 3,903 2,328 1,800 Gain from acquisition/divestiture of businesses (347,772) Tax effect of federal dividends received deduction (8,029) (3,483) Basis adjustment for equity method investment (25,229) Change in valuation allowance 2,358 (2,197) 3,047 Total tax (benefit) provision $ (65,161) $ (24,374) $ 18,043 Uncertain Tax Positions The Company does not expect that the amount of unrecognized tax benefits will change in the next 12 months. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense in the statements of operations, which is consistent with the recognition of these items in prior reporting periods. The federal statute of limitations on the assessment of additional income tax liabilities has lapsed for all returns filed for years ended on or before December 31, 2011. There are no ongoing examinations of the federal income tax returns of the Company or its consolidated subsidiaries. The various state statutes of limitations on the assessment of additional income taxes have lapsed on all returns filed for the years ended on or before December 31, 2010. The amount of unrecognized tax benefits at December 31, 2015 and 2014 are not material. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | 14. Leases The Company leases land, buildings, office space and certain office equipment under non-cancellable operating lease agreements that expire through January 2063 2016 $ 41,321 2017 38,601 2018 36,876 2019 35,282 2020 33,877 Thereafter 437,531 Total $ 623,488 Rent expense under all operating leases for the years ended December 31, 2015, 2014 and 2013 was $ 53.0 38.5 35.1 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Pension and Other Postretirement Benefit Contributions [Abstract] | |
Employee Benefit Plans | 15. Employee Benefit Plans 401(k) Savings Plan The Company’s wholly-owned subsidiaries, except the businesses in CP&E, each have a defined contribution plan under Section 401(k) of the Internal Revenue Code, allowing eligible employees to contribute a percentage of their annual compensation up to an annual amount as set by the IRS. The employer contribution to these plans ranges from 0% to 6% of eligible compensation. For the years ended December 31, 2015, 2014 and 2013, contributions were $2.5 million, $2.1 million and $1.4 million, respectively. IMTT DB Plan Except for a plan covering certain employees covered by a collective-bargaining agreement at certain terminals, substantially all employees of IMTT are eligible to participate in a defined benefit pension plan (IMTT DB Plan). Benefits under the IMTT DB Plan are based on years of service and the employees’ highest average compensation for a consecutive five year period. IMTT’s contributions to the plan are based on the recommendations of its consulting actuary. Hawaii Gas Union Pension Plan Hawaii Gas has a Defined Benefit Pension Plan for Classified Employees of GASCO, Inc. (HG DB Plan) that accrues benefits pursuant to the terms of a collective-bargaining agreement. The plan was frozen to new participants in 2008 in connection with an agreement to increase participant benefits over a three year period after which there will be no further increases to the flat rate as described herein. The HG DB Plan is non-contributory and covers all bargaining unit employees who have met certain service and age requirements. The benefits are based on a flat rate per year of service through the date of employment termination or retirement. Future contributions will be made to meet ERISA funding requirements. The HG DB Plan’s trustee handles the plan assets and, as an investment manager, invests them in a diversified portfolio of primarily equity and fixed-income securities. Other Plan Benefits IMTT, Hawaii Gas and Atlantic Aviation have other insignificant plans that are comprised of the following. These plans are shown below collectively as “Other Plan Benefits”. IMTT IMTT is the sponsor of a defined benefit plan covering union employees at certain terminals (IMTT Union Plan). Monthly benefits under this plan are computed based on a benefit rate in effect at the date of the participant’s termination multiplied by the number of years of service. IMTT’s contributions to the plan are based on the recommendations of its consulting actuary. IMTT provides post-retirement life insurance (coverage equal to 25% of final year compensation not to exceed $25,000) and health benefits (coverage for early retirees at least 62 years old on early retirement to age 65, reimbursement of Medicare premiums for the Bayonne terminal employees and some smaller health benefits no longer offered) to retired employees. Hawaii Gas Hawaii Gas has a postretirement plan. The GASCO, Inc. Hourly Postretirement Medical and Life Insurance Plan (the PMLI Plan) covers all bargaining unit participants who were employed by Hawaii Gas on April 30, 1999 and who retire after the attainment of age 62 with 15 years of service. Under the provisions of the PMLI Plan, Hawaii Gas pays for medical premiums of the retirees and spouses through the age of 64. After age 64, Hawaii Gas pays for medical premiums up to a maximum of $150 per month. The retirees are also provided $1,000 of life insurance benefits. Hawaii Gas also has a retiree life insurance program for certain nonunion retirees. This plan is closed to future participants. Atlantic Aviation Atlantic Aviation sponsors a retiree medical and life insurance plan available to certain employees. Currently, the plan is funded as required to pay benefits and the plan has no assets. The Company accounts for postretirement healthcare and life insurance benefits in accordance with ASC 715 Compensation Retirement Benefits Additional information about the fair value of the benefit plan assets, the components of net periodic cost and the projected benefit obligation as of and for the years ended December 31, 2015 and 2014 are as follows ($ in thousands). IMTT plans are shown from July 16, 2014, the date of the IMTT Acquisition. HG DB IMTT DB Other Total 2015 2014 2015 2014 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation beginning of year $ 52,266 $ 43,522 $ 142,397 $ $ 22,737 $ 2,798 $ 217,400 $ 46,320 Benefit obligation IMTT Acquisition 123,986 18,153 142,139 Service cost 841 716 6,853 2,799 911 409 8,605 3,924 Interest cost 1,988 1,988 5,914 2,530 912 480 8,814 4,998 Plan amendments (110) (110) Participant contributions 126 60 126 60 Actuarial (gains) losses (2,752) 8,281 (13,236) 14,787 (1,498) 1,395 (17,486) 24,463 Benefits paid (2,299) (2,241) (5,856) (1,705) (1,166) (558) (9,321) (4,504) Benefit obligation end of year $ 50,044 $ 52,266 $ 136,072 $ 142,397 $ 21,912 $ 22,737 $ 208,028 $ 217,400 Change in plan assets: Fair value of plan assets beginning of year $ 45,475 $ 38,131 $ 103,090 $ $ 8,468 $ $ 157,033 $ 38,131 Fair value of plan assets IMTT Acquisition 85,462 5,703 91,165 Actual return on plan assets (351) 2,625 (343) 1,993 (78) 173 (772) 4,791 Employer contributions 6,960 17,340 811 3,090 811 27,390 Participant contributions 126 60 126 60 Benefits paid (2,299) (2,241) (5,856) (1,705) (1,166) (558) (9,321) (4,504) Fair value of plan assets end of year $ 42,825 $ 45,475 $ 96,891 $ 103,090 $ 8,161 $ 8,468 $ 147,877 $ 157,033 During 2015, Hawaii Gas did not make any contributions to the HG DB Plan. The business is not expected to make contributions in 2016 and annually for at least two years as the business made a voluntary contribution payment of $5.0 million during the third quarter of 2014. During the third quarter of 2014, IMTT made a voluntary contribution payment of $20.0 million to the IMTT DB Plan and the IMTT Union Plan. The business did not make any contributions to these plans during 2015 and is not expected to make contributions in 2016 and annually for at least five years. The annual amount of contributions will be dependent upon a number of factors such as market conditions and changes to regulations. HG DB IMTT DB Other Total 2015 2014 2015 2014 2015 2014 2015 2014 Funded status Funded status at end of year $ (7,219) $ (6,791) $ (39,181) $ (39,307) $ (13,751) $ (14,269) $ (60,151) $ (60,367) Net amount recognized in balance sheet(1) $ (7,219) $ (6,791) $ (39,181) $ (39,307) $ (13,751) $ (14,269) $ (60,151) $ (60,367) Amounts recognized in balance sheet consisting of: Noncurrent assets $ $ $ $ $ 222 $ 146 $ 222 $ 146 Current liabilities (916) (786) (916) (786) Noncurrent liabilities (7,219) (6,791) (39,181) (39,307) (13,057) (13,629) (59,457) (59,727) Net amount recognized in balance sheet(1) $ (7,219) $ (6,791) $ (39,181) $ (39,307) $ (13,751) $ (14,269) $ (60,151) $ (60,367) (1) Generally accepted accounting principles require measurement of defined benefit pension liabilities utilizing current discount rates. Statutory funding formulas permit measurement of defined benefit pension liabilities utilizing discount rates based on a 25-year average of those rates, which more closely matches the expected payout period for those liabilities. The IMTT and Hawaii Gas defined benefit pension plans both exceed 100% of the statutory funding target as of December 31, 2015. Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss for the years ended December 31, 2015 and 2014 are presented in the following table ($ in thousands): HG DB IMTT DB Other Total 2015 2014 2015 2014 2015 2014 2015 2014 Prior service credit $ $ $ $ 78 $ 110 $ 5 $ 110 $ 83 Accumulated loss (12,698) (13,313) (9,926) (15,265) (1,140) (1,945) (23,764) (30,523) Accumulated other comprehensive loss (12,698) (13,313) (9,926) (15,187) (1,030) (1,940) (23,654) (30,440) Net periodic benefit cost in excess (deficit) of cumulative employer contributions 5,479 6,522 (29,255) (24,120) (12,721) (12,329) (36,497) (29,927) Net amount recognized in balance sheet $ (7,219) $ (6,791) $ (39,181) $ (39,307) $ (13,751) $ (14,269) $ (60,151) $ (60,367) HG DB IMTT DB Other Total 2015 2014 2015 2014 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 841 $ 716 $ 6,853 $ 2,799 $ 911 $ 409 $ 8,605 $ 3,924 Interest cost 1,988 1,988 5,914 2,530 912 480 8,814 4,998 Expected return on plan assets (2,670) (2,268) (7,020) (3,049) (585) (183) (10,275) (5,500) Recognized actuarial loss (gain) 883 122 (534) 579 (31) 200 318 901 Amortization of prior service (cost) credit (78) 78 (5) 5 (83) 83 Net periodic benefit cost $ 1,042 $ 558 $ 5,135 $ 2,937 $ 1,202 $ 911 $ 7,379 $ 4,406 Other changes recognized in other comprehensive (income) loss: Prior service credit arising during the year $ $ $ $ $ (110) $ $ (110) $ Net loss (gain) arising during the year 268 7,925 (5,873) 15,844 (836) 1,406 (6,441) 25,175 Amortization of prior service cost (credit) 78 (78) 5 (5) 83 (83) Amortization of (loss) gain (883) (122) 534 (579) 31 (200) (318) (901) Total recognized in other comprehensive (income) loss $ (615) $ 7,803 $ (5,261) $ 15,187 $ (910) $ 1,201 $ (6,786) $ 24,191 The estimated amounts that will be amortized from accumulated other comprehensive loss over the next year are presented in the following table ($ in thousands): HG DB IMTT DB Other Total 2015 2014 2015 2014 2015 2014 2015 2014 Amortization of prior service cost (credit) $ $ $ $ 65 $ (15) $ 10 $ (15) $ 75 Amortization of net loss 854 883 2,310 76 479 930 3,672 The assumptions used in accounting for the HG DB Plan Benefits, IMTT DB Plan Benefits and Other Plan Benefits are as follows: HG DB IMTT DB Other 2015 2014 2015 2014 2015 2014 Weighted average assumptions to determine benefit obligations: Discount rate 4.20 % 3.90 % 4.65 % 4.25 % 3.78% to 4.55 % 3.45% to 4.15 % Rate of compensation increase N/A N/A 4.57 % 4.57 % 4.57 % (1) 4.57 % (1) Measurement date December 31 December 31 December 31 December 31 December 31 December 31 Weighted average assumptions to determine net cost: Discount rate 3.90 % 4.70 % 4.25 % 4.55 % 3.45% to 4.15 % 4.20% to 4.45 % Expected long-term rate of return on plan assets during fiscal year 5.90 % 5.90 % 7.00 % 7.00 % 7.00 % (2) 7.00 % (2) Rate of compensation increase N/A N/A 4.57 % 4.57 % 4.57 % (1) 4.57 % (1) Assumed healthcare cost trend rates: Initial health care cost trend rate 7.50 % 7.75% to 7.80 % Ultimate rate 4.50% to 5.00 % 4.50% to 5.00 % Year ultimate rate is reached 2025 to 2028 2025 to 2028 (1) Only applies to IMTT post-retirement life insurance plan. (2) Only applies to IMTT Union Plan. Pension asset investment decisions are made with assistance of an outside paid advisor to achieve the multiple goals of high rate of return, diversification and safety. The business has instructed the trustee, the investment manager, to maintain the allocation of the defined benefit plans’ assets between equity mutual fund securities, fixed income mutual fund securities, mixed equity and fixed income mutual fund securities, money market funds and cash within the pre-approved parameters set by the management. The weighted average asset allocation at December 31, 2015 and 2014 was: HG DB IMTT DB Other 2015 2014 2015 2014 2015 2014 Equity securities 60 % 64 % 58 % 59 % 58 % 59 % Fixed income securities 30 % 33 % 37 % 38 % 41 % 38 % Mixed income securities 8 % Private equity 3 % Cash 2 % 3 % 2 % 3 % 1 % 3 % Total 100 % 100 % 100 % 100 % 100 % 100 % The expected returns on plan assets were estimated based on the allocation of assets and management’s expectations regarding future performance of the investments held in the investment portfolios. The asset allocations as of December 31, 2015 and 2014 measurement dates were as follows ($ in thousands): Fair Value Measurements at December 31, 2015 Total Quoted Prices Significant Significant Asset category: Cash and money market $ 3,138 $ 3,138 $ $ Equity securities: Domestic equities 66,290 66,290 International equities 20,473 20,473 Fixed income securities: Domestic fixed income 50,860 50,860 International fixed income 1,035 1,035 Domestic mixed income securities 3,401 3,401 Domestic private equity 2,680 2,680 Total $ 147,877 $ 145,197 $ $ 2,680 Fair Value Measurements at December 31, 2014 Total Quoted Prices Significant Significant Asset category: Cash and money market $ 4,638 $ 4,638 $ $ Equity securities: Domestic equities 72,882 72,882 International equities 22,204 22,204 Fixed income securities: Domestic fixed income 56,284 56,284 International fixed income 1,025 1,025 Total $ 157,033 $ 157,033 $ $ HG DB IMTT DB Other Total 2016 $ 2,665 $ 4,320 $ 1,177 $ 8,162 2017 2,778 4,469 1,218 8,465 2018 2,874 4,528 1,202 8,604 2019 2,916 5,493 1,313 9,722 2020 2,973 6,299 1,462 10,734 Thereafter 15,299 37,001 7,145 59,445 Total $ 29,505 $ 62,110 $ 13,517 $ 105,132 |
Legal Proceedings and Contingen
Legal Proceedings and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Contingencies | 16. 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. IMTT Bayonne Remediation Estimate The Bayonne, New Jersey terminal, portions of which have been acquired and aggregated over a 30-year period, contain pervasive remediation requirements that were assumed at the time of purchase from the various former owners. One former owner retained environmental remediation responsibilities for a purchased site as well as sharing other remediation costs. These remediation requirements are documented in two memoranda of agreement and an administrative consent order with the State of New Jersey. Remediation efforts entail removal of free product, soil treatment, repair/replacement of sewer systems, and the implementation of containment and monitoring systems. These remediation activities are estimated to span a period of ten to twenty or more years at a cost ranging from $ 30.0 65.0 Except as noted above, there are no material legal proceedings pending other than ordinary routine litigation incidental to the Company’s businesses. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events Dividend On February 18 $ 1.15 March 8 3 Hawaii Gas Refinancing On February 10, 2016, Hawaii Gas completed the refinancing of its existing $ 80.0 60.0 five 0.50 0.25 80.0 1.0 1.75 1.75 0.99 four 1.0 1.75 1.25 |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | 18. Quarterly Data (Unaudited) Quarter ended March 31 June 30 September 30 December 31 (In thousands, except per share data) 2015 Revenue $ 398,498 $ 423,689 $ 415,709 $ 401,354 Operating (loss) income (115,910) (75,405) 73,126 58,864 Net (loss) income attributable to MIC (89,002) (63,096) 10,638 32,923 Per share information attributable to MIC: Net (loss) income per share basic $ (1.22) $ (0.80) $ 0.13 $ 0.41 Net (loss) income per share diluted (1) (1.22) (0.80) 0.13 0.41 Cash dividends declared per share $ 1.07 $ 1.11 $ 1.13 $ 1.15 2014 Revenue (2) $ 276,195 $ 280,943 $ 388,638 $ 405,142 Operating income (loss) (2) 27,625 20,768 (74,267) 60,181 Net income attributable to MIC (2) (3) 20,366 9,700 990,993 20,969 Per share information attributable to MIC: Net income per share basic $ 0.36 $ 0.17 $ 14.57 $ 0.30 Net income per share diluted (1) 0.36 0.17 13.87 0.30 Cash dividends declared per share $ 0.9375 $ 0.95 $ 0.98 $ 1.02 (1) Diluted net (loss) income per share reflects the effect of potentially dilutive shares assuming: (i) the restricted stock unit grants provided to the independent directors had been fully converted to shares on the grant dates; (ii) the $ 67.8 (2) Includes 100% of the results of IMTT subsequent to the IMTT Acquisition on July 16, 2014. (3) Includes gain from acquisition/divestiture of businesses totaling $ 1.0 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates investments where it has a controlling financial interest. The general condition for a controlling financial interest is ownership of a majority of the voting interest and, therefore, as a general rule, ownership, directly or indirectly, of over 50 As of December 31, 2015, the Company was the primary beneficiary in six solar power facilities and two wind power facilities in the U.S. and consolidated these projects accordingly. |
Investments | Investments The Company accounts for 50 Subsequent to the IMTT acquisition on July 16, 2014 (IMTT Acquisition), the Company does not have any equity method investments on its consolidated balance sheet. From January 1, 2014 through July 15, 2014, the results of IMTT have been accounted for under the equity method of accounting. From July 16, 2014 through December 31, 2014 and subsequent periods, the Company has consolidated the results of IMTT. Investment in unconsolidated business of $ 8.3 9.8 20 |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements, which are in conformity with generally accepted accounting principles (GAAP) requires the Company to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and the estimates are based on experience, current and expected future conditions, third-party evaluations and various other assumptions that the Company believes are reasonable under the circumstances. Significant items subject to such estimates and assumptions include the carrying amount of property, equipment, land and leasehold improvements, intangibles and goodwill; valuation allowances for receivables, inventories and deferred income tax assets; assets and obligations related to employee benefits; and valuation of derivative instruments. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from the estimates and assumptions used in the financial statements and related notes. |
Business Combinations | Business Combinations Acquisitions of businesses that the Company controls are accounted for under the purchase method of accounting. The amounts assigned to the identifiable assets acquired and liabilities assumed in connection with acquisitions are based on estimated fair values as of the date of the acquisition, with the remainder, if any, recorded as goodwill. The fair values are determined by the Company’s management, taking into consideration information supplied by the management of acquired entities and other relevant information. Such information includes valuations supplied by independent appraisal experts for significant business combinations. The valuations are generally based upon future cash flow projections for the acquired assets, discounted to present value. The determination of fair values require significant judgment both by management and outside experts engaged to assist in this process. |
Cash and Cash Equivalents | The Company considers all highly liquid investments , including commercial paper, |
Restricted Cash | Restricted Cash Restricted cash on the consolidated balance sheets represents cash account agreements that require the businesses within the CP&E segment that have long-term debt to maintain cash accounts restricted to fund operations, capital expenditures and debt service. For these businesses, cash generated from operations is recorded in restricted cash upon receipts. The solar and wind businesses within the CP&E segment use the restricted cash to pay distributions to its partners and the Bayonne Energy Center (BEC) within the CP&E segment also uses restricted cash to fund capital expenditures. The Company recorded $ 19.0 $ 18.9 22.0 21.3 The remaining amounts are included in other noncurrent asset |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company uses estimates to determine the amount of the allowance for doubtful accounts necessary to reduce billed and unbilled accounts receivable to their net realizable value. The Company estimates the required allowance by reviewing the status of past-due receivables and analyzing historical bad debt trends. Actual collection experience has not varied significantly from estimates primarily due to credit policies and a lack of concentration of accounts receivable. The Company writes off receivables deemed to be uncollectible to the allowance for doubtful accounts. |
Inventory | Inventory Inventory consists principally of fuel purchased from various third-party vendors at Atlantic Aviation and Hawaii Gas and materials and supplies at all of the operating businesses. Fuel inventory is stated at the lower of cost or market. Materials and supplies inventory is valued at the lower of average cost or market. Inventory sold is recorded using the first-in-first-out method at Atlantic Aviation and an average cost method at Hawaii Gas. IMTT also has inventory for sale for its spill response activity business. This is carried at lower of average cost or market. Cash flows related to the sale of inventory are classified in net cash provided by operating activities in the consolidated statements of cash flows. The Company’s inventory balance at December 31, 2015 comprised $ 14.3 $ 15.2 15.6 12.5 |
Property, Equipment, Land and Leasehold Improvements | Property, Equipment, Land and Leasehold Improvements Property, equipment and land are initially recorded at cost. Leasehold improvements are recorded at the initial present value of the minimum lease payments less accumulated amortization. Major renewals and improvements are capitalized while maintenance and repair expenditures are expensed when incurred. Interest expense relating to construction in progress is capitalized as an additional cost of the asset. The Company depreciates property, equipment and leasehold improvements over their estimated useful lives on a straight-line basis. Within the CP&E segment, depreciation expense for the district energy business was included in cost of services in the consolidated statements of operations prior to the Company’s divestiture of the business on August 21, 2014. Buildings 10 68 Leasehold and land improvements 5 40 Machinery and equipment 3 62 Furniture and Fixtures 3 25 |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill consists of costs in excess of the aggregate purchase price over the fair value of tangible and identifiable intangible net assets acquired in business combinations. Customer relationships 9 30 Contractual arrangements 5 57 Non-compete agreements 10 Leasehold rights 25 Trade names 20 Technology 5 |
Impairment of Long-lived Assets, Excluding Goodwill | Impairment of Long-lived Assets, Excluding Goodwill Long-lived assets, including amortizable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be fully recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the fair value of the assets. Fair value is generally determined by estimates of discounted cash flows or value expected to be realized in a third party sale. The discount rate used in any estimate of discounted cash flows would be the rate required for a similar investment of like risk. |
Impairment of Goodwill | Impairment of Goodwill Goodwill is tested for impairment at least annually or when there is a triggering event that indicates impairment. For the annual impairment test, the Company can make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test, as discussed below. If an entity concludes it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it need not perform the two-step impairment test. If an entity concludes that it is more likely than not that the fair value of reporting unit is less than its carrying amount, or if there is a triggering event that indicates impairment, the Company needs to perform the two-step impairment test. This requires management to make judgments in determining what assumptions to use in the calculation. The first step is to determine the estimated fair value of each reporting unit with goodwill. The reporting units of the Company, for purposes of the impairment test, are those components of operating segments for which discrete financial information is available and segment management regularly reviews the operating results of that component. When determining reporting units, components with similar economic characteristics are combined. The Company estimates the fair value of each reporting unit by estimating the present value of the reporting unit’s future discounted cash flows or value expected to be realized in a third party sale. If the recorded net assets of the reporting unit are less than the reporting unit’s estimated fair value, then no impairment is indicated. Alternatively, if the recorded net assets of the reporting unit exceed its estimated fair value, then goodwill is assumed to be impaired and a second step is performed. In the second step, the implied fair value of goodwill is determined by deducting the estimated fair value of all tangible and identifiable intangible net assets of the reporting unit from the estimated fair value of the reporting unit. If the recorded amount of goodwill exceeds this implied fair value, an impairment charge is recorded for the excess. |
Impairment of Indefinite-lived Intangibles, Excluding Goodwill | Impairment of Indefinite-lived Intangibles, Excluding Goodwill Indefinite-lived intangibles, which consist of trademarks, are considered impaired when the carrying amount of the asset exceeds its implied fair value. The Company estimates the fair value of each trademark using the relief-from-royalty method that discounts the estimated net cash flows the Company would have to pay to license the trademark under an arm’s length licensing agreement. If the recorded indefinite-lived intangible is less than its estimated fair value, then no impairment is indicated. Alternatively, if the recorded intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. |
Debt Issuance Costs | Debt Issuance Costs The Company capitalizes all direct costs incurred in connection with the issuance of debt as debt issuance costs. These costs are amortized over the contractual term of the debt instrument, which ranges from 5 23 |
Derivative Instruments | Derivative Instruments From time to time the Company enters into interest rate swap agreements to minimize potential variations in cash flows resulting from fluctuations in interest rates and their impact on its variable-rate debt. Since the fourth quarter of 2014, the Company’s Hawaii Gas business entered into commodity price hedges to mitigate the impact of fluctuations in propane prices on its cash flows. The Company accounts for derivatives and hedging activities in accordance with Accounting Standard Codification ( Derivatives and Hedging |
Financial Instruments | Financial Instruments The Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and variable-rate senior debt, are carried at cost, which approximates their fair value because of either the short-term maturity, or variable or competitive interest rates assigned to these financial instruments. |
Concentrations of Credit Risk | Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with financial institutions and its balances may exceed federally insured limits. The Company’s accounts receivable are mainly derived from fuel and gas sales and services rendered under contract terms with commercial and private customers located primarily in the United States. At December 31, 2015 December 31, 2015 |
Foreign Currency Translation | Foreign Currency Translation The assets and liabilities of IMTT’s Newfoundland and Quebec locations are translated from their local currency (Canadian dollars) to U.S. dollars at exchange rates in effect at the end of the year and consolidated statement of operations accounts are translated at average exchange rates for the year. Translation gains or losses as a result of changes in the exchange rate are recorded as a component of other comprehensive income (loss). |
Tolling Agreements Liability | Tolling Agreements Liability Tolling agreements represent agreements with an off-taker where BEC agreed to sell 62.5 |
Income (Loss) per Share | Income (Loss) per Share The Company calculates income (loss) per share using the weighted average number of common shares outstanding during the period. Diluted income (loss) per share is computed using the weighted average number of dilutive common equivalent shares outstanding during the period. Common equivalent shares consist of shares issuable upon conversion of the Company’s convertible senior notes (using the if-converted method), stock units granted to the Company’s independent directors and fees payable to the Manager that will be reinvested in shares by the Manager in a future period. Common equivalent shares are excluded from the calculation if their effect is anti-dilutive. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The Company follows the requirements of ASC 220 Comprehensive Income |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the seller’s price to the buyer is fixed and determinable and collectability is probable. IMTT Contracts for the use of storage capacity at the various terminals predominantly have non-cancelable terms of one to five years. These contracts generally provide for payments for providing storage capacity throughout their term based on a fixed rate per barrel of capacity leased, as adjusted annually for inflation indices. Contract revenue is recognized over their term based on the rate specified in the contract. Revenue from the rendering of ancillary services (e.g., product movement (throughput), heating, blending, etc.) is recognized as the related services are performed based on contract rates. Throughput revenues in excess of those provided by contract are not recognized until the throughput quantity specified in the contract for the applicable period is exceeded. Payments received prior to the related services being performed or as a reimbursement for specific fixed asset additions or improvements related to a customer’s contract are recorded as deferred revenue and ratably recognized as revenues over the contract term; the noncurrent portion is included in other noncurrent liabilities. Environmental response services revenues are recognized as services are rendered. Revenue from IMTT is recorded in service revenue on the consolidated statements of operations. Atlantic Aviation Revenue from Atlantic Aviation is recorded in service revenue on the consolidated statements of operations. Services provided by Atlantic Aviation include: (i) Fuel services recognized when fuel has been delivered to the customer, collection of the resulting receivable is probable, persuasive evidence of an arrangement exists and the fee is fixed or determinable. Fuel services are recorded net of volume discounts and rebates; (ii) Certain fueling fees for fueling certain carriers with fuel owned by such carriers. Revenue from these transactions are recorded based on the service fee earned and does not include the cost of the carriers’ fuel; and (iii) Other services consisting principally of de-icing services, landing and fuel distribution fees as well as rental income for hangar and terminal use. Other fixed base operation (FBO) revenue is recognized as the services are rendered to the customer. CP&E BEC With respect to BEC’s contracted capacity, revenue is recognized as energy, capacity and ancillary services are sold to the off-taker under the third-party tolling agreements, which are based on a fixed rate per megawatt (MW) of capacity and not subject to dispatch or utilization. A portion of the revenues under the tolling agreements are subject to annual increases. Revenues under the tolling agreements are subject to availability of capacity (subject to a historical rolling average forced outage factor). Variable operating and major maintenance revenues under the tolling agreements are a function of net plant output and a negotiated rate, which is adjusted annually based on historical plant experience. With respect to BEC’s residual capacity, revenue is recognized as energy, capacity and ancillary services are sold into the New York Independent System Operator (NYISO) energy market, which are based on prevailing market rates at the time such services are sold. Volumes of energy and ancillary services sold are subject to BEC’s market based dispatch from NYISO. Revenue from BEC is recorded in product revenue on the consolidated statements of operations. Solar and wind power facilities Revenue from the solar and wind power facilities are recognized when the electricity is provided to the utility companies. Owners of the solar and wind power facilities sell substantially all of the electricity generated at a fixed price to electric utilities pursuant to long-term (typically 20 25 District energy business (through the date sold) Revenue from cooling capacity and consumption was recognized at the time of performance of service. Cash received from customers for services to be provided in the future was recorded as unearned revenue and recognized over the expected service period on a straight-line basis. Revenue from the district energy business was recorded in service revenue on the consolidated statements of operations through the date of sale on August 21, 2014. Hawaii Gas Hawaii Gas recognizes revenue when products are delivered. Sales of gas to customers are billed on a monthly-cycle basis. Earned but unbilled revenue is accrued and included in accounts receivable and revenue based on the amount of gas that is delivered but not billed to customers from the latest meter reading or billed delivery date to the end of an accounting period, and the related costs are charged to expense. Most revenue is based upon consumption; however, certain revenue is based upon a flat rate . |
Regulatory Assets and Liabilities | The regulated utility operations of Hawaii Gas are subject to regulations with respect to rates, service, maintenance of accounting records, and various other matters by the Hawaii Public Utilities Commission (HPUC). The established accounting policies recognize the financial effects of the rate-making and accounting practices and policies of the HPUC. Regulated utility operations are subject to the provisions of ASC 980, Regulated Operations ASC 980 may, at some future date, be deemed inapplicable because of changes in the regulatory and competitive environments or other factors. If the Company were to discontinue the application of this guidance, the Company would be required to write-off its regulatory assets and regulatory liabilities and would be required to adjust the carrying amount of any other assets, including property, plant and equipment, that would be deemed not recoverable related to these affected operations. The Company believes its regulated operations in Hawaii Gas continue to meet the criteria of ASC 980 and that the carrying value of its regulated property, plant and equipment is recoverable in accordance with established HPUC rate-making practices. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company and its more than 80% owned subsidiaries file a consolidated U.S. federal income tax return, including its allocated share of the taxable income from its solar and wind power facilities. The investments in solar and wind power facilities within the CP&E business are held in various LLCs, which are treated as partnerships for income tax purposes. Prior to the IMTT Acquisition in July 2014, the Company’s consolidated income tax return did not include IMTT and the district energy business, both of which were less than 80% owned by the Company and each filed separate income tax returns. Subsequent to the Company’s acquisition of the remaining 50 In assessing the need for a valuation allowance, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. |
Reclassifications | Certain reclassifications were made to the financial statements for the prior period to conform to current year presentation. |
Recently Issued Accounting Standards Adopted | Recently Issued Accounting Standards Adopted On November 20, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes On September 25, 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement Period Adjustments On August 12, 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, Revenue from Contracts with Customers, On July 22, 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, 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 On February 18, 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Economic Useful Lives of Property Plant and Equipment | Buildings 10 68 Leasehold and land improvements 5 40 Machinery and equipment 3 62 Furniture and Fixtures 3 25 |
Schedule of Estimated Useful Lives of Intangible Assets | Customer relationships 9 30 Contractual arrangements 5 57 Non-compete agreements 10 Leasehold rights 25 Trade names 20 Technology 5 |
(Loss) Income per Share (Tables
(Loss) Income per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Income (Loss) per Share | Year Ended December 31, 2015 2014 2013 Numerator: Net (loss) income attributable to MIC $ (108,537) $ 1,042,028 $ 31,254 Interest expense attributable to convertible senior notes, net of taxes 3,016 Diluted net (loss) income attributable to MIC $ (108,537) $ 1,045,044 $ 31,254 Denominator: Weighted average number of shares outstanding: basic 77,997,826 62,990,312 51,381,003 Dilutive effect of restricted stock unit grants 12,637 15,143 Dilutive effect of convertible senior notes 1,922,616 Weighted average number of shares outstanding: diluted 77,997,826 64,925,565 51,396,146 (Loss) income per share: Basic (loss) income per share attributable to MIC $ (1.39) $ 16.54 $ 0.61 Diluted (loss) income per share attributable to MIC $ (1.39) $ 16.10 $ 0.61 |
Schedule of Antidilutive Securities | Year Ended December 31, 2015 2014 2013 Restricted stock unit grants 9,410 Fees to Manager-related party (1) 449,126 Convertible senior notes 4,160,717 Total 4,619,253 (1) Represents $67.8 million of the performance fee for the quarter ended June 30, 2015, settlement of which was deferred to July 2016. The weighted average potentially dilutive shares of common stock in the above table includes shares assumed to have been issued had the Manager reinvested this fee in shares in July 2015. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
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 716,818 Intangible assets-contractual arrangements (1) 63,115 Goodwill (2) 21,628 Total assets acquired $ 824,941 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) 7,777 Other current liabilities 179 Total current liabilities 22,412 Long-term debt, net of current portion 503,827 Tolling agreements noncurrent (3) 73,983 Fair value of derivative instruments non-current 15,279 Other noncurrent liabilities 486 Total liabilities assumed 615,987 Net assets acquired $ 208,954 (1) Contractual arrangements are being amortized over a seventeen year period. (2) Goodwill is deductible for tax purposes. (3) Tolling agreements represent agreements with an off-taker where BEC agreed to sell 62.5 |
Property, Equipment, Land and33
Property, Equipment, Land and Leasehold Improvements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | As of December 31, 2015 2014 Land $ 291,521 $ 272,110 Easements 131 131 Buildings 41,049 40,730 Leasehold and land improvements 590,646 439,962 Machinery and equipment 3,455,776 2,810,531 Furniture and fixtures 29,547 28,664 Construction in progress 203,146 72,241 4,611,816 3,664,369 Less: accumulated depreciation (495,653) (301,784) Property, equipment, land and leasehold improvements, net $ 4,116,163 $ 3,362,585 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | As of December 31, 2015 2014 Contractual arrangements $ 901,807 $ 873,406 Non-compete agreements 9,665 9,665 Customer relationships 340,425 342,232 Leasehold rights 350 350 Trade names 16,091 16,091 Technology 8,760 8,760 1,277,098 1,250,504 Less: accumulated amortization (342,206) (290,870) Intangible assets, net $ 934,892 $ 959,634 |
Schedule of Estimated Future Amortization Expense | 2016 $ 64,713 2017 59,031 2018 54,740 2019 51,791 2020 47,759 Thereafter 649,367 Total $ 927,401 |
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 28,874 Less: purchase accounting adjustments related to 2014 acquisitions (6,241) Less: other (1,681) Balance at December 31, 2015 $ 2,017,211 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Expenses | As of December 31, 2015 2014 Payroll and related liabilities $ 26,740 $ 27,185 Purchase of property and equipment 8,045 4,170 Interest 10,684 7,853 Sales tax 5,750 8,322 Insurance 6,361 8,832 Property tax 4,670 4,191 Other 16,277 16,695 $ 78,527 $ 77,248 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instrument [Line Items] | |
Schedule of Long-Term Debt | As of December 31, 2015 2014 IMTT $ 1,127,223 $ 953,061 Atlantic Aviation 604,609 611,328 CP&E 555,486 298,132 Hawaii Gas 180,000 180,000 MIC Corporate 365,975 350,000 Total 2,833,293 2,392,521 Less: current portion (40,099) (27,655) Long-term portion $ 2,793,194 $ 2,364,866 |
Schedule of Future Maturities of Long-Term Debt | 2016 $ 40,099 2017 114,072 2018 35,108 2019 395,151 2020 606,844 Thereafter 1,642,019 Total $ 2,833,293 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | Facility Terms Senior Notes, Series A Senior Notes, Series B Amount Outstanding at December 31, 2015 $ 325.0 $ 275.0 Maturity May 2025 May 2027 Amortization Payable at maturity Payable at maturity Interest Rate 3.92 4.02 Security Unsecured Unsecured |
Contracted Power and Energy Businesses [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | Facility Terms Solar Power Facilities Term Loans Wind Power Facility Term Loan Borrower • Picture Rocks Solar, LLC (Tucson Project); • Bryan Solar, LLC (Presidio Project); • Sune DM, LLC (DMAFB Project); • Sol Orchard San Diego 20 LLC and Sol Orchard San Diego 21 LLC (Ramona Project ); and • Sol Orchard San Diego 22 LLC and Sol Orchard San Diego 23 LLC (Valley Center Project) • Idaho Wind Partners 1, LLC (IWP Project) Facilities $ 133.1 $ 151.4 Maturity September 2032 to September 2036 December 2027 Amortization Fully amortizing over 20 23 Fully amortizing over 17 Interest Type Fixed Floating Interest Rate 4.0 % to 5.6 LIBOR plus 1.625 The margin increases by 0.25% every five Collateral First lien on the following: • Project revenues; • Equity of the Borrower; • All property and assets of the Borrower; and • Insurance policies and claims or proceeds. First lien on the following: • All property and assets of the Borrower and project companies; and • Equity interests in the Borrower Mandatory Prepayment • With net proceeds that equal or exceed $ 250,000 500,000 • With net proceeds that equal or exceed $ 500,000 • With insurance proceeds that exceed from $ 250,000 1.0 • With insurance proceeds that exceed $ 10.0 • With condemnation proceeds that exceed from $ 250,000 1.0 • With Guaranteed Performance commitment liquidated damages in excess of $ 250,000 • With net proceeds from equity and certain debt issuances. • With amount necessary to reduce debt to within the revised projected debt service coverage ratio following a substantial change such as additional wind turbines not in engineers plan. |
Hawaii Gas Business [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | Facility Terms Holding Company Debt Operating Company Debt Borrowers HGC Holdings LLC (HGC) The Gas Company, LLC (TGC) Facilities $ 80.0 $ 100.0 $ 60.0 Maturity August 2017 August 2022 August 2017 Amortization Payable at maturity Payable at maturity Revolving, payable at maturity Interest Rate LIBOR plus 2.25 0.5 4.22 % payable semi-annually LIBOR plus 1.50 0.5 0.5 Commitment Fees Collateral ___ First lien on all assets of HGC and its subsidiaries ___ First lien on all assets of TGC and its subsidiaries 0.225 % on the undrawn portion First lien on all assets of TGC and its subsidiaries |
Revolving Credit Facility [Member] | United States- IMTT [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 December 31, 2015 Undrawn Undrawn Maturity May 2020 May 2020 Amortization Revolving, payable at maturity Revolving, payable at maturity Interest Rate LIBOR plus 1.50 Bankers' Acceptances Rate plus 1.50 Commitment Fees 0.225 0.225 Security Unsecured Unsecured |
Revolving Credit Facility [Member] | MIC Corporate [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | Facility Terms Senior Secured Revolving Credit Facility Convertible Senior Notes Total Committed Amount $ 410.0 Amount Outstanding at December 31, 2015 $ 16.0 $ 350.0 Maturity July 2019 July 2019 Amortization Revolving, payable at maturity Payable at maturity or convertible at the holder's option into the Company's shares Interest Rate LIBOR plus 1.75 2.875 Commitment Fees 0.275 Security Secured Unsecured |
Bayonne Energy Center [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | Facility Terms Term Financing Revolving Credit Facility Total Committed Amount $ 275.0 $ 25.0 Amount Outstanding at December 31, 2015 $ 271.0 Undrawn Maturity August 2022 August 2022 Amortization $ 10.0 Revolving, payable at maturity Interest Rate LIBOR plus 2.125 LIBOR plus 2.125 LIBOR plus 2.375 LIBOR plus 2.375 Commitment Fee 0.50 % per annum Collateral First lien on all assets (subject to certain exceptions) First lien on all assets (subject to certain exceptions) |
NJEDA Bonds [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | Facility Terms New Jersey Economic Development Authority Amount Outstanding at December 31, 2015 $ 36.3 Maturity December 2027 Amortization Payable at maturity, subject to mandatory tender in May 2022 Interest Rate One-month LIBOR plus Revolving Credit Facility margin plus 0.625 Security Unsecured |
LA Bonds [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | The key terms of the LA Bonds at December 31, 2015 are summarized in the table below. Facility Terms Louisiana Public Series 2007 The Industrial Series 2007 Louisiana Public Series 2010 Louisiana Public Series 2010A Louisiana Public Series 2010B Amount Outstanding at December 31, 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 mandatory tender in May 2022 Payable at maturity, subject to mandatory tender in May 2022 Payable at maturity, subject to mandatory tender in May 2022 Payable at maturity, subject to mandatory tender in May 2022 Payable at maturity, subject to mandatory 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 |
A A FBO [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | Term Financing Revolving Credit Facility Borrower AA FBO AA FBO Facilities $ 615.0 600.5 $ 70.0 Maturity June 2020 May 2018 Amortization 1.0 % of the original principal amount per annum paid in equal quarterly installments with the balance payable at maturity Revolving, payable at maturity Interest Type Floating Floating Interest Rate and Fees • LIBOR plus 2.50 1.50 0.5 1.0 • LIBOR plus 2.50 1.50 Commitment fee: 0.50 • Subject to a minimum LIBOR of 0.75 1.75 Collateral First priority security interest in (x) the equity securities of AA FBO and certain of its subsidiaries and (y) the personal and material real property of Holdings, AA FBO and certain of its subsidiaries (in each case subject to certain exceptions) First priority security interest in (x) the equity securities of AA FBO and certain of its subsidiaries and (y) the personal and material real property of Holdings, AA FBO and certain of its subsidiaries (in each case subject to certain exceptions) Mandatory Prepayment • With 0% excess cash flow, with a step up to 50 4.25 1.00 • With net proceeds from the sale of assets in excess of $ 5.0 • With net proceeds of debt issuances by Holdings, AA FBO and its restricted subsidiaries (other than certain permitted debt) |
Derivative Instruments and He37
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | Assets (Liabilities) (1) As of December 31, Balance Sheet Location 2015 2014 Fair value of derivative instruments other noncurrent assets (2) $ 1,810 $ 584 Total derivative contracts assets (2) $ 1,810 $ 584 Fair value of derivative instruments current liabilities (2)(3) $ (19,628) $ (32,111) Fair value of derivative instruments noncurrent liabilities (2)(3) (15,698) (27,724) Total derivative contracts liabilities (2)(3) $ (35,326) $ (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 | Amount of Loss Recognized in Financial Statement Account 2015 2014 2013 Interest expense Interest rate cap $ $ (1) $ (94) Interest expense Interest rate swaps (1) (30,457) (21,311) (7,389) Cost of product sales Commodity swaps (6,458) Other income, net Commodity swaps (2,541) Total $ (36,915) $ (23,853) $ (7,483) (1) Interest expense for the years ended December 31, 2014 and 2013 includes $20.5 million and $6.0 million, respectively, of derivative losses and $856,000 and $1.4 million, respectively, for amounts reclassified from accumulated other comprehensive loss for the interest rate swap contracts. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Cash Flow Hedges, (1) Post-Retirement (2) Translation (3) Total Accumulated Noncontrolling Total Stockholders' Balance at December 31, 2012 $ (1,538) $ (20,466) $ 514 $ (21,490) $ 689 $ (20,801) Reclassification of realized losses of derivatives into earnings 902 902 (431) 471 Change in post-retirement benefit plans 12,445 12,445 12,445 Translation adjustment (560) (560) (560) Balance at December 31, 2013 $ (636) $ (8,021) $ (46) $ (8,703) $ 258 $ (8,445) Reclassification of realized losses of derivatives into earnings 636 636 (258) 378 Change in post-retirement benefit plan (10,816) (10,816) (10,816) Translation adjustment (4,813) (4,813) 2,146 (2,667) Balance at December 31, 2014 $ $ (18,837) $ (4,859) $ (23,696) $ 2,146 $ (21,550) Change in post-retirement benefit plans 4,049 4,049 4,049 Translation adjustment (9,671) (9,671) 3,877 (5,794) Balance at December 31, 2015 $ $ (14,788) $ (14,530) $ (29,318) $ 6,023 $ (23,295) (1) Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $856,000 and $1.4 million, respectively, and the related tax benefit of $ 340 $5 68 65 21 57 operatio (2) Change in post-retirement benefit plans is presented net of taxes of $2.7 million, $6.9 million and $7.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. For the year ended December (3) Translation adjustment is presented net of taxes of $3.9 million, $2.7 million and $ 302 |
Schedule of Dividends | Declared Period Covered $ per Share Record Date Payable Date February 18, 2016 Fourth quarter 2015 $ 1.15 March 3, 2016 March 8, 2016 October 29, 2015 Third quarter 2015 $ 1.13 November 13, 2015 November 18, 2015 July 30, 2015 Second quarter 2015 $ 1.11 August 13, 2015 August 18, 2015 April 30, 2015 First quarter 2015 $ 1.07 May 14, 2015 May 19, 2015 February 17, 2015 Fourth quarter 2014 $ 1.02 March 2, 2015 March 5, 2015 October 27, 2014 Third quarter 2014 $ 0.98 November 10, 2014 November 13, 2014 July 3, 2014 Second quarter 2014 $ 0.95 August 11, 2014 August 14, 2014 April 28, 2014 First quarter 2014 $ 0.9375 May 12, 2014 May 15, 2014 February 18, 2014 Fourth quarter 2013 $ 0.9125 March 3, 2014 March 6, 2014 October 25, 2013 Third quarter 2013 $ 0.875 November 11, 2013 November 14, 2013 July 29, 2013 Second quarter 2013 $ 0.875 August 12, 2013 August 15, 2013 April 26, 2013 First quarter 2013 $ 0.6875 May 13, 2013 May 16, 2013 |
Schedule of Stock Issued to Board of Directors | Stock Units Price of Stock Date of Grant Granted (1) Units Granted Date of Vesting February 21, 2013 895 $ 44.55 May 19, 2013 May 20, 2013 12,910 $ 58.09 May 20, 2014 May 21, 2014 12,525 $ 59.89 May 19, 2015 June 18, 2015 (2) 8,660 $ 86.61 (3) (1) Stock units granted refer (i) from and after the time of the Conversion, to common stock and (ii) prior to the Conversion, LLC interests. (2) The 8,660 restricted stock units granted on June 18, 2015 were granted under the 2014 Plan. (3) Date of vesting will be the day immediately preceding the 2016 annual meeting of the Company's stockholders. |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Revenue From External Customers | Year Ended December 31, 2015 IMTT Atlantic Contracted Hawaii Total Reportable Service revenue $ 550,041 $ 738,460 $ $ $ 1,288,501 Product revenue 123,797 226,952 350,749 Total revenue $ 550,041 $ 738,460 $ 123,797 $ 226,952 $ 1,639,250 Year Ended December 31, 2014 IMTT (1) Atlantic Contracted Hawaii Total Reportable Service revenue $ 255,934 $ 779,261 $ 29,487 $ $ 1,064,682 Product revenue 19,779 264,621 284,400 Financing and equipment lease income 1,836 1,836 Total revenue $ 255,934 $ 779,261 $ 51,102 $ 264,621 $ 1,350,918 (1) Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. Year Ended December 31, 2013 Atlantic Contracted Hawaii Total Service revenue $ 725,480 $ 44,880 $ $ 770,360 Product revenue 9,371 257,725 267,096 Financing and equipment lease income 3,563 3,563 Total revenue $ 725,480 $ 57,814 $ 257,725 $ 1,041,019 |
Schedule of EBITDA for Reportable Segments | Year Ended December 31, 2015 IMTT Atlantic Contracted Hawaii Total Reportable Net income (loss) $ 74,140 $ 22,805 $ (1,296) $ 23,993 $ 119,642 Interest expense, net 37,378 35,735 28,390 7,279 108,782 Provision for income taxes 51,520 16,081 4,887 14,261 86,749 Depreciation 120,950 40,249 45,490 8,554 215,243 Amortization of intangibles 11,052 86,102 3,500 781 101,435 Other non-cash expense (income) 7,027 2,645 (12,815) 5,215 2,072 EBITDA excluding non-cash items $ 302,067 $ 203,617 $ 68,156 $ 60,083 $ 633,923 Year Ended December 31, 2014 IMTT (1) Atlantic Contracted Hawaii Total Reportable Net income (loss) $ 34,650 $ 36,964 $ (1,771) $ 21,329 $ 91,172 Interest expense, net 10,864 40,618 8,606 7,091 67,179 Provision for income taxes 25,768 25,096 823 12,635 64,322 Depreciation(2) 47,475 28,264 19,132 7,945 102,816 Amortization of intangibles 5,091 35,514 843 1,247 42,695 Other non-cash expense (income) 3,903 1,475 (4,910) 6,709 7,177 EBITDA excluding non-cash items $ 127,751 $ 167,931 $ 22,723 $ 56,956 $ 375,361 (1) Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. (2) Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company’s divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated statements of operations. Year Ended December 31, 2013 Atlantic Contracted Hawaii Total Reportable Net income $ 38,545 $ 611 $ 22,316 $ 61,472 Interest expense, net 22,151 7,930 6,834 36,915 Provision for income taxes 25,218 827 14,995 41,040 Depreciation (1) 24,301 14,056 7,519 45,876 Amortization of intangibles 32,077 1,326 1,248 34,651 Other non-cash expense (income) 2,545 (663) 2,116 3,998 EBITDA excluding non-cash items $ 144,837 $ 24,087 $ 55,028 $ 223,952 (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 statements of operations. |
Schedule of Capital Expenditures | Year Ended December 31, 2015 2014 2013 IMTT $ 96,990 $ 47,376 $ Atlantic Aviation 64,385 43,691 31,049 Contracted Power and Energy 15,636 14,376 58,687 Hawaii Gas 17,137 18,503 21,472 Total $ 194,148 $ 123,946 $ 111,208 |
Schedule of Assets of Reportable Segments | Property, Equipment, Goodwill Total Assets 2015 2014 2015 2014 2015 2014 IMTT $ 2,238,654 $ 2,267,650 $ 1,410,668 $ 1,412,349 $ 4,022,584 $ 4,057,857 Atlantic Aviation 390,188 331,945 464,722 457,476 1,527,556 1,537,370 Contracted Power and Energy 1,274,557 563,056 21,628 6,241 1,431,086 618,199 Hawaii Gas 212,764 199,934 120,193 120,193 387,465 394,363 Total $ 4,116,163 $ 3,362,585 $ 2,017,211 $ 1,996,259 $ 7,368,691 $ 6,607,789 |
Schedule of Reconciliation of Assets of Reportable Segments | As of December 31, 2015 2014 Total assets of reportable segments $ 7,368,691 $ 6,607,789 Corporate and other 10,137 17,399 Total consolidated assets $ 7,378,828 $ 6,625,188 |
United States- IMTT [Member] | |
Schedule of Selected Consolidated Financial Data | Year Ended 2014 Revenue $ 1,662,451 Net income attributable to MIC (1) 77,923 (1) The tax rate used to calculate net income attributable to MIC was 35.0 |
Schedule of Segment Information | As of, and for the Period From (1) Year Ended Revenue $ 311,533 $ 513,902 Net income $ 57,496 $ 87,855 Interest expense, net 16,375 24,572 Provision for income taxes 38,265 61,149 Depreciation and amortization 40,922 76,091 Other non-cash expenses 4,366 18,822 EBITDA excluding non-cash items(2) $ 157,424 $ 268,489 Capital expenditures paid $ 59,868 $ 149,723 Property, equipment, land and leasehold improvements, net 1,289,245 1,273,692 Total assets 1,415,378 1,378,930 (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 | Year Ended December 31, 2015 2014 2013 Total reportable segments EBITDA excluding non-cash items (1) $ 633,923 $ 375,361 $ 223,952 Interest income 55 112 204 Interest expense (123,079) (73,196) (37,044) Depreciation (2) (215,243) (102,816) (45,876) Amortization of intangibles (101,435) (42,695) (34,651) Selling, general and administrative expenses Corporate and Other (11,575) (15,526) (6,149) Fees to Manager related party (354,959) (168,182) (85,367) Gain from acquisition/divestiture of businesses 1,027,054 Equity in earnings and amortization charges of investee (1) 26,391 39,115 Other expense, net (6,655) (11,594) (8,061) Total consolidated net (loss) income before income taxes $ (178,968) $ 1,014,909 $ 46,123 (1) For the year ended December 31, 2015 and from July 16, 2014 through December 31, 2014, 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 periods prior to July 16, 2014. (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 statements of operations. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Dividends Paid to Manager | Since January 1, 2013, the Company paid the Manager cash dividends on shares held for the following periods: Cash Paid to Manager Declared Period Covered $ per Share Record Date Payable Date (in thousands) February 18, 2016 Fourth quarter 2015 $ 1.15 March 3, 2016 March 8, 2016 $ (1) October 29, 2015 Third quarter 2015 $ 1.13 November 13, 2015 November 18, 2015 $ 6,052 July 30, 2015 Second quarter 2015 $ 1.11 August 13, 2015 August 18, 2015 $ 5,693 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 October 25, 2013 Third quarter 2013 $ 0.875 November 11, 2013 November 14, 2013 $ 2,442 July 29, 2013 Second quarter 2013 $ 0.875 August 12, 2013 August 15, 2013 $ 2,744 April 26, 2013 First quarter 2013 $ 0.6875 May 13, 2013 May 16, 2013 $ 1,872 (1) The amount of dividend payable to the Manager for the fourth quarter of 2015 will be determined on March 3, 2016, the record date. |
Schedule of Base Management Fees and Performance Fees | Base Management Performance Fee Amount Fee Amount Shares Period ($ in thousands) ($ in thousands) Issued 2015 Activities: Fourth quarter 2015 $ 17,009 $ 227,733 (1) Third quarter 2015 18,118 226,914 Second quarter 2015 18,918 135,641 223,827 (2) 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 (3) Second quarter 2014 9,535 4,960 243,329 First quarter 2014 8,994 164,546 2013 Activities: Fourth quarter 2013 $ 8,455 $ 155,943 Third quarter 2013 8,336 6,906 278,480 Second quarter 2013 8,053 24,440 603,936 First quarter 2013 7,135 22,042 522,638 (1) The Manager elected to reinvest all of the monthly base management fees for the fourth quarter of 2015 in shares of MIC common stock. The Company issued 227,733 shares, of which 77,019 (2) In July 2015, the Board requested, and the Manager agreed, that $67.8 million of the performance fee for the quarter ended June 30, 2015 be settled in cash in July 2015 to minimize dilution. The remaining $ 67.8 (3) In October 2014, the Board requested, and the Manager agreed, that $65.0 million of the performance fee for the 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 (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Taxes | Year Ended December 31, 2015 2014 2013 Current taxes: Federal $ (6,884) $ 463 $ 150 State 457 2,134 4,584 Total current tax (benefit) provision $ (6,427) $ 2,597 $ 4,734 Deferred taxes: Federal $ (46,744) $ (23,339) $ 12,900 State (14,348) (1,435) (2,638) Total deferred tax (benefit) provision (61,092) (24,774) 10,262 Change in valuation allowance 2,358 (2,197) 3,047 Total tax (benefit) provision $ (65,161) $ (24,374) $ 18,043 |
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 189,060 $ 111,616 Deferred revenue 9,383 7,158 Accrued compensation 13,837 13,347 Accrued expenses 30,133 28,299 Unrealized losses 6,482 19,523 Allowance for doubtful accounts 561 848 Other 4,935 4,361 Total gross deferred tax assets 254,391 185,152 Less: valuation allowance (18,983) (16,625) Net deferred tax assets $ 235,408 $ 168,527 Deferred tax liabilities: Intangible assets $ (140,128) $ (158,830) Investment basis difference (32,816) (17,972) Property and equipment (877,065) (868,888) Prepaid expenses (2,235) (1,533) Total deferred tax liabilities (1,052,244) (1,047,223) Net deferred tax liabilities (816,836) (878,696) Less: current deferred tax asset (23,355) (25,412) Noncurrent deferred tax liabilities $ (840,191) $ (904,108) |
Schedule of Reconciliation of Income Taxes | Year Ended December 31, 2015 2014 2013 Tax (benefit) provision at U.S. statutory rate $ (62,639) $ 355,218 $ 16,143 Permanent differences and other 1,299 3,418 409 State income taxes, net of federal benefit (10,082) (2,111) 127 Income attributable to noncontrolling interest 3,903 2,328 1,800 Gain from acquisition/divestiture of businesses (347,772) Tax effect of federal dividends received deduction (8,029) (3,483) Basis adjustment for equity method investment (25,229) Change in valuation allowance 2,358 (2,197) 3,047 Total tax (benefit) provision $ (65,161) $ (24,374) $ 18,043 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Commitments | Future minimum rental commitments at December 31, 2015 are as follows ($ in thousands): 2016 $ 41,321 2017 38,601 2018 36,876 2019 35,282 2020 33,877 Thereafter 437,531 Total $ 623,488 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Pension and Other Postretirement Benefit Contributions [Abstract] | |
Additional Information About Fair Value of Benefit Plan Assets Components of Net Periodic Cost and Projected Benefit Obligation | HG DB IMTT DB Other Total 2015 2014 2015 2014 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation beginning of year $ 52,266 $ 43,522 $ 142,397 $ $ 22,737 $ 2,798 $ 217,400 $ 46,320 Benefit obligation IMTT Acquisition 123,986 18,153 142,139 Service cost 841 716 6,853 2,799 911 409 8,605 3,924 Interest cost 1,988 1,988 5,914 2,530 912 480 8,814 4,998 Plan amendments (110) (110) Participant contributions 126 60 126 60 Actuarial (gains) losses (2,752) 8,281 (13,236) 14,787 (1,498) 1,395 (17,486) 24,463 Benefits paid (2,299) (2,241) (5,856) (1,705) (1,166) (558) (9,321) (4,504) Benefit obligation end of year $ 50,044 $ 52,266 $ 136,072 $ 142,397 $ 21,912 $ 22,737 $ 208,028 $ 217,400 Change in plan assets: Fair value of plan assets beginning of year $ 45,475 $ 38,131 $ 103,090 $ $ 8,468 $ $ 157,033 $ 38,131 Fair value of plan assets IMTT Acquisition 85,462 5,703 91,165 Actual return on plan assets (351) 2,625 (343) 1,993 (78) 173 (772) 4,791 Employer contributions 6,960 17,340 811 3,090 811 27,390 Participant contributions 126 60 126 60 Benefits paid (2,299) (2,241) (5,856) (1,705) (1,166) (558) (9,321) (4,504) Fair value of plan assets end of year $ 42,825 $ 45,475 $ 96,891 $ 103,090 $ 8,161 $ 8,468 $ 147,877 $ 157,033 |
Funded Status of Hawaii Gas's Balance Sheet | The funded status at December 31, 2015 and 2014, are presented in the following table ($ in thousands): HG DB IMTT DB Other Total 2015 2014 2015 2014 2015 2014 2015 2014 Funded status Funded status at end of year $ (7,219) $ (6,791) $ (39,181) $ (39,307) $ (13,751) $ (14,269) $ (60,151) $ (60,367) Net amount recognized in balance sheet(1) $ (7,219) $ (6,791) $ (39,181) $ (39,307) $ (13,751) $ (14,269) $ (60,151) $ (60,367) Amounts recognized in balance sheet consisting of: Noncurrent assets $ $ $ $ $ 222 $ 146 $ 222 $ 146 Current liabilities (916) (786) (916) (786) Noncurrent liabilities (7,219) (6,791) (39,181) (39,307) (13,057) (13,629) (59,457) (59,727) Net amount recognized in balance sheet(1) $ (7,219) $ (6,791) $ (39,181) $ (39,307) $ (13,751) $ (14,269) $ (60,151) $ (60,367) (1) Generally accepted accounting principles require measurement of defined benefit pension liabilities utilizing current discount rates. Statutory funding formulas permit measurement of defined benefit pension liabilities utilizing discount rates based on a 25-year average of those rates, which more closely matches the expected payout period for those liabilities. The IMTT and Hawaii Gas defined benefit pension plans both exceed 100% of the statutory funding target as of December 31, 2015. Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss for the years ended December 31, 2015 and 2014 are presented in the following table ($ in thousands): HG DB IMTT DB Other Total 2015 2014 2015 2014 2015 2014 2015 2014 Prior service credit $ $ $ $ 78 $ 110 $ 5 $ 110 $ 83 Accumulated loss (12,698) (13,313) (9,926) (15,265) (1,140) (1,945) (23,764) (30,523) Accumulated other comprehensive loss (12,698) (13,313) (9,926) (15,187) (1,030) (1,940) (23,654) (30,440) Net periodic benefit cost in excess (deficit) of cumulative employer contributions 5,479 6,522 (29,255) (24,120) (12,721) (12,329) (36,497) (29,927) Net amount recognized in balance sheet $ (7,219) $ (6,791) $ (39,181) $ (39,307) $ (13,751) $ (14,269) $ (60,151) $ (60,367) |
Components of Net Periodic Benefit Cost and Other Changes in Other Comprehensive Income for Plans | The components of net periodic benefit cost and other changes in other comprehensive (income) loss for the plans are shown below ($ in thousands): HG DB IMTT DB Other Total 2015 2014 2015 2014 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 841 $ 716 $ 6,853 $ 2,799 $ 911 $ 409 $ 8,605 $ 3,924 Interest cost 1,988 1,988 5,914 2,530 912 480 8,814 4,998 Expected return on plan assets (2,670) (2,268) (7,020) (3,049) (585) (183) (10,275) (5,500) Recognized actuarial loss (gain) 883 122 (534) 579 (31) 200 318 901 Amortization of prior service (cost) credit (78) 78 (5) 5 (83) 83 Net periodic benefit cost $ 1,042 $ 558 $ 5,135 $ 2,937 $ 1,202 $ 911 $ 7,379 $ 4,406 Other changes recognized in other comprehensive (income) loss: Prior service credit arising during the year $ $ $ $ $ (110) $ $ (110) $ Net loss (gain) arising during the year 268 7,925 (5,873) 15,844 (836) 1,406 (6,441) 25,175 Amortization of prior service cost (credit) 78 (78) 5 (5) 83 (83) Amortization of (loss) gain (883) (122) 534 (579) 31 (200) (318) (901) Total recognized in other comprehensive (income) loss $ (615) $ 7,803 $ (5,261) $ 15,187 $ (910) $ 1,201 $ (6,786) $ 24,191 The estimated amounts that will be amortized from accumulated other comprehensive loss over the next year are presented in the following table ($ in thousands): HG DB IMTT DB Other Total 2015 2014 2015 2014 2015 2014 2015 2014 Amortization of prior service cost (credit) $ $ $ $ 65 $ (15) $ 10 $ (15) $ 75 Amortization of net loss 854 883 2,310 76 479 930 3,672 The assumptions used in accounting for the HG DB Plan Benefits, IMTT DB Plan Benefits and Other Plan Benefits are as follows: HG DB IMTT DB Other 2015 2014 2015 2014 2015 2014 Weighted average assumptions to determine benefit obligations: Discount rate 4.20 % 3.90 % 4.65 % 4.25 % 3.78% to 4.55 % 3.45% to 4.15 % Rate of compensation increase N/A N/A 4.57 % 4.57 % 4.57 % (1) 4.57 % (1) Measurement date December 31 December 31 December 31 December 31 December 31 December 31 Weighted average assumptions to determine net cost: Discount rate 3.90 % 4.70 % 4.25 % 4.55 % 3.45% to 4.15 % 4.20% to 4.45 % Expected long-term rate of return on plan assets during fiscal year 5.90 % 5.90 % 7.00 % 7.00 % 7.00 % (2) 7.00 % (2) Rate of compensation increase N/A N/A 4.57 % 4.57 % 4.57 % (1) 4.57 % (1) Assumed healthcare cost trend rates: Initial health care cost trend rate 7.50 % 7.75% to 7.80 % Ultimate rate 4.50% to 5.00 % 4.50% to 5.00 % Year ultimate rate is reached 2025 to 2028 2025 to 2028 (1) Only applies to IMTT post-retirement life insurance plan. (2) Only applies to IMTT Union Plan. |
DB Plan Weighted Average Asset Allocation | HG DB IMTT DB Other 2015 2014 2015 2014 2015 2014 Equity securities 60 % 64 % 58 % 59 % 58 % 59 % Fixed income securities 30 % 33 % 37 % 38 % 41 % 38 % Mixed income securities 8 % Private equity 3 % Cash 2 % 3 % 2 % 3 % 1 % 3 % Total 100 % 100 % 100 % 100 % 100 % 100 % |
Asset Allocations of Hawaii Gas's Pension Benefits | Fair Value Measurements at December 31, 2015 Total Quoted Prices Significant Significant Asset category: Cash and money market $ 3,138 $ 3,138 $ $ Equity securities: Domestic equities 66,290 66,290 International equities 20,473 20,473 Fixed income securities: Domestic fixed income 50,860 50,860 International fixed income 1,035 1,035 Domestic mixed income securities 3,401 3,401 Domestic private equity 2,680 2,680 Total $ 147,877 $ 145,197 $ $ 2,680 Fair Value Measurements at December 31, 2014 Total Quoted Prices Significant Significant Asset category: Cash and money market $ 4,638 $ 4,638 $ $ Equity securities: Domestic equities 72,882 72,882 International equities 22,204 22,204 Fixed income securities: Domestic fixed income 56,284 56,284 International fixed income 1,025 1,025 Total $ 157,033 $ 157,033 $ $ |
Estimated Future Benefit Payments | The estimated future benefit payments for the next ten years are as follows ($ in thousands): HG DB IMTT DB Other Total 2016 $ 2,665 $ 4,320 $ 1,177 $ 8,162 2017 2,778 4,469 1,218 8,465 2018 2,874 4,528 1,202 8,604 2019 2,916 5,493 1,313 9,722 2020 2,973 6,299 1,462 10,734 Thereafter 15,299 37,001 7,145 59,445 Total $ 29,505 $ 62,110 $ 13,517 $ 105,132 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Data | Quarter ended March 31 June 30 September 30 December 31 (In thousands, except per share data) 2015 Revenue $ 398,498 $ 423,689 $ 415,709 $ 401,354 Operating (loss) income (115,910) (75,405) 73,126 58,864 Net (loss) income attributable to MIC (89,002) (63,096) 10,638 32,923 Per share information attributable to MIC: Net (loss) income per share basic $ (1.22) $ (0.80) $ 0.13 $ 0.41 Net (loss) income per share diluted (1) (1.22) (0.80) 0.13 0.41 Cash dividends declared per share $ 1.07 $ 1.11 $ 1.13 $ 1.15 2014 Revenue (2) $ 276,195 $ 280,943 $ 388,638 $ 405,142 Operating income (loss) (2) 27,625 20,768 (74,267) 60,181 Net income attributable to MIC (2) (3) 20,366 9,700 990,993 20,969 Per share information attributable to MIC: Net income per share basic $ 0.36 $ 0.17 $ 14.57 $ 0.30 Net income per share diluted (1) 0.36 0.17 13.87 0.30 Cash dividends declared per share $ 0.9375 $ 0.95 $ 0.98 $ 1.02 (1) Diluted net (loss) income per share reflects the effect of potentially dilutive shares assuming: (i) the restricted stock unit grants provided to the independent directors had been fully converted to shares on the grant dates; (ii) the $ 67.8 (2) Includes 100% of the results of IMTT subsequent to the IMTT Acquisition on July 16, 2014. (3) Includes gain from acquisition/divestiture of businesses totaling $ 1.0 |
Organization and Description 45
Organization and Description of Business (Details) - Dec. 31, 2015 | Item | item | Total |
Canada- IMTT [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of marine terminals | 2 | ||
United States- IMTT [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of marine terminals | 10 | ||
Atlantic Aviation [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of Airport Locations | 69 | 69 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 16, 2014 | Jul. 15, 2014 | |
Significant Accounting Policies [Line Items] | |||||
Condition for consolidation, minimum ownership percentage | 50.00% | ||||
Percentage of ownership interest accounted under equity method of accounting | 50.00% | ||||
Equity interest acquired | 50.00% | ||||
Number Of Solar Projects | 6 | ||||
Number of wind power generation facilities | 2 | ||||
Restricted cash | $ 19,000 | $ 22,000 | |||
Restricted cash, current | 18,946 | 21,282 | |||
Inventory Net, held for sale | 14,300 | 15,600 | |||
Inventory Net, materials and supplies | $ 15,200 | 12,500 | |||
Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Debt issuance costs amortized period | 5 years | ||||
Life of Purchase Power Agreements | 20 years | ||||
Term of contracts for the use of storage capacity at the various terminals | 1 year | ||||
Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Debt issuance costs amortized period | 23 years | ||||
Life of Purchase Power Agreements | 25 years | ||||
Term of contracts for the use of storage capacity at the various terminals | 5 years | ||||
IMTT [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of ownership interest accounted under equity method of accounting | 50.00% | ||||
Equity interest acquired | 50.00% | ||||
Cost Method Investment in unconsolidated business | $ 8,300 | $ 9,800 | |||
Bayonne Energy Center [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Equity interest acquired | 100.00% | ||||
Percentage Of Contracted Tolling Agreement | 62.50% | ||||
Weighted Average Life Of Tolling Agreements | 13 years | ||||
IMTT Acquisition [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Equity interest acquired | 20.00% |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Schedule of Estimated Economic Useful Lives of Property Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 10 years |
Minimum [Member] | Leasehold and land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 5 years |
Minimum [Member] | Machinery and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 3 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 68 years |
Maximum [Member] | Leasehold and land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 40 years |
Maximum [Member] | Machinery and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 62 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 25 years |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Schedule of Estimated Useful Lives of Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Non-compete agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Leasehold rights [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 25 years |
Trade names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Technology [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Minimum [Member] | Customer relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 9 years |
Minimum [Member] | Contract arrangements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Maximum [Member] | Customer relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 30 years |
Maximum [Member] | Contract arrangements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 57 years |
(Loss) Income per Share (Narrat
(Loss) Income per Share (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Antidilutive securities | 4,619,253 | 0 | 0 |
Antidilutive securities | $ 67.8 | ||
Restricted stock unit grants May 20, 2013 [Member] | |||
Class of Stock [Line Items] | |||
Potentially dilutive shares | 12,910 | 12,910 | |
Restricted stock unit grants May 21, 2014 [Member] | |||
Class of Stock [Line Items] | |||
Antidilutive securities | 12,525 | ||
Potentially dilutive shares | 12,525 | ||
Restricted stock unit grants June 18, 2015 [Member] | |||
Class of Stock [Line Items] | |||
Antidilutive securities | 8,660 | ||
Restricted stock unit grants May 31, 2012 [Member] | |||
Class of Stock [Line Items] | |||
Potentially dilutive shares | 18,208 | ||
Restricted stock unit grants February 21, 2013 [Member] | |||
Class of Stock [Line Items] | |||
Potentially dilutive shares | 895 |
(Loss) Income per Share (Schedu
(Loss) Income per Share (Schedule of Reconciliation of Number of Shares Used in Computing (Loss) Income per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Numerator: | |||||||||||||||||||
Net (loss) income attributable to MIC | $ 32,923 | $ 10,638 | $ (63,096) | $ (89,002) | $ 20,969 | [1],[2] | $ 990,993 | [1],[2] | $ 9,700 | [1],[2] | $ 20,366 | [1],[2] | $ (108,537) | $ 1,042,028 | $ 31,254 | ||||
Interest expense attributable to convertible senior notes, net of taxes | 0 | 3,016 | 0 | ||||||||||||||||
Diluted net (loss) income attributable to MIC | $ (108,537) | $ 1,045,044 | $ 31,254 | ||||||||||||||||
Denominator: | |||||||||||||||||||
Weighted average number of shares outstanding: basic | 77,997,826 | 62,990,312 | 51,381,003 | ||||||||||||||||
Dilutive effect of restricted stock unit grants | 0 | 12,637 | 15,143 | ||||||||||||||||
Dilutive effect of convertible senior notes | 0 | 1,922,616 | 0 | ||||||||||||||||
Weighted average number of shares outstanding: diluted | 77,997,826 | 64,925,565 | 51,396,146 | ||||||||||||||||
(Loss) income per share: | |||||||||||||||||||
Basic (loss) income per share attributable to MIC | $ 0.41 | $ 0.13 | $ (0.80) | $ (1.22) | $ 0.30 | $ 14.57 | $ 0.17 | $ 0.36 | $ (1.39) | $ 16.54 | $ 0.61 | ||||||||
Diluted (loss) income per share attributable to MIC | $ 0.41 | [3] | $ 0.13 | [3] | $ (0.80) | [3] | $ (1.22) | [3] | $ 0.30 | $ 13.87 | $ 0.17 | $ 0.36 | $ (1.39) | $ 16.1 | $ 0.61 | ||||
[1] | Includes 100% of the results of IMTT subsequent to the IMTT Acquisition on July 16, 2014. | ||||||||||||||||||
[2] | Includes gain from acquisition/divestiture of businesses totaling $1.0 billion from the IMTT Acquisition and the sale of the Company's interest in the district energy business for the quarter ended September 30, 2014. | ||||||||||||||||||
[3] | Diluted net (loss) income per share reflects the effect of potentially dilutive shares assuming: (i) the restricted stock unit grants provided to the independent directors had been fully converted to shares on the grant dates; (ii) the $67.8 million of the performance fee for the quarter ended June 30, 2015, settlement of which was deferred to July 2016, had been reinvested in shares by the Manager, a related party, in July 2015; and (iii) the convertible senior notes that were issued on July 15, 2014 had been fully converted into shares on that date. The potentially dilutive shares are excluded in the calculation if the effect is anti-dilutive or when the Company has a net loss for the period. |
(Loss) Income per Share (Sche51
(Loss) Income per Share (Schedule of Shares Excluded from Calculation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2016 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities | 4,619,253 | 0 | 0 | ||
Macquarie Infrastructure Management (USA)Inc. [Member] | Scenario, Forecast [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Performance fee, which is deferred, assumed to be reinvested by the Manager when expense is incurred | $ 67.8 | ||||
Restricted Stock Unit Grants [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities | 9,410 | 0 | 0 | ||
Fees to Manager- Related Party [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities | [1] | 449,126 | 0 | 0 | |
Convertible Senior Notes [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities | 4,160,717 | 0 | 0 | ||
[1] | Represents $67.8 million of the performance fee for the quarter ended June 30, 2015, settlement of which was deferred to July 2016. The weighted average potentially dilutive shares of common stock in the above table includes shares assumed to have been issued had the Manager reinvested this fee in shares in July 2015. |
Acquisitions (Narratives) (Deta
Acquisitions (Narratives) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2015USD ($)MW | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)MWItem | Jul. 16, 2014 | ||
Business Acquisition [Line Items] | |||||
Equity interest acquired | 50.00% | ||||
Three FBOs [Member] | a solar power facility in Hawaii [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, purchase price | $ 49,000 | ||||
Property, equipment, land and leasehold improvements | 54,400 | ||||
Intangible assets | 16,400 | ||||
Liabilities assumed | $ 29,300 | ||||
Number of FBOs acquired | 3 | ||||
Number of FBOs disposed | 3 | ||||
Bayonne Energy Center [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity interest acquired | 100.00% | ||||
Business acquisition, purchase price | $ 718,000 | ||||
Cash considerations paid for business acquired | 208,900 | ||||
Amortizing term loan debt assumed | $ 509,100 | ||||
Electricity generating capacity | MW | MW | 512 | ||||
Percentage of contracted tolling agreement | 62.50% | ||||
Transaction related costs | $ 9,300 | ||||
Property, equipment, land and leasehold improvements | $ 716,818 | ||||
Intangible assets | [1] | 63,115 | |||
Liabilities assumed | $ 615,987 | ||||
Wind Power Generation Facilities 2014 [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, purchase price | $ 106,100 | ||||
Amortizing term loan debt assumed | $ 163,900 | ||||
Electricity generating capacity | MW | MW | 203 | ||||
Number of wind turbines | item | Item | 134 | ||||
Fair value of wind turbines | $ 316,200 | ||||
Transaction related costs | $ 2,000 | ||||
[1] | Contractual arrangements are being amortized over a seventeen year period. |
Acquisitions (Schedule of Asset
Acquisitions (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,017,211 | $ 1,996,259 | ||
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 and leasehold improvements | 716,818 | |||
Intangible assets - contractual arrangements | [1] | 63,115 | ||
Goodwill | [2] | 21,628 | ||
Total assets acquired | 824,941 | |||
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] | 7,777 | ||
Other current liabilities | 179 | |||
Total current liabilities | 22,412 | |||
Long-term debt, net of current portion | 503,827 | |||
Tolling agreements - noncurrent | [3] | 73,983 | ||
Fair value of derivative instruments - non-current | 15,279 | |||
Other noncurrent liabilities | 486 | |||
Total liabilities assumed | 615,987 | |||
Net assets acquired | $ 208,954 | |||
Percentage of contracted tolling agreement | 62.50% | |||
Weighted average remaining life of tolling agreements | 13 years | |||
Bayonne Energy Center [Member] | Contractual Rights [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets - contractual arrangements | $ 63,100 | |||
Finite Lived Intangible assets, useful life | 17 years | |||
[1] | Contractual arrangements are being amortized over a seventeen year period. | |||
[2] | Goodwill is deductible for tax purposes. | |||
[3] | 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 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 balance sheet as part of purchase accounting. This liability will be amortized into revenue over the weighted average life of the tolling agreements of approximately thirteen years. |
Property, Equipment, Land and54
Property, Equipment, Land and Leasehold Improvements (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||||
Land | $ 291,521 | $ 272,110 | ||
Easements | 131 | 131 | ||
Buildings | 41,049 | 40,730 | ||
Leasehold and land improvements | 590,646 | 439,962 | ||
Machinery and equipment | 3,455,776 | 2,810,531 | ||
Furniture and fixtures | 29,547 | 28,664 | ||
Construction in progress | 203,146 | 72,241 | ||
Property, Plant and Equipment, Gross, Total | 4,611,816 | 3,664,369 | ||
Less: accumulated depreciation | (495,653) | (301,784) | ||
Property, equipment, land and leasehold improvements, net | 4,116,163 | 3,362,585 | ||
Depreciation, Total | 215,243 | $ 98,442 | $ 39,150 | |
Bayonne Energy Center [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, equipment and leasehold improvements | $ 716,818 | |||
Land and Leasehold Improvements [Member] | Atlantic Aviation [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Fixed assets impairment charge | 4,200 | |||
Incremental Depreciation Due To Change In Policy [Member] | Land and Leasehold Improvements [Member] | Atlantic Aviation [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation, Total | $ 4,300 | |||
Multiple Fixed Based Operations [Member] | Land and Leasehold Improvements [Member] | Atlantic Aviation [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Fixed assets impairment charge | $ 2,800 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Intangible Assets [Line Items] | |||||
Contractual arrangements | $ 901,807 | $ 873,406 | |||
Non-compete agreements | 9,665 | 9,665 | |||
Customer relationships | 340,425 | 342,232 | |||
Leasehold rights | 350 | 350 | |||
Trade names | 16,091 | 16,091 | |||
Technology | 8,760 | 8,760 | |||
Intangible assets, gross | 1,277,098 | 1,250,504 | |||
Less: accumulated amortization | (342,206) | (290,870) | |||
Intangible assets, net | 934,892 | 959,634 | |||
Amortization of Intangible Assets | 101,435 | 42,695 | $ 34,651 | ||
Trade Names [Member] | |||||
Intangible Assets [Line Items] | |||||
Trade names | 14,500 | ||||
Atlantic Aviation [Member] | |||||
Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | (86,102) | $ (35,514) | $ (32,077) | ||
Atlantic Aviation [Member] | Indefinite-lived Intangible Assets [Member] | |||||
Intangible Assets [Line Items] | |||||
Trade names | 7,500 | ||||
Atlantic Aviation [Member] | Multiple FBOs [Member] | Contractual Rights [Member] | |||||
Intangible Assets [Line Items] | |||||
Intangible impairment charge | $ 13,500 | ||||
Atlantic Aviation [Member] | One specific FBO [Member] | Contractual Rights [Member] | |||||
Intangible Assets [Line Items] | |||||
Intangible impairment charge | 17,800 | ||||
Atlantic Aviation [Member] | Incremental amortization due to change in policy [Member] | Contractual Rights [Member] | |||||
Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | 18,600 | ||||
Hawaii Gas Company [Member] | |||||
Intangible Assets [Line Items] | |||||
Trade names | $ 7,000 | ||||
Bayonne Energy Center [Member] | |||||
Intangible Assets [Line Items] | |||||
Intangible assets | [1] | 63,115 | |||
Bayonne Energy Center [Member] | Contractual Rights [Member] | |||||
Intangible Assets [Line Items] | |||||
Intangible assets | $ 63,100 | ||||
[1] | Contractual arrangements are being amortized over a seventeen year period. |
Intangible Assets (Schedule o56
Intangible Assets (Schedule of Estimated Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |
2,016 | $ 64,713 |
2,017 | 59,031 |
2,018 | 54,740 |
2,019 | 51,791 |
2,020 | 47,759 |
Thereafter | 649,367 |
Total | $ 927,401 |
Intangible Assets (Schedule o57
Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 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 | 28,874 | |
Less: purchase accounting adjustments related to 2014 acquisitions | (6,241) | |
Less: other | (1,681) | (965) |
Balance at December 31, 2015 | $ 2,017,211 | $ 1,996,259 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Expenses [Abstract] | ||
Payroll and related liabilities | $ 26,740 | $ 27,185 |
Purchase of property and equipment | 8,045 | 4,170 |
Interest | 10,684 | 7,853 |
Sales tax | 5,750 | 8,322 |
Insurance | 6,361 | 8,832 |
Property tax | 4,670 | 4,191 |
Other | 16,277 | 16,695 |
Accrued expenses | $ 78,527 | $ 77,248 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Feb. 10, 2016USD ($) | Aug. 10, 2015USD ($) | Jun. 03, 2015 | Jul. 15, 2014USD ($)$ / shares | Nov. 07, 2013USD ($) | Jan. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Jun. 18, 2015USD ($) | May. 21, 2015USD ($) | Apr. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Jul. 31, 2014USD ($) | Jan. 22, 2014USD ($) | May. 31, 2013USD ($) | Mar. 31, 2015USD ($) | Jun. 02, 2015 | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 31, 2020 | Aug. 25, 2015USD ($) | May. 01, 2015USD ($) | Jul. 16, 2014USD ($) |
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Convertible senior notes converted to equity | $ 25,000 | $ 0 | $ 0 | ||||||||||||||||||||||
Current and long-term debt | $ 2,833,293,000 | $ 2,833,293,000 | 2,833,293,000 | 2,392,521,000 | |||||||||||||||||||||
Equity interest acquired | 50.00% | ||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 0 | 60,360,000 | 24,749,000 | ||||||||||||||||||||||
Number Of Solar Projects | 6 | 6 | 6 | ||||||||||||||||||||||
MIC Corporate [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Current and long-term debt | $ 365,975,000 | $ 365,975,000 | $ 365,975,000 | 350,000,000 | |||||||||||||||||||||
Atlantic Aviation [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Current and long-term debt | 604,609,000 | 604,609,000 | 604,609,000 | 611,328,000 | |||||||||||||||||||||
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 | |||||||||||||||||||||
Minimum ownership/controlling interest of borrowers to avoid mandatory repayment | 50.00% | ||||||||||||||||||||||||
Hawaii Gas Business [Member] | Maximum [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Ratio of consolidated debt to total capital | 65.00% | ||||||||||||||||||||||||
Hawaii Gas Business [Member] | Minimum [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Readily available cash resources | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | ||||||||||||||||||||||
IMTT [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Debt balance | $ 1,000,000,000 | ||||||||||||||||||||||||
Equity interest acquired | 50.00% | ||||||||||||||||||||||||
Idaho Wind Partners [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Debt balance | 163,900,000 | ||||||||||||||||||||||||
Bayonne Energy Center [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Fixed portion of interest rate component | 4.00% | ||||||||||||||||||||||||
Debt balance | $ 509,100,000 | $ 509,100,000 | |||||||||||||||||||||||
Variable Term Loan Interest Rate Floor | 1.00% | ||||||||||||||||||||||||
Equity interest acquired | 100.00% | 100.00% | |||||||||||||||||||||||
Solar Power Generation Facilities [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Weighted average interest rate | 4.67% | 4.67% | 4.67% | ||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 60,400,000 | $ 24,700,000 | |||||||||||||||||||||||
Number Of Solar Projects | 6 | 6 | 6 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Revolving Credit Facility [Member] | MIC Corporate [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Undrawn portion of line of credit | 394,000,000 | 394,000,000 | 394,000,000 | ||||||||||||||||||||||
Borrowing capacity | 410,000,000 | $ 250,000,000 | 410,000,000 | $ 410,000,000 | $ 410,000,000 | $ 360,000,000 | |||||||||||||||||||
Debt instrument, term | 5 years | ||||||||||||||||||||||||
Fixed portion of interest rate component | 1.75% | ||||||||||||||||||||||||
Maturity | Jul. 31, 2019 | ||||||||||||||||||||||||
Drawn on revolver credit facility | 16,000,000 | $ 191,000,000 | $ 155,000,000 | ||||||||||||||||||||||
Repayment of revolving credit facility | $ 7,000,000 | ||||||||||||||||||||||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Borrowing capacity | 70,000,000 | $ 70,000,000 | 70,000,000 | $ 70,000,000 | |||||||||||||||||||||
Debt instrument, term | 5 years | ||||||||||||||||||||||||
Fixed portion of interest rate component | 2.50% | ||||||||||||||||||||||||
Maturity | May 1, 2018 | ||||||||||||||||||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Borrowing capacity | 60,000,000 | 60,000,000 | $ 60,000,000 | ||||||||||||||||||||||
Debt instrument, term | 5 years | ||||||||||||||||||||||||
Maturity | Aug. 30, 2017 | ||||||||||||||||||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Borrowing capacity | $ 60,000,000 | ||||||||||||||||||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | Post Refinance [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Maturity | Feb. 1, 2021 | ||||||||||||||||||||||||
Revolving Credit Facility [Member] | IMTT [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Debt balance | $ 486,000,000 | ||||||||||||||||||||||||
Revolving Credit Facility [Member] | Bayonne Energy Center [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Borrowing capacity | $ 25,000,000 | 25,000,000 | $ 30,000,000 | $ 30,000,000 | 25,000,000 | $ 25,000,000 | |||||||||||||||||||
Debt instrument, term | 7 years | ||||||||||||||||||||||||
Fixed portion of interest rate component | 2.125% | ||||||||||||||||||||||||
Maturity | Aug. 1, 2019 | Aug. 31, 2022 | |||||||||||||||||||||||
Revolving Credit Facility [Member] | United States- IMTT [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Borrowing capacity | $ 550,000,000 | ||||||||||||||||||||||||
Revolving Credit Facility [Member] | United States- IMTT [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Borrowing capacity | 550,000,000 | 550,000,000 | $ 550,000,000 | ||||||||||||||||||||||
Fixed portion of interest rate component | 1.50% | ||||||||||||||||||||||||
Maturity | May 31, 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 | |||||||||||||||||||||
Fixed portion of interest rate component | 1.50% | ||||||||||||||||||||||||
Maturity | May 31, 2020 | ||||||||||||||||||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Current and long-term debt | 600,500,000 | 600,500,000 | $ 600,500,000 | ||||||||||||||||||||||
Borrowing capacity | $ 50,000,000 | 615,000,000 | $ 100,000,000 | $ 465,000,000 | 615,000,000 | $ 615,000,000 | |||||||||||||||||||
Debt instrument, term | 7 years | ||||||||||||||||||||||||
Fixed portion of interest rate component | 2.50% | 2.50% | 2.50% | ||||||||||||||||||||||
Maturity | Jun. 1, 2020 | Jun. 1, 2020 | |||||||||||||||||||||||
Variable Term Loan Interest Rate Floor | 0.75% | 0.75% | 0.75% | ||||||||||||||||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Current and long-term debt | 80,000,000 | 80,000,000 | $ 80,000,000 | ||||||||||||||||||||||
Borrowing capacity | 80,000,000 | 80,000,000 | $ 80,000,000 | ||||||||||||||||||||||
Debt instrument, term | 5 years | ||||||||||||||||||||||||
Fixed portion of interest rate component | 2.25% | ||||||||||||||||||||||||
Maturity | Aug. 1, 2017 | ||||||||||||||||||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Current and long-term debt | $ 80,000,000 | ||||||||||||||||||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | Post Refinance [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Maturity | Feb. 1, 2021 | ||||||||||||||||||||||||
Term Loan Facility [Member] | Idaho Wind Partners [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Current and long-term debt | 151,400,000 | $ 151,400,000 | $ 151,400,000 | ||||||||||||||||||||||
Debt instrument, term | 17 years | ||||||||||||||||||||||||
Fixed portion of interest rate component | 2.75% | 1.625% | 1.625% | ||||||||||||||||||||||
Maturity | Dec. 1, 2027 | Dec. 1, 2027 | |||||||||||||||||||||||
Change in fixed margin | 0.25% | ||||||||||||||||||||||||
Term Loan Facility [Member] | Bayonne Energy Center [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Current and long-term debt | 271,000,000 | $ 271,000,000 | $ 271,000,000 | ||||||||||||||||||||||
Borrowing capacity | $ 275,000,000 | 275,000,000 | 275,000,000 | $ 275,000,000 | |||||||||||||||||||||
Debt instrument, term | 7 years | ||||||||||||||||||||||||
Fixed portion of interest rate component | 2.125% | 2.125% | |||||||||||||||||||||||
Maturity | Aug. 31, 2022 | ||||||||||||||||||||||||
Repayments of Debt | 251,500,000 | ||||||||||||||||||||||||
Term Loan Facility [Member] | Solar Power Generation Facilities [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Current and long-term debt | $ 133,100,000 | $ 133,100,000 | $ 133,100,000 | ||||||||||||||||||||||
Term Loan Facility [Member] | Solar Power Generation Facilities [Member] | Maximum [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Debt instrument, term | 23 years | ||||||||||||||||||||||||
Maturity | Sep. 1, 2036 | Sep. 1, 2036 | |||||||||||||||||||||||
Interest Rate | 5.60% | 5.60% | 5.60% | 5.60% | |||||||||||||||||||||
Term Loan Facility [Member] | Solar Power Generation Facilities [Member] | Minimum [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Debt instrument, term | 20 years | ||||||||||||||||||||||||
Maturity | Sep. 1, 2032 | ||||||||||||||||||||||||
Interest Rate | 4.00% | 4.00% | 4.00% | 4.00% | |||||||||||||||||||||
Tax Exempt Bonds [Member] | IMTT [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Current and long-term debt | 509,000,000 | ||||||||||||||||||||||||
Debt balance | 512,800,000 | ||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Atlantic Aviation [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Fixed portion of interest rate component | 2.50% | ||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Fixed portion of interest rate component | 1.50% | ||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | Atlantic Aviation [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Fixed portion of interest rate component | 2.50% | ||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | Atlantic Aviation [Member] | Minimum [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Variable Term Loan Interest Rate Floor | 0.75% | 0.75% | |||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | Hawaii Gas Business [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Fixed portion of interest rate component | 2.25% | ||||||||||||||||||||||||
Interest Rate Swap [Member] | Term Loan Facility [Member] | Atlantic Aviation [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Derivative, Term of Contract | 6 years | ||||||||||||||||||||||||
Derivatives, expiration date | Jul. 31, 2019 | ||||||||||||||||||||||||
Weighted average interest rate | 4.63% | 4.63% | 4.63% | ||||||||||||||||||||||
Interest Rate Swap [Member] | Term Loan Facility [Member] | Hawaii Gas Business [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Derivatives, expiration date | Aug. 31, 2016 | ||||||||||||||||||||||||
Weighted average interest rate | 2.89% | 2.89% | 2.89% | ||||||||||||||||||||||
Interest Rate Swap [Member] | Term Loan Facility [Member] | Idaho Wind Partners [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Weighted average interest rate | 4.756% | 4.756% | 4.756% | ||||||||||||||||||||||
Change in fixed interest rate | 0.20% | ||||||||||||||||||||||||
Interest Rate Swap [Member] | Term Loan Facility [Member] | Bayonne Energy Center [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Notional amount of derivative | $ 275,000,000 | $ 275,000,000 | $ 275,000,000 | $ 275,000,000 | |||||||||||||||||||||
Fixed interest rate | 1.786% | 1.786% | 3.455% | 3.455% | 1.786% | 1.786% | |||||||||||||||||||
Derivative, Term of Contract | 6 years | ||||||||||||||||||||||||
Maturity | Aug. 31, 2021 | ||||||||||||||||||||||||
Payment on early termination of interest rate swap agreement | $ 19,200,000 | ||||||||||||||||||||||||
Interest Rate Swap [Member] | Tax Exempt Bonds [Member] | IMTT [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Notional amount of derivative | $ 361,100,000 | ||||||||||||||||||||||||
Fixed interest rate | 1.677% | ||||||||||||||||||||||||
Derivative, Term of Contract | 6 years | ||||||||||||||||||||||||
Derivatives, expiration date | Jun. 1, 2021 | ||||||||||||||||||||||||
Convertible Senior Notes [Member] | MIC Corporate [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Convertible senior notes converted to equity | $ 23,000 | $ 25,000 | |||||||||||||||||||||||
Debt instrument, term | 5 years | ||||||||||||||||||||||||
Conversion rate | 11.7942 | 12.7836 | |||||||||||||||||||||||
Convertible senior notes | $ 350,000,000 | $ 350,000,000 | |||||||||||||||||||||||
Face value of convertible senior notes | $ 1,000 | $ 1,000 | |||||||||||||||||||||||
Interest Rate | 2.875% | ||||||||||||||||||||||||
Conversion price | $ / shares | $ 84.79 | ||||||||||||||||||||||||
Senior Notes [Member] | Hawaii Gas Business [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Borrowing capacity | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||||||||
Debt instrument, term | 10 years | ||||||||||||||||||||||||
Maturity | Aug. 1, 2022 | ||||||||||||||||||||||||
Interest Rate | 4.22% | 4.22% | 4.22% | ||||||||||||||||||||||
Senior Notes [Member] | IMTT [Member] | Senior Series A Notes [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Current and long-term debt | $ 325,000,000 | ||||||||||||||||||||||||
Maturity | May 21, 2025 | ||||||||||||||||||||||||
Interest Rate | 3.92% | ||||||||||||||||||||||||
Senior Notes [Member] | IMTT [Member] | Senior Series B Notes [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Current and long-term debt | $ 275,000,000 | ||||||||||||||||||||||||
Maturity | May 21, 2027 | ||||||||||||||||||||||||
Interest Rate | 4.02% | ||||||||||||||||||||||||
Loan From Previous Shareholder [Member] | IMTT [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Debt balance | $ 22,200,000 | ||||||||||||||||||||||||
Incremental Term Loan [Member] | Atlantic Aviation [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Borrowing capacity | $ 50,000,000 | $ 100,000,000 | |||||||||||||||||||||||
Fixed portion of interest rate component | 2.50% | 2.50% | |||||||||||||||||||||||
Maturity | Jun. 1, 2020 | Jun. 1, 2020 | |||||||||||||||||||||||
Variable Term Loan Interest Rate Floor | 0.75% | 0.75% | |||||||||||||||||||||||
Incremental Term Loan [Member] | Interest Rate Swap [Member] | Atlantic Aviation [Member] | |||||||||||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||
Derivative, Term of Contract | 6 years | 6 years |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Current and long-term Debt | $ 2,833,293 | $ 2,392,521 |
Less: current portion | (40,099) | (27,655) |
Long-term portion | 2,793,194 | 2,364,866 |
IMTT [Member] | ||
Debt Instrument [Line Items] | ||
Current and long-term Debt | 1,127,223 | 953,061 |
Atlantic Aviation [Member] | ||
Debt Instrument [Line Items] | ||
Current and long-term Debt | 604,609 | 611,328 |
Contracted Power and Energy Businesses [Member] | ||
Debt Instrument [Line Items] | ||
Current and long-term Debt | 555,486 | 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 | $ 365,975 | $ 350,000 |
Long-Term Debt (Schedule of Fut
Long-Term Debt (Schedule of Future Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
2,016 | $ 40,099 | |
2,017 | 114,072 | |
2,018 | 35,108 | |
2,019 | 395,151 | |
2,020 | 606,844 | |
Thereafter | 1,642,019 | |
Total | $ 2,833,293 | $ 2,392,521 |
Long-Term Debt (Schedule of Mat
Long-Term Debt (Schedule of Material Terms) (Details) - USD ($) | Aug. 10, 2015 | Nov. 07, 2013 | Apr. 30, 2015 | Jul. 31, 2014 | Jan. 22, 2014 | May. 31, 2013 | Mar. 31, 2015 | Jun. 02, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 10, 2022 | Aug. 31, 2020 | Aug. 25, 2015 | May. 21, 2015 | May. 01, 2015 |
Line of Credit Facility [Line Items] | ||||||||||||||||
Current and long-term debt | $ 2,833,293,000 | $ 2,833,293,000 | $ 2,392,521,000 | |||||||||||||
IMTT [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Current and long-term debt | 1,127,223,000 | $ 1,127,223,000 | 953,061,000 | |||||||||||||
IMTT [Member] | Louisiana Public Facilities Authority Revenue Bonds, Series 2007 [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity | Jun. 30, 2043 | |||||||||||||||
Current and long-term debt | $ 50,000,000 | $ 50,000,000 | ||||||||||||||
Fixed portion of interest rate component | 0.625% | |||||||||||||||
Percentage of 30-day LIBOR | 75.00% | 75.00% | ||||||||||||||
Tender period | May 21, 2022 | |||||||||||||||
IMTT [Member] | Development Board of the Parish of Ascension, Louisiana Revenue Bonds,Series 2007 [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity | Jun. 30, 2043 | |||||||||||||||
Current and long-term debt | $ 165,000,000 | $ 165,000,000 | ||||||||||||||
Fixed portion of interest rate component | 0.625% | |||||||||||||||
Percentage of 30-day LIBOR | 75.00% | 75.00% | ||||||||||||||
Tender period | May 21, 2022 | |||||||||||||||
IMTT [Member] | Louisiana Public Facilities Authority Gulf Opportunity Zone Revenue Bonds, Series 2010 [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity | Aug. 30, 2046 | |||||||||||||||
Current and long-term debt | $ 85,000,000 | $ 85,000,000 | ||||||||||||||
Fixed portion of interest rate component | 0.625% | |||||||||||||||
Percentage of 30-day LIBOR | 67.00% | 67.00% | ||||||||||||||
Tender period | May 21, 2022 | |||||||||||||||
IMTT [Member] | Louisiana Public Facilities Authority Revenue Bonds, Series 2010 A [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity | Dec. 31, 2040 | |||||||||||||||
Current and long-term debt | $ 90,900,000 | $ 90,900,000 | ||||||||||||||
Fixed portion of interest rate component | 0.625% | |||||||||||||||
Percentage of 30-day LIBOR | 67.00% | 67.00% | ||||||||||||||
Tender period | May 21, 2022 | |||||||||||||||
IMTT [Member] | Louisiana Public Facilities Authority Revenue Bonds, Series 2010 B [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity | Dec. 31, 2040 | |||||||||||||||
Current and long-term debt | $ 81,800,000 | $ 81,800,000 | ||||||||||||||
Fixed portion of interest rate component | 0.625% | |||||||||||||||
Percentage of 30-day LIBOR | 67.00% | 67.00% | ||||||||||||||
Tender period | May 21, 2022 | |||||||||||||||
IMTT [Member] | New Jersey Economic Development Authority Revenue Refunding Bonds, Series 2015 [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity | Dec. 31, 2027 | |||||||||||||||
Current and long-term debt | $ 36,300,000 | $ 36,300,000 | ||||||||||||||
Fixed portion of interest rate component | 0.625% | |||||||||||||||
Percentage of 30-day LIBOR | 75.00% | 75.00% | ||||||||||||||
Tender period | May 21, 2022 | |||||||||||||||
IMTT [Member] | Senior Notes [Member] | Senior Series A Notes [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity | May 31, 2025 | |||||||||||||||
Current and long-term debt | $ 325,000,000 | $ 325,000,000 | ||||||||||||||
Interest Rate | 3.92% | 3.92% | ||||||||||||||
IMTT [Member] | Senior Notes [Member] | Senior Series B Notes [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity | May 31, 2027 | |||||||||||||||
Current and long-term debt | $ 275,000,000 | $ 275,000,000 | ||||||||||||||
Interest Rate | 4.02% | 4.02% | ||||||||||||||
Atlantic Aviation [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Current and long-term debt | $ 604,609,000 | $ 604,609,000 | 611,328,000 | |||||||||||||
Hawaii Gas Business [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Current and long-term debt | 180,000,000 | 180,000,000 | 180,000,000 | |||||||||||||
Hawaii Gas Business [Member] | Senior Notes [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Borrowing capacity | $ 100,000,000 | $ 100,000,000 | ||||||||||||||
Maturity | Aug. 1, 2022 | |||||||||||||||
Debt Instrument, Term | 10 years | |||||||||||||||
Interest Rate | 4.22% | 4.22% | ||||||||||||||
MIC Corporate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Current and long-term debt | $ 365,975,000 | $ 365,975,000 | $ 350,000,000 | |||||||||||||
Convertible Senior Notes [Member] | MIC Corporate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity | Jul. 31, 2019 | |||||||||||||||
Interest Rate | 2.875% | 2.875% | ||||||||||||||
Convertible senior notes | $ 350,000,000 | $ 350,000,000 | ||||||||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Borrowing capacity | $ 50,000,000 | $ 100,000,000 | $ 465,000,000 | 615,000,000 | $ 615,000,000 | |||||||||||
Maturity | Jun. 1, 2020 | Jun. 1, 2020 | ||||||||||||||
Current and long-term debt | $ 600,500,000 | $ 600,500,000 | ||||||||||||||
Amortization | 1.00% | 1.00% | ||||||||||||||
Fixed portion of interest rate component | 2.50% | 2.50% | 2.50% | |||||||||||||
Percentage of excess cash flow to prepay debt | 50.00% | 50.00% | ||||||||||||||
Mandatory prepayment - dollar threshold of net proceeds from the sale of assets that are not reinvested | $ 5,000,000 | $ 5,000,000 | ||||||||||||||
Variable term loan Interest rate floor | 0.75% | 0.75% | 0.75% | |||||||||||||
Debt Instrument, Term | 7 years | |||||||||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | LIBOR [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 2.50% | |||||||||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | Minimum [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Mandatory prepayment, leverage ratio | 1 | 1 | ||||||||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | Minimum [Member] | LIBOR [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Variable term loan Interest rate floor | 0.75% | 0.75% | ||||||||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | Maximum [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Mandatory prepayment, leverage ratio | 4.25 | 4.25 | ||||||||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | Alternate Base Rate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 1.50% | |||||||||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | Alternate Base Rate [Member] | Minimum [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Variable term loan Interest rate floor | 1.75% | |||||||||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Borrowing capacity | $ 80,000,000 | $ 80,000,000 | ||||||||||||||
Maturity | Aug. 1, 2017 | |||||||||||||||
Current and long-term debt | 80,000,000 | $ 80,000,000 | ||||||||||||||
Fixed portion of interest rate component | 2.25% | |||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | Base Rate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 1.25% | |||||||||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | LIBOR [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 2.25% | |||||||||||||||
Term Loan Facility [Member] | Federal Funds Rate [Member] | Atlantic Aviation [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 0.50% | |||||||||||||||
Term Loan Facility [Member] | Federal Funds Rate [Member] | Hawaii Gas Business [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 0.50% | |||||||||||||||
Term Loan Facility [Member] | One-month LIBOR [Member] | Atlantic Aviation [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 1.00% | |||||||||||||||
Revolving Credit Facility [Member] | United States- IMTT [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Borrowing capacity | 550,000,000 | $ 550,000,000 | ||||||||||||||
Maturity | May 31, 2020 | |||||||||||||||
Fixed portion of interest rate component | 1.50% | |||||||||||||||
Interest rate and fees, commitment fee percentage | 0.225% | |||||||||||||||
Revolving Credit Facility [Member] | Canada- IMTT [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Borrowing capacity | 50,000,000 | $ 50,000,000 | $ 50,000,000 | |||||||||||||
Maturity | May 31, 2020 | |||||||||||||||
Fixed portion of interest rate component | 1.50% | |||||||||||||||
Interest rate and fees, commitment fee percentage | 0.225% | |||||||||||||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Borrowing capacity | $ 70,000,000 | 70,000,000 | $ 70,000,000 | |||||||||||||
Maturity | May 1, 2018 | |||||||||||||||
Fixed portion of interest rate component | 2.50% | |||||||||||||||
Interest rate and fees, commitment fee percentage | 0.50% | |||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | LIBOR [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 2.50% | |||||||||||||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | Alternate Base Rate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 1.50% | |||||||||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Borrowing capacity | 60,000,000 | $ 60,000,000 | ||||||||||||||
Maturity | Aug. 30, 2017 | |||||||||||||||
Interest rate and fees, commitment fee percentage | 0.225% | |||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | Base Rate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 0.50% | |||||||||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | LIBOR [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 1.50% | |||||||||||||||
Revolving Credit Facility [Member] | MIC Corporate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Borrowing capacity | $ 250,000,000 | 410,000,000 | $ 410,000,000 | $ 410,000,000 | $ 360,000,000 | |||||||||||
Maturity | Jul. 31, 2019 | |||||||||||||||
Fixed portion of interest rate component | 1.75% | |||||||||||||||
Interest rate and fees, commitment fee percentage | 0.275% | |||||||||||||||
Line of credit, amount outstanding | 16,000,000 | $ 16,000,000 | ||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||
Revolving Credit Facility [Member] | Federal Funds Rate [Member] | Hawaii Gas Business [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 0.50% | |||||||||||||||
Bayonne Energy Center [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 4.00% | |||||||||||||||
Variable term loan Interest rate floor | 1.00% | |||||||||||||||
Bayonne Energy Center [Member] | Term Loan Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Borrowing capacity | $ 275,000,000 | 275,000,000 | $ 275,000,000 | |||||||||||||
Maturity | Aug. 31, 2022 | |||||||||||||||
Current and long-term debt | 271,000,000 | $ 271,000,000 | ||||||||||||||
Fixed portion of interest rate component | 2.125% | 2.125% | ||||||||||||||
Debt Instrument, Term | 7 years | |||||||||||||||
Annual payment | $ 10,000,000 | |||||||||||||||
Bayonne Energy Center [Member] | Term Loan Facility [Member] | Future Scheduled Step-up [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 2.375% | |||||||||||||||
Bayonne Energy Center [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Borrowing capacity | $ 25,000,000 | $ 30,000,000 | 25,000,000 | $ 25,000,000 | ||||||||||||
Maturity | Aug. 1, 2019 | Aug. 31, 2022 | ||||||||||||||
Fixed portion of interest rate component | 2.125% | |||||||||||||||
Interest rate and fees, commitment fee percentage | 0.50% | |||||||||||||||
Debt Instrument, Term | 7 years | |||||||||||||||
Bayonne Energy Center [Member] | Revolving Credit Facility [Member] | Future Scheduled Step-up [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Fixed portion of interest rate component | 2.375% | |||||||||||||||
Solar Power Generation Facilities [Member] | Term Loan Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Current and long-term debt | 133,100,000 | $ 133,100,000 | ||||||||||||||
Solar Power Generation Facilities [Member] | Term Loan Facility [Member] | Minimum [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity | Sep. 1, 2032 | |||||||||||||||
Mandatory prepayment - dollar threshold of net proceeds from the sale of assets that are not reinvested | $ 250,000 | $ 250,000 | ||||||||||||||
Debt Instrument, Term | 20 years | |||||||||||||||
Interest Rate | 4.00% | 4.00% | 4.00% | |||||||||||||
Mandatory prepayment - dollar threshold of insurance proceeds | $ 250,000 | $ 250,000 | ||||||||||||||
Mandatory prepayment - dollar threshold of condemnation proceeds | 250,000 | $ 250,000 | ||||||||||||||
Solar Power Generation Facilities [Member] | Term Loan Facility [Member] | Maximum [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity | Sep. 1, 2036 | Sep. 1, 2036 | ||||||||||||||
Mandatory prepayment - dollar threshold of net proceeds from the sale of assets that are not reinvested | $ 500,000 | $ 500,000 | ||||||||||||||
Debt Instrument, Term | 23 years | |||||||||||||||
Interest Rate | 5.60% | 5.60% | 5.60% | |||||||||||||
Mandatory prepayment - dollar threshold of insurance proceeds | $ 1,000,000 | $ 1,000,000 | ||||||||||||||
Mandatory prepayment - dollar threshold of condemnation proceeds | 1,000,000 | $ 1,000,000 | ||||||||||||||
Idaho Wind Partners [Member] | Term Loan Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Maturity | Dec. 1, 2027 | Dec. 1, 2027 | ||||||||||||||
Current and long-term debt | $ 151,400,000 | $ 151,400,000 | ||||||||||||||
Fixed portion of interest rate component | 2.75% | 1.625% | 1.625% | |||||||||||||
Mandatory prepayment - dollar threshold of net proceeds from the sale of assets that are not reinvested | $ 500,000 | $ 500,000 | ||||||||||||||
Debt Instrument, Term | 17 years | |||||||||||||||
Mandatory prepayment - dollar threshold of Guaranteed Performance commitment | 250,000 | $ 250,000 | ||||||||||||||
Mandatory prepayment - dollar threshold of insurance proceeds | $ 10,000,000 | $ 10,000,000 | ||||||||||||||
Effective period of change in fixed margin | 5 years | |||||||||||||||
Change in fixed margin | 0.25% |
Derivative Instruments and He63
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands | Aug. 10, 2015 | Jun. 03, 2015 | Nov. 07, 2013 | Jul. 31, 2015 | Jun. 30, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Jan. 22, 2014 | May. 31, 2013 | Jun. 02, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | Aug. 31, 2020 |
Derivative [Line Items] | |||||||||||||||
Current and long-term debt | $ 2,833,293 | $ 2,833,293 | $ 2,392,521 | ||||||||||||
Fixed rate debt | 1,200,000 | 1,200,000 | 613,100 | ||||||||||||
Unhedged debt | 16,000 | 16,000 | 517,200 | ||||||||||||
Interest Rate Contracts [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Debt economically hedged with interest rate contracts | 1,600,000 | 1,600,000 | 1,300,000 | ||||||||||||
IMTT [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Current and long-term debt | 1,127,223 | 1,127,223 | 953,061 | ||||||||||||
Atlantic Aviation [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Current and long-term debt | 604,609 | 604,609 | 611,328 | ||||||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Current and long-term debt | 600,500 | 600,500 | |||||||||||||
Fixed portion of interest rate component | 2.50% | 2.50% | 2.50% | ||||||||||||
Variable term loan Interest rate floor | 0.75% | 0.75% | 0.75% | ||||||||||||
Borrowing capacity | $ 50,000 | $ 100,000 | $ 465,000 | $ 615,000 | $ 615,000 | ||||||||||
Maturity | Jun. 1, 2020 | Jun. 1, 2020 | |||||||||||||
Debt instrument, term | 7 years | ||||||||||||||
Percentage of outstanding debt hedged | 100.00% | 100.00% | |||||||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | Interest Rate Swaps [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Weighted average interest rate | 4.63% | 4.63% | |||||||||||||
Derivatives, expiration date | Jul. 31, 2019 | ||||||||||||||
Derivative, Term of Contract | 6 years | ||||||||||||||
Tax-exempt bonds [Member] | IMTT [Member] | Interest Rate Swaps [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Payment on early termination of interest rate swap agreement | $ 31,400 | ||||||||||||||
Notional amount of derivative | $ 361,100 | ||||||||||||||
Fixed interest rate | 1.677% | ||||||||||||||
Derivatives, expiration date | Jun. 1, 2021 | ||||||||||||||
Derivative, Term of Contract | 6 years | ||||||||||||||
2014 wind power generation facilities [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Amortizing term loan debt assumed | $ 163,900 | ||||||||||||||
Derivatives, expiration date | Dec. 31, 2027 | ||||||||||||||
Bayonne Energy Center [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Amortizing term loan debt assumed | $ 509,100 | ||||||||||||||
Fixed portion of interest rate component | 4.00% | ||||||||||||||
Variable term loan Interest rate floor | 1.00% | ||||||||||||||
Bayonne Energy Center [Member] | Term Loan Facility [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Current and long-term debt | $ 271,000 | $ 271,000 | |||||||||||||
Fixed portion of interest rate component | 2.125% | 2.125% | |||||||||||||
Borrowing capacity | $ 275,000 | 275,000 | $ 275,000 | ||||||||||||
Maturity | Aug. 31, 2022 | ||||||||||||||
Debt instrument, term | 7 years | ||||||||||||||
Bayonne Energy Center [Member] | Term Loan Facility [Member] | Interest Rate Swaps [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Fair value of derivative instruments | $ 21,500 | ||||||||||||||
Payment on early termination of interest rate swap agreement | $ 19,200 | ||||||||||||||
Notional amount of derivative | $ 275,000 | $ 275,000 | $ 275,000 | ||||||||||||
Fixed interest rate | 1.786% | 3.455% | 1.786% | 1.786% | |||||||||||
Maturity | Aug. 31, 2021 | ||||||||||||||
Derivative, Term of Contract | 6 years | ||||||||||||||
Idaho Wind Partners [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Amortizing term loan debt assumed | $ 163,900 | ||||||||||||||
Idaho Wind Partners [Member] | Term Loan Facility [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Current and long-term debt | $ 151,400 | $ 151,400 | |||||||||||||
Fixed portion of interest rate component | 2.75% | 1.625% | 1.625% | ||||||||||||
Maturity | Dec. 1, 2027 | Dec. 1, 2027 | |||||||||||||
Debt instrument, term | 17 years | ||||||||||||||
Idaho Wind Partners [Member] | Term Loan Facility [Member] | Interest Rate Swaps [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Change in fixed interest rate | 0.20% | ||||||||||||||
Weighted average interest rate | 4.756% | 4.756% | |||||||||||||
Hawaii Gas [Member] | Term Loan Facility [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Fixed portion of interest rate component | 2.25% | ||||||||||||||
Borrowing capacity | $ 80,000 | $ 80,000 | |||||||||||||
Hawaii Gas [Member] | Term Loan Facility [Member] | Interest Rate Swaps [Member] | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Notional amount of derivative | $ 80,000 | ||||||||||||||
Weighted average interest rate | 2.89% | ||||||||||||||
Derivatives, expiration date | Aug. 8, 2016 |
Derivative Instruments and He64
Derivative Instruments and Hedging Activities (Schedule of Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative instruments - current liabilities | $ (19,628) | $ (32,111) | |
Fair value of derivative instruments - noncurrent liabilities | (15,698) | (27,724) | |
Interest Rate Swaps and Commodity Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative instruments - current liabilities | [1],[2],[3] | (19,628) | (32,111) |
Fair value of derivative instruments - noncurrent liabilities | [1],[2],[3] | (15,698) | (27,724) |
Total derivative contracts - liabilities | [1],[2],[3] | (35,326) | (59,835) |
Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative instruments - other noncurrent assets | [2],[3] | 1,810 | 584 |
Total derivative contracts - assets | [2],[3] | $ 1,810 | $ 584 |
[1] | Derivative contracts include commodity hedges. | ||
[2] | Derivative contracts include interest rate swaps. | ||
[3] | Fair value measurements at reporting date were made using significant other observable inputs (level 2). |
Derivative Instruments and He65
Derivative Instruments and Hedging Activities (Schedule of Location of Hedging Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivative instruments | $ (36,915) | $ (23,853) | $ (7,483) | |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | (856) | (1,400) | ||
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivative instruments | $ (30,500) | (21,300) | (7,500) | |
Interest Expense [Member] | Interest Rate Cap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivative instruments | 0 | (1) | (94) | |
Interest Expense [Member] | Interest Rate Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivative instruments | [1] | (30,457) | (21,311) | (7,389) |
Amount of derivative Gain/(Loss) Recognized in Interest Expense | (20,500) | (6,000) | ||
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | (856) | (1,400) | ||
Cost of product sales [Member] | Commodity swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivative instruments | (6,458) | 0 | 0 | |
Other income, net [Member] | Commodity swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivative instruments | $ 0 | $ (2,541) | $ 0 | |
[1] | Interest expense for the years ended December 31, 2014 and 2013 includes $20.5 million and $6.0 million, respectively, of derivative losses and $856,000 and $1.4 million, respectively, for amounts reclassified from accumulated other comprehensive loss for the interest rate swap contracts. |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Thousands | Mar. 12, 2015USD ($)shares | Mar. 02, 2015shares | Jul. 15, 2014USD ($)shares | May. 08, 2013shares | May. 21, 2015USD ($)shares | Mar. 31, 2015shares | Jul. 31, 2014shares | Dec. 31, 2013shares | Dec. 18, 2013USD ($)shares | May. 31, 2013shares | May. 16, 2013USD ($)shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | [1] | Feb. 19, 2016$ / shares | Jun. 24, 2015USD ($)$ / shares | ||
Shares Activity [Line Items] | |||||||||||||||||||
Equity offering, shares | 6,109,375 | 11,500,000 | 2,443,980 | 3,889,875 | |||||||||||||||
Conversion of LLC interests to common stock | $ | $ 79 | $ 79 | [1] | $ 0 | [1] | $ 0 | |||||||||||||
Shares, authorized | 500,000,000 | ||||||||||||||||||
Common stock, value per share | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||||
Special stock, authorized | 100 | ||||||||||||||||||
Special stock, par value per share | $ / shares | $ 0.001 | ||||||||||||||||||
Preferred stock, authorized | 100,000,000 | ||||||||||||||||||
Preferred stock, par value per share | $ / shares | $ 0.001 | ||||||||||||||||||
Shares, issued | 80,006,744 | 71,089,590 | |||||||||||||||||
Special stock, issued | 100 | ||||||||||||||||||
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 | 976,058 | ||||||||||||||||||
MIC Corporate [Member] | |||||||||||||||||||
Shares Activity [Line Items] | |||||||||||||||||||
Equity offering, shares | 3,756,500 | 2,125,200 | |||||||||||||||||
Proceeds from equity offering | $ | $ 123,200 | $ 217,800 | |||||||||||||||||
2014 Independent Director Equity Plan [Member] | |||||||||||||||||||
Shares Activity [Line Items] | |||||||||||||||||||
Shares available for grant | 291,340 | ||||||||||||||||||
2014 Independent Director Equity Plan [Member] | Maximum [Member] | |||||||||||||||||||
Shares Activity [Line Items] | |||||||||||||||||||
Shares authorized under 2014 Independent Director Equity Plan | 300,000 | ||||||||||||||||||
Fair Value of awards granted | $ | $ 350 | ||||||||||||||||||
Over Allotment Option [Member] | MIC Corporate [Member] | |||||||||||||||||||
Shares Activity [Line Items] | |||||||||||||||||||
Equity offering, shares | 318,780 | 133,375 | |||||||||||||||||
At the Market [Member] | |||||||||||||||||||
Shares Activity [Line Items] | |||||||||||||||||||
Equity offering, shares | 37,000 | ||||||||||||||||||
Proceeds from equity offering | $ | $ 3,000 | ||||||||||||||||||
Common stock, value per share | $ / shares | $ 0.001 | ||||||||||||||||||
At the Market [Member] | Maximum [Member] | |||||||||||||||||||
Shares Activity [Line Items] | |||||||||||||||||||
Aggregate gross offering price | $ | $ 400,000 | ||||||||||||||||||
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 | ||||||||||||||||||
Special Stock [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | |||||||||||||||||||
Shares Activity [Line Items] | |||||||||||||||||||
Right to appoint number of directors | 1 | ||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Shares Activity [Line Items] | |||||||||||||||||||
Shares issued per LLC interest | 1 | ||||||||||||||||||
[1] | See Note 10, “Stockholders' Equity”, for discussion on common stock, LLC interests and additional paid in capital. |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 2,970,168 | $ 1,153,268 | ||
Reclassification of realized losses of derivatives into earnings | [1] | 0 | (636) | $ (902) |
Change in post-retirement benefit plan | [2] | (4,049) | 10,816 | (12,445) |
Translation adjustment | [3] | (9,671) | (4,813) | (560) |
Balance | $ 3,202,442 | 2,970,168 | 1,153,268 | |
Net loss in accumulated other comprehensive income reclassifications for cash flow hedges | (856) | (1,400) | ||
Reclassification of realized losses of derivatives into earnings, taxes | 340 | 568 | ||
Loss in accumulated other comprehensive income reclassifications for cash flow hedges from unconsolidated business | (185) | (61) | ||
Reclassification of realized losses of derivatives into earnings from unconsolidated business, taxes | 65 | 21 | ||
Change in post-retirement benefit plans, taxes | $ (2,700) | 6,900 | (7,300) | |
Translation adjustment, taxes | 3,900 | 2,700 | 302 | |
IMTT [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Translation adjustment | (66) | |||
Loss in accumulated other comprehensive income reclassifications for cash flow hedges from unconsolidated business | (162) | |||
Reclassification of realized losses of derivatives into earnings from unconsolidated business, taxes | 57 | |||
Change in post-retirement benefit plans, amount written off | 6,500 | |||
Change in post-retirement benefit plans, taxes | (2,300) | |||
Translation adjustment, taxes | 23 | |||
Cash Flow Hedges, net of taxes | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | [4] | 0 | (636) | (1,538) |
Reclassification of realized losses of derivatives into earnings | [4] | 636 | 902 | |
Change in post-retirement benefit plan | [4] | 0 | 0 | 0 |
Translation adjustment | [4] | 0 | 0 | 0 |
Balance | [4] | 0 | 0 | (636) |
Post-Retirement Benefit Plans, net of taxes | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | [5] | (18,837) | (8,021) | (20,466) |
Reclassification of realized losses of derivatives into earnings | [5] | 0 | 0 | |
Change in post-retirement benefit plan | [5] | 4,049 | (10,816) | 12,445 |
Translation adjustment | [5] | 0 | 0 | 0 |
Balance | [5] | (14,788) | (18,837) | (8,021) |
Translation Adjustment, net of taxes | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | [6] | (4,859) | (46) | 514 |
Reclassification of realized losses of derivatives into earnings | [6] | 0 | 0 | |
Change in post-retirement benefit plan | [6] | 0 | 0 | 0 |
Translation adjustment | [6] | (9,671) | (4,813) | (560) |
Balance | [6] | (14,530) | (4,859) | (46) |
Total Accumulated Other Comprehensive Loss, Net of Taxes | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (23,696) | (8,703) | (21,490) | |
Reclassification of realized losses of derivatives into earnings | 636 | 902 | ||
Change in post-retirement benefit plan | 4,049 | (10,816) | 12,445 | |
Translation adjustment | (9,671) | (4,813) | (560) | |
Balance | (29,318) | (23,696) | (8,703) | |
Noncontrolling Interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 2,146 | 258 | 689 | |
Reclassification of realized losses of derivatives into earnings | (258) | (431) | ||
Change in post-retirement benefit plan | 0 | 0 | 0 | |
Translation adjustment | 3,877 | 2,146 | 0 | |
Balance | 6,023 | 2,146 | 258 | |
Total Stockholders' Accumulated Other Comprehensive Loss, Net of Taxes | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (21,550) | (8,445) | (20,801) | |
Reclassification of realized losses of derivatives into earnings | 378 | 471 | ||
Change in post-retirement benefit plan | 4,049 | (10,816) | 12,445 | |
Translation adjustment | (5,794) | (2,667) | (560) | |
Balance | $ (23,295) | $ (21,550) | $ (8,445) | |
[1] | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $856,000 and $1.4 million, respectively, and the related tax benefit of $340,000 and $568,000, respectively, in the consolidated statements of operations; and (ii) pre-tax derivative losses of $185,000 and $61,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $65,000 and $21,000, respectively, in the consolidated balance sheets for the years ended December 31, 2014, and 2013, respectively. See Note 10, “Stockholders' Equity” for further discussions. | |||
[2] | Change in post-retirement benefit plans is presented net of taxes of $2.7 million, $6.9 million and $7.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. See Note 10, “Stockholders' Equity” for further discussions. | |||
[3] | Translation adjustment is presented net of taxes of $3.9 million, $2.7 million and $302,000 for the years ended December 31, 2015, 2014 and 2013, respectively. See Note 10, “Stockholders' Equity” for further discussions. | |||
[4] | Reclassification of realized losses of derivatives is composed of (i) pre-tax derivative losses into interest expense of $856,000 and $1.4 million, respectively, and the related tax benefit of $340,000 and $568,000, respectively, in the consolidated statements of operations; and (ii) pre-tax derivative losses of $185,000 and $61,000, respectively, as an adjustment to investment in unconsolidated business, and an adjustment to deferred taxes of $65,000 and $21,000, respectively, in the consolidated balance sheets for the years ended December 31, 2014 and 2013, respectively. For the year ended December 31, 2014, the Company wrote-off $162,000 for the amount related to the investment in unconsolidated business and related taxes of $57,000, previously accounted for under the equity method of accounting in conjunction with the IMTT Acquisition. This write-off is recorded in gain from acquisition/divestiture of businesses in the consolidated statement of operations. | |||
[5] | Change in post-retirement benefit plans is presented net of taxes of $2.7 million, $6.9 million and $7.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. For the year ended December 31, 2014, change in post-retirement benefit plans also includes a write-off of the remaining balance of $6.5 million and the related taxes of $2.3 million previously accounted for under the equity method of accounting in conjunction with the IMTT Acquisition. This write-off is recorded in gain from acquisition/divestiture of businesses in the consolidated statement of operations. | |||
[6] | Translation adjustment is presented net of taxes of $3.9 million, $2.7 million and $302,000 for the years ended December 31, 2015, 2014 and 2013, respectively. For the year ended December 31, 2014, translation adjustment also includes a write-off of the remaining balance of $66,000 and the related taxes of $23,000 previously accounted for under the equity method of accounting in conjunction with the IMTT Acquisition. This write-off is recorded in gain from acquisition/divestiture of businesses in the consolidated statement of operations. |
Stockholders' Equity (Schedul68
Stockholders' Equity (Schedule of Dividends) (Details) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Dividend One [Member] | |
Dividends Payable [Line Items] | |
Declared | Apr. 26, 2013 |
Period Covered | First quarter 2013 |
$ per Share | $ 0.6875 |
Record Date | May 13, 2013 |
Payable Date | May 16, 2013 |
Dividend Two [Member] | |
Dividends Payable [Line Items] | |
Declared | Jul. 29, 2013 |
Period Covered | Second quarter 2013 |
$ per Share | $ 0.875 |
Record Date | Aug. 12, 2013 |
Payable Date | Aug. 15, 2013 |
Dividend Three [Member] | |
Dividends Payable [Line Items] | |
Declared | Oct. 25, 2013 |
Period Covered | Third quarter 2013 |
$ per Share | $ 0.875 |
Record Date | Nov. 11, 2013 |
Payable Date | Nov. 14, 2013 |
Dividend Four [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 |
Dividend Five [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 |
Dividend Six [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 |
Dividend Seven [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 |
Dividend Eight [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 |
Dividend Nine [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 |
Dividend Ten [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 |
Dividend Eleven [Member] | |
Dividends Payable [Line Items] | |
Declared | Oct. 29, 2015 |
Period Covered | Third quarter 2015 |
$ per Share | $ 1.13 |
Record Date | Nov. 13, 2015 |
Payable Date | Nov. 18, 2015 |
Dividend Twelve [Member] | |
Dividends Payable [Line Items] | |
Declared | Feb. 18, 2016 |
Period Covered | Fourth quarter 2015 |
$ per Share | $ (1.15) |
Record Date | Mar. 3, 2016 |
Payable Date | Mar. 8, 2016 |
Stockholders' Equity (Schedul69
Stockholders' Equity (Schedule of Stock Issued to Board of Directors) (Details) | 12 Months Ended | |
Dec. 31, 2015$ / sharesshares | ||
Range One [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Date of Grant | Feb. 21, 2013 | |
Stock Units Granted | shares | 895 | [1] |
Price of Stock Units Granted | $ / shares | $ 44.55 | |
Date of Vesting | May 19, 2013 | |
Range Two [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Date of Grant | May 20, 2013 | |
Stock Units Granted | shares | 12,910 | [1] |
Price of Stock Units Granted | $ / shares | $ 58.09 | |
Date of Vesting | May 20, 2014 | |
Range Three [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Date of Grant | May 21, 2014 | |
Stock Units Granted | shares | 12,525 | [1] |
Price of Stock Units Granted | $ / shares | $ 59.89 | |
Date of Vesting | May 19, 2015 | |
Range Four [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Date of Grant | Jun. 18, 2015 | [2] |
Stock Units Granted | shares | 8,660 | [1] |
Price of Stock Units Granted | $ / shares | $ 86.61 | |
Date of Vesting | [3] | |
[1] | Stock units granted refer (i) from and after the time of the Conversion, to common stock and (ii) prior to the Conversion, LLC interests. | |
[2] | The 8,660 restricted stock units granted on June 18, 2015 were granted under the 2014 Plan. | |
[3] | Date of vesting will be the day immediately preceding the 2016 annual meeting of the Company's stockholders. |
Reportable Segments (Narrative)
Reportable Segments (Narrative) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||||
Jul. 15, 2014USD ($) | Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015Item | Dec. 31, 2015 | Mar. 31, 2015MW | Jul. 16, 2014 | |
Segment Reporting Information [Line Items] | ||||||||
Number of reportable segments | 4 | |||||||
Equity in earnings and amortization charges of investee | $ | $ 0 | $ 26,391 | $ 39,115 | |||||
Tax rate used to calculate net income attributable to MIC | 35.00% | |||||||
Equity interest acquired | 50.00% | |||||||
Number of solar projects | 6 | |||||||
Number of wind power generation facilities | 2 | |||||||
Equity method ownership percentage | 50.00% | |||||||
Maximum [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Life of Purchase Power Agreements | 25 years | |||||||
Minimum [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Life of Purchase Power Agreements | 20 years | |||||||
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] | ||||||||
Electricity generating capacity | MW | 260 | |||||||
Number of solar projects | 6 | |||||||
Number of wind power generation facilities | 2 | |||||||
United States- IMTT [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Equity in earnings and amortization charges of investee | $ | $ 26,100 | $ 39,100 | ||||||
Equity method ownership percentage | 50.00% | |||||||
Number of marine terminals | 10 | |||||||
Bayonne Energy Center [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Electricity generating capacity | MW | 512 | |||||||
Equity interest acquired | 100.00% | |||||||
Percentage of contracted tolling agreement | 62.50% |
Reportable Segments (Schedule o
Reportable Segments (Schedule of Selected Consolidated Financial Data) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014USD ($) | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,662,451 | |
Net income attributable to MIC | $ 77,923 | [1] |
[1] | The tax rate used to calculate net income attributable to MIC was 35.0%. |
Reportable Segments (Schedule72
Reportable Segments (Schedule of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Jul. 15, 2014 | [5] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue | $ 401,354 | $ 415,709 | $ 423,689 | $ 398,498 | $ 405,142 | [1] | $ 388,638 | $ 280,943 | $ 276,195 | $ 1,639,250 | $ 1,350,918 | $ 1,041,019 | |||||||
Net income | 32,923 | $ 10,638 | $ (63,096) | $ (89,002) | 20,969 | [1],[2] | $ 990,993 | [2] | $ 9,700 | [2] | $ 20,366 | [2] | (108,537) | 1,042,028 | 31,254 | ||||
Provision for income taxes | [3] | (65,161) | (24,374) | 18,043 | |||||||||||||||
Other non-cash expenses | (6,253) | (9,559) | (8,777) | ||||||||||||||||
Capital expenditures paid | 194,148 | 123,946 | 111,208 | ||||||||||||||||
Property, equipment, land and leasehold improvements, net | 4,116,163 | 3,362,585 | 4,116,163 | 3,362,585 | |||||||||||||||
Total assets | 7,378,828 | 6,625,188 | 7,378,828 | 6,625,188 | |||||||||||||||
IMTT [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue | 550,041 | 255,934 | [4] | 0 | |||||||||||||||
Net income | 74,140 | 34,650 | [4] | ||||||||||||||||
Interest expense, net | 37,378 | 10,864 | [4] | ||||||||||||||||
Provision for income taxes | 51,520 | 25,768 | [4] | ||||||||||||||||
Other non-cash expenses | 7,027 | 3,903 | [4] | ||||||||||||||||
EBITDA excluding non-cash items | 302,067 | 127,751 | [4] | ||||||||||||||||
Capital expenditures paid | 96,990 | 47,376 | 0 | ||||||||||||||||
Property, equipment, land and leasehold improvements, net | $ 2,238,654 | $ 2,267,650 | $ 2,238,654 | $ 2,267,650 | |||||||||||||||
IMTT [Member] | Prior to acquisition [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue | $ 311,533 | 513,902 | |||||||||||||||||
Net income | 57,496 | 87,855 | |||||||||||||||||
Interest expense, net | 16,375 | 24,572 | |||||||||||||||||
Provision for income taxes | 38,265 | 61,149 | |||||||||||||||||
Depreciation and amortization | 40,922 | 76,091 | |||||||||||||||||
Other non-cash expenses | 4,366 | 18,822 | |||||||||||||||||
EBITDA excluding non-cash items | [6] | 157,424 | 268,489 | ||||||||||||||||
Capital expenditures paid | 59,868 | 149,723 | |||||||||||||||||
Property, equipment, land and leasehold improvements, net | 1,289,245 | 1,273,692 | |||||||||||||||||
Total assets | $ 1,415,378 | $ 1,378,930 | |||||||||||||||||
[1] | Includes 100% of the results of IMTT subsequent to the IMTT Acquisition on July 16, 2014. | ||||||||||||||||||
[2] | Includes gain from acquisition/divestiture of businesses totaling $1.0 billion from the IMTT Acquisition and the sale of the Company's interest in the district energy business for the quarter ended September 30, 2014. | ||||||||||||||||||
[3] | Includes $340,000 and $568,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||
[4] | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||
[5] | Amounts represent financial position of IMTT business prior to July 16, 2014, the date of the IMTT Acquisition. | ||||||||||||||||||
[6] | EBITDA consists of earnings before interest, taxes, depreciation and amortization. Non-cash items that are excluded consist of impairments, derivative gains and losses and all other non-cash income and expense items. |
Reportable Segments (Schedule73
Reportable Segments (Schedule of Revenue From External Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [1] | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||||||||||||||
Service revenue | $ 1,288,501 | $ 1,064,682 | $ 770,360 | |||||||||||||
Product revenue | 350,749 | 284,400 | 267,096 | |||||||||||||
Financing and equipment lease income | 0 | 1,836 | 3,563 | |||||||||||||
Total revenue | $ 401,354 | $ 415,709 | $ 423,689 | $ 398,498 | $ 405,142 | $ 388,638 | $ 280,943 | $ 276,195 | 1,639,250 | 1,350,918 | 1,041,019 | |||||
IMTT [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Service revenue | 550,041 | 255,934 | [2] | 0 | ||||||||||||
Product revenue | 0 | 0 | [2] | 0 | ||||||||||||
Financing and equipment lease income | 0 | [2] | 0 | |||||||||||||
Total revenue | 550,041 | 255,934 | [2] | 0 | ||||||||||||
Atlantic Aviation [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Service revenue | 738,460 | 779,261 | 725,480 | |||||||||||||
Product revenue | 0 | 0 | 0 | |||||||||||||
Financing and equipment lease income | 0 | 0 | ||||||||||||||
Total revenue | 738,460 | 779,261 | 725,480 | |||||||||||||
Contracted Power and Energy Businesses [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Service revenue | 0 | 29,487 | 44,880 | |||||||||||||
Product revenue | 123,797 | 19,779 | 9,371 | |||||||||||||
Financing and equipment lease income | 1,836 | 3,563 | ||||||||||||||
Total revenue | 123,797 | 51,102 | 57,814 | |||||||||||||
Hawaii Gas Business [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Service revenue | 0 | 0 | 0 | |||||||||||||
Product revenue | 226,952 | 264,621 | 257,725 | |||||||||||||
Financing and equipment lease income | 0 | 0 | ||||||||||||||
Total revenue | $ 226,952 | $ 264,621 | $ 257,725 | |||||||||||||
[1] | Includes 100% of the results of IMTT subsequent to the IMTT Acquisition on July 16, 2014. | |||||||||||||||
[2] | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. |
Reportable Segments (Schedule74
Reportable Segments (Schedule of EBITDA for Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [1],[2] | Sep. 30, 2014 | [1],[2] | Jun. 30, 2014 | [1],[2] | Mar. 31, 2014 | [1],[2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net income (loss) | $ 32,923 | $ 10,638 | $ (63,096) | $ (89,002) | $ 20,969 | $ 990,993 | $ 9,700 | $ 20,366 | $ (108,537) | $ 1,042,028 | $ 31,254 | |||||||
Provision for income taxes | [3] | (65,161) | (24,374) | 18,043 | ||||||||||||||
Depreciation | (215,243) | (102,816) | (45,876) | |||||||||||||||
Amortization of intangibles | (101,435) | (42,695) | (34,651) | |||||||||||||||
Other non-cash expense (income) | (6,253) | (9,559) | (8,777) | |||||||||||||||
Total Reportable Segments [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net income (loss) | 119,642 | 91,172 | 61,472 | |||||||||||||||
Interest expense, net | 108,782 | 67,179 | 36,915 | |||||||||||||||
Provision for income taxes | 86,749 | 64,322 | 41,040 | |||||||||||||||
Depreciation | 215,243 | 102,816 | [4] | 45,876 | [4] | |||||||||||||
Amortization of intangibles | 101,435 | 42,695 | 34,651 | |||||||||||||||
Other non-cash expense (income) | 2,072 | 7,177 | 3,998 | |||||||||||||||
EBITDA excluding non-cash items | 633,923 | 375,361 | 223,952 | |||||||||||||||
IMTT [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net income (loss) | 74,140 | 34,650 | [5] | |||||||||||||||
Interest expense, net | 37,378 | 10,864 | [5] | |||||||||||||||
Provision for income taxes | 51,520 | 25,768 | [5] | |||||||||||||||
Depreciation | 120,950 | 47,475 | [4],[5] | |||||||||||||||
Amortization of intangibles | 11,052 | 5,091 | [5] | |||||||||||||||
Other non-cash expense (income) | 7,027 | 3,903 | [5] | |||||||||||||||
EBITDA excluding non-cash items | 302,067 | 127,751 | [5] | |||||||||||||||
Atlantic Aviation [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net income (loss) | 22,805 | 36,964 | 38,545 | |||||||||||||||
Interest expense, net | 35,735 | 40,618 | 22,151 | |||||||||||||||
Provision for income taxes | 16,081 | 25,096 | 25,218 | |||||||||||||||
Depreciation | 40,249 | 28,264 | [4] | 24,301 | [4] | |||||||||||||
Amortization of intangibles | 86,102 | 35,514 | 32,077 | |||||||||||||||
Other non-cash expense (income) | 2,645 | 1,475 | 2,545 | |||||||||||||||
EBITDA excluding non-cash items | 203,617 | 167,931 | 144,837 | |||||||||||||||
Contracted Power and Energy Businesses [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net income (loss) | (1,296) | (1,771) | 611 | |||||||||||||||
Interest expense, net | 28,390 | 8,606 | 7,930 | |||||||||||||||
Provision for income taxes | 4,887 | 823 | 827 | |||||||||||||||
Depreciation | 45,490 | 19,132 | [4] | 14,056 | [4] | |||||||||||||
Amortization of intangibles | 3,500 | 843 | 1,326 | |||||||||||||||
Other non-cash expense (income) | (12,815) | (4,910) | (663) | |||||||||||||||
EBITDA excluding non-cash items | 68,156 | 22,723 | 24,087 | |||||||||||||||
Hawaii Gas Business [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net income (loss) | 23,993 | 21,329 | 22,316 | |||||||||||||||
Interest expense, net | 7,279 | 7,091 | 6,834 | |||||||||||||||
Provision for income taxes | 14,261 | 12,635 | 14,995 | |||||||||||||||
Depreciation | 8,554 | 7,945 | [4] | 7,519 | [4] | |||||||||||||
Amortization of intangibles | 781 | 1,247 | 1,248 | |||||||||||||||
Other non-cash expense (income) | 5,215 | 6,709 | 2,116 | |||||||||||||||
EBITDA excluding non-cash items | $ 60,083 | $ 56,956 | $ 55,028 | |||||||||||||||
[1] | Includes 100% of the results of IMTT subsequent to the IMTT Acquisition on July 16, 2014. | |||||||||||||||||
[2] | Includes gain from acquisition/divestiture of businesses totaling $1.0 billion from the IMTT Acquisition and the sale of the Company's interest in the district energy business for the quarter ended September 30, 2014. | |||||||||||||||||
[3] | Includes $340,000 and $568,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
[4] | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company’s divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated statements of operations. | |||||||||||||||||
[5] | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. |
Reportable Segments (Schedule75
Reportable Segments (Schedule of Reconciliation of EBITDA for Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Segment Reporting Information [Line Items] | ||||||||
Interest income | $ 55 | $ 112 | $ 204 | |||||
Interest expense | [1] | (123,079) | (73,196) | (37,044) | ||||
Depreciation | 215,243 | 102,816 | 45,876 | |||||
Amortization of intangibles | 101,435 | 42,695 | 34,651 | |||||
Selling, general and administrative expenses - Corporate and Other | (1,698,575) | (1,316,611) | (995,380) | |||||
Fees to Manager - related party | 354,959 | 168,182 | 85,367 | |||||
Gain from acquisition/divestiture of businesses | $ 1,000,000 | 0 | [2] | 1,027,054 | [2] | 0 | [2] | |
Equity in earnings and amortization charges of investee | 0 | 26,391 | 39,115 | |||||
Total consolidated net (loss) income before income taxes | (178,968) | 1,014,909 | 46,123 | |||||
Total Reportable Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total reportable segments EBITDA excluding non-cash items | [3] | 633,923 | 375,361 | 223,952 | ||||
Interest income | 55 | 112 | 204 | |||||
Interest expense | (123,079) | (73,196) | (37,044) | |||||
Depreciation | [4] | (215,243) | (102,816) | (45,876) | ||||
Amortization of intangibles | (101,435) | (42,695) | (34,651) | |||||
Selling, general and administrative expenses - Corporate and Other | (11,575) | (15,526) | (6,149) | |||||
Fees to Manager - related party | (354,959) | (168,182) | (85,367) | |||||
Gain from acquisition/divestiture of businesses | 0 | 1,027,054 | 0 | |||||
Equity in earnings and amortization charges of investee | [3] | 0 | 26,391 | 39,115 | ||||
Other expense, net | (6,655) | (11,594) | (8,061) | |||||
Total consolidated net (loss) income before income taxes | $ (178,968) | $ 1,014,909 | $ 46,123 | |||||
[1] | Interest expense includes losses on derivative instruments of $30.5 million, $21.3 million and $7.5 million for the years ended December 31, 2015, 2014 and 2013, respectively, of which net losses of $856,000 and $1.4 million were reclassified from accumulated other comprehensive loss for the years ended December 31, 2014 and 2013, respectively. | |||||||
[2] | Gain from acquisition/divestiture of businesses represents the gain of $948.1 million from IMTT Acquisition from the remeasuring to fair value of the Company’s previous 50% ownership interest and the gain of $78.9 million from the sale of the Company’s interest in the district energy business. | |||||||
[3] | For the year ended December 31, 2015 and from July 16, 2014 through December 31, 2014, total reportable segments' EBITDA excluding non-cash items includes the results of IMTT’s EBITDA excluding non-cash items. Prior to July 16, 2014, the date of the IMTT Acquisition, MIC accounted for its 50% investment in IMTT under the equity method of accounting. As such, MIC’s 50% share of IMTT’s net income was reported in equity in earnings and amortization charges of investee in the above table for periods prior to July 16, 2014. | |||||||
[4] | Depreciation includes depreciation expense for the district energy business, a component of the CP&E segment prior to the Company’s divestiture of the business on August 21, 2014, which was reported in cost of services in the consolidated statements of operations. |
Reportable Segments (Schedule76
Reportable Segments (Schedule of Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 194,148 | $ 123,946 | $ 111,208 |
IMTT [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 96,990 | 47,376 | 0 |
Atlantic Aviation [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 64,385 | 43,691 | 31,049 |
Contracted Power and Energy Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 15,636 | 14,376 | 58,687 |
Hawaii Gas Business [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 17,137 | $ 18,503 | $ 21,472 |
Reportable Segments (Schedule77
Reportable Segments (Schedule of Assets of Reportable Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | $ 4,116,163 | $ 3,362,585 |
Goodwill | 2,017,211 | 1,996,259 |
Total Assets | 7,378,828 | 6,625,188 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 7,368,691 | 6,607,789 |
IMTT [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 2,238,654 | 2,267,650 |
Goodwill | 1,410,668 | 1,412,349 |
IMTT [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 4,022,584 | 4,057,857 |
Atlantic Aviation [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 390,188 | 331,945 |
Goodwill | 464,722 | 457,476 |
Atlantic Aviation [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 1,527,556 | 1,537,370 |
Contracted Power and Energy Businesses [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 1,274,557 | 563,056 |
Goodwill | 21,628 | 6,241 |
Contracted Power and Energy Businesses [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 1,431,086 | 618,199 |
Hawaii Gas Business [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 212,764 | 199,934 |
Goodwill | 120,193 | 120,193 |
Hawaii Gas Business [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 387,465 | $ 394,363 |
Reportable Segments (Schedule78
Reportable Segments (Schedule of Reconciliation of Assets of Reportable Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 7,378,828 | $ 6,625,188 |
Total Reportable Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 7,368,691 | 6,607,789 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 10,137 | $ 17,399 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | Aug. 10, 2015USD ($) | Jul. 15, 2014USD ($) | Jul. 31, 2016USD ($) | Jul. 31, 2015USD ($) | May. 27, 2015USD ($)shares | Mar. 31, 2015USD ($)shares | Oct. 31, 2014USD ($) | Aug. 31, 2014USD ($) | Jul. 31, 2014USD ($)shares | Jan. 22, 2014USD ($) | Dec. 31, 2013USD ($)shares | May. 31, 2013USD ($)shares | Dec. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($)bbl | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)shares | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2013USD ($) | Jun. 30, 2013USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Feb. 19, 2016$ / shares | Aug. 25, 2015USD ($) | Jun. 24, 2015USD ($)$ / shares | May. 21, 2015shares | May. 01, 2015USD ($) | Nov. 07, 2013USD ($) |
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Special stock, issued | shares | 100 | 100 | |||||||||||||||||||||||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||
Equity offering, shares | shares | shares | 6,109,375 | 11,500,000 | 2,443,980 | 3,889,875 | |||||||||||||||||||||||||||||
Interest paid | $ 108,896,000 | $ 70,894,000 | $ 38,956,000 | ||||||||||||||||||||||||||||||
Accrued interest | $ 78,527,000 | $ 77,248,000 | 78,527,000 | $ 77,248,000 | |||||||||||||||||||||||||||||
Revolving Credit Facility [Member] | Bayonne Energy Center [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Borrowing capacity | $ 25,000,000 | $ 30,000,000 | 25,000,000 | $ 30,000,000 | 25,000,000 | ||||||||||||||||||||||||||||
Debt Instrument, Term | 7 years | ||||||||||||||||||||||||||||||||
Term Loan Facility [Member] | Bayonne Energy Center [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Borrowing capacity | $ 275,000,000 | 275,000,000 | 275,000,000 | ||||||||||||||||||||||||||||||
Debt Instrument, Term | 7 years | ||||||||||||||||||||||||||||||||
Term Loan Facility [Member] | Bayonne Energy Center [Member] | Interest Rate Swaps [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Payment on early termination of interest rate swap agreement | $ 19,200,000 | ||||||||||||||||||||||||||||||||
Atlantic Aviation [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Borrowing capacity | $ 70,000,000 | 70,000,000 | 70,000,000 | ||||||||||||||||||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||||||||||||||||||||
Atlantic Aviation [Member] | Term Loan Facility [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Borrowing capacity | $ 100,000,000 | $ 465,000,000 | 615,000,000 | 615,000,000 | $ 50,000,000 | ||||||||||||||||||||||||||||
Debt Instrument, Term | 7 years | ||||||||||||||||||||||||||||||||
Atlantic Aviation [Member] | Equity Bridge Loan [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Borrowing capacity | $ 70,000,000 | $ 70,000,000 | 70,000,000 | ||||||||||||||||||||||||||||||
MIC Corporate [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Borrowing capacity | $ 250,000,000 | 410,000,000 | 410,000,000 | $ 410,000,000 | $ 360,000,000 | ||||||||||||||||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||||||||||||||||||||
MIC Corporate [Member] | Convertible Senior Notes [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Convertible Debt | $ 350,000,000 | $ 350,000,000 | |||||||||||||||||||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||||||||||||||||||||
Hawaii Gas Business [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Reimbursement of out-of-pocket expenses | $ 7,000 | ||||||||||||||||||||||||||||||||
Advisory fees | 132,000 | ||||||||||||||||||||||||||||||||
Hawaii Gas Business [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Borrowing capacity | 60,000,000 | $ 60,000,000 | |||||||||||||||||||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||||||||||||||||||||
Hawaii Gas Business [Member] | Revolving Credit Facility [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Commitment fee | $ 8,600,000 | ||||||||||||||||||||||||||||||||
Due to related parties noncurrent | 60,000,000 | 60,000,000 | |||||||||||||||||||||||||||||||
Debt Instrument, Fee Amount | 10,000 | 10,000 | |||||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Interest | 6,000 | ||||||||||||||||||||||||||||||||
Deposits, Total | 100,000 | 100,000 | |||||||||||||||||||||||||||||||
Hawaii Gas Business [Member] | Term Loan Facility [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Borrowing capacity | 80,000,000 | $ 80,000,000 | |||||||||||||||||||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||||||||||||||||||||
Hawaii Gas Business [Member] | Term Loan Facility [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Commitment fee | $ 11,400,000 | ||||||||||||||||||||||||||||||||
Due to related parties noncurrent | $ 80,000,000 | 80,000,000 | |||||||||||||||||||||||||||||||
Debt Instrument increase accrued Interest | $ 146,000 | ||||||||||||||||||||||||||||||||
At the Market [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | ||||||||||||||||||||||||||||||||
Equity offering, shares | shares | shares | 37,000 | ||||||||||||||||||||||||||||||||
At the Market [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Aggregate gross offering price | $ 400,000,000 | ||||||||||||||||||||||||||||||||
Macquarie Infrastructure Management (USA) Inc. [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Shares of the Company held by Manager, a related party | shares | 5,506,369 | 4,667,105 | 5,506,369 | 4,667,105 | |||||||||||||||||||||||||||||
Number of shares sold | shares | shares | 1,900,000 | 3,182,625 | |||||||||||||||||||||||||||||||
Proceeds from sale of shares | $ 160,400,000 | $ 178,200,000 | |||||||||||||||||||||||||||||||
Base management fees to be settled/settled in shares | $ 17,009,000 | $ 18,118,000 | $ 18,918,000 | 16,545,000 | $ 8,994,000 | $ 9,535,000 | $ 13,915,000 | $ 14,192,000 | 7,135,000 | $ 8,053,000 | $ 8,336,000 | 8,455,000 | $ 70,600,000 | $ 46,600,000 | 32,000,000 | ||||||||||||||||||
Performance fees to be settled/settled in shares and cash | 0 | $ 0 | $ 135,641,000 | 148,728,000 | 0 | $ 4,960,000 | $ 116,586,000 | 0 | 22,042,000 | $ 24,440,000 | $ 6,906,000 | $ 0 | 284,400,000 | 121,500,000 | 53,400,000 | ||||||||||||||||||
Reimbursement of out-of-pocket expenses | $ 533,000 | 571,000 | 614,000 | ||||||||||||||||||||||||||||||
Special stock, issued | shares | 100 | ||||||||||||||||||||||||||||||||
Performance Fee To Manager Related Party Settled In Cash | $ 67,800,000 | $ 65,000,000 | |||||||||||||||||||||||||||||||
Macquarie Infrastructure Management (USA) Inc. [Member] | deferred until July 2016 [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Performance fee, settlement which is deferred | $ 67,800,000 | ||||||||||||||||||||||||||||||||
MENAT [Member] | United States- IMTT [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Capacity Leased To Related Party | 154,000 | 98,000 | |||||||||||||||||||||||||||||||
Capacity Leased Expired To Related Party | bbl | 56,000 | ||||||||||||||||||||||||||||||||
Revenue from related party | $ 565,000 | ||||||||||||||||||||||||||||||||
MIHI LLC [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Borrowing capacity | 250,000,000 | ||||||||||||||||||||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||||||||||||||||||||
MIHI LLC [Member] | Revolving Credit Facility [Member] | Bayonne Energy Center [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Borrowing capacity | 7,500,000 | 7,500,000 | |||||||||||||||||||||||||||||||
Interest paid | $ 8,000 | ||||||||||||||||||||||||||||||||
MIHI LLC [Member] | Atlantic Aviation [Member] | Equity Bridge Loan [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Borrowing capacity | 35,000,000 | $ 35,000,000 | 35,000,000 | ||||||||||||||||||||||||||||||
MIHI LLC [Member] | MIC Corporate [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Borrowing capacity | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||||||||||||||||||
Commitment fee | 123,000 | 65,000 | |||||||||||||||||||||||||||||||
Interest paid | 113,000 | ||||||||||||||||||||||||||||||||
Debt Issuance Cost | 250,000 | ||||||||||||||||||||||||||||||||
Accrued interest | 35,000 | $ 36,000 | 35,000 | 36,000 | |||||||||||||||||||||||||||||
Breakage fee incurred on early repayment of credit facility | 1,000 | ||||||||||||||||||||||||||||||||
Macquarie Capital Markets Canada Ltd [Member] | Atlantic Aviation [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Revenue from related party | $ 18,000 | ||||||||||||||||||||||||||||||||
MCUSA [Member] | Atlantic Aviation [Member] | Term Loan Facility [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Reimbursement of out-of-pocket expenses | 12,000 | ||||||||||||||||||||||||||||||||
Advisory fees | $ 16,000 | 4,000,000 | |||||||||||||||||||||||||||||||
MCUSA [Member] | Atlantic Aviation [Member] | Equity Bridge Loan [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Commitment fee | $ 88,000 | ||||||||||||||||||||||||||||||||
MCUSA [Member] | District Energy [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Advisory fees | $ 1,600,000 | ||||||||||||||||||||||||||||||||
MCUSA [Member] | MIC Corporate [Member] | Convertible Senior Notes [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Advisory fees | 1,100,000 | ||||||||||||||||||||||||||||||||
MCUSA [Member] | Equity Offering [Member] | MIC Corporate [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Advisory fees | $ 2,300,000 | $ 3,000,000 | $ 2,600,000 | $ 2,400,000 | |||||||||||||||||||||||||||||
MEF [Member] | Atlantic Aviation [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Lease expense on copiers | 2,000 | 23,000 | 23,000 | ||||||||||||||||||||||||||||||
MBL [Member] | Bayonne Energy Center [Member] | Interest Rate Swaps [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Payment on early termination of interest rate swap agreement | 4,800,000 | ||||||||||||||||||||||||||||||||
MBL [Member] | Revolving Credit Facility [Member] | Bayonne Energy Center [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Interest paid | 396,000 | ||||||||||||||||||||||||||||||||
MBL [Member] | Atlantic Aviation [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Borrowing capacity | $ 15,700,000 | 15,700,000 | |||||||||||||||||||||||||||||||
Commitment fee | $ 114,000 | $ 107,000 | $ 65,000 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Dividends Paid to Manager) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / shares | ||
Dividend One [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Apr. 26, 2013 | |
Period Covered | First quarter 2013 | |
$ per Share | $ / shares | $ 0.6875 | |
Record Date | May 13, 2013 | |
Payable Date | May 16, 2013 | |
Cash Paid to Manager | $ | $ 1,872 | |
Dividend Two [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Jul. 29, 2013 | |
Period Covered | Second quarter 2013 | |
$ per Share | $ / shares | $ 0.875 | |
Record Date | Aug. 12, 2013 | |
Payable Date | Aug. 15, 2013 | |
Cash Paid to Manager | $ | $ 2,744 | |
Dividend Three [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Oct. 25, 2013 | |
Period Covered | Third quarter 2013 | |
$ per Share | $ / shares | $ 0.875 | |
Record Date | Nov. 11, 2013 | |
Payable Date | Nov. 14, 2013 | |
Cash Paid to Manager | $ | $ 2,442 | |
Dividend Four [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Feb. 18, 2014 | |
Period Covered | Fourth quarter 2013 | |
$ per Share | $ / shares | $ 0.9125 | |
Record Date | Mar. 3, 2014 | |
Payable Date | Mar. 6, 2014 | |
Cash Paid to Manager | $ | $ 2,945 | |
Dividend Five [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Apr. 28, 2014 | |
Period Covered | First quarter 2014 | |
$ per Share | $ / shares | $ 0.9375 | |
Record Date | May 12, 2014 | |
Payable Date | May 15, 2014 | |
Cash Paid to Manager | $ | $ 3,180 | |
Dividend Six [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Jul. 3, 2014 | |
Period Covered | Second quarter 2014 | |
$ per Share | $ / shares | $ 0.95 | |
Record Date | Aug. 11, 2014 | |
Payable Date | Aug. 14, 2014 | |
Cash Paid to Manager | $ | $ 3,402 | |
Dividend Seven [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Oct. 27, 2014 | |
Period Covered | Third quarter 2014 | |
$ per Share | $ / shares | $ 0.98 | |
Record Date | Nov. 10, 2014 | |
Payable Date | Nov. 13, 2014 | |
Cash Paid to Manager | $ | $ 4,438 | |
Dividend Eight [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Feb. 17, 2015 | |
Period Covered | Fourth quarter 2014 | |
$ per Share | $ / shares | $ 1.02 | |
Record Date | Mar. 2, 2015 | |
Payable Date | Mar. 5, 2015 | |
Cash Paid to Manager | $ | $ 4,905 | |
Dividend Nine [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Apr. 30, 2015 | |
Period Covered | First quarter 2015 | |
$ per Share | $ / shares | $ 1.07 | |
Record Date | May 14, 2015 | |
Payable Date | May 19, 2015 | |
Cash Paid to Manager | $ | $ 7,281 | |
Dividend Ten [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Jul. 30, 2015 | |
Period Covered | Second quarter 2015 | |
$ per Share | $ / shares | $ 1.11 | |
Record Date | Aug. 13, 2015 | |
Payable Date | Aug. 18, 2015 | |
Cash Paid to Manager | $ | $ 5,693 | |
Dividend Eleven [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Oct. 29, 2015 | |
Period Covered | Third quarter 2015 | |
$ per Share | $ / shares | $ 1.13 | |
Record Date | Nov. 13, 2015 | |
Payable Date | Nov. 18, 2015 | |
Cash Paid to Manager | $ | $ 6,052 | |
Dividend Twelve [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Feb. 18, 2016 | |
Period Covered | Fourth quarter 2015 | |
$ per Share | $ / shares | $ (1.15) | |
Record Date | Mar. 3, 2016 | |
Payable Date | Mar. 8, 2016 | |
Cash Paid to Manager | $ | [1] | |
[1] | The amount of dividend payable to the Manager for the fourth quarter of 2015 will be determined on March 3, 2016, the record date. |
Related Party Transactions (S81
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 | 12 Months Ended | ||||||||||||||||||
Jan. 31, 2016 | Jul. 31, 2015 | Oct. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Common Stock Equity [Line Items] | |||||||||||||||||||||
Base management fees to be settled/settled in shares | $ 17,009 | $ 18,118 | $ 18,918 | $ 16,545 | $ 8,994 | $ 9,535 | $ 13,915 | $ 14,192 | $ 7,135 | $ 8,053 | $ 8,336 | $ 8,455 | $ 70,600 | $ 46,600 | $ 32,000 | ||||||
Performance fees to be settled/settled in shares and cash | $ 0 | $ 0 | $ 135,641 | $ 148,728 | $ 0 | $ 4,960 | $ 116,586 | $ 0 | $ 22,042 | $ 24,440 | $ 6,906 | $ 0 | $ 284,400 | $ 121,500 | $ 53,400 | ||||||
Shares Issued | 227,733 | [1] | 226,914 | 223,827 | [2] | 2,068,038 | 164,546 | 243,329 | 947,583 | [3] | 208,122 | 522,638 | 603,936 | 278,480 | 155,943 | ||||||
Performance fee settled in cash | $ 67,800 | $ 65,000 | |||||||||||||||||||
Performance fee reinvested | $ 51,600 | ||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||
Common Stock Equity [Line Items] | |||||||||||||||||||||
Shares issued subsequent, for fees to manager | 77,019 | ||||||||||||||||||||
[1] | The Manager elected to reinvest all of the monthly base management fees for the fourth quarter of 2015 in shares of MIC common stock. The Company issued 227,733 shares, of which 77,019 shares were issued in January 2016 for the December 2015 monthly base management fee. | ||||||||||||||||||||
[2] | In July 2015, the Board requested, and the Manager agreed, that $67.8 million of the performance fee for the quarter ended June 30, 2015 be settled in cash in July 2015 to minimize dilution. The remaining $67.8 million obligation was deferred until July 2016. At July 2016, the MIC Board will consider whether the remaining obligation may be settled in cash or shares, or a combination thereof. | ||||||||||||||||||||
[3] | In October 2014, the Board requested, and the Manager agreed, that $65.0 million of the performance fee for the 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 $51.6 million was reinvested in additional shares of MIC. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 16, 2014 | Jul. 15, 2014 | |||
Components of Income Taxes [Line Items] | |||||||
Percentage of ownership in IMTT | 50.00% | ||||||
Net operating loss carry-forwards | $ 426,200 | ||||||
Net operating loss carry-forwards, subject to limitation | 41,300 | ||||||
Deferred tax liability, noncurrent | 840,191 | $ 904,108 | |||||
Total tax (benefit) provision | [1] | $ (65,161) | (24,374) | $ 18,043 | |||
Federal income tax rate | 35.00% | ||||||
Equity interest acquired | 50.00% | ||||||
Change in valuation allowance | $ 2,358 | (2,197) | $ 3,047 | ||||
Earliest Tax [Member] | |||||||
Components of Income Taxes [Line Items] | |||||||
Net operating loss carry-forwards, expiration date | Jan. 1, 2021 | ||||||
Latest Tax [Member] | |||||||
Components of Income Taxes [Line Items] | |||||||
Net operating loss carry-forwards, expiration date | Dec. 31, 2035 | ||||||
2015 [Member] | |||||||
Components of Income Taxes [Line Items] | |||||||
Percentage of Bonus Depreciation | 50.00% | ||||||
2016 [Member] | |||||||
Components of Income Taxes [Line Items] | |||||||
Percentage of Bonus Depreciation | 50.00% | ||||||
2017 [Member] | |||||||
Components of Income Taxes [Line Items] | |||||||
Percentage of Bonus Depreciation | 50.00% | ||||||
2018 [Member] | |||||||
Components of Income Taxes [Line Items] | |||||||
Percentage of Bonus Depreciation | 40.00% | ||||||
2019 [Member] | |||||||
Components of Income Taxes [Line Items] | |||||||
Percentage of Bonus Depreciation | 30.00% | ||||||
IMTT [Member] | |||||||
Components of Income Taxes [Line Items] | |||||||
Percentage of ownership in IMTT | 50.00% | ||||||
Total tax (benefit) provision | $ 51,520 | $ 25,768 | [2] | ||||
The percentage for Dividend received deduction | 80.00% | ||||||
[1] | Includes $340,000 and $568,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the years ended December 31, 2014 and 2013, respectively. | ||||||
[2] | Represents IMTT results subsequent to July 16, 2014, the date of the IMTT Acquisition. |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Current taxes: | ||||
Federal | $ (6,884) | $ 463 | $ 150 | |
State | 457 | 2,134 | 4,584 | |
Total current tax (benefit) provision | (6,427) | 2,597 | 4,734 | |
Deferred taxes: | ||||
Federal | (46,744) | (23,339) | 12,900 | |
State | (14,348) | (1,435) | (2,638) | |
Total deferred tax (benefit) provision | (61,092) | (24,774) | 10,262 | |
Change in valuation allowance | 2,358 | (2,197) | 3,047 | |
Total tax (benefit) provision | [1] | $ (65,161) | $ (24,374) | $ 18,043 |
[1] | Includes $340,000 and $568,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the years ended December 31, 2014 and 2013, respectively. |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 189,060 | $ 111,616 |
Deferred revenue | 9,383 | 7,158 |
Accrued compensation | 13,837 | 13,347 |
Accrued expenses | 30,133 | 28,299 |
Unrealized losses | 6,482 | 19,523 |
Allowance for doubtful accounts | 561 | 848 |
Other | 4,935 | 4,361 |
Total gross deferred tax assets | 254,391 | 185,152 |
Less: valuation allowance | (18,983) | (16,625) |
Net deferred tax assets | 235,408 | 168,527 |
Deferred tax liabilities: | ||
Intangible assets | (140,128) | (158,830) |
Investment basis difference | (32,816) | (17,972) |
Property and equipment | (877,065) | (868,888) |
Prepaid expenses | (2,235) | (1,533) |
Total deferred tax liabilities | (1,052,244) | (1,047,223) |
Net deferred tax liabilities | (816,836) | (878,696) |
Less: current deferred tax asset | (23,355) | (25,412) |
Noncurrent deferred tax liabilities | $ (840,191) | $ (904,108) |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Taxes [Abstract] | ||||
Tax (benefit) provision at U.S. statutory rate | $ (62,639) | $ 355,218 | $ 16,143 | |
Permanent differences and other | 1,299 | 3,418 | 409 | |
State income taxes, net of federal benefit | (10,082) | (2,111) | 127 | |
Income attributable to noncontrolling interest | 3,903 | 2,328 | 1,800 | |
Gain from acquisition/divestiture of businesses | 0 | (347,772) | 0 | |
Tax effect of federal dividends received deduction | 0 | (8,029) | (3,483) | |
Basis adjustment for equity method investment | 0 | (25,229) | 0 | |
Change in valuation allowance | 2,358 | (2,197) | 3,047 | |
Total tax (benefit) provision | [1] | $ (65,161) | $ (24,374) | $ 18,043 |
[1] | Includes $340,000 and $568,000 of benefit for income taxes from accumulated other comprehensive loss reclassifications for the years ended December 31, 2014 and 2013, respectively. |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Operating leases rent expense | $ 53 | $ 38.5 | $ 35.1 |
Longest lease expiration period | January 2,063 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Rental Commitments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 41,321 |
2,017 | 38,601 |
2,018 | 36,876 |
2,019 | 35,282 |
2,020 | 33,877 |
Thereafter | 437,531 |
Total | $ 623,488 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Employer contributions - defined contribution plan | $ 2,500,000 | $ 2,100,000 | $ 1,400,000 | |
IMTT [Member] | DB Plans Benefits [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Final year compensation (as a percentage) | 25.00% | |||
Maximum compensation amount in final year | $ 25,000 | |||
Early retirement age | 62 years | |||
Consecutive period based on years of service and the employees' highest average compensation | 5 years | |||
IMTT [Member] | DB Plans Benefits [Member] | Bayonne Terminal Employees [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Minimum required retirement age - defined benefit plan | 65 years | |||
IMTT [Member] | DB and Union Plans [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Employer contributions - defined contribution plan | $ 20,000,000 | |||
Minimum period for which business is not expected to make contributions | 5 years | |||
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Employer contributions - defined contribution plan | $ 5,000,000 | |||
Minimum period for which business is not expected to make contributions | 2 years | |||
Hawaii Gas Business [Member] | PMLI Benefits [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Minimum required retirement age - defined benefit plan | 62 years | |||
Minimum service period to eligible for participate | 15 years | |||
Maximum monthly premium after attaining age of 64 years | $ 150 | |||
Life insurance benefits for retirees - defined benefit plan | $ 1,000 | |||
Maximum age for which business pays medical premium of the retirees and spouses | 64 | |||
Minimum [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of employer's contribution under the defined contribution plan | 0.00% | |||
Maximum [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of employer's contribution under the defined contribution plan | 6.00% |
Employee Benefit Plans (Additio
Employee Benefit Plans (Additional Information About Fair Value of Benefit Plan Assets Components of Net Periodic Cost and Projected Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in benefit obligation: | ||
Benefit obligation - beginning of year | $ 217,400 | $ 46,320 |
Benefit obligation - IMTT Acquisition | 0 | 142,139 |
Service cost | 8,605 | 3,924 |
Interest cost | 8,814 | 4,998 |
Plan amendments | (110) | 0 |
Participant contributions | 126 | 60 |
Actuarial (gains) losses | (17,486) | 24,463 |
Benefits paid | (9,321) | (4,504) |
Benefit obligation - end of year | 208,028 | 217,400 |
Change in plan assets: | ||
Fair value of plan assets - beginning of year | 157,033 | 38,131 |
Fair value of plan assets - IMTT Acquisition | 0 | 91,165 |
Actual return on plan assets | (772) | 4,791 |
Employer contributions | 811 | 27,390 |
Participant contributions | 126 | 60 |
Benefits paid | (9,321) | (4,504) |
Fair value of plan assets - end of year | 147,877 | 157,033 |
Other Plan Benefits [Member] | ||
Change in benefit obligation: | ||
Benefit obligation - beginning of year | 22,737 | 2,798 |
Benefit obligation - IMTT Acquisition | 0 | 18,153 |
Service cost | 911 | 409 |
Interest cost | 912 | 480 |
Plan amendments | (110) | 0 |
Participant contributions | 126 | 60 |
Actuarial (gains) losses | (1,498) | 1,395 |
Benefits paid | (1,166) | (558) |
Benefit obligation - end of year | 21,912 | 22,737 |
Change in plan assets: | ||
Fair value of plan assets - beginning of year | 8,468 | 0 |
Fair value of plan assets - IMTT Acquisition | 0 | 5,703 |
Actual return on plan assets | (78) | 173 |
Employer contributions | 811 | 3,090 |
Participant contributions | 126 | 60 |
Benefits paid | (1,166) | (558) |
Fair value of plan assets - end of year | 8,161 | 8,468 |
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | ||
Change in benefit obligation: | ||
Benefit obligation - beginning of year | 52,266 | 43,522 |
Benefit obligation - IMTT Acquisition | 0 | 0 |
Service cost | 841 | 716 |
Interest cost | 1,988 | 1,988 |
Plan amendments | 0 | 0 |
Participant contributions | 0 | 0 |
Actuarial (gains) losses | (2,752) | 8,281 |
Benefits paid | (2,299) | (2,241) |
Benefit obligation - end of year | 50,044 | 52,266 |
Change in plan assets: | ||
Fair value of plan assets - beginning of year | 45,475 | 38,131 |
Fair value of plan assets - IMTT Acquisition | 0 | 0 |
Actual return on plan assets | (351) | 2,625 |
Employer contributions | 0 | 6,960 |
Participant contributions | 0 | 0 |
Benefits paid | (2,299) | (2,241) |
Fair value of plan assets - end of year | 42,825 | 45,475 |
IMTT [Member] | DB Plans Benefits [Member] | ||
Change in benefit obligation: | ||
Benefit obligation - beginning of year | 142,397 | 0 |
Benefit obligation - IMTT Acquisition | 0 | 123,986 |
Service cost | 6,853 | 2,799 |
Interest cost | 5,914 | 2,530 |
Plan amendments | 0 | 0 |
Participant contributions | 0 | 0 |
Actuarial (gains) losses | (13,236) | 14,787 |
Benefits paid | (5,856) | (1,705) |
Benefit obligation - end of year | 136,072 | 142,397 |
Change in plan assets: | ||
Fair value of plan assets - beginning of year | 103,090 | 0 |
Fair value of plan assets - IMTT Acquisition | 0 | 85,462 |
Actual return on plan assets | (343) | 1,993 |
Employer contributions | 0 | 17,340 |
Participant contributions | 0 | 0 |
Benefits paid | (5,856) | (1,705) |
Fair value of plan assets - end of year | $ 96,891 | $ 103,090 |
Employee Benefit Plans (Funded
Employee Benefit Plans (Funded Status of Hawaii Gas's Balance Sheet) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Funded status | |||
Funded status at end of year | $ (60,151) | $ (60,367) | |
Net amount recognized in balance sheet | [1] | (60,151) | (60,367) |
Amounts recognized in balance sheet consisting of: | |||
Noncurrent assets | 222 | 146 | |
Current liabilities | (916) | (786) | |
Noncurrent liabilities | (59,457) | (59,727) | |
Net amount recognized in balance sheet | [1] | (60,151) | (60,367) |
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | |||
Prior service credit | 110 | 83 | |
Accumulated loss | (23,764) | (30,523) | |
Accumulated other comprehensive loss | (23,654) | (30,440) | |
Net periodic benefit cost | 7,379 | 4,406 | |
Net amount recognized in balance sheet | [1] | $ (60,151) | (60,367) |
Period of average discount rate for defined benefit plans under statutory funding formulas | 25 years | ||
Statutory funding percentage | 100.00% | ||
Other Plan Benefits [Member] | |||
Funded status | |||
Funded status at end of year | $ (13,751) | (14,269) | |
Net amount recognized in balance sheet | [1] | (13,751) | (14,269) |
Amounts recognized in balance sheet consisting of: | |||
Noncurrent assets | 222 | 146 | |
Current liabilities | (916) | (786) | |
Noncurrent liabilities | (13,057) | (13,629) | |
Net amount recognized in balance sheet | [1] | (13,751) | (14,269) |
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | |||
Prior service credit | 110 | 5 | |
Accumulated loss | (1,140) | (1,945) | |
Accumulated other comprehensive loss | (1,030) | (1,940) | |
Net periodic benefit cost | 1,202 | 911 | |
Net amount recognized in balance sheet | [1] | (13,751) | (14,269) |
In excess (deficit) of cumulative employer contributions [Member] | |||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | |||
Net periodic benefit cost | (36,497) | (29,927) | |
In excess (deficit) of cumulative employer contributions [Member] | Other Plan Benefits [Member] | |||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | |||
Net periodic benefit cost | (12,721) | (12,329) | |
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | |||
Funded status | |||
Funded status at end of year | (7,219) | (6,791) | |
Net amount recognized in balance sheet | [1] | (7,219) | (6,791) |
Amounts recognized in balance sheet consisting of: | |||
Noncurrent assets | 0 | 0 | |
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (7,219) | (6,791) | |
Net amount recognized in balance sheet | [1] | (7,219) | (6,791) |
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | |||
Prior service credit | 0 | 0 | |
Accumulated loss | (12,698) | (13,313) | |
Accumulated other comprehensive loss | (12,698) | (13,313) | |
Net periodic benefit cost | 1,042 | 558 | |
Net amount recognized in balance sheet | [1] | (7,219) | (6,791) |
Hawaii Gas Business [Member] | In excess (deficit) of cumulative employer contributions [Member] | DB Plans Benefits [Member] | |||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | |||
Net periodic benefit cost | 5,479 | 6,522 | |
IMTT [Member] | DB Plans Benefits [Member] | |||
Funded status | |||
Funded status at end of year | (39,181) | (39,307) | |
Net amount recognized in balance sheet | [1] | (39,181) | (39,307) |
Amounts recognized in balance sheet consisting of: | |||
Noncurrent assets | 0 | 0 | |
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (39,181) | (39,307) | |
Net amount recognized in balance sheet | [1] | (39,181) | (39,307) |
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | |||
Prior service credit | 0 | 78 | |
Accumulated loss | (9,926) | (15,265) | |
Accumulated other comprehensive loss | (9,926) | (15,187) | |
Net amount recognized in balance sheet | [1] | (39,181) | (39,307) |
IMTT [Member] | In excess (deficit) of cumulative employer contributions [Member] | DB Plans Benefits [Member] | |||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | |||
Net periodic benefit cost | $ (29,255) | $ (24,120) | |
[1] | Generally accepted accounting principles require measurement of defined benefit pension liabilities utilizing current discount rates. Statutory funding formulas permit measurement of defined benefit pension liabilities utilizing discount rates based on a 25-year average of those rates, which more closely matches the expected payout period for those liabilities. The IMTT and Hawaii Gas defined benefit pension plans both exceed 100% of the statutory funding target as of December 31, 2015. |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost and Other Changes in Other Comprehensive Income for Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Components of net periodic benefit cost: | |||
Service cost | $ 8,605 | $ 3,924 | |
Interest cost | 8,814 | 4,998 | |
Expected return on plan assets | (10,275) | (5,500) | |
Recognized actuarial loss (gain) | 318 | 901 | |
Amortization of prior service (cost) credit | (83) | 83 | |
Net periodic benefit cost | 7,379 | 4,406 | |
Other changes recognized in other comprehensive (income) loss: | |||
Prior service credit arising during the year | (110) | 0 | |
Net loss (gain) arising during the year | (6,441) | 25,175 | |
Amortization of prior service cost (credit) | 83 | (83) | |
Amortization of (loss) gain | (318) | (901) | |
Total recognized in other comprehensive (income) loss | (6,786) | 24,191 | |
Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year: | |||
Amortization of prior service cost (credit) | (15) | 75 | |
Amortization of net loss | 930 | 3,672 | |
Other Plan Benefits [Member] | |||
Components of net periodic benefit cost: | |||
Service cost | 911 | 409 | |
Interest cost | 912 | 480 | |
Expected return on plan assets | (585) | (183) | |
Recognized actuarial loss (gain) | (31) | 200 | |
Amortization of prior service (cost) credit | (5) | 5 | |
Net periodic benefit cost | 1,202 | 911 | |
Other changes recognized in other comprehensive (income) loss: | |||
Prior service credit arising during the year | (110) | 0 | |
Net loss (gain) arising during the year | (836) | 1,406 | |
Amortization of prior service cost (credit) | 5 | (5) | |
Amortization of (loss) gain | 31 | (200) | |
Total recognized in other comprehensive (income) loss | (910) | 1,201 | |
Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year: | |||
Amortization of prior service cost (credit) | (15) | 10 | |
Amortization of net loss | $ 76 | $ 479 | |
Weighted average assumptions to determine benefit obligations: | |||
Rate of compensation increase | [1] | 4.57% | 4.57% |
Measurement date | --12-31 | --12-31 | |
Weighted average assumptions to determine net cost: | |||
Expected long-term rate of return on plan assets during fiscal year | [2] | 7.00% | 7.00% |
Rate of compensation increase | [1] | 4.57% | 4.57% |
Assumed healthcare cost trend rates: | |||
Initial health care cost trend rate | 7.50% | ||
Other Plan Benefits [Member] | Maximum [Member] | |||
Weighted average assumptions to determine benefit obligations: | |||
Discount rate | 4.55% | 4.15% | |
Weighted average assumptions to determine net cost: | |||
Discount rate | 4.15% | 4.45% | |
Assumed healthcare cost trend rates: | |||
Initial health care cost trend rate | 7.80% | ||
Ultimate rate | 5.00% | 5.00% | |
Year ultimate rate is reached | 2,028 | 2,028 | |
Other Plan Benefits [Member] | Minimum [Member] | |||
Weighted average assumptions to determine benefit obligations: | |||
Discount rate | 3.78% | 3.45% | |
Weighted average assumptions to determine net cost: | |||
Discount rate | 3.45% | 4.20% | |
Assumed healthcare cost trend rates: | |||
Initial health care cost trend rate | 7.75% | ||
Ultimate rate | 4.50% | 4.50% | |
Year ultimate rate is reached | 2,025 | 2,025 | |
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | |||
Components of net periodic benefit cost: | |||
Service cost | $ 841 | $ 716 | |
Interest cost | 1,988 | 1,988 | |
Expected return on plan assets | (2,670) | (2,268) | |
Recognized actuarial loss (gain) | 883 | 122 | |
Amortization of prior service (cost) credit | 0 | 0 | |
Net periodic benefit cost | 1,042 | 558 | |
Other changes recognized in other comprehensive (income) loss: | |||
Prior service credit arising during the year | 0 | 0 | |
Net loss (gain) arising during the year | 268 | 7,925 | |
Amortization of prior service cost (credit) | 0 | 0 | |
Amortization of (loss) gain | (883) | (122) | |
Total recognized in other comprehensive (income) loss | (615) | 7,803 | |
Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year: | |||
Amortization of prior service cost (credit) | 0 | 0 | |
Amortization of net loss | $ 854 | $ 883 | |
Weighted average assumptions to determine benefit obligations: | |||
Discount rate | 4.20% | 3.90% | |
Rate of compensation increase | 0.00% | 0.00% | |
Measurement date | --12-31 | --12-31 | |
Weighted average assumptions to determine net cost: | |||
Discount rate | 3.90% | 4.70% | |
Expected long-term rate of return on plan assets during fiscal year | 5.90% | 5.90% | |
Rate of compensation increase | 0.00% | 0.00% | |
IMTT [Member] | DB Plans Benefits [Member] | |||
Components of net periodic benefit cost: | |||
Service cost | $ 6,853 | $ 2,799 | |
Interest cost | 5,914 | 2,530 | |
Expected return on plan assets | (7,020) | (3,049) | |
Recognized actuarial loss (gain) | (534) | 579 | |
Amortization of prior service (cost) credit | (78) | 78 | |
Net periodic benefit cost | 5,135 | 2,937 | |
Other changes recognized in other comprehensive (income) loss: | |||
Prior service credit arising during the year | 0 | 0 | |
Net loss (gain) arising during the year | (5,873) | 15,844 | |
Amortization of prior service cost (credit) | 78 | (78) | |
Amortization of (loss) gain | 534 | (579) | |
Total recognized in other comprehensive (income) loss | (5,261) | 15,187 | |
Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year: | |||
Amortization of prior service cost (credit) | 0 | 65 | |
Amortization of net loss | $ 0 | $ 2,310 | |
Weighted average assumptions to determine benefit obligations: | |||
Discount rate | 4.65% | 4.25% | |
Rate of compensation increase | 4.57% | 4.57% | |
Measurement date | --12-31 | --12-31 | |
Weighted average assumptions to determine net cost: | |||
Discount rate | 4.25% | 4.55% | |
Expected long-term rate of return on plan assets during fiscal year | 7.00% | 7.00% | |
Rate of compensation increase | 4.57% | 4.57% | |
[1] | Only applies to IMTT post-retirement life insurance plan. | ||
[2] | Only applies to IMTT Union Plan |
Employee Benefit Plans (DB Plan
Employee Benefit Plans (DB Plan Weighted Average Asset Allocation) (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
Other Plan Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 100.00% | 100.00% |
Equity securities [Member] | Other Plan Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 58.00% | 59.00% |
Fixed income securities [Member] | Other Plan Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 41.00% | 38.00% |
Mixed income securities [Member] | Other Plan Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 0.00% | 0.00% |
Private equity [Member] | Other Plan Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 0.00% | 0.00% |
Cash [Member] | Other Plan Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 1.00% | 3.00% |
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 100.00% | 100.00% |
Hawaii Gas Business [Member] | Equity securities [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 60.00% | 64.00% |
Hawaii Gas Business [Member] | Fixed income securities [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 30.00% | 33.00% |
Hawaii Gas Business [Member] | Mixed income securities [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 8.00% | 0.00% |
Hawaii Gas Business [Member] | Private equity [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 0.00% | 0.00% |
Hawaii Gas Business [Member] | Cash [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 2.00% | 3.00% |
IMTT [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 100.00% | 100.00% |
IMTT [Member] | Equity securities [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 58.00% | 59.00% |
IMTT [Member] | Fixed income securities [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 37.00% | 38.00% |
IMTT [Member] | Mixed income securities [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 0.00% | 0.00% |
IMTT [Member] | Private equity [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 3.00% | 0.00% |
IMTT [Member] | Cash [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 2.00% | 3.00% |
Employee Benefit Plans (Asset A
Employee Benefit Plans (Asset Allocations of Hawaii Gas's Pension Benefits) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | $ 147,877 | $ 157,033 | $ 38,131 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 145,197 | 157,033 | |
Significant Observable Inputs (Level 2) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 2,680 | 0 | |
Cash and money market [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 3,138 | 4,638 | |
Cash and money market [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 3,138 | 4,638 | |
Cash and money market [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and money market [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity securities - Domestic [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 66,290 | 72,882 | |
Equity securities - Domestic [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 66,290 | 72,882 | |
Equity securities - Domestic [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity securities - Domestic [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity securities - International [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 20,473 | 22,204 | |
Equity securities - International [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 20,473 | 22,204 | |
Equity securities - International [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity securities - International [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities - Domestic [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 50,860 | 56,284 | |
Fixed income securities - Domestic [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 50,860 | 56,284 | |
Fixed income securities - Domestic [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities - Domestic [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities - International [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 1,035 | 1,025 | |
Fixed income securities - International [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 1,035 | 1,025 | |
Fixed income securities - International [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities - International [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | $ 0 | |
Domestic mixed income securities [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 3,401 | ||
Domestic mixed income securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 3,401 | ||
Domestic mixed income securities [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | ||
Domestic mixed income securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | ||
Domestic private equity [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 2,680 | ||
Domestic private equity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | ||
Domestic private equity [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | ||
Domestic private equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | $ 2,680 |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 8,162 |
2,017 | 8,465 |
2,018 | 8,604 |
2,019 | 9,722 |
2,020 | 10,734 |
Thereafter | 59,445 |
Total | 105,132 |
Other Plan Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 1,177 |
2,017 | 1,218 |
2,018 | 1,202 |
2,019 | 1,313 |
2,020 | 1,462 |
Thereafter | 7,145 |
Total | 13,517 |
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 2,665 |
2,017 | 2,778 |
2,018 | 2,874 |
2,019 | 2,916 |
2,020 | 2,973 |
Thereafter | 15,299 |
Total | 29,505 |
IMTT [Member] | DB Plans Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 4,320 |
2,017 | 4,469 |
2,018 | 4,528 |
2,019 | 5,493 |
2,020 | 6,299 |
Thereafter | 37,001 |
Total | $ 62,110 |
Legal Proceedings and Conting95
Legal Proceedings and Contingencies (Narrative) (Details) - IMTT [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Legal Proceedings and Contingencies [Line Items] | |
Minimum number of years for remediation activities | 10 years |
Maximum number of years for remediation activities | 20 years |
Estimated minimum cost of remediation | $ 30 |
Estimated maximum cost of remediation | $ 65 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 18, 2016 | Feb. 10, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||||
Current and long-term debt | $ 2,833,293 | $ 2,392,521 | ||
Hawaii Gas Business [Member] | ||||
Subsequent Event [Line Items] | ||||
Current and long-term debt | 180,000 | $ 180,000 | ||
Hawaii Gas Business [Member] | Revolving Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Borrowing capacity | $ 60,000 | |||
Debt instrument, term | 5 years | |||
Hawaii Gas Business [Member] | Term Loan Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Current and long-term debt | $ 80,000 | |||
Fixed portion of interest rate component | 2.25% | |||
Borrowing capacity | $ 80,000 | |||
Debt instrument, term | 5 years | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividend declared, date declared | Feb. 18, 2016 | |||
Cash dividend declared per share | $ 1.15 | |||
Cash dividend declared, date to be paid | Mar. 8, 2016 | |||
Cash dividend declared, date of record | Mar. 3, 2016 | |||
Subsequent Event [Member] | Hawaii Gas Business [Member] | Post Refinance [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, term | 5 years | |||
Subsequent Event [Member] | Hawaii Gas Business [Member] | Revolving Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Borrowing capacity | $ 60,000 | |||
Subsequent Event [Member] | Hawaii Gas Business [Member] | Revolving Credit Facility [Member] | Post Refinance [Member] | ||||
Subsequent Event [Line Items] | ||||
Fixed portion of interest rate component | 1.25% | |||
Change in fixed margin | 0.25% | |||
Subsequent Event [Member] | Hawaii Gas Business [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Post Refinance [Member] | ||||
Subsequent Event [Line Items] | ||||
Fixed portion of interest rate component | 1.75% | |||
Subsequent Event [Member] | Hawaii Gas Business [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Post Refinance [Member] | ||||
Subsequent Event [Line Items] | ||||
Fixed portion of interest rate component | 1.00% | |||
Subsequent Event [Member] | Hawaii Gas Business [Member] | Term Loan Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Current and long-term debt | $ 80,000 | |||
Subsequent Event [Member] | Hawaii Gas Business [Member] | Term Loan Facility [Member] | Post Refinance [Member] | ||||
Subsequent Event [Line Items] | ||||
Current and long-term debt | $ 80,000 | |||
Fixed portion of interest rate component | 1.75% | |||
Change in fixed margin | 0.50% | |||
Subsequent Event [Member] | Hawaii Gas Business [Member] | Term Loan Facility [Member] | Post Refinance [Member] | Interest Rate Swaps [Member] | ||||
Subsequent Event [Line Items] | ||||
Derivative, Term of Contract | 4 years | |||
Fixed interest rate | 0.99% | |||
Subsequent Event [Member] | Hawaii Gas Business [Member] | Term Loan Facility [Member] | Maximum [Member] | Post Refinance [Member] | ||||
Subsequent Event [Line Items] | ||||
Fixed portion of interest rate component | 1.75% | |||
Subsequent Event [Member] | Hawaii Gas Business [Member] | Term Loan Facility [Member] | Minimum [Member] | Post Refinance [Member] | ||||
Subsequent Event [Line Items] | ||||
Fixed portion of interest rate component | 1.00% |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jul. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||||
Revenue | $ 401,354 | $ 415,709 | $ 423,689 | $ 398,498 | $ 405,142 | [1] | $ 388,638 | [1] | $ 280,943 | [1] | $ 276,195 | [1] | $ 1,639,250 | $ 1,350,918 | $ 1,041,019 | ||||||||
Operating (loss) income | 58,864 | 73,126 | (75,405) | (115,910) | 60,181 | [1] | (74,267) | [1] | 20,768 | [1] | 27,625 | [1] | (59,325) | 34,307 | 45,639 | ||||||||
Net (loss) income attributable to MIC | $ 32,923 | $ 10,638 | $ (63,096) | $ (89,002) | $ 20,969 | [1],[2] | $ 990,993 | [1],[2] | $ 9,700 | [1],[2] | $ 20,366 | [1],[2] | $ (108,537) | $ 1,042,028 | $ 31,254 | ||||||||
Per share information attributable to MIC: | |||||||||||||||||||||||
Net (loss) income per share - basic | $ 0.41 | $ 0.13 | $ (0.80) | $ (1.22) | $ 0.30 | $ 14.57 | $ 0.17 | $ 0.36 | $ (1.39) | $ 16.54 | $ 0.61 | ||||||||||||
Net (loss) income per share - diluted | 0.41 | [3] | 0.13 | [3] | (0.80) | [3] | (1.22) | [3] | 0.30 | 13.87 | 0.17 | 0.36 | (1.39) | 16.1 | 0.61 | ||||||||
Cash dividends declared per share | $ 1.15 | $ 1.13 | $ 1.11 | $ 1.07 | $ 1.02 | $ 0.98 | $ 0.95 | $ 0.9375 | $ 4.46 | $ 3.8875 | $ 3.35 | ||||||||||||
Gain from acquisition/divestiture of businesses | $ 1,000,000 | $ 0 | [4] | $ 1,027,054 | [4] | $ 0 | [4] | ||||||||||||||||
Macquarie Infrastructure Management (USA) Inc. [Member] | deferred until July 2016 [Member] | |||||||||||||||||||||||
Per share information attributable to MIC: | |||||||||||||||||||||||
Performance fee, settlement which is deferred | $ 67,800 | ||||||||||||||||||||||
[1] | Includes 100% of the results of IMTT subsequent to the IMTT Acquisition on July 16, 2014. | ||||||||||||||||||||||
[2] | Includes gain from acquisition/divestiture of businesses totaling $1.0 billion from the IMTT Acquisition and the sale of the Company's interest in the district energy business for the quarter ended September 30, 2014. | ||||||||||||||||||||||
[3] | Diluted net (loss) income per share reflects the effect of potentially dilutive shares assuming: (i) the restricted stock unit grants provided to the independent directors had been fully converted to shares on the grant dates; (ii) the $67.8 million of the performance fee for the quarter ended June 30, 2015, settlement of which was deferred to July 2016, had been reinvested in shares by the Manager, a related party, in July 2015; and (iii) the convertible senior notes that were issued on July 15, 2014 had been fully converted into shares on that date. The potentially dilutive shares are excluded in the calculation if the effect is anti-dilutive or when the Company has a net loss for the period. | ||||||||||||||||||||||
[4] | Gain from acquisition/divestiture of businesses represents the gain of $948.1 million from IMTT Acquisition from the remeasuring to fair value of the Company’s previous 50% ownership interest and the gain of $78.9 million from the sale of the Company’s interest in the district energy business. |