Document And Entity Information
Document And Entity Information - $ / shares | 3 Months Ended | ||
Mar. 31, 2017 | May 02, 2017 | Dec. 31, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | Q1 | ||
Entity Registrant Name | Macquarie Infrastructure Corp | ||
Entity Central Index Key | 1,289,790 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | MIC | ||
Entity Common Stock, Shares Outstanding | 82,419,923 | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Current assets: | |||
Cash and cash equivalents | $ 29,618 | $ 44,767 | |
Restricted cash | 15,169 | 16,420 | |
Accounts receivable, less allowance for doubtful accounts of $1,238 and $1,434, respectively | 123,849 | 124,846 | |
Inventories | 35,063 | 31,461 | |
Prepaid expenses | 19,328 | 14,561 | |
Fair value of derivative instruments | 4,515 | 5,514 | |
Other current assets | 9,794 | 7,099 | |
Total current assets | 237,336 | 244,668 | |
Property, equipment, land and leasehold improvements, net | 4,346,597 | 4,346,536 | |
Investment in unconsolidated business | 8,944 | 8,835 | |
Goodwill | 2,024,484 | 2,024,409 | |
Intangible assets, net | 871,278 | 888,971 | |
Fair value of derivative instruments | 25,850 | 30,781 | |
Other noncurrent assets | 24,073 | 15,053 | |
Total assets | 7,538,562 | 7,559,253 | |
Current liabilities: | |||
Due to Manager - related party | 6,366 | 6,594 | |
Accounts payable | 62,820 | 69,566 | |
Accrued expenses | 76,260 | 83,734 | |
Current portion of long-term debt | 42,782 | 40,016 | |
Fair value of derivative instruments | 5,902 | 9,297 | |
Other current liabilities | 42,977 | 41,802 | |
Total current liabilities | 237,107 | 251,009 | |
Long-term debt, net of current portion | 3,070,883 | 3,039,966 | |
Deferred income taxes | 914,461 | 896,116 | |
Fair value of derivative instruments | 5,403 | 5,966 | |
Tolling agreements - noncurrent | 58,428 | 60,373 | |
Other noncurrent liabilities | 160,787 | 158,289 | |
Total liabilities | 4,447,069 | 4,411,719 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock ($0.001 par value; 500,000,000 authorized; 82,306,372 shares issued and outstanding at March 31, 2017 and 82,047,526 shares issued and outstanding at December 31, 2016) | [1] | 82 | 82 |
Additional paid in capital | 2,002,066 | 2,089,407 | |
Accumulated other comprehensive loss | (28,960) | (28,960) | |
Retained earnings | 928,380 | 892,365 | |
Total stockholders' equity | 2,901,568 | 2,952,894 | |
Noncontrolling interests | 189,925 | 194,640 | |
Total equity | 3,091,493 | 3,147,534 | |
Total liabilities and equity | $ 7,538,562 | $ 7,559,253 | |
[1] | The Company is authorized to issue 100,000,000 shares of preferred stock, par value $0.001 per share. At March 31, 2017 and December 31, 2016, no preferred stock were issued or outstanding. The Company has 100 shares of special stock issued and outstanding to its Manager at March 31, 2017 and December 31, 2016. |
CONSOLIDATED CONDENSED BALANCE3
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, allowance for doubtful accounts | $ 1,238 | $ 1,434 |
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 100,000,000 | 100,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Special stock, issued | 100 | 100 |
Special stock, outstanding | 100 | 100 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Shares, authorized | 500,000,000 | 500,000,000 |
Shares, issued | 82,306,372 | 82,047,526 |
Shares, outstanding | 82,306,372 | 82,047,526 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Revenue | |||
Service revenue | $ 363,804 | $ 312,241 | |
Product revenue | 87,653 | 84,146 | |
Total revenue | 451,457 | 396,387 | |
Costs and expenses | |||
Cost of services | 154,706 | 116,463 | |
Cost of product sales | 47,225 | 33,060 | |
Selling, general and administrative | 76,952 | 72,284 | |
Fees to Manager - related party | 18,223 | 14,796 | |
Depreciation | 57,681 | 53,221 | |
Amortization of intangibles | 17,693 | 17,787 | |
Total operating expenses | 372,480 | 307,611 | |
Operating income | 78,977 | 88,776 | |
Other income (expense) | |||
Interest income | 34 | 33 | |
Interest expense | [1] | (25,482) | (56,895) |
Other income, net | 1,182 | 3,429 | |
Net income before income taxes | 54,711 | 35,343 | |
Provision for income taxes | (22,073) | (15,167) | |
Net income | 32,638 | 20,176 | |
Less: net loss attributable to noncontrolling interests | (3,377) | (2,179) | |
Net income attributable to MIC | $ 36,015 | $ 22,355 | |
Basic income per share attributable to MIC | $ 0.44 | $ 0.28 | |
Weighted average number of shares outstanding: basic | 82,138,168 | 80,113,011 | |
Diluted income per share attributable to MIC | $ 0.44 | $ 0.28 | |
Weighted average number of shares outstanding: diluted | 82,147,763 | 81,171,346 | |
Cash dividends declared per share | $ 1.32 | $ 1.20 | |
[1] | Interest expense includes gains on derivative instruments of $954,000 and losses on derivative instruments of $31.8 million for the quarters ended March 31, 2017 and 2016, respectively. |
CONSOLIDATED CONDENSED STATEME5
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) - Interest Expense [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Gains on derivative instruments | $ 954 | |
Losses on derivative instruments | $ (31,800) |
CONSOLIDATED CONDENSED STATEME6
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Net income | $ 32,638 | $ 20,176 | |
Other comprehensive income, net of taxes: | |||
Translation adjustment | [1],[2] | 0 | 3,563 |
Other comprehensive income | 0 | 3,563 | |
Comprehensive income | 32,638 | 23,739 | |
Less: comprehensive loss attributable to noncontrolling interests | [1] | (3,377) | (745) |
Comprehensive income attributable to MIC | $ 36,015 | $ 24,484 | |
[1] | On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. See Note 8, "Stockholders’ Equity", for disclosures on accumulated other comprehensive loss. | ||
[2] | Translation adjustment is presented net of tax expense of $1.5 million for the quarter ended March 31, 2016. |
CONSOLIDATED CONDENSED STATEME7
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | ||
Translation adjustment, taxes | $ (1,500) | |
Accumulated Other Comprehensive Loss Attributable to Noncontrolling Interest [Member] | ||
Purchase of noncontrolling interest in Subsidiary | $ (4,589) | [1] |
IMTT [Member] | Quebec Marine Terminal [Member] | ||
Equity interest acquired | 33.30% | |
IMTT [Member] | Quebec Marine Terminal [Member] | Accumulated Other Comprehensive Loss Attributable to Noncontrolling Interest [Member] | ||
Purchase of noncontrolling interest in Subsidiary | $ (4,600) | |
[1] | On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. |
CONSOLIDATED CONDENSED STATEME8
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net income | $ 32,638 | $ 20,176 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of property and equipment | 57,681 | 53,221 |
Amortization of intangible assets | 17,693 | 17,787 |
Amortization of debt financing costs | 2,202 | 2,879 |
Amortization of debt discount | 619 | 0 |
Adjustments to derivative instruments | 1,972 | 23,278 |
Fees to Manager- related party | 18,223 | 14,796 |
Deferred taxes | 18,352 | 12,661 |
Pension expense | 2,694 | 2,198 |
Other non-cash income, net | (1,354) | (905) |
Changes in other assets and liabilities, net of acquisitions: | ||
Restricted cash | 974 | 2,202 |
Accounts receivable | 1,059 | 3,910 |
Inventories | (3,718) | 1,879 |
Prepaid expenses and other current assets | (7,559) | 9,352 |
Due to Manager - related party | 11 | (73) |
Accounts payable and accrued expenses | (12,382) | (13,293) |
Income taxes payable | 1,341 | 2,753 |
Other, net | (1,878) | (4,255) |
Net cash provided by operating activities | 128,568 | 148,566 |
Investing activities | ||
Acquisitions of businesses and investments, net of cash acquired | 0 | (3,153) |
Purchases of property and equipment | (59,869) | (62,593) |
Change in restricted cash | 83 | 0 |
Other, net | (7,950) | 48 |
Net cash used in investing activities | (67,736) | (65,698) |
Financing activities | ||
Proceeds from long-term debt | 104,000 | 176,000 |
Payment of long-term debt | (72,634) | (159,730) |
Proceeds from the issuance of shares | 2,049 | 1,093 |
Dividends paid to common stockholders | (107,714) | (92,203) |
Purchase of noncontrolling interest | 0 | (9,909) |
Distributions paid to noncontrolling interests | (1,351) | (1,824) |
Offering and equity raise costs paid | (69) | (105) |
Debt financing costs paid | (435) | (1,119) |
Change in restricted cash | 194 | 5,013 |
Payment of capital lease obligations | (21) | (433) |
Net cash used in financing activities | (75,981) | (83,217) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 457 |
Net change in cash and cash equivalents | (15,149) | 108 |
Cash and cash equivalents, beginning of period | 44,767 | 22,394 |
Cash and cash equivalents, end of period | 29,618 | 22,502 |
Non-cash investing and financing activities: | ||
Accrued equity offering costs | 93 | 229 |
Accrued financing costs | 0 | 68 |
Accrued purchases of property and equipment | 25,598 | 19,318 |
Issuance of shares to Manager | 18,462 | 15,108 |
Conversion of convertible senior notes to shares | 17 | 4 |
Distributions payable to noncontrolling interests | 29 | 42 |
Taxes paid (refund), net | 2,379 | (253) |
Interest paid | $ 26,764 | $ 25,488 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Macquarie Infrastructure Corporation is a Delaware corporation formed on May 21, 2015. MIC’s predecessor, Macquarie Infrastructure Company LLC, was formed on April 13, 2004. Macquarie Infrastructure Corporation, both on an individual entity basis and together with its consolidated subsidiaries, is referred to in these financial statements as the “Company” or “MIC”. MIC is externally managed by Macquarie Infrastructure Management (USA) Inc. (the Manager) pursuant to the terms of a Management Services Agreement that is subject to the oversight and supervision of the Board of Directors. The majority of the members of the Board of Directors have no affiliation with Macquarie. The Manager is a member of the Macquarie Group of companies comprising the Macquarie Group Limited and its subsidiaries and affiliates worldwide. Macquarie Group Limited is headquartered in Australia and is listed on the Australian Stock Exchange. The Company owns its businesses through its direct wholly-owned subsidiary MIC Ohana Corporation, the successor to Macquarie Infrastructure Company Inc. The Company owns and operates a diversified portfolio of businesses that provide services to other businesses, government agencies and individuals primarily in the U.S. The businesses it owns and operates are organized into four segments: • International-Matex Tank Terminals (IMTT ) • Atlantic Aviation • Contracted Power (CP) • MIC Hawaii |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2016 has been derived from audited financial statements but does not include all of the information and notes required by GAAP for complete financial statements. Certain reclassifications were made to the financial statements for the prior period to conform to current period presentation. The interim financial information contained herein should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 21, 2017. Operating results for the quarter ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 or for any future interim periods. Use of Estimates The preparation of unaudited consolidated condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure related thereto at the date of the unaudited consolidated condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Management evaluates these estimates and assumptions on an ongoing basis. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited interim consolidated condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates. Recently Issued Accounting Standards On January 26, 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment On January 5, 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business On November 17, 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash On February 25, 2016, FASB issued ASU No. 2016-02, Leases (Topic 842) ; however, the full impact to the overall financial statements has not yet been determined. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) • ASU 2015-14 (Issued August 2015) — Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date • ASU 2016-08 (Issued March 2016) — Principal versus Agent Consideration (Reporting Revenue Gross versus Net) • ASU 2016-10 (Issued April 2016) — Identifying Performance Obligations and Licensing • ASU 2016-12 (Issued May 2016) — Narrow-Scope Improvements and Practical Expedients • ASU 2016-20 (Issued December 2016) — Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers With the deferral, the new standard is effective for the Company on January 1, 2018. There are two adoption methods available for implementation of the standard related to the recognition of revenue from contracts with customers. Under one method, the new guidance is applied retrospectively to contracts for each reporting period presented, subject to allowable practical expedients. Under the other method, the new guidance is applied only to the most current period presented, recognizing the cumulative effect of the change as an adjustment to the beginning balance of retained earnings, and also requires additional disclosures comparing the results to the previous guidance. The Company is going to adopt this standard using the modified retrospective method and is currently evaluating the impact that this standard will have on the Company’s consolidated financial statements, and the changes to its systems, processes and internal controls to meet the reporting and disclosure requirements. Upon initial evaluation, the Company believes key changes in the standard that impact the Company’s revenue recognition relate to the allocation of contract revenue between various services and equipment, and the timing of when those revenue are recognized. The Company is still in the process of evaluating these impacts and other areas of the standard and its effect on the Company’s financial statements and related disclosures. The Company currently includes sales, excise and value-added taxes related to sales transactions within revenue on the consolidated statements of operations. Upon adoption of ASU 2014-09, the Company will exclude sales-based taxes collected on behalf of third parties from service and product revenue and include these amounts in cost of services and product sales. The result will be a reclassification on the consolidated statements of operations. ASU 2014-09 also introduces new qualitative and quantitative disclosure requirements about contracts with customers including revenue and impairments recognized, disaggregation of revenue and information about contract balance and performance obligations. Information is required about significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations. Additionally, the Company is in the process of evaluating what additional information will be disclosed, but expects the overall level of disclosures related to revenue recognition to increase. On July 22, 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, |
Income per Share
Income per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Income per Share | 3. Income per Share Quarter Ended March 31, 2017 2016 Numerator: Net income attributable to MIC $ 36,015 $ 22,355 Diluted net income attributable to MIC $ 36,015 $ 22,355 Denominator: Weighted average number of shares outstanding: basic 82,138,168 80,113,011 Dilutive effect of restricted stock unit grants 9,595 8,660 Dilutive effect of fees to Manager-related party (1) — 1,049,675 Weighted average number of shares outstanding: diluted 82,147,763 81,171,346 Income per share: Basic income per share attributable to MIC $ 0.44 $ 0.28 Diluted income per share attributable to MIC $ 0.44 $ 0.28 (1) Represents $67.8 million of the performance fee for the quarter ended June 30, 2015, which was reinvested in shares by the Manager on August 1, 2016. The weighted average potentially dilutive shares of common stock in the above table include shares assumed to have been reinvested in shares by the Manager in July 2015. The effect of potentially dilutive shares for the quarter ended March 31, 2017 is calculated assuming that the restricted stock unit grants totaling 8,604 (net of forfeitures of 2,151 restricted stock unit grants forfeited on September 30, 2016) provided to the independent directors on May 18, 2016 and restricted stock units grants of 991 provided to a new independent director on November 1, 2016, which will all vest during the second quarter of 2017, had been fully converted to shares on those grant dates. The 2.875% Convertible Senior Notes due July 2019 and the 2.00% Convertible Senior Notes due October 2023 were anti-dilutive for the quarter ended March 31, 2017. The effect of potentially dilutive shares for the quarter ended March 31, 2016 is calculated assuming that (i) the restricted stock unit grants totaling 8,660 provided to the independent directors on June 18, 2015, which vested during the second quarter of 2016, had been fully converted to shares on the grant date and (ii) the $67.8 million of the performance fee for the quarter ended June 30, 2015, which was reinvested in shares by the Manager on August 1, 2016, had been reinvested in shares by the Manager in July 2015. The 2.875% Convertible Senior Notes due July 2019 that were issued on July 15, 2014 were anti-dilutive for the quarter ended March 31, 2016. The following represents the weighted average potential dilutive shares of common stock that were excluded from the diluted income per share calculation: Quarter Ended March 31, 2017 2016 2.875% Convertible senior notes due July 2019 4,222,378 4,139,250 2.00% Convertible senior notes due October 2023 3,596,901 — Total 7,819,279 4,139,250 |
Property, Equipment, Land and L
Property, Equipment, Land and Leasehold Improvements | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment, Land and Leasehold Improvements | 4. Property, Equipment, Land and Leasehold Improvements Property, equipment, land and leasehold improvements at March 31, 2017 and December 31, 2016 consist of the following ($in thousands): March 31, December 31, Land $ 304,236 $ 304,240 Easements 131 131 Buildings 43,279 41,711 Leasehold and land improvements 698,412 673,122 Machinery and equipment 3,777,536 3,764,553 Furniture and fixtures 36,031 35,454 Construction in progress 249,076 233,184 5,108,701 5,052,395 Less: accumulated depreciation (762,104 ) (705,859 ) Property, equipment, land and leasehold improvements, net $ 4,346,597 $ 4,346,536 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets Intangible assets at March 31, 2017 and December 31, 2016 consist of the following ($ in thousands): March 31, December 31, Contractual arrangements $ 912,728 $ 912,728 Non-compete agreements 10,014 10,014 Customer relationships 348,678 348,678 Leasehold rights 350 350 Trade names 16,091 16,091 Technology 8,760 8,760 1,296,621 1,296,621 Less: accumulated amortization (425,343 ) (407,650 ) Intangible assets, net $ 871,278 $ 888,971 The goodwill balance as of March 31, 2017 is comprised of the following ($ in thousands): Goodwill acquired in business combinations, net of disposals, at $ 2,149,894 Accumulated impairment charges (123,200 ) Other (2,285 ) Balance at December 31, 2016 2,024,409 Purchase accounting adjustments related to prior year acquisition 75 Balance at March 31, 2017 $ 2,024,484 The Company tests for goodwill impairment at the reporting unit level on an annual basis on October 1 st |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Long-Term Debt At March 31, 2017 and December 31, 2016, the Company’s consolidated long-term debt comprised the following ($ in thousands): March 31, 2017 December 31, 2016 IMTT $ 1,198,975 $ 1,140,975 Atlantic Aviation 429,129 449,691 CP 599,160 604,862 MIC Hawaii 200,375 200,744 MIC Corporate 727,332 726,730 Total 3,154,971 3,123,002 Current portion (42,782 ) (40,016 ) Long-term portion 3,112,189 3,082,986 Unamortized deferred financing costs (1) (41,306 ) (43,020 ) Long-term portion less unamortized debt discount and deferred financing costs $ 3,070,883 $ 3,039,966 (1) The weighted average remaining life of the deferred financing costs at March 31, 2017 was 6.1 years. The total undrawn capacity on the revolving credit facilities was $1.3 billion at March 31, 2017. MIC Corporate 2.875% Convertible Senior Notes due July 2019 At March 31, 2017 and December 31, 2016, the Company had $350.0 million aggregate principal outstanding on its five-year, 2.875% convertible senior notes due July 2019. On March 1, 2017, the Company increased the conversion rate to 12.1717 shares of common stock per $1,000 principal amount in accordance with the agreement. The adjustment reflects the impact of dividends paid by the Company. At March 31, 2017, the fair value of these convertible senior notes was approximately $393.5 million. These convertible senior notes fall within Level 1 of the fair value hierarchy. 2.00% Convertible Senior Notes due October 2023 At March 31, 2017 and December 31, 2016, the Company had $377.4 million and $376.8 million, respectively, outstanding on its seven year, 2.0% convertible senior notes due October 2023. At March 31, 2017, the fair value of the liability component of these convertible senior notes was approximately $371.0 million. These convertible senior notes fall within Level 1 of the fair value hierarchy. The 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in thousands): March 31, December 31, Liability Component: Principal $ 402,500 $ 402,500 Unamortized debt discount (25,122 ) (25,741 ) Long-term debt, net of unamortized debt discount 377,378 376,759 Unamortized deferred financing costs (9,771 ) (9,934 ) Net carrying amount $ 367,607 $ 366,825 Equity Component $ 26,748 $ 26,748 For the quarter ended March 31, 2017, total interest expense recognized related to the 2.00% Convertible Senior Notes due October 2023 ($ in thousands): Quarter Ended Contractual interest expense $ 1,744 Amortization of debt discount 619 Amortization of deferred financing costs 381 Total interest expense $ 2,744 During the quarter ended March 31, 2017, IMTT drew down $104.0 million and repaid $46.0 million on its USD revolving credit facility primarily for general corporate purposes. At March 31, 2017, the undrawn portion on its USD revolving credit facility and CAD revolving credit facility were $460.0 million and $50.0 million, respectively. Atlantic Aviation From April 1, 2017, Atlantic Aviation drew down an additional $69.5 million to fund a fixed based operation (FBO) acquisition and for general corporate purposes. In February 2017, Hawaii Gas exercised the first of two one-year extensions related to its $80.0 million secured term loan facility and its $60.0 million revolving credit facility. The maturities have been extended to February 2022 and no changes were made to any other terms. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 7. Derivative Instruments and Hedging Activities Interest Rate Swap Contracts The Company and certain of its businesses have in place variable-rate debt. Management believes that it is prudent to limit the variability of a portion of the business’ interest payments. To meet this objective, the Company enters into interest rate agreements, primarily using interest rate swaps and from time to time using interest rate caps, to manage fluctuations in cash flows resulting from interest rate risk on a portion of its debt with a variable-rate component. Interest rate swaps change the variable-rate cash flow exposure on the debt obligations to fixed cash flows. Under the terms of the interest rate swaps, the Company receives variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed-rate debt for the portion of the debt that is swapped. At March 31, 2017, the Company had $3.2 billion of current and long-term debt, of which $1.4 billion was economically hedged with interest rate contracts, $1.6 billion was fixed rate debt and $128.2 million was unhedged. The Company does not use hedge accounting. All movements in the fair value of the interest rate derivatives are recorded directly through earnings. Commodity Price Hedges The risk associated with fluctuations in the prices at Hawaii Gas, a business within the MIC Hawaii reportable segment, pays for propane is principally a result of market forces reflecting changes in supply and demand for propane and other energy commodities. Hawaii Gas’ gross margin (revenue less cost of product sales excluding depreciation and amortization) 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 has 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 used 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) at Fair Value Balance Sheet Location March 31, 2017 December 31, 2016 Fair value of derivative instruments – current assets $ 4,515 $ 5,514 Fair value of derivative instruments – noncurrent assets 25,850 30,781 Total derivative contracts – assets $ 30,365 $ 36,295 Fair value of derivative instruments – current liabilities $ (5,902 ) $ (9,297 ) Fair value of derivative instruments – noncurrent liabilities (5,403 ) (5,966 ) Total derivative contracts – liabilities $ (11,305 ) $ (15,263 ) Amount of (Loss) Gain Recognized in Statements of Financial Statement Account 2017 2016 Interest expense – interest rate caps $ (133 ) $ — Interest expense – interest rate swaps 1,087 (31,826 ) Cost of product sales – commodity swaps (3,984 ) 2,306 Total $ (3,030 ) $ (29,520 ) All of the Company’s derivative instruments are collateralized by the assets of the respective businesses. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders’ Equity | 8. Stockholders’ Equity 2016 Omnibus Employee Incentive Plan On May 18, 2016, the Company adopted the 2016 Omnibus Employee Incentive Plan (Plan). The Plan provides for the issuance of equity awards covering up to 500,000 shares of common stock to attract, retain, and motivate employees, consultants and others who perform services for the Company and its subsidiaries. Under the Plan, the Compensation Committee determines the persons who will receive awards, the time at which they are granted and the terms of the awards. Type of awards include stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, cash-based awards and other stock-based awards. At March 31, 2017, there were no awards outstanding under this Plan. Shelf Registration Statement Renewal On April 5, 2016, the Company filed an automatic shelf registration statement on Form S-3 (shelf) with the SEC to issue and sell an indeterminate amount of its common stock, preferred stock and debt securities in one or more future offerings. 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 million. Sales of shares may be made in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an “at the market” offering, which includes sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. Under the terms of the equity distribution agreement, the Company may also sell shares to any sales agent as principal for its own account. The Company is under no obligation to sell shares under the ATM Program. From inception, the Company sold 153,692 shares of common stock pursuant to the agreement for net proceeds of $12.6 million (after commissions and fees). MIC Direct The Company maintains a dividend reinvestment/direct stock purchase program, named “MIC Direct”, that allows for the issuance of up to 1.0 million additional shares of common stock to participants in this program. At March 31, 2017, 908,209 shares remained unissued under MIC Direct. The Company may also choose to fill requests for reinvestment of dividends or share purchases through MIC Direct via open market purchases. Accumulated Other Comprehensive Loss Post-Retirement Translation (1) Total Noncontrolling Total Balance at December 31, 2015 $ (14,788 ) $ (14,530 ) $ (29,318 ) $ 6,023 $ (23,295 ) Translation adjustment — 3,563 3,563 (1,434 ) 2,129 Purchase of noncontrolling interest (2) — — — (4,589 ) (4,589 ) Balance at March 31, 2016 $ (14,788 ) $ (10,967 ) $ (25,755 ) $ — $ (25,755 ) Balance at December 31, 2016 $ (16,805 ) $ (12,155 ) $ (28,960 ) $ — $ (28,960 ) Balance at March 31, 2017 $ (16,805 ) $ (12,155 ) $ (28,960 ) $ — $ (28,960 ) (1) Translation adjustment is presented net of tax expense of $1.5 million for the quarter ended March 31, 2016. (2) On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Reportable Segments | At March 31, 2017, the Company’s businesses consist of four reportable segments: IMTT, Atlantic Aviation, CP and MIC Hawaii. IMTT IMTT provides bulk liquid storage, handling and other services in North America through ten terminals located in the United States, one terminal in Quebec, Canada and one partially owned terminal in Newfoundland, Canada. IMTT derives the majority of its revenue from storage and handling of petroleum products, various chemicals, renewable fuels, and vegetable and animal oils. Based on storage capacity, IMTT operates one of the largest third-party bulk liquid terminals businesses in the United States. Revenue from IMTT is included in service revenue. Atlantic Aviation Atlantic Aviation derives the majority of its revenue from fuel delivery services and from other airport services, including de-icing and aircraft hangar rental. All of the revenue of Atlantic Aviation is generated at airports in the U.S. At March 31, 2017, the business operates at 69 airports. Revenue from Atlantic Aviation is included in service revenue. CP The CP business segment derives revenue from solar, wind and gas-fired power facilities. Revenue from the solar, wind and gas-fired power facilities are included in product revenue. As of March 31, 2017, the Company has controlling interests in six utility-scale solar photovoltaic facilities, two wind facilities and 100% ownership of a gas-fired facility that are located in the United States. The solar and wind facilities that are operational at March 31, 2017 have an aggregate generating capacity of 340 megawatt (MW) of wholesale electricity to utilities. These facilities sell substantially all of the electricity generated, subject to agreed upon pricing formulas, to electric utilities pursuant to long-term (typically 20 – 25 years) power purchase agreements (PPAs). These projects are held in LLCs, and are treated as partnerships for income tax purposes, with co-investors. The acquisition price on these projects can vary depending on, among other things, factors such as the size of the project, PPA terms, eligibility for tax incentives, debt package, operating cost structure and development stage. A completed project takes out all of the construction risk, testing and costs associated with construction contracts. The Company has certain rights to make decisions over the management and operations of these solar and wind facilities. The Company has determined that it is appropriate to consolidate these projects, with the co-investors’ interest reflected as noncontrolling interests in the consolidated condensed financial statements. The Company owns 100% of Bayonne Energy Center (BEC), a 512 MW gas-fired facility located in Bayonne, New Jersey, adjacent to IMTT’s Bayonne facility. BEC has tolling agreements with a creditworthy off-taker for 62.5% of its power generating capacity and power produced is delivered to New York City via a dedicated transmission cable under New York Harbor. The tolling agreements generate revenue whether or not the facility is in use for power production. In addition to revenue related to the tolling agreement and capacity payments from the grid operator, BEC generates an energy margin when the facility is dispatched. MIC Hawaii MIC Hawaii comprises: Hawaii Gas, Hawaii’s only government-franchised gas utility and an unregulated liquefied petroleum gas distribution business providing gas and related services to commercial, residential and governmental customers; a mechanical contractor focused on designing and constructing energy efficient and related building infrastructure; and controlling interests in renewable and distributed power facilities including two facilities on Oahu. Revenue from Hawaii Gas and the renewable power facilities are recorded in product revenue. Revenue from the mechanical contractor business is recorded in service revenue. Revenue from the Hawaii Gas business 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. Revenue levels, without organic growth, will generally track global commodity prices, namely petroleum and natural gas, as its products are derived from these commodities. All of the MIC 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. Quarter Ended March 31, 2017 IMTT Atlantic Contracted MIC Intersegment Total Service revenue $ 138,817 $ 212,753 $ — $ 13,457 $ (1,223 ) $ 363,804 Product revenue — — 28,070 59,583 — 87,653 Total revenue $ 138,817 $ 212,753 $ 28,070 $ 73,040 $ (1,223 ) $ 451,457 Quarter Ended March 31, 2016 IMTT Atlantic Contracted MIC Intersegment Total Service revenue $ 135,425 $ 177,988 $ — $ — $ (1,172 ) $ 312,241 Product revenue — — 30,179 53,967 — 84,146 Total revenue $ 135,425 $ 177,988 $ 30,179 $ 53,967 $ (1,172 ) $ 396,387 In accordance with FASB ASC 280, Segment Reporting the most comparable GAAP measure Quarter Ended March 31, 2017 IMTT Atlantic Contracted MIC Total Net income (loss) $ 23,816 $ 21,826 $ (1,939 ) $ 4,873 $ 48,576 Interest expense, net 8,757 3,446 5,383 1,711 19,297 Provision for income taxes 16,548 14,550 27 3,379 34,504 Depreciation 28,760 11,589 14,233 3,099 57,681 Amortization of intangibles 2,760 13,444 1,107 382 17,693 Pension expense 2,416 5 — 273 2,694 Other non-cash expense (income) 68 62 (2,024 ) 5,571 3,677 EBITDA excluding non-cash items $ 83,125 $ 64,922 $ 16,787 $ 19,288 $ 184,122 Quarter Ended March 31, 2016 IMTT Atlantic Contracted MIC Total Net income (loss) $ 16,217 $ 14,358 $ (9,223 ) $ 9,069 $ 30,421 Interest expense, net 19,871 13,314 17,848 2,424 53,457 Provision (benefit) for income taxes 11,229 9,742 (2,304 ) 5,911 24,578 Depreciation 29,865 8,373 12,739 2,244 53,221 Amortization of intangibles 2,756 13,818 1,107 106 17,787 Pension expense 1,831 17 — 350 2,198 Other non-cash expense (income) 443 (91 ) (2,020 ) (2,752 ) (4,420 ) EBITDA excluding non-cash items $ 82,212 $ 59,531 $ 18,147 $ 17,352 $ 177,242 Reconciliations of total reportable segments’ EBITDA excluding non-cash items to consolidated net income before income taxes were ($ in thousands): Quarter Ended March 31, 2017 2016 Total reportable segments EBITDA excluding non-cash items $ 184,122 $ 177,242 Interest income 34 33 Interest expense (25,482 ) (56,895 ) Depreciation (57,681 ) (53,221 ) Amortization of intangibles (17,693 ) (17,787 ) Selling, general and administrative expenses - Corporate and Other (3,995 ) (1,455 ) Fees to Manager – related party (18,223 ) (14,796 ) Pension expense (2,694 ) (2,198 ) Other (expense) income, net (3,677 ) 4,420 Total consolidated net income before income taxes $ 54,711 $ 35,343 Quarter Ended March 31, 2017 2016 IMTT $ 15,263 $ 23,408 Atlantic Aviation 19,245 21,271 Contracted Power 19,179 5,840 MIC Hawaii 6,115 12,074 Total capital expenditure of reportable segments $ 59,802 $ 62,593 Corporate and other 67 — Total consolidated capital expenditure $ 59,869 $ 62,593 Property, Equipment, Goodwill Total Assets March 31, December 31, March 31, December 31, March 31, December 31, IMTT $ 2,200,816 $ 2,218,256 $ 1,411,029 $ 1,411,029 $ 3,944,515 $ 3,978,379 Atlantic Aviation 469,309 465,096 468,419 468,419 1,552,016 1,564,668 Contracted Power 1,393,722 1,383,289 21,628 21,628 1,532,279 1,516,602 MIC Hawaii 282,589 279,863 123,408 123,333 507,860 501,713 Total assets of reportable segments $ 4,346,436 $ 4,346,504 $ 2,024,484 $ 2,024,409 $ 7,536,670 $ 7,561,362 Corporate and other 161 32 — — 1,892 (2,109 ) Total consolidated assets $ 4,346,597 $ 4,346,536 $ 2,024,484 $ 2,024,409 $ 7,538,562 $ 7,559,253 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions Management Services At March 31, 2017 and December 31, 2016, the Manager held 4,719,044 shares and 4,510,795 shares, respectively, of the Company. Pursuant to the terms of the Third Amended and Restated Management Services Agreement (Management Agreement), the Manager may sell these shares at any time. Under the Management Agreement, the Manager, at its option, may reinvest base management fees and performance fees, if any, in shares of the Company. Declared Period Covered $ per Record Date Payable Date Cash Paid thousands) May 2, 2017 First quarter 2017 $ 1.32 May 15, 2017 May 18, 2017 (1) February 17, 2017 Fourth quarter 2016 1.31 March 3, 2017 March 8, 2017 $ 6,080 October 27, 2016 Third quarter 2016 1.29 November 10, 2016 November 15, 2016 5,620 July 28, 2016 Second quarter 2016 1.25 August 11, 2016 August 16, 2016 8,743 April 28, 2016 First quarter 2016 1.20 May 12, 2016 May 17, 2016 6,981 February 18, 2016 Fourth quarter 2015 1.15 March 3, 2016 March 8, 2016 6,510 (1) The amount of dividends payable to the Manager for the first quarter of 2017 will be determined on May 15, 2017, the record date. Under the Management Agreement, subject to the oversight and supervision of the Company’s Board of Directors, the Manager is responsible for and oversees the management 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 total shareholder return relative to a U.S. utilities index. Currently, the Manager has elected to reinvest the future base management fees and performance fees, if any, in additional shares. For the quarters ended March 31, 2017 and 2016, the Company incurred base management fees of $18.2 million and $14.8 million, respectively. For the quarters ended March 31, 2017 and 2016, the Manager did not earn any performance fees. For the quarter ended June 30, 2015, the Company incurred a performance fee of $135.6 million. In July 2015, the Board requested, and the Manager agreed, that $67.8 million of the performance fee be settled in cash in July 2015 to minimize dilution. The remaining $67.8 million obligation was settled and reinvested in 944,046 shares by the Manager on August 1, 2016. In all of the periods shown below, our Manager elected to reinvest any fees to which it was entitled in additional shares. Period Base Management Performance Fee Amount ($ in Thousands) Shares Issued 2017 Activity: First quarter 2017 $ 18,223 $ — 232,398 (1) 2016 Activities: Fourth quarter 2016 $ 18,916 $ — 230,773 Third quarter 2016 18,382 — 232,488 Second quarter 2016 16,392 — 232,835 First quarter 2016 14,796 — 234,179 (1) The Manager elected to reinvest all of the monthly base management fees for the first quarter of 2017 in shares. The Company issued 232,398 shares for the quarter ended March 31, 2017, including 77,563 shares that were issued in April 2017 for the March 2017 monthly base management fee. 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 quarters ended March 31, 2017 and 2016, the Manager charged the Company $289,000 and $71,000, respectively, for reimbursement of out-of-pocket expenses. The unpaid portion of the out-of-pocket expenses at the end of the reporting period is included in Due to Manager-related party in the consolidated condensed balance sheets. Other Services The Company uses 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 per share, from time to time having an aggregate gross offering price of up to $400.0 million. These sales, if any, will be made pursuant to the terms of an equity distribution agreement entered into between the Company and the sales agents, with MCUSA being one of the sales agents. Under the terms of the equity distribution agreement, the Company may also sell shares to any sales agent as principal for its own account at a price agreed upon at the time of the sale. For the quarters ended March 31, 2017 and 2016, the Company did not engage MCUSA for such activities. Long-Term Debt Atlantic Aviation’s $70.0 million revolving credit facility was provided by various financial institutions, including MBL which provided $15.7 million. For the quarter ended March 31, 2016, Atlantic Aviation incurred and paid $29,000 in interest expense related to MBL’s portion of the revolving credit facility. In October 2016, the revolving credit facility was terminated in conjunction with the completion of the refinancing of Atlantic Aviation’s new credit facility. The Company has a $410.0 million senior secured revolving credit facility at the holding company that is provided by various financial institutions, of which $50.0 million is provided by MIHI LLC. For the quarters ended March 31, 2017 and 2016, the Company incurred $34,000 and $40,000, respectively, in interest expense related to MIHI LLC’s portion of the MIC senior secured revolving credit facility. Other Transactions Macquarie Energy North America Trading, Inc. (MENAT), an indirect subsidiary of Macquarie Group Limited, enters into contracts with IMTT to lease capacity. At March 31, 2017 and 2016, MENAT leased 200,000 and 921,000 barrels of capacity from IMTT, respectively, and recognized $613,000 and $1.2 million in revenue during the quarters ended March 31, 2017 and 2016, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company expects to incur federal consolidated taxable income for the year ending December 31, 2017, which will be fully offset by the Company’s net operating loss (NOL) carryforwards. The Company believes that it will be able to utilize all of its federal prior year NOLs, which will begin to expire after 2028 and completely expire after 2035. |
Legal Proceedings and Contingen
Legal Proceedings and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Contingencies | 12. Legal Proceedings and Contingencies The Company and its subsidiaries are subject to legal proceedings arising in the ordinary course of business. In management’s opinion, the Company has adequate legal defenses and/or insurance coverage with respect to the eventuality of such actions, and does not believe the outcome of any pending legal proceedings will be material to the Company’s financial position or result of operations. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events Dividend On May 2, 2017, the Board of Directors declared a dividend of $1.32 per share for the quarter ended March 31, 2017, which is expected to be paid on May 18, 2017 to holders of record on May 15, 2017. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of unaudited consolidated condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure related thereto at the date of the unaudited consolidated condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Management evaluates these estimates and assumptions on an ongoing basis. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited interim consolidated condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards On January 26, 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment On January 5, 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business On November 17, 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash On February 25, 2016, FASB issued ASU No. 2016-02, Leases (Topic 842) ; however, the full impact to the overall financial statements has not yet been determined. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) • ASU 2015-14 (Issued August 2015) — Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date • ASU 2016-08 (Issued March 2016) — Principal versus Agent Consideration (Reporting Revenue Gross versus Net) • ASU 2016-10 (Issued April 2016) — Identifying Performance Obligations and Licensing • ASU 2016-12 (Issued May 2016) — Narrow-Scope Improvements and Practical Expedients • ASU 2016-20 (Issued December 2016) — Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers With the deferral, the new standard is effective for the Company on January 1, 2018. There are two adoption methods available for implementation of the standard related to the recognition of revenue from contracts with customers. Under one method, the new guidance is applied retrospectively to contracts for each reporting period presented, subject to allowable practical expedients. Under the other method, the new guidance is applied only to the most current period presented, recognizing the cumulative effect of the change as an adjustment to the beginning balance of retained earnings, and also requires additional disclosures comparing the results to the previous guidance. The Company is going to adopt this standard using the modified retrospective method and is currently evaluating the impact that this standard will have on the Company’s consolidated financial statements, and the changes to its systems, processes and internal controls to meet the reporting and disclosure requirements. Upon initial evaluation, the Company believes key changes in the standard that impact the Company’s revenue recognition relate to the allocation of contract revenue between various services and equipment, and the timing of when those revenue are recognized. The Company is still in the process of evaluating these impacts and other areas of the standard and its effect on the Company’s financial statements and related disclosures. The Company currently includes sales, excise and value-added taxes related to sales transactions within revenue on the consolidated statements of operations. Upon adoption of ASU 2014-09, the Company will exclude sales-based taxes collected on behalf of third parties from service and product revenue and include these amounts in cost of services and product sales. The result will be a reclassification on the consolidated statements of operations. ASU 2014-09 also introduces new qualitative and quantitative disclosure requirements about contracts with customers including revenue and impairments recognized, disaggregation of revenue and information about contract balance and performance obligations. Information is required about significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations. Additionally, the Company is in the process of evaluating what additional information will be disclosed, but expects the overall level of disclosures related to revenue recognition to increase. On July 22, 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, |
Income per Share (Tables)
Income per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Income per Share | Following is a reconciliation of the basic and diluted income per share computations ($ in thousands, except share and per share data): Quarter Ended March 31, 2017 2016 Numerator: Net income attributable to MIC $ 36,015 $ 22,355 Diluted net income attributable to MIC $ 36,015 $ 22,355 Denominator: Weighted average number of shares outstanding: basic 82,138,168 80,113,011 Dilutive effect of restricted stock unit grants 9,595 8,660 Dilutive effect of fees to Manager-related party (1) — 1,049,675 Weighted average number of shares outstanding: diluted 82,147,763 81,171,346 Income per share: Basic income per share attributable to MIC $ 0.44 $ 0.28 Diluted income per share attributable to MIC $ 0.44 $ 0.28 (1) Represents $67.8 million of the performance fee for the quarter ended June 30, 2015, which was reinvested in shares by the Manager on August 1, 2016. The weighted average potentially dilutive shares of common stock in the above table include shares assumed to have been reinvested in shares by the Manager in July 2015. |
Schedule of Antidilutive Securities | The following represents the weighted average potential dilutive shares of common stock that were excluded from the diluted income per share calculation: Quarter Ended March 31, 2017 2016 2.875% Convertible senior notes due July 2019 4,222,378 4,139,250 2.00% Convertible senior notes due October 2023 3,596,901 — Total 7,819,279 4,139,250 |
Property, Equipment, Land and24
Property, Equipment, Land and Leasehold Improvements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | March 31, December 31, Land $ 304,236 $ 304,240 Easements 131 131 Buildings 43,279 41,711 Leasehold and land improvements 698,412 673,122 Machinery and equipment 3,777,536 3,764,553 Furniture and fixtures 36,031 35,454 Construction in progress 249,076 233,184 5,108,701 5,052,395 Less: accumulated depreciation (762,104 ) (705,859 ) Property, equipment, land and leasehold improvements, net $ 4,346,597 $ 4,346,536 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets at March 31, 2017 and December 31, 2016 consist of the following ($ in thousands): March 31, December 31, Contractual arrangements $ 912,728 $ 912,728 Non-compete agreements 10,014 10,014 Customer relationships 348,678 348,678 Leasehold rights 350 350 Trade names 16,091 16,091 Technology 8,760 8,760 1,296,621 1,296,621 Less: accumulated amortization (425,343 ) (407,650 ) Intangible assets, net $ 871,278 $ 888,971 |
Schedule of Goodwill | The goodwill balance as of March 31, 2017 is comprised of the following ($ in thousands): Goodwill acquired in business combinations, net of disposals, at $ 2,149,894 Accumulated impairment charges (123,200 ) Other (2,285 ) Balance at December 31, 2016 2,024,409 Purchase accounting adjustments related to prior year acquisition 75 Balance at March 31, 2017 $ 2,024,484 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Instrument [Line Items] | |
Schedule of Long-Term Debt | At March 31, 2017 and December 31, 2016, the Company’s consolidated long-term debt comprised the following ($ in thousands): March 31, 2017 December 31, 2016 IMTT $ 1,198,975 $ 1,140,975 Atlantic Aviation 429,129 449,691 CP 599,160 604,862 MIC Hawaii 200,375 200,744 MIC Corporate 727,332 726,730 Total 3,154,971 3,123,002 Current portion (42,782 ) (40,016 ) Long-term portion 3,112,189 3,082,986 Unamortized deferred financing costs (1) (41,306 ) (43,020 ) Long-term portion less unamortized debt discount and deferred financing costs $ 3,070,883 $ 3,039,966 (1) The weighted average remaining life of the deferred financing costs at March 31, 2017 was 6.1 years. |
Convertible Debt | The 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in thousands): March 31, December 31, Liability Component: Principal $ 402,500 $ 402,500 Unamortized debt discount (25,122 ) (25,741 ) Long-term debt, net of unamortized debt discount 377,378 376,759 Unamortized deferred financing costs (9,771 ) (9,934 ) Net carrying amount $ 367,607 $ 366,825 Equity Component $ 26,748 $ 26,748 |
Schedule of Interest Expense Recognized | For the quarter ended March 31, 2017, total interest expense recognized related to the 2.00% Convertible Senior Notes due October 2023 ($ in thousands): Quarter Ended Contractual interest expense $ 1,744 Amortization of debt discount 619 Amortization of deferred financing costs 381 Total interest expense $ 2,744 |
Derivative Instruments and He27
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | The Company’s fair value measurements of its derivative instruments and the related location of the assets and liabilities within the consolidated condensed balance sheets at March 31, 2017 and December 31, 2016 were ($ in thousands): Assets (Liabilities) at Fair Value Balance Sheet Location March 31, 2017 December 31, 2016 Fair value of derivative instruments – current assets $ 4,515 $ 5,514 Fair value of derivative instruments – noncurrent assets 25,850 30,781 Total derivative contracts – assets $ 30,365 $ 36,295 Fair value of derivative instruments – current liabilities $ (5,902 ) $ (9,297 ) Fair value of derivative instruments – noncurrent liabilities (5,403 ) (5,966 ) Total derivative contracts – liabilities $ (11,305 ) $ (15,263 ) |
Schedule of Location of Hedging Activities | The Company’s hedging activities for the quarters ended March 31, 2017 and 2016 and the related location within the consolidated condensed statements of operations were ($ in thousands): Amount of (Loss) Gain Recognized in Statements of Financial Statement Account 2017 2016 Interest expense – interest rate caps $ (133 ) $ — Interest expense – interest rate swaps 1,087 (31,826 ) Cost of product sales – commodity swaps (3,984 ) 2,306 Total $ (3,030 ) $ (29,520 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following represents the changes and balances to the components of accumulated other comprehensive loss for the quarters ended March 31, 2017 and 2016 ($ in thousands): Post-Retirement Translation (1) Total Noncontrolling Total Balance at December 31, 2015 $ (14,788 ) $ (14,530 ) $ (29,318 ) $ 6,023 $ (23,295 ) Translation adjustment — 3,563 3,563 (1,434 ) 2,129 Purchase of noncontrolling interest (2) — — — (4,589 ) (4,589 ) Balance at March 31, 2016 $ (14,788 ) $ (10,967 ) $ (25,755 ) $ — $ (25,755 ) Balance at December 31, 2016 $ (16,805 ) $ (12,155 ) $ (28,960 ) $ — $ (28,960 ) Balance at March 31, 2017 $ (16,805 ) $ (12,155 ) $ (28,960 ) $ — $ (28,960 ) (1) Translation adjustment is presented net of tax expense of $1.5 million for the quarter ended March 31, 2016. (2) On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Revenue From External Customers | Revenue from external customers for the Company’s consolidated reportable segments were ($ in thousands): Quarter Ended March 31, 2017 IMTT Atlantic Contracted MIC Intersegment Total Service revenue $ 138,817 $ 212,753 $ — $ 13,457 $ (1,223 ) $ 363,804 Product revenue — — 28,070 59,583 — 87,653 Total revenue $ 138,817 $ 212,753 $ 28,070 $ 73,040 $ (1,223 ) $ 451,457 Quarter Ended March 31, 2016 IMTT Atlantic Contracted MIC Intersegment Total Service revenue $ 135,425 $ 177,988 $ — $ — $ (1,172 ) $ 312,241 Product revenue — — 30,179 53,967 — 84,146 Total revenue $ 135,425 $ 177,988 $ 30,179 $ 53,967 $ (1,172 ) $ 396,387 |
Schedule of EBITDA for Reportable Segments | Allocations of corporate expenses, intercompany fees and the tax effect have been excluded as they are eliminated on consolidation. Quarter Ended March 31, 2017 IMTT Atlantic Contracted MIC Total Net income (loss) $ 23,816 $ 21,826 $ (1,939 ) $ 4,873 $ 48,576 Interest expense, net 8,757 3,446 5,383 1,711 19,297 Provision for income taxes 16,548 14,550 27 3,379 34,504 Depreciation 28,760 11,589 14,233 3,099 57,681 Amortization of intangibles 2,760 13,444 1,107 382 17,693 Pension expense 2,416 5 — 273 2,694 Other non-cash expense (income) 68 62 (2,024 ) 5,571 3,677 EBITDA excluding non-cash items $ 83,125 $ 64,922 $ 16,787 $ 19,288 $ 184,122 Quarter Ended March 31, 2016 IMTT Atlantic Contracted MIC Total Net income (loss) $ 16,217 $ 14,358 $ (9,223 ) $ 9,069 $ 30,421 Interest expense, net 19,871 13,314 17,848 2,424 53,457 Provision (benefit) for income taxes 11,229 9,742 (2,304 ) 5,911 24,578 Depreciation 29,865 8,373 12,739 2,244 53,221 Amortization of intangibles 2,756 13,818 1,107 106 17,787 Pension expense 1,831 17 — 350 2,198 Other non-cash expense (income) 443 (91 ) (2,020 ) (2,752 ) (4,420 ) EBITDA excluding non-cash items $ 82,212 $ 59,531 $ 18,147 $ 17,352 $ 177,242 Reconciliations of total reportable segments’ EBITDA excluding non-cash items to consolidated net income before income taxes were ($ in thousands): Quarter Ended March 31, 2017 2016 Total reportable segments EBITDA excluding non-cash items $ 184,122 $ 177,242 Interest income 34 33 Interest expense (25,482 ) (56,895 ) Depreciation (57,681 ) (53,221 ) Amortization of intangibles (17,693 ) (17,787 ) Selling, general and administrative expenses - Corporate and Other (3,995 ) (1,455 ) Fees to Manager – related party (18,223 ) (14,796 ) Pension expense (2,694 ) (2,198 ) Other (expense) income, net (3,677 ) 4,420 Total consolidated net income before income taxes $ 54,711 $ 35,343 |
Schedule of Capital Expenditures | Capital expenditures, on a cash basis, for the Company’s reportable segments were ($ in thousands): Quarter Ended March 31, 2017 2016 IMTT $ 15,263 $ 23,408 Atlantic Aviation 19,245 21,271 Contracted Power 19,179 5,840 MIC Hawaii 6,115 12,074 Total capital expenditure of reportable segments $ 59,802 $ 62,593 Corporate and other 67 — Total consolidated capital expenditure $ 59,869 $ 62,593 |
Schedule of Assets of Reportable Segments | Property, equipment, land and leasehold improvements, net, goodwill and total assets for the Company’s reportable segments and its reconciliation to consolidated total assets were ($ in thousands): Property, Equipment, Goodwill Total Assets March 31, December 31, March 31, December 31, March 31, December 31, IMTT $ 2,200,816 $ 2,218,256 $ 1,411,029 $ 1,411,029 $ 3,944,515 $ 3,978,379 Atlantic Aviation 469,309 465,096 468,419 468,419 1,552,016 1,564,668 Contracted Power 1,393,722 1,383,289 21,628 21,628 1,532,279 1,516,602 MIC Hawaii 282,589 279,863 123,408 123,333 507,860 501,713 Total assets of reportable segments $ 4,346,436 $ 4,346,504 $ 2,024,484 $ 2,024,409 $ 7,536,670 $ 7,561,362 Corporate and other 161 32 — — 1,892 (2,109 ) Total consolidated assets $ 4,346,597 $ 4,346,536 $ 2,024,484 $ 2,024,409 $ 7,538,562 $ 7,559,253 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Dividends Paid to Manager | Declared Period Covered $ per Record Date Payable Date Cash Paid thousands) May 2, 2017 First quarter 2017 $ 1.32 May 15, 2017 May 18, 2017 (1) February 17, 2017 Fourth quarter 2016 1.31 March 3, 2017 March 8, 2017 $ 6,080 October 27, 2016 Third quarter 2016 1.29 November 10, 2016 November 15, 2016 5,620 July 28, 2016 Second quarter 2016 1.25 August 11, 2016 August 16, 2016 8,743 April 28, 2016 First quarter 2016 1.20 May 12, 2016 May 17, 2016 6,981 February 18, 2016 Fourth quarter 2015 1.15 March 3, 2016 March 8, 2016 6,510 (1) The amount of dividends payable to the Manager for the first quarter of 2017 will be determined on May 15, 2017, the record date. |
Schedule of Base Management Fees and Performance Fees | Period Base Management Performance Fee Amount ($ in Thousands) Shares Issued 2017 Activity: First quarter 2017 $ 18,223 $ — 232,398 (1) 2016 Activities: Fourth quarter 2016 $ 18,916 $ — 230,773 Third quarter 2016 18,382 — 232,488 Second quarter 2016 16,392 — 232,835 First quarter 2016 14,796 — 234,179 (1) The Manager elected to reinvest all of the monthly base management fees for the first quarter of 2017 in shares. The Company issued 232,398 shares for the quarter ended March 31, 2017, including 77,563 shares that were issued in April 2017 for the March 2017 monthly base management fee. |
Organization and Description 31
Organization and Description of Business (Narrative) (Details) | Mar. 31, 2017Item |
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 |
Income per Share (Narrative) (D
Income per Share (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | |
Class of Stock [Line Items] | |||
Restricted stock unit grants forfeited | 2,151 | ||
Restricted stock unit grants June 18, 2015 [Member] | |||
Class of Stock [Line Items] | |||
Potentially dilutive shares | 8,660 | ||
Restricted Stock Unit Grants May 18, 2016 [Member] | |||
Class of Stock [Line Items] | |||
Potentially dilutive shares | 8,604 | ||
Dilutive [Member] | |||
Class of Stock [Line Items] | |||
Performance fee reinvested by the Manager | $ 67.8 | ||
Restricted Stock Unit Grants November 1, 2016 [Member] | |||
Class of Stock [Line Items] | |||
Potentially dilutive shares | 991 | ||
2.875% Convertible senior notes due July 2019 [Member] | MIC Corporate [Member] | |||
Class of Stock [Line Items] | |||
Interest rate | 2.875% | 2.875% | |
Maturity | Jul. 31, 2019 | Jul. 31, 2019 | |
2.00% Convertible senior notes due October 2023 [Member] | MIC Corporate [Member] | |||
Class of Stock [Line Items] | |||
Interest rate | 2.00% | ||
Maturity | Oct. 31, 2023 |
Income per Share (Schedule of R
Income per Share (Schedule of Reconciliation of the basic and diluted income per share computations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Numerator: | |||
Net income attributable to MIC | $ 36,015 | $ 22,355 | |
Diluted net income attributable to MIC | $ 36,015 | $ 22,355 | |
Denominator: | |||
Weighted average number of shares outstanding: basic | 82,138,168 | 80,113,011 | |
Dilutive effect of restricted stock unit grants | 9,595 | 8,660 | |
Dilutive effect of fees to Manager-related party | [1] | 0 | 1,049,675 |
Weighted average number of shares outstanding: diluted | 82,147,763 | 81,171,346 | |
Income per share: | |||
Basic income per share attributable to MIC | $ 0.44 | $ 0.28 | |
Diluted income per share attributable to MIC | $ 0.44 | $ 0.28 | |
[1] | Represents $67.8 million of the performance fee for the quarter ended June 30, 2015, which was reinvested in shares by the Manager on August 1, 2016. The weighted average potentially dilutive shares of common stock in the above table include shares assumed to have been reinvested in shares by the Manager in July 2015. |
Income per Share (Schedule of S
Income per Share (Schedule of Shares Excluded from Calculation) (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 7,819,279 | 4,139,250 |
2.875% Convertible senior notes due July 2019 [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 4,222,378 | 4,139,250 |
2.00% Convertible senior notes due October 2023 [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 3,596,901 | 0 |
Property, Equipment, Land and35
Property, Equipment, Land and Leasehold Improvements (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 304,236 | $ 304,240 |
Easements | 131 | 131 |
Buildings | 43,279 | 41,711 |
Leasehold and land improvements | 698,412 | 673,122 |
Machinery and equipment | 3,777,536 | 3,764,553 |
Furniture and fixtures | 36,031 | 35,454 |
Construction in progress | 249,076 | 233,184 |
Property, Plant and Equipment, Gross, Total | 5,108,701 | 5,052,395 |
Less: accumulated depreciation | (762,104) | (705,859) |
Property, equipment, land and leasehold improvements, net | $ 4,346,597 | $ 4,346,536 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Intangible Assets [Line Items] | ||
Contractual arrangements | $ 912,728 | $ 912,728 |
Non-compete agreements | 10,014 | 10,014 |
Customer relationships | 348,678 | 348,678 |
Leasehold rights | 350 | 350 |
Trade names | 16,091 | 16,091 |
Technology | 8,760 | 8,760 |
Intangible assets, gross | 1,296,621 | 1,296,621 |
Less: accumulated amortization | (425,343) | (407,650) |
Intangible assets, net | $ 871,278 | $ 888,971 |
Intangible Assets (Schedule o37
Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets [Abstract] | ||
Goodwill acquired in business combinations, net of disposals | $ 2,149,894 | |
Accumulated impairment charges | (123,200) | |
Balance at December 31, 2016 | $ 2,024,409 | |
Purchase accounting adjustments related to prior year acquisition | 75 | |
Other | (2,285) | |
Balance at March 31, 2017 | $ 2,024,484 | $ 2,024,409 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 1 Months Ended | 3 Months Ended | |||
May 03, 2017USD ($) | Mar. 01, 2017USD ($) | Feb. 28, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Disclosure [Line Items] | |||||
Current and long-term debt | $ 3,154,971,000 | $ 3,123,002,000 | |||
MIC Corporate [Member] | |||||
Debt Disclosure [Line Items] | |||||
Current and long-term debt | 727,332,000 | 726,730,000 | |||
Atlantic Aviation [Member] | |||||
Debt Disclosure [Line Items] | |||||
Current and long-term debt | 429,129,000 | 449,691,000 | |||
Hawaii Gas Business [Member] | |||||
Debt Disclosure [Line Items] | |||||
Maturity | Feb. 28, 2022 | ||||
Revolving Credit Facility [Member] | |||||
Debt Disclosure [Line Items] | |||||
Undrawn portion of line of credit | 1,300,000,000 | ||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | Subsequent Event [Member] | |||||
Debt Disclosure [Line Items] | |||||
Drawn on revolver credit facility | $ 69,500,000 | ||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | |||||
Debt Disclosure [Line Items] | |||||
Undrawn portion of line of credit | $ 60,000,000 | ||||
Revolving Credit Facility [Member] | United States- IMTT [Member] | |||||
Debt Disclosure [Line Items] | |||||
Undrawn portion of line of credit | 460,000,000 | ||||
Repayment of revolving credit facility | 46,000,000 | ||||
Drawn on revolver credit facility | 104,000,000 | ||||
Revolving Credit Facility [Member] | Canada- IMTT [Member] | |||||
Debt Disclosure [Line Items] | |||||
Undrawn portion of line of credit | 50,000,000 | ||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | |||||
Debt Disclosure [Line Items] | |||||
Current and long-term debt | $ 80,000,000 | ||||
2.875% Convertible senior notes due July 2019 [Member] | MIC Corporate [Member] | |||||
Debt Disclosure [Line Items] | |||||
Current and long-term debt | $ 350,000,000 | 350,000,000 | |||
Debt instrument, term | 5 years | ||||
Conversion rate | 12.1717 | ||||
Face value of convertible senior notes | $ 1,000 | ||||
Interest Rate | 2.875% | ||||
Maturity | Jul. 31, 2019 | ||||
Fair value of Convertible senior notes | $ 393,500,000 | ||||
2.00% Convertible senior notes due October 2023 [Member] | MIC Corporate [Member] | |||||
Debt Disclosure [Line Items] | |||||
Current and long-term debt | $ 377,378,000 | $ 376,759,000 | |||
Debt instrument, term | 7 years | ||||
Interest Rate | 2.00% | ||||
Maturity | Oct. 31, 2023 | ||||
Fair value of Convertible senior notes | $ 371,000,000 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | ||
Debt Instrument [Line Items] | |||
Current and long-term Debt | $ 3,154,971 | $ 3,123,002 | |
Current portion | (42,782) | (40,016) | |
Long-term portion | 3,112,189 | 3,082,986 | |
Unamortized deferred financing costs | [1] | (41,306) | (43,020) |
Long-term portion less unamortized debt discount and deferred financing costs | $ 3,070,883 | 3,039,966 | |
Weighted Average Remaining Life Of Deferred Financing Costs | 6.1 years | ||
IMTT [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | $ 1,198,975 | 1,140,975 | |
Atlantic Aviation [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | 429,129 | 449,691 | |
Contracted Power [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | 599,160 | 604,862 | |
MIC Hawaii [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | 200,375 | 200,744 | |
MIC Corporate [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | $ 727,332 | $ 726,730 | |
[1] | The weighted average remaining life of the deferred financing costs at March 31, 2017 was 6.1 years. |
Long-Term Debt (Schedule of 2.0
Long-Term Debt (Schedule of 2.00% Convertible Senior Notes Due October 2023) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | ||
Long-term debt, net of unamortized debt discount | $ 3,154,971 | $ 3,123,002 | |
Unamortized deferred financing costs | [1] | (41,306) | (43,020) |
Net carrying amount | 3,070,883 | 3,039,966 | |
MIC Corporate [Member] | |||
Long-term debt, net of unamortized debt discount | 727,332 | 726,730 | |
MIC Corporate [Member] | 2.00% Convertible Senior Notes due October 2023 [Member] | |||
Principal | 402,500 | 402,500 | |
Unamortized debt discount | (25,122) | (25,741) | |
Long-term debt, net of unamortized debt discount | 377,378 | 376,759 | |
Unamortized deferred financing costs | (9,771) | (9,934) | |
Net carrying amount | 367,607 | 366,825 | |
Equity Component | $ 26,748 | $ 26,748 | |
[1] | The weighted average remaining life of the deferred financing costs at March 31, 2017 was 6.1 years. |
Long-Term Debt (Schedule of Tot
Long-Term Debt (Schedule of Total Interest Expense Recognized) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Debt Instrument [Line Items] | |||
Amortization of debt discount | $ 619 | $ 0 | |
Amortization of deferred financing costs | 2,202 | 2,879 | |
Total interest expense | [1] | 25,482 | $ 56,895 |
MIC Corporate [Member] | 2.00% Convertible Senior Notes due October 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Contractual interest expense | 1,744 | ||
Amortization of debt discount | 619 | ||
Amortization of deferred financing costs | 381 | ||
Total interest expense | $ 2,744 | ||
[1] | Interest expense includes gains on derivative instruments of $954,000 and losses on derivative instruments of $31.8 million for the quarters ended March 31, 2017 and 2016, respectively. |
Derivative Instruments and He42
Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Millions | Mar. 31, 2017USD ($) |
Derivative [Line Items] | |
Long-term Debt, Gross | $ 3,200 |
Fixed rate debt | 1,600 |
Unhedged debt | 128.2 |
Interest Rate Contracts [Member] | |
Derivative [Line Items] | |
Debt economically hedged with interest rate contracts | $ 1,400 |
Derivative Instruments and He43
Derivative Instruments and Hedging Activities (Schedule of Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments - current assets | $ 4,515 | $ 5,514 |
Fair value of derivative instruments - noncurrent assets | 25,850 | 30,781 |
Total derivative contracts - assets | 30,365 | 36,295 |
Fair value of derivative instruments - current liabilities | (5,902) | (9,297) |
Fair value of derivative instruments - noncurrent liabilities | (5,403) | (5,966) |
Total derivative contracts - liabilities | $ (11,305) | $ (15,263) |
Derivative Instruments and He44
Derivative Instruments and Hedging Activities (Schedule of Location of Hedging Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Loss) gain on derivative instruments | $ (3,030) | $ (29,520) |
Interest Expense [Member] | Interest Rate Cap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Loss) gain on derivative instruments | (133) | 0 |
Interest Expense [Member] | Interest Rate Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Loss) gain on derivative instruments | 1,087 | (31,826) |
Cost of product sales [Member] | Commodity swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Loss) gain on derivative instruments | $ (3,984) | $ 2,306 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 22 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2017 | May 18, 2016 | Jun. 24, 2015 | |
Shares Activity [Line Items] | ||||
Shares, authorized under Dividend Reinvestment Plan | 1,000,000 | 1,000,000 | ||
Shares, unissued under Dividend Reinvestment Plan | 908,209 | 908,209 | ||
Omnibus Employee Incentive Plan 2016 [Member] | ||||
Shares Activity [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 0 | ||
At the Market [Member] | ||||
Shares Activity [Line Items] | ||||
Equity offering, shares | 153,692 | |||
Proceeds from equity offering | $ 12.6 | |||
At the Market [Member] | Maximum [Member] | ||||
Shares Activity [Line Items] | ||||
Aggregate gross offering price | $ 400 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 3,147,534 | ||
Translation adjustment | [1],[2] | 0 | $ 3,563 |
Balance | 3,091,493 | ||
Translation adjustment, taxes | $ (1,500) | ||
IMTT [Member] | Quebec Marine Terminal [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Equity interest acquired | 33.30% | ||
Post-Retirement Benefit Plans, net of taxes | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (16,805) | $ (14,788) | |
Translation adjustment | 0 | ||
Purchase of noncontrolling interest in Subsidiary | [3] | 0 | |
Balance | (16,805) | (14,788) | |
Translation Adjustment, net of taxes | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | [2] | (12,155) | (14,530) |
Translation adjustment | [2] | 3,563 | |
Purchase of noncontrolling interest in Subsidiary | [2],[3] | 0 | |
Balance | [2] | (12,155) | (10,967) |
Total Accumulated Other Comprehensive Loss, net of taxes | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (28,960) | (29,318) | |
Translation adjustment | 3,563 | ||
Purchase of noncontrolling interest in Subsidiary | [3] | 0 | |
Balance | (28,960) | (25,755) | |
Accumulated Other Comprehensive Loss Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 0 | 6,023 | |
Translation adjustment | (1,434) | ||
Purchase of noncontrolling interest in Subsidiary | [3] | (4,589) | |
Balance | 0 | 0 | |
Accumulated Other Comprehensive Loss Attributable to Noncontrolling Interest [Member] | IMTT [Member] | Quebec Marine Terminal [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Purchase of noncontrolling interest in Subsidiary | (4,600) | ||
Total Stockholders' Accumulated Other Comprehensive Loss, net of taxes | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (28,960) | (23,295) | |
Translation adjustment | 2,129 | ||
Purchase of noncontrolling interest in Subsidiary | [3] | (4,589) | |
Balance | $ (28,960) | $ (25,755) | |
[1] | On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. See Note 8, "Stockholders’ Equity", for disclosures on accumulated other comprehensive loss. | ||
[2] | Translation adjustment is presented net of tax expense of $1.5 million for the quarter ended March 31, 2016. | ||
[3] | On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. |
Reportable Segments (Narrative)
Reportable Segments (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2017ItemMW | Mar. 31, 2015MW | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 4 | |
Maximum [Member] | ||
Segment Reporting Information [Line Items] | ||
Life of Purchase Power Agreements | 25 years | |
Minimum [Member] | ||
Segment Reporting Information [Line Items] | ||
Life of Purchase Power Agreements | 20 years | |
Canada- IMTT [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of marine terminals | 2 | |
Canada- IMTT [Member] | Quebec Marine Terminal [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of marine terminals | 1 | |
Canada- IMTT [Member] | Newfoundland [Member] | Partially Owned [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of marine terminals | 1 | |
Atlantic Aviation [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of Airport Locations | Item | 69 | |
Contracted Power [Member] | ||
Segment Reporting Information [Line Items] | ||
Equity interest acquired | 100.00% | |
Number of solar projects | 6 | |
Number of wind power facilities | 2 | |
United States- IMTT [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of marine terminals | 10 | |
MIC Hawaii [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of solar projects | 2 | |
Bayonne Energy Center [Member] | ||
Segment Reporting Information [Line Items] | ||
Electricity generating capacity | 512 | |
Percentage of contracted tolling agreement | 62.50% | |
Solar and Wind Power Facilities [Member] | Contracted Power [Member] | ||
Segment Reporting Information [Line Items] | ||
Electricity generating capacity | 340 |
Reportable Segments (Schedule o
Reportable Segments (Schedule of Revenue From External Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Service revenue | $ 363,804 | $ 312,241 |
Product revenue | 87,653 | 84,146 |
Total revenue | 451,457 | 396,387 |
IMTT [Member] | ||
Segment Reporting Information [Line Items] | ||
Service revenue | 138,817 | 135,425 |
Product revenue | 0 | 0 |
Total revenue | 138,817 | 135,425 |
Atlantic Aviation [Member] | ||
Segment Reporting Information [Line Items] | ||
Service revenue | 212,753 | 177,988 |
Product revenue | 0 | 0 |
Total revenue | 212,753 | 177,988 |
Contracted Power [Member] | ||
Segment Reporting Information [Line Items] | ||
Service revenue | 0 | 0 |
Product revenue | 28,070 | 30,179 |
Total revenue | 28,070 | 30,179 |
MIC Hawaii [Member] | ||
Segment Reporting Information [Line Items] | ||
Service revenue | 13,457 | 0 |
Product revenue | 59,583 | 53,967 |
Total revenue | 73,040 | 53,967 |
Intersegment Revenue [Member] | ||
Segment Reporting Information [Line Items] | ||
Service revenue | (1,223) | (1,172) |
Product revenue | 0 | 0 |
Total revenue | $ (1,223) | $ (1,172) |
Reportable Segments (Schedule49
Reportable Segments (Schedule of EBITDA for Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Net income (loss) | $ 36,015 | $ 22,355 |
Provision (benefit) for income taxes | 22,073 | 15,167 |
Depreciation | 57,681 | 53,221 |
Amortization of intangibles | 17,693 | 17,787 |
Pension expense | 2,694 | 2,198 |
Other non-cash expense (income) | (1,354) | (905) |
Total Reportable Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net income (loss) | 48,576 | 30,421 |
Interest expense, net | 19,297 | 53,457 |
Provision (benefit) for income taxes | 34,504 | 24,578 |
Depreciation | 57,681 | 53,221 |
Amortization of intangibles | 17,693 | 17,787 |
Pension expense | 2,694 | 2,198 |
Other non-cash expense (income) | 3,677 | (4,420) |
EBITDA excluding non-cash items | 184,122 | 177,242 |
IMTT [Member] | ||
Segment Reporting Information [Line Items] | ||
Net income (loss) | 23,816 | 16,217 |
Interest expense, net | 8,757 | 19,871 |
Provision (benefit) for income taxes | 16,548 | 11,229 |
Depreciation | 28,760 | 29,865 |
Amortization of intangibles | 2,760 | 2,756 |
Pension expense | 2,416 | 1,831 |
Other non-cash expense (income) | 68 | 443 |
EBITDA excluding non-cash items | 83,125 | 82,212 |
Atlantic Aviation [Member] | ||
Segment Reporting Information [Line Items] | ||
Net income (loss) | 21,826 | 14,358 |
Interest expense, net | 3,446 | 13,314 |
Provision (benefit) for income taxes | 14,550 | 9,742 |
Depreciation | 11,589 | 8,373 |
Amortization of intangibles | 13,444 | 13,818 |
Pension expense | 5 | 17 |
Other non-cash expense (income) | 62 | (91) |
EBITDA excluding non-cash items | 64,922 | 59,531 |
Contracted Power [Member] | ||
Segment Reporting Information [Line Items] | ||
Net income (loss) | (1,939) | (9,223) |
Interest expense, net | 5,383 | 17,848 |
Provision (benefit) for income taxes | 27 | (2,304) |
Depreciation | 14,233 | 12,739 |
Amortization of intangibles | 1,107 | 1,107 |
Pension expense | 0 | 0 |
Other non-cash expense (income) | (2,024) | (2,020) |
EBITDA excluding non-cash items | 16,787 | 18,147 |
MIC Hawaii [Member] | ||
Segment Reporting Information [Line Items] | ||
Net income (loss) | 4,873 | 9,069 |
Interest expense, net | 1,711 | 2,424 |
Provision (benefit) for income taxes | 3,379 | 5,911 |
Depreciation | 3,099 | 2,244 |
Amortization of intangibles | 382 | 106 |
Pension expense | 273 | 350 |
Other non-cash expense (income) | 5,571 | (2,752) |
EBITDA excluding non-cash items | $ 19,288 | $ 17,352 |
Reportable Segments (Schedule50
Reportable Segments (Schedule of Reconciliation of EBITDA for Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Segment Reporting Information [Line Items] | |||
Interest income | $ 34 | $ 33 | |
Interest expense | [1] | (25,482) | (56,895) |
Depreciation | (57,681) | (53,221) | |
Amortization of intangibles | (17,693) | (17,787) | |
Selling, general and administrative expenses - Corporate and Other | (76,952) | (72,284) | |
Fees to Manager - related party | (18,223) | (14,796) | |
Pension expense | (2,694) | (2,198) | |
Other (expense) income, net | 1,182 | 3,429 | |
Total consolidated net income before income taxes | 54,711 | 35,343 | |
Total Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total reportable segments EBITDA excluding non-cash items | 184,122 | 177,242 | |
Interest income | 34 | 33 | |
Interest expense | (25,482) | (56,895) | |
Depreciation | (57,681) | (53,221) | |
Amortization of intangibles | (17,693) | (17,787) | |
Fees to Manager - related party | (18,223) | (14,796) | |
Pension expense | (2,694) | (2,198) | |
Other (expense) income, net | (3,677) | 4,420 | |
Total consolidated net income before income taxes | 54,711 | 35,343 | |
Total Reportable Segments [Member] | Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Selling, general and administrative expenses - Corporate and Other | $ (3,995) | $ (1,455) | |
[1] | Interest expense includes gains on derivative instruments of $954,000 and losses on derivative instruments of $31.8 million for the quarters ended March 31, 2017 and 2016, respectively. |
Reportable Segments (Schedule51
Reportable Segments (Schedule of Capital Expenditures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Capital expenditures | $ 59,869 | $ 62,593 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 59,802 | 62,593 |
IMTT [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 15,263 | 23,408 |
Atlantic Aviation [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 19,245 | 21,271 |
Contracted Power [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 19,179 | 5,840 |
MIC Hawaii [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 6,115 | 12,074 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | $ 67 | $ 0 |
Reportable Segments (Schedule52
Reportable Segments (Schedule of Assets of Reportable Segments) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | $ 4,346,597 | $ 4,346,536 |
Goodwill | 2,024,484 | 2,024,409 |
Total Assets | 7,538,562 | 7,559,253 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 4,346,436 | 4,346,504 |
Goodwill | 2,024,484 | 2,024,409 |
Total Assets | 7,536,670 | 7,561,362 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 161 | 32 |
Goodwill | 0 | 0 |
Total Assets | 1,892 | (2,109) |
IMTT [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 2,200,816 | 2,218,256 |
Goodwill | 1,411,029 | 1,411,029 |
IMTT [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 3,944,515 | 3,978,379 |
Atlantic Aviation [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 469,309 | 465,096 |
Goodwill | 468,419 | 468,419 |
Atlantic Aviation [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 1,552,016 | 1,564,668 |
Contracted Power [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 1,393,722 | 1,383,289 |
Goodwill | 21,628 | 21,628 |
Contracted Power [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 1,532,279 | 1,516,602 |
MIC Hawaii [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 282,589 | 279,863 |
Goodwill | 123,408 | 123,333 |
MIC Hawaii [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 507,860 | $ 501,713 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 1 Months Ended | 3 Months Ended | |||||||||
Aug. 01, 2016USD ($)shares | Jul. 31, 2015USD ($) | Mar. 31, 2017USD ($)$ / sharessharesbbl | Dec. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($)bbl | Jun. 30, 2015USD ($) | May 02, 2017$ / shares | Oct. 06, 2016USD ($) | Jun. 24, 2015USD ($)$ / shares | |
Related Party Transaction [Line Items] | |||||||||||
Performance fees to be settled/settled in shares and cash | $ 135,600,000 | ||||||||||
Performance fee, settlement which is deferred | $ 67,800,000 | ||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Performance Fee To Manager Related Party Settled In Cash | $ 67,800,000 | ||||||||||
Number Of Shares Issued Subsequent For Performance Fees To Manager | shares | 944,046 | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Borrowing capacity | $ 410,000,000 | ||||||||||
Atlantic Aviation [Member] | Revolving Credit Facility [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Borrowing capacity | $ 70,000,000 | ||||||||||
At the Market [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | ||||||||||
At the Market [Member] | Maximum [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Aggregate gross offering price | $ 400,000,000 | ||||||||||
Macquarie Infrastructure Management (USA) Inc. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Shares of the Company held by Manager, a related party | shares | 4,719,044 | 4,510,795 | |||||||||
Base management fees to be settled/settled in shares | $ 18,223,000 | $ 18,916,000 | $ 18,382,000 | $ 16,392,000 | $ 14,796,000 | ||||||
Performance fees to be settled/settled in shares and cash | 0 | $ 0 | $ 0 | $ 0 | 0 | ||||||
Performance fee, settlement which is deferred | 0 | 0 | |||||||||
Reimbursement of out-of-pocket expenses | $ 289,000 | $ 71,000 | |||||||||
MENAT [Member] | IMTT [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Capacity Leased To Related Party | bbl | 200,000 | 921,000 | |||||||||
Revenue from related party | $ 613,000 | $ 1,200,000 | |||||||||
MIHI LLC [Member] | Revolving Credit Facility [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Borrowing capacity | 50,000,000 | ||||||||||
Interest Expense, Debt | $ 34,000 | 40,000 | |||||||||
MBL [Member] | Atlantic Aviation [Member] | Revolving Credit Facility [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Borrowing capacity | $ 15,700,000 | ||||||||||
Interest costs incurred | $ 29,000 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Dividends Paid to Manager) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)$ / shares | ||
Dividend One [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 | $ | $ 6,510 | |
Dividend Two [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Apr. 28, 2016 | |
Period Covered | First quarter 2016 | |
$ per Share | $ / shares | $ 1.20 | |
Record Date | May 12, 2016 | |
Payable Date | May 17, 2016 | |
Cash Paid to Manager | $ | $ 6,981 | |
Dividend Three [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Jul. 28, 2016 | |
Period Covered | Second quarter 2016 | |
$ per Share | $ / shares | $ 1.25 | |
Record Date | Aug. 11, 2016 | |
Payable Date | Aug. 16, 2016 | |
Cash Paid to Manager | $ | $ 8,743 | |
Dividend Four [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Oct. 27, 2016 | |
Period Covered | Third quarter 2016 | |
$ per Share | $ / shares | $ 1.29 | |
Record Date | Nov. 10, 2016 | |
Payable Date | Nov. 15, 2016 | |
Cash Paid to Manager | $ | $ 5,620 | |
Dividend Five [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Feb. 17, 2017 | |
Period Covered | Fourth quarter 2016 | |
$ per Share | $ / shares | $ 1.31 | |
Record Date | Mar. 3, 2017 | |
Payable Date | Mar. 8, 2017 | |
Cash Paid to Manager | $ | $ 6,080 | |
Dividend Six [Member] | ||
Dividends Payable [Line Items] | ||
Declared | May 2, 2017 | |
Period Covered | First quarter 2017 | |
$ per Share | $ / shares | $ 1.32 | |
Record Date | May 15, 2017 | |
Payable Date | May 18, 2017 | |
Cash Paid to Manager | $ | [1] | |
[1] | The amount of dividends payable to the Manager for the first quarter of 2017 will be determined on May 15, 2017, the record date. |
Related Party Transactions (S55
Related Party Transactions (Schedule of Base Management Fees and Performance Fees) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||||||
Apr. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | |||
Common Stock Equity [Line Items] | |||||||||
Performance fees to be settled/settled in shares and cash | $ 135,600 | ||||||||
Shares Issued | [1] | 232,398 | |||||||
Subsequent Event [Member] | |||||||||
Common Stock Equity [Line Items] | |||||||||
Shares issued subsequent, for base management fees to manager | 77,563 | ||||||||
Macquarie Infrastructure Management (USA) Inc. [Member] | |||||||||
Common Stock Equity [Line Items] | |||||||||
Base management fees to be settled/settled in shares | $ 18,223 | $ 18,916 | $ 18,382 | $ 16,392 | $ 14,796 | ||||
Performance fees to be settled/settled in shares and cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Shares Issued | 232,398 | [1] | 230,773 | 232,488 | 232,835 | 234,179 | |||
[1] | The Manager elected to reinvest all of the monthly base management fees for the first quarter of 2017 in shares. The Company issued 232,398 shares for the quarter ended March 31, 2017, including 77,563 shares that were issued in April 2017 for the March 2017 monthly base management fee. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2017 | |
Earliest Tax [Member] | |
Components of Income Taxes [Line Items] | |
Net operating loss carry-forwards, expiration date | Dec. 31, 2028 |
Latest Tax [Member] | |
Components of Income Taxes [Line Items] | |
Net operating loss carry-forwards, expiration date | Dec. 31, 2035 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] | 1 Months Ended |
May 02, 2017$ / shares | |
Subsequent Event [Line Items] | |
Cash dividend declared, date declared | May 2, 2017 |
Cash dividend declared per share | $ 1.32 |
Cash dividend declared, date to be paid | May 18, 2017 |
Cash dividend declared, date of record | May 15, 2017 |