Macquarie Infrastructure 10-Q 4 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-32384
Entity Registrant Name	MACQUARIE INFRASTRUCTURE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	43-2052503
Entity Address, Address Line One	125 West 55th Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	231-1000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	MIC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		87,021,514
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001289790
Current Fiscal Year End Date	--12-31

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions		Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents		$ 874	$ 357
Restricted cash		14	1
Accounts receivable, net of allowance for doubtful accounts		62	97
Inventories		26	31
Prepaid expenses		14	13
Income tax receivable		12	11
Other current assets		16	19
Total current assets		1,018	529
Property, equipment, land and leasehold improvements, net		3,231	3,202
Operating lease assets, net		330	336
Investment in unconsolidated business		8	9
Goodwill		2,044	2,043
Intangible assets, net		705	729
Other noncurrent assets		11	13
Total assets		7,347	6,861
Current liabilities:
Due to Manager-related party		2	3
Accounts payable		37	67
Accrued expenses		76	86
Current portion of long-term debt		11	12
Operating lease liabilities - current		20	20
Fair value of derivative liabilities		8	7
Other current liabilities		26	35
Total current liabilities		180	230
Long-term debt, net of current portion		3,254	2,654
Deferred income taxes		679	679
Operating lease liabilities - noncurrent		316	320
Other noncurrent liabilities		176	167
Total liabilities		4,605	4,050
Commitments and contingencies		0	0
Stockholders' equity:
Additional paid in capital	[1]	1,127	1,198
Accumulated other comprehensive loss	[1]	(38)	(37)
Retained earnings	[1]	1,644	1,641
Total stockholders’ equity	[1]	2,733	2,802
Noncontrolling interests	[1]	9	9
Total equity	[1]	2,742	2,811
Total liabilities and equity		$ 7,347	$ 6,861
[1]	The Company is authorized to issue the following classes of stock: (i) 500,000,000 shares of common stock, par value $0.001 per share. At June 30, 2020 and December 31, 2019, the Company had 86,969,144 shares and 86,600,302 shares of common stock issued and outstanding, respectively; (ii) 100,000,000 shares of preferred stock, par value $0.001 per share authorized. At June 30, 2020 and December 31, 2019 , no preferred stocks were issued or outstanding; and (iii) 100 shares of special stock, par value $0.001 per share, issued and outstanding to its Manager as at June 30, 2020 and December 31, 2019.

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	86,969,144	86,600,302
Common stock, shares outstanding (in shares)	86,969,144	86,600,302
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Special stock, shares issued (in shares)	100	100
Special stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Special stock, shares outstanding (in shares)	100	100

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue
Total revenue		$ 261	$ 416	$ 677	$ 898
Costs and expenses
Selling, general and administrative		83	84	179	164
Fees to Manager-related party		4	7	11	15
Depreciation		50	48	101	96
Amortization of intangibles		13	15	27	30
Total operating expenses		243	361	598	720
Operating income		18	55	79	178
Other income (expense)
Interest income		0	1	0	4
Interest expense	[1]	(33)	(46)	(75)	(88)
Other income (expense), net		2	(2)	3	2
Net (loss) income from continuing operations before income taxes		(13)	8	7	96
Benefit (provision) for income taxes		5	(2)	(4)	(26)
Net (loss) income from continuing operations		(8)	6	3	70
Discontinued Operations
Net income from discontinued operations before income taxes	[2]	0	5	0	8
Provision for income taxes	[2]	0	(2)	0	0
Net income from discontinued operations	[2]	0	3	0	8
Net (loss) income		(8)	9	3	78
Net (loss) income from continuing operations		(8)	6	3	70
Net (loss) income from continuing operations attributable to MIC		(8)	6	3	70
Net income from discontinued operations	[2]	0	3	0	8
Less: net loss attributable to noncontrolling interests		0	(2)	0	(3)
Net income from discontinued operations attributable to MIC		0	5	0	11
Net (loss) income attributable to MIC		$ (8)	$ 11	$ 3	$ 81
Basic (loss) income per share from continuing operations attributable to MIC (in dollars per share)		$ (0.09)	$ 0.07	$ 0.04	$ 0.81
Basic income per share from discontinued operations attributable to MIC (in dollars per share)		0	0.06	0	0.13
Basic (loss) income per share attributable to MIC (in dollars per share)		$ (0.09)	$ 0.13	$ 0.04	$ 0.94
Weighted average number of shares outstanding: basic (in shares)		86,871,892	86,073,372	86,779,432	85,973,308
Diluted (loss) income per share from continuing operations attributable to MIC (in dollars per share)		$ (0.09)	$ 0.07	$ 0.04	$ 0.81
Diluted income per share from discontinued operations attributable to MIC (in dollars per share)		0	0.06	0	0.13
Diluted (loss) income per share attributable to MIC (in dollars per share)		$ (0.09)	$ 0.13	$ 0.04	$ 0.94
Weighted average number of shares outstanding: diluted (in shares)		86,871,892	86,099,111	86,838,519	85,998,006
Cash dividends declared per share (in dollars per share)		$ 0	$ 1	$ 0	$ 2
Service
Revenue
Total revenue		$ 224	$ 355	$ 580	$ 773
Costs and expenses
Cost of services and product sales		75	162	220	330
Product
Revenue
Total revenue		37	61	97	125
Costs and expenses
Cost of services and product sales		$ 18	$ 45	$ 60	$ 85
[1]	Interest expense includes non-cash losses on derivative instruments of $1 million and $10 million for the quarter and six months ended June 30, 2020, respectively, compared with non-cash losses of $8 million and $12 million for the quarter and six months ended June 30, 2019, respectively.
[2]	See Note 4, “Discontinued Operations and Dispositions”, for discussions on businesses classified as held for sale.

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parentheticals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Gain (loss) on derivative instruments	$ 3	$ (14)	$ (11)	$ (17)
Interest Expense
Gain (loss) on derivative instruments	$ (1)	$ (8)	$ (10)	$ (12)

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income		$ (8)	$ 9	$ 3	$ 78
Other comprehensive income (loss), net of taxes:
Translation adjustment	[1]	2	2	(1)	2
Other comprehensive income (loss)		2	2	(1)	2
Comprehensive (loss) income		(6)	11	2	80
Less: comprehensive loss attributable to noncontrolling interests		0	(2)	0	(3)
Comprehensive (loss) income attributable to MIC		$ (6)	$ 13	$ 2	$ 83
[1]	Translation adjustment is presented net of tax expense of $1 million for the quarter ended June 30, 2020 and both the quarter and six month periods ended June 30, 2019. Tax expense related to translation adjustment for the six months ended June 30, 2020 was insignificant. See Note 10, "Stockholders' Equity", for further discussions.

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Translation adjustment, net of tax expense	$ 1	$ 1	$ 1

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions		Total		Manager	Special Stock	Common Stock		Common StockManager	Additional Paid In Capital	Additional Paid In CapitalManager	Accumulated Other Comprehensive Loss	Retained Earnings	Total Stockholders’ Equity	Total Stockholders’ EquityManager	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2018					100	85,800,303	[1]
Beginning balance at Dec. 31, 2018		$ 3,117							$ 1,510		$ (30)	$ 1,485	$ 2,965		$ 152
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares to Manager (in shares)	[1]							371,997
Issuance of shares to Manager				$ 15						$ 15				$ 15
Stock vested under compensation plans (in shares)	[1],[2]					23,646
Stock vested under compensation plans	[2]	1							1				1
Dividends to common stockholders	[3]	(172)							(172)				(172)
Distributions to noncontrolling interests		(3)													(3)
Comprehensive (loss) income, net of taxes		80									2	81	83		(3)
Ending balance (in shares) at Jun. 30, 2019					100	86,195,946	[1]
Ending balance at Jun. 30, 2019		3,038							1,354		(28)	1,566	2,892		146
Beginning balance (in shares) at Mar. 31, 2019					100	85,982,332	[1]
Beginning balance at Mar. 31, 2019		3,106							1,432		(30)	1,555	2,957		149
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares to Manager (in shares)	[1]							189,968
Issuance of shares to Manager				7						7				7
Stock vested under compensation plans (in shares)	[1],[2]					23,646
Stock vested under compensation plans	[2]	1							1				1
Dividends to common stockholders	[3]	(86)							(86)				(86)
Distributions to noncontrolling interests		(1)													(1)
Comprehensive (loss) income, net of taxes		11									2	11	13		(2)
Ending balance (in shares) at Jun. 30, 2019					100	86,195,946	[1]
Ending balance at Jun. 30, 2019		3,038							1,354		(28)	1,566	2,892		146
Beginning balance (in shares) at Dec. 31, 2019					100	86,600,302	[1]
Beginning balance at Dec. 31, 2019		2,811	[4]						1,198		(37)	1,641	2,802		9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares to Manager (in shares)	[1]							346,653
Issuance of shares to Manager				12						12				12
Stock vested under compensation plans (in shares)	[1],[2]					22,490
Stock vested under compensation plans	[2]	0							0				0
Stock withheld for taxes on vested stock (in shares)	[1],[2]					(301)
Stock-based compensation expense		4							4				4
Dividends to common stockholders	[3]	(87)							(87)				(87)
Comprehensive (loss) income, net of taxes		2									(1)	3	2
Ending balance (in shares) at Jun. 30, 2020					100	86,969,144	[1]
Ending balance at Jun. 30, 2020		2,742	[4]						1,127		(38)	1,644	2,733		9
Beginning balance (in shares) at Mar. 31, 2020					100	86,814,466	[1]
Beginning balance at Mar. 31, 2020		2,744							1,123		(40)	1,652	2,735		9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares to Manager (in shares)	[1]							133,288
Issuance of shares to Manager				$ 3						$ 3				$ 3
Stock vested under compensation plans (in shares)	[1],[2]					21,390
Stock vested under compensation plans	[2]	0							0				0
Stock-based compensation expense		1							1				1
Comprehensive (loss) income, net of taxes		(6)									2	(8)	(6)
Ending balance (in shares) at Jun. 30, 2020					100	86,969,144	[1]
Ending balance at Jun. 30, 2020		$ 2,742	[4]						$ 1,127		$ (38)	$ 1,644	$ 2,733		$ 9
[1]	The Company is authorized to issue 500,000,000 shares of common stock with a par value $0.001 per share.
[2]	Stocks vested and issued under the 2016 Omnibus Employee Incentive Plan and 2014 Independent Directors' Equity Plan. Under the 2016 Omnibus Employee Incentive Plan, shares are withheld for the employee portion of taxes on vested awards and are available for future grants.
[3]	See Note 13, “Related Party Transactions”, for cash dividends paid on shares for each period.
[4]	The Company is authorized to issue the following classes of stock: (i) 500,000,000 shares of common stock, par value $0.001 per share. At June 30, 2020 and December 31, 2019, the Company had 86,969,144 shares and 86,600,302 shares of common stock issued and outstanding, respectively; (ii) 100,000,000 shares of preferred stock, par value $0.001 per share authorized. At June 30, 2020 and December 31, 2019 , no preferred stocks were issued or outstanding; and (iii) 100 shares of special stock, par value $0.001 per share, issued and outstanding to its Manager as at June 30, 2020 and December 31, 2019.

CONSOLIDATED CONDENSED STATEM_6

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001

CONSOLIDATED CONDENSED STATEM_7

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net income from continuing operations	$ 3	$ 70
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations:
Depreciation and amortization of property and equipment	101	96
Amortization of intangible assets	27	30
Amortization of debt financing costs	5	5
Amortization of debt discount	1	2
Adjustments to derivative instruments	6	22
Fees to Manager-related party	11	15
Deferred taxes	2	17
Other non-cash expense, net	9	9
Changes in other assets and liabilities, net of acquisitions:
Accounts receivable	32	(2)
Inventories	6	(1)
Prepaid expenses and other current assets	(1)	(11)
Accounts payable and accrued expenses	(28)	1
Income taxes payable	(2)	3
Other, net	0	3
Net cash provided by operating activities from continuing operations	172	259
Investing activities
Acquisitions of businesses and investments, net of cash, cash equivalents and restricted cash acquired	(13)	0
Purchases of property and equipment	(135)	(102)
Loan to project developer	0	(1)
Net cash used in investing activities from continuing operations	(148)	(103)
Financing activities
Proceeds from long-term debt	874	0
Payment of long-term debt	(281)	(3)
Dividends paid to common stockholders	(87)	(172)
Debt financing costs paid	0	(1)
Net cash provided by (used in) financing activities from continuing operations	506	(176)
Net change in cash, cash equivalents and restricted cash from continuing operations	530	(20)
Cash flows (used in) provided by discontinued operations:
Net cash used in operating activities	0	(11)
Net cash used in investing activities	0	(16)
Net cash provided by financing activities	0	27
Net cash provided by discontinued operations	0	0
Net change in cash, cash equivalents and restricted cash	530	(20)
Cash, cash equivalents and restricted cash, beginning of period	358	629
Cash, cash equivalents and restricted cash, end of period	888	609
Non-cash investing and financing activities:
Accrued purchases of property and equipment	20	13
Leased assets obtained in exchange for new operating lease liabilities	6	2
Taxes paid, net	4	6
Interest paid, net	59	67
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Total of cash, cash equivalents and restricted cash shown in the consolidated condensed statement of cash flows	$ 888	$ 609

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Macquarie Infrastructure Corporation (MIC) 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, subject to the oversight and supervision of the Board. Six of the eight members of the Board, and all of the members of each of the Company's Audit, Compensation and Nominating and Governance Committees, are independent and have no affiliation with Macquarie. The Manager is a member of the Macquarie Group of companies comprising Macquarie Group Limited and its subsidiaries and affiliates worldwide. Macquarie Group Limited is headquartered in Australia and is listed on the Australian Securities 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 portfolio of infrastructure and infrastructure-like businesses that provide services to corporations, government agencies and individual customers primarily in the United States (U.S.). The Company's operations are organized into four segments: • International-Matex Tank Terminals (IMTT): a business providing bulk liquid storage and handling services to third-parties at 17 terminals in the U.S. and two in Canada; • Atlantic Aviation: a provider of jet fuel, terminal, aircraft hangaring and other services primarily to operators of general aviation (GA) jet aircraft at 70 airports throughout the U.S.; • MIC Hawaii: comprising a company that processes and distributes gas and provides related services (Hawaii Gas) and several smaller businesses collectively engaged in efforts to reduce the cost and improve the reliability and sustainability of energy in Hawaii; and • Corporate and Other: comprising MIC Corporate (holding company headquarters in New York City) and a shared services center in Plano, Texas. Effective October 1, 2018, the Bayonne Energy Center (BEC) and substantially all of the Company’s portfolio of solar and wind power generation businesses were classified as discontinued operations and the Company’s Contracted Power segment was eliminated. All periods reflect this change. In July 2019, the Company completed the sales of its wind power generating portfolio and all but one of the assets in its solar power generating portfolio. The sale of the remaining solar facility closed during September 2019. On January 1, 2019, the Company also classified its majority interest in a renewable power development business as a discontinued operation, the sale of which closed in July 2019. A remaining relationship with a third-party developer of renewable power facilities has been reported as a component of Corporate and Other through the expiration of the relationship in July 2019. For additional information, see Note 4, “Discontinued Operations and Dispositions”. In October 2019, in addition to the active management of the existing portfolio of businesses, the Board resolved to simultaneously pursue strategic alternatives including potentially a sale of the Company or its operating businesses as a means of unlocking additional value for stockholders. The Company has not set a timetable for completing any transaction and there can be no assurance that any transaction(s) will occur on favorable terms or at all.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. 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, 2019 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 consolidated 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, 2019 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 25, 2020. Operating results for the quarter and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 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 disclosures 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. Financial Instruments The Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and variable-rate senior debt, are carried at cost, which approximates their fair value because of either the short-term maturity or competitive interest rates assigned to these financial instruments. The fair values of the Company’s other debt instruments fall within level 1 or level 2 of the fair value hierarchy. At December 31, 2019, the Company had $40 million of commercial paper included in cash and cash equivalents . Commercial paper consists of maturities of three months or less and are issued by counterparties with Standard & Poor's rating of A1+ or higher. The Company did not have any commercial paper at June 30, 2020. Income Taxes The Company files a consolidated federal income tax return that includes the financial results of IMTT, Atlantic Aviation and MIC Hawaii. Pursuant to a tax sharing agreement, these businesses pay MIC an amount equal to the federal income tax each would pay on a standalone basis as if they were not part of the consolidated federal income tax return. In addition, the businesses file income tax returns and may pay taxes in the state and local jurisdictions in which they operate. In calculating its state income tax provision, the Company has provided a valuation allowance for certain state income tax net operating loss (NOL) carryforwards, the use of which is uncertain. The Company expects to incur a federal taxable loss for the year ended December 31, 2020. Under the U.S. Coronavirus Aid, Relief and Economic Security (CARES) Act, any NOL generated in 2020 may be carried back five years. Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting , which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships and other transactions that reference the London interbank offered rate (LIBOR) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020, through December 31, 2022, and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will evaluate the impact of the adoption of this ASU. In August 2018, the FASB issued ASU No. 2018-14, Compensation — Retirement Benefits — Defined Benefit Plans — General (Subtopic 715-20): Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans . The amendments in ASU 2018-14 update disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this update are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company will include appropriate disclosures related to defined benefit plans in accordance with the standard when it adopts the provisions of this ASU. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement

Impact of COVID-19

Impact of COVID-19	6 Months Ended
	Jun. 30, 2020
Unusual or Infrequent Items, or Both [Abstract]
Impact of COVID-19	Impact of COVID-19 Impact to MIC Businesses The impact of COVID-19 has varied across the portfolio of businesses. The reduction in consumption of refined petroleum products associated with the slowing of economic activity has resulted in increased demand for storage of these products and driven improved performance at IMTT. Conversely, stay-at-home orders and limitations on travel have significantly reduced demand for the products and services provided by its Atlantic Aviation and MIC Hawaii businesses. While GA flight activity began to recover during the second quarter from the low levels recorded in late March and April, the near absence of tourism in Hawaii continues to limit gas sales. The businesses are not unique in these respects. The petroleum storage industry has, in general, performed well during the pandemic while the travel and tourism industries, and the businesses reliant on them, have been negatively affected. In light of the ongoing impacts of the pandemic on the Company, the reduced level of economic activity and uncertainty around the timing of any recovery from the impact of the pandemic, the Company withdrew its financial guidance it had provided to the market on February 25, 2020. Operations are ongoing at each of its businesses. The Company has good visibility into the financial performance of IMTT given the contracted nature of its storage revenue, although declines in end user demand could reduce revenue from the provision of uncontracted ancillary services such as blending, packaging or throughput. Revenue from ancillary services in the second quarter was largely flat with the prior comparable period. The majority of the revenue generated by Atlantic Aviation and a substantial portion of that generated by MIC Hawaii is subject to consumer preference, meaning the Company has limited visibility into the prospects for these businesses over the short to medium term. A relaxation of travel restrictions and stay-at-home orders contributed to the partial recovery in GA flight activity and the performance of Atlantic Aviation in the second quarter. The Federal Aviation Administration reported that U.S. domestic GA flight activity in June was approximately 82% of levels achieved in the prior comparable period, up from approximately 28% in April. Further recovery is likely to depend on the continued rollback of lockdown measures leading to a pickup in business, international and event-driven activity. Tourism in Hawaii has yet to begin to recover and an increase is dependent on consumer travel preferences, an absence of any COVID-19 resurgence resulting in a prolonged lockdown of a significant portion of U.S. and an easing of Hawaii's mandatory quarantine policies. Despite these challenges, each of Atlantic Aviation and MIC Hawaii has benefited from the generation of stable resilient revenue from tenants leasing hangars in the case of Atlantic Aviation and primarily residential consumption of gas in the case of MIC Hawaii. Impact to Liquidity and Balance Sheet In light of the disruption in the global markets and the unpredictability of the sustained impact to its businesses caused by COVID-19, during March and April 2020, the Company took certain measures to preserve financial flexibility and increased the strength of its balance sheet and its liquidity position. In March 2020, the Company suspended its cash dividend. In addition, in March 2020, the Company drew down a total of $874 million on revolving credit facilities including $599 million on its MIC holding company level revolving credit facility and $275 million on the Atlantic Aviation revolving credit facility. The proceeds were additive to the approximately $300 million of cash then on hand. The cash drawn on the MIC holding company revolving credit facility remains on its balance sheet and, assuming the Company maintains existing levels of performance of its businesses, the Company does not foresee using that cash. At June 30, 2020, there has been no material deterioration in accounts receivable at any of the operating businesses. If the economic impact of the pandemic is protracted, collection times and the value of uncollectible accounts could increase. On April 30, 2020, Atlantic Aviation fully repaid the outstanding balance on its revolving credit facility and effective May 4, 2020, the revolving credit facility commitments were reduced to $10 million solely with respect to letters of credit then outstanding. In connection with the repayment of the revolving credit facility and reduction in commitments, Atlantic Aviation and its lenders amended the credit agreement to remove the covenant requiring the Company to maintain a ratio of net debt/EBITDA at or below 5.5x over a trailing twelve-month period. Such financial covenant will not be applicable so long as letters of credit issued under the credit facility are cash collateralized and rolled over to stand-alone letter of credit facilities upon renewal. With the steps taken to strengthen its financial position summarized above, the Company has no immediate need for additional capital. Subsequent to the repayment and reduction in commitments related to the Atlantic Aviation revolving credit facility, the Company has approximately $1,535 million of liquidity available comprised of cash on hand and undrawn balances on its revolving credit facilities. Over the next twelve months, the Company currently expects to fund its operations, service its debt, make state tax payments, fund essential maintenance capital expenditures, deploy growth capital and make required principal repayments using cash generated from the operations of its businesses and cash on hand. At June 30, 2020, each of the operating businesses and MIC Corporate were in compliance with their financial covenants in accordance with its debt agreements. Impact to Goodwill and Long-Lived Assets Due to the potential impact and uncertainty of COVID-19 on the Company's operations, the Company performed a triggering event analysis on its goodwill, property, equipment, land and leasehold improvements and intangible assets at a reportable segment level during the quarters ended June 30, 2020 and March 31, 2020. Based on the Company’s interim assessment as of June 30, 2020, the Company determined that there were no triggering events that required an interim impairment analysis of its goodwill, property, equipment, land and leasehold improvements and intangible assets.

Discontinued Operations and Dis

Discontinued Operations and Dispositions	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Dispositions	Discontinued Operations and Dispositions The Company accounts for disposals that represent a strategic shift that should have or will have a major effect on operations as discontinued operations in the consolidated condensed statement of operations for current and prior periods commencing in the period in which the business or group of businesses meets the criteria of a discontinued operation. These results include any gain or loss recognized on disposal or adjustment of the carrying amount to fair value less cost to sell. Renewable Businesses Sale During the fourth quarter of 2018, the Company commenced a sale process involving its portfolios of 142 megawatts (MW) (gross) of solar generation assets and 203 MW (gross) of wind generation assets. In July 2019, the Company completed the sales of its wind power generating portfolio and all but one of the assets in its solar power generating portfolio. The sale of the remaining solar facility closed during September 2019. Upon closing of the transactions involving the portfolios of operating solar and wind assets, MIC deconsolidated $295 million of long-term debt. In July 2019, the Company also completed the sale of its majority interest in a renewable power development business. The Company may be entitled to a deferred purchase price from the sale of its interest in the renewable power development business based on the sale of certain projects by the purchaser in the future. The aggregate gross proceeds to the Company from the above sales were approximately $275 million , or approximately $223 million net of taxes and transaction related expenses. Upon closing of the transactions, the Company recorded a pre-tax gain of approximately $80 million excluding any transaction costs. The Company incurred approximately $10 million in professional fees in relation to these transactions, which is included in Selling, General and Administrative Expenses in the consolidated condensed statement of operations. In 2019, the Company recorded $42 million in current tax expense primarily related to the gain on sale. The combination of the disposal of BEC in October 2018 and the commencement of the sale process of substantially all of its portfolio of solar and wind facilities represented a strategic shift for the Company that will have a major effect on operations. Accordingly, beginning in the fourth quarter of 2018, these businesses were classified as discontinued operations and the Contracted Power segment was eliminated. There was no write-down of the carrying amount of the solar and wind facility assets as a result of this change in classification. The assets and liabilities of the solar and wind facilities have been classified as held for sale in the consolidated condensed balance sheets up until the date those assets are disposed. All prior periods have been restated to reflect these changes. During the first quarter of 2019, the Company also commenced the sale of its majority interest in its renewable power development business that was reported as part of the Company’s Corporate and Other segment in the fourth quarter of 2018. Accordingly, beginning in the first quarter of 2019, the results of this business were classified as discontinued operations and the assets and liabilities of this business have been classified as held for sale in the consolidated condensed balance sheets through the date of sale. A remaining relationship with a third-party developer of renewable power facilities has been reported as a component of Corporate and Other through the expiration of the relationship in July 2019. Summarized financial information for discontinued operations included in the Company’s consolidated condensed statement of operations for the quarter and six months ended June 30, 2019 are as follows ($ in millions): Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Product revenue $ 18 $ 34 Cost of product sales (3) (6) Selling, general & administrative expenses (3) (7) Interest expense, net (7) (12) Other expense, net — (1) Net income from discontinued operations before income taxes $ 5 $ 8 Provision for income taxes (2) — Net income from discontinued operations $ 3 $ 8 Less: net loss attributable to noncontrolling interests (2) (3) Net income from discontinued operations attributable to MIC $ 5 $ 11

Income per Share

Income per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Income per Share	Income per Share Following is a reconciliation of the basic and diluted (loss) income per share computations ($ in millions, except share and per share data): Quarter Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net (loss) income from continuing operations attributable to MIC $ (8) $ 6 $ 3 $ 70 Diluted net (loss) income from continuing operations attributable $ (8) $ 6 $ 3 $ 70 Basic and diluted net income from discontinued operations $ — $ 5 $ — $ 11 Denominator: Weighted average number of shares outstanding: basic 86,871,892 86,073,372 86,779,432 85,973,308 Dilutive effect of restricted stock unit grants (1) — 25,739 59,087 24,698 Weighted average number of shares outstanding: diluted 86,871,892 86,099,111 86,838,519 85,998,006 ___________ (1) Dilutive effect of restricted stock unit grants includes grants to independent directors under the 2014 Independent Directors' Equity Plan and certain employees of the Company's operating businesses under the 2016 Omnibus Employee Incentive Plan. Quarter Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Income per share: Basic (loss) income per share from continuing $ (0.09) $ 0.07 $ 0.04 $ 0.81 Basic income per share from discontinued operations — 0.06 — 0.13 Basic (loss) income per share attributable to MIC $ (0.09) $ 0.13 $ 0.04 $ 0.94 Diluted (loss) income per share from continuing $ (0.09) $ 0.07 $ 0.04 $ 0.81 Diluted income per share from discontinued — 0.06 — 0.13 Diluted (loss) income per share attributable to MIC $ (0.09) $ 0.13 $ 0.04 $ 0.94 The following represents the weighted average potential dilutive shares of common stock that were excluded from the diluted income per share calculation: Quarter Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Restricted stock unit grants 87,059 — — — 2.875% Convertible Senior Notes due July 2019 (1) — 4,408,660 — 4,396,058 2.00% Convertible Senior Notes due October 2023 3,634,173 3,634,173 3,634,173 3,634,173 Total 3,721,232 8,042,833 3,634,173 8,030,231 ___________

Property, Equipment, Land and L

Property, Equipment, Land and Leasehold Improvements	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property, Equipment, Land and Leasehold Improvements	Property, Equipment, Land and Leasehold Improvements Property, equipment, land and leasehold improvements at June 30, 2020 and December 31, 2019 consisted of the following ($ in millions): June 30, December 31, 2019 Land $ 319 $ 319 Buildings 40 40 Leasehold and land improvements 835 813 Machinery and equipment 2,972 2,951 Furniture and fixtures 53 52 Construction in progress 222 143 4,441 4,318 Less: accumulated depreciation (1,210) (1,116) Property, equipment, land and leasehold improvements, net $ 3,231 $ 3,202

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible assets at June 30, 2020 and December 31, 2019 consisted of the following ($ in millions): June 30, 2020 December 31, 2019 Contractual arrangements $ 923 $ 921 Non-compete agreements 14 14 Customer relationships 352 352 Trade names 16 16 Technology 9 9 1,314 1,312 Less: accumulated amortization (609) (583) Intangible assets, net $ 705 $ 729 The goodwill balance by reportable segments as of June 30, 2020 is comprised of the following ($ in millions): IMTT Atlantic Aviation MIC Hawaii Total Goodwill acquired in business combinations, net of disposals, at $ 1,430 $ 619 $ 123 $ 2,172 Accumulated impairment charges — (123) (3) (126) Other (2) (1) — (3) Balance at December 31, 2019 1,428 495 120 2,043 Goodwill related to 2020 acquisition — 1 — 1 Balance at June 30, 2020 $ 1,428 $ 496 $ 120 $ 2,044 The Company tests for goodwill impairment at the reporting unit level on an annual basis on October 1 st of each year and between annual tests if a triggering event indicates impairment. The Company monitors changing business conditions as well as industry and economic factors, among others, for events which could trigger the need for an interim impairment analysis. At September 30, 2019, the Company performed an impairment analysis resulting in the fair value of our reporting units exceeding its aggregate book value by $2.2 billion, or 33%. Approximately $1.9 billion of the excess was attributed to Atlantic Aviation, approximately $280 million to Hawaii Gas and approximately $20 million to IMTT. During the quarters ended June 30, 2020 and March 31, 2020, the Company performed a goodwill triggering event analysis of its reportable segments due to the potential impact and uncertainty around COVID-19 on its operations. At IMTT, the Company looked at the impact of the supply and demand imbalance in the petroleum market and the significant decline in the price of crude oil. COVID-19 and the resulting slowdown in economic activity led to an oversupply of petroleum and other liquid products stored and handled by IMTT. These factors have increased the utilization levels at IMTT to the mid-90s% from the mid-80s% at year ended 2019 and accelerated renewal of some customer contracts. Given the positive impacts to IMTT, the Company concluded there were no triggering events at IMTT.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt At June 30, 2020 and December 31, 2019, the Company’s consolidated long-term debt balance comprised of the following ($ in millions): June 30, December 31, 2019 IMTT $ 1,109 $ 1,109 Atlantic Aviation 1,010 1,015 MIC Hawaii 194 195 MIC Corporate 988 388 Total 3,301 2,707 Current portion (11) (12) Long-term portion 3,290 2,695 Unamortized deferred financing costs (1) (36) (41) Long-term portion less unamortized debt discount and deferred financing costs $ 3,254 $ 2,654 ___________ (1) The weighted average remaining life of the deferred financing costs at June 30, 2020 was 4.9 years. At June 30, 2020, the total undrawn capacity on the revolving credit facilities was $661 million. On March 17, 2020, the Company drew down a total of $874 million on two revolving credit facilities. This comprised of $599 million on its $600 million holding company level revolving credit facility and $275 million on the $350 million revolving credit facility at Atlantic Aviation. Although the Company does not have immediate need for the additional liquidity, the drawdowns were deemed prudent to preserve financial flexibility in light of the disruption in the global markets and the unpredictability of the sustained impact to its businesses caused by COVID-19. See Atlantic Aviation below for discussions on subsequent repayment and amendment to its revolving credit facility. MIC Corporate At June 30, 2020, MIC Corporate had $599 million of its $600 million senior secured revolving credit facility drawn. The proceeds of this borrowing may be used for working capital, general corporate or other purposes. The senior secured revolving credit facility was undrawn at December 31, 2019. 2.00% Convertible Senior Notes due October 2023 (2.00% Convertible Senior Notes) At June 30, 2020 and December 31, 2019, the Company had $389 million and $388 million, respectively, outstanding on its seven-year, 2.00% Convertible Senior Notes. At June 30, 2020 and December 31, 2019, the fair value of the liability component of the Notes was approximately $340 million and $370 million, respectively. At June 30, 2020, the conversion rate was 9.0290 shares of common stock per $1,000 principal amount. The 2.00% Convertible Senior Notes consisted of the following ($ in millions): June 30, December 31, 2019 Liability Component: Principal $ 403 $ 403 Unamortized debt discount (14) (15) Long-term debt, net of unamortized debt discount 389 388 Unamortized deferred financing costs (5) (6) Net carrying amount $ 384 $ 382 Equity Component $ 27 $ 27 For the quarter and six month periods ended June 30, 2020 and 2019, the Company recognized $3 million and $6 million in interest expense, respectively, related to the 2.00% Convertible Senior Notes, of which $2 million and $4 million, respectively, related to the principal portion outstanding. The remaining portion of the interest expense related to the amortization of debt discount and deferred financing costs. IMTT At June 30, 2020 and December 31, 2019, IMTT had $600 million of fixed rate senior notes and $509 million of Tax-Exempt Bonds outstanding. IMTT also had $600 million in revolving credit facilities that remained undrawn at June 30, 2020 and December 31, 2019. At June 30, 2020 and December 31, 2019, the fair value of the fixed rate senior notes was approximately $660 million and $635 million, respectively. Atlantic Aviation At June 30, 2020 and December 2019, Atlantic Aviation had $1,010 million and $1,015 million, respectively, outstanding on its seven-year senior secured first lien term loan facility. Atlantic Aviation also had a five-year, $350 million senior secured first lien revolving credit facility that was undrawn at December 31, 2019. As noted above, Atlantic Aviation drew down $275 million on its revolving credit facility on March 17, 2020. On April 30, 2020, Atlantic Aviation fully repaid the outstanding balance on its revolving credit facility and effective May 4, 2020, reduced the commitments on this facility to $10 million solely with respect to letters of credit then outstanding. The amendment of the facility eliminates any leverage-based maintenance covenant on the Atlantic Aviation term loan as long as the letters of credit issued under the facility are cash collateralized and rolled over to standalone letters of credit facilities upon renewal. MIC Hawaii At June 30, 2020 and December 2019, Hawaii Gas had $100 million of fixed rate senior notes outstanding, that had a fair value of approximately $105 million at both periods. Hawaii Gas also had an $80 million term loan outstanding and a $60 million revolving credit facility that remained undrawn at June 30, 2020 and December 31, 2019.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Interest Rate 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 June 30, 2020, the Company had $3,315 million of current and long-term debt (excluding adjustments for unamortized debt discounts), of which $865 million was economically hedged with interest rate contracts, $1,103 million was fixed rate debt and $1,347 million was unhedged. The Company does not use hedge accounting. All movements in the fair value of the interest rate derivatives are recorded directly through earnings. Commodity Price Contracts The risks associated with fluctuations in the prices that Hawaii Gas, a business within the MIC Hawaii reportable segment, pays for liquefied petroleum gas (LPG) is principally a result of market forces reflecting changes in supply and demand for LPG and other energy commodities. Hawaii Gas’ gross margin (revenue less cost of product sales excluding depreciation and amortization) is sensitive to changes in LPG supply costs and Hawaii Gas may not always be able to pass through cost increases fully or on a timely basis, particularly when product costs rise rapidly. In order to reduce the volatility of the business’ LPG market price risk, Hawaii Gas has used and expects to continue to use over-the-counter commodity derivative instruments. Hawaii Gas does not use commodity derivative instruments for speculative or trading purposes. Over-the-counter derivative instruments used by Hawaii Gas to hedge forecasted purchases of LPG are generally settled at expiration of the contract. Financial Statement Location Disclosure for Derivative Instruments The Company measures derivative instruments at fair value using the income approach which discounts the future net cash settlements expected under the derivative contracts to a present value. These valuations use primarily observable (level 2) inputs, including contractual terms, interest rates and yield curves observable at commonly quoted intervals. The Company’s fair value measurements of its derivative instruments and the related location of the assets and liabilities within the consolidated condensed balance sheets at June 30, 2020 and December 31, 2019 were ($ in millions): Assets (Liabilities) at Fair Value Balance Sheet Classification June 30, December 31, 2019 Fair value of derivative instruments - other current assets $ — $ 3 Fair value of derivative instruments - other noncurrent assets — 2 Total derivative contracts - assets $ — $ 5 Fair value of derivative instruments - current liabilities $ (8) $ (7) Total derivative contracts – liabilities $ (8) $ (7) The Company’s hedging activities for the quarters and six months ended June 30, 2020 and 2019 and the related location within the consolidated condensed statements of operations were ($ in millions): Income Statement Classification Amount of (Loss) Gain Recognized in Quarter Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest expense - interest rate caps $ — $ (4) $ (3) $ (6) Interest expense - interest rate swaps (1) (4) (7) (6) Cost of product sales - commodity swaps 4 (6) (1) (5) Total $ 3 $ (14) $ (11) $ (17)

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Macquarie Infrastructure Corporation Short-Term Incentive Plan (STIP) for MIC Operating Businesses — Restricted Stock Units (RSUs) During the first quarter of 2019, the Company established the STIP to provide cash and stock-based incentives to eligible employees of its operating businesses under the Company’s 2016 Omnibus Employee Incentive Plan (2016 Plan). In general, the cash component comprises approximately 75% of any incentive award and is paid in a lump-sum. The remaining 25% of any incentive award is in the form of RSUs representing an interest in the common stock of the Company. RSUs are granted following assessment of performance against Key Performance Indicators post the one-year performance period and vest in two equal annual installments following the grant date. The following represents unvested STIP RSU grants through June 30, 2020: STIP Grants (at Target) Number of RSUs Weighted Average Grant-Date Fair Value Unvested balance at December 31, 2019 — $ — Granted 55,661 24.50 Forfeited (1,119) 24.50 Unvested balance at June 30, 2020 54,542 $ 24.50 At June 30, 2020, the grant date fair value of the unvested awards was approximately $1 million, of which an insignificant amount of compensation expense was recorded for the quarter and six months ended June 30, 2020. At June 30, 2020, the unrecognized compensation cost related to unvested RSU awards is expected to be recognized over a weighted-average period of 1.3 years. From time to time, the Company can issue RSUs to award or retain employees, or to attract new employees, or other reasons by providing special grants of RSUs. Vesting dates and terms can vary for each award at the discretion of the Company. The following represents unvested Special RSU grants through June 30, 2020: Special RSU Grants Number of RSUs Weighted Average Grant-Date Fair Value Unvested balance at December 31, 2018 — $ — Granted 6,067 40.30 Unvested balance at December 31, 2019 6,067 40.30 Vested (1,100) 40.30 Unvested balance at June 30, 2020 4,967 $ 40.30 Compensation expense related to the Special RSU grants for the quarter and six months ended June 30, 2020 was not significant and is expected to be recognized over a weighted-average period of 0.8 years . Macquarie Infrastructure Corporation Long-Term Incentive Plan (LTIP) for MIC Operating Businesses — Performance Stock Units (PSUs) During the first quarter of 2019, the Company established the LTIP pursuant to which it may make stock-based incentive awards to eligible employees of its operating businesses. The awards would take the form of PSUs convertible into common stock of the Company as authorized under its 2016 Plan. The number of PSUs a participant may be awarded reflects a target level of performance by the participant. The participant may be awarded more (over performance limit) or less (threshold limit) than the target number of PSUs based on their achievements relative to Key Performance Indicators during the three-year performance period. Following finalization of the participant’s performance review at the end of the third year of the program, the Company may award the PSUs. The following represents unvested LTIP PSU grants through June 30, 2020 at the target level of performance: LTIP Grants (at Target) Number of PSUs Weighted Average Grant-Date Fair Value Unvested balance at December 31, 2018 — $ — Granted 134,671 39.59 Forfeited (9,477) 39.26 Unvested balance at December 31, 2019 125,194 39.62 Forfeited (5,416) 39.26 Unvested balance at June 30, 2020 119,778 $ 39.64 At June 30, 2020, depending upon actual performance, the number of PSUs to be issued will vary from zero to 221,088, net of forfeitures. At June 30, 2020, the grant date fair value of the unvested awards was approximately $5 million, reflecting target performance by all participants. During the quarter and six months ended June 30, 2020, the Company recognized approximately $1 million of compensation expense related to the LTIP. At June 30, 2020, the unrecognized compensation cost related to unvested PSU awards was approximately $3 million at target level performance. If target level performance is achieved, the unrecognized cost is expected to be recognized over a weighted-average period of 1.5 years. Accumulated Other Comprehensive Loss, net of taxes The following represents the changes and balances to the components of accumulated other comprehensive loss, net of taxes, for the six months ended June 30, 2020 and 2019 ($ in millions): Post-Retirement Benefit Plans, net of taxes Translation Adjustment, net of taxes (1) Total Stockholders’ Accumulated Other Comprehensive Loss, net of taxes Balance at December 31, 2018 $ (16) $ (14) $ (30) Translation adjustment — 2 2 Balance at June 30, 2019 $ (16) $ (12) $ (28) Balance at December 31, 2019 $ (25) $ (12) $ (37) Translation adjustment — (1) (1) Balance at June 30, 2020 $ (25) $ (13) $ (38) ___________

Reportable Segments

Reportable Segments	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments At June 30, 2020, the Company’s businesses consisted of four reportable segments: IMTT, Atlantic Aviation, MIC Hawaii and Corporate and Other. Effective October 1, 2018, BEC and substantially all of the Company’s portfolio of solar and wind power generation businesses were classified as discontinued operations and the Company’s Contracted Power segment was eliminated. All periods reflect this change. In July 2019, the Company completed the sales of its wind power generating portfolio and all but one of the assets in its solar power generating portfolio. The sale of the remaining solar facility closed during September 2019. On January 1, 2019, the Company also classified its majority interest in a renewable power development business as a discontinued operation, the sale of which closed in July 2019. A remaining relationship with a third-party developer of renewable power facilities has been reported as a component of Corporate and Other through the expiration of the relationship in July 2019. For additional information, see Note 4, “Discontinued Operations and Dispositions”. IMTT IMTT provides bulk liquid storage, handling and other services in North America through 17 terminals located in the U.S., 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 refined petroleum products, various chemicals, renewable fuels, and vegetable and tropical oils. Based on storage capacity, IMTT operates one of the largest third-party bulk liquid terminals businesses in the U.S. Revenue from IMTT is generated from the following sources and recorded in service revenue. Lease . These are contracts with predominantly non-cancelable terms for access to and the use of storage capacity at the various terminals owned and operated by the business. These contracts generally require payments in exchange for the provision of storage capacity and product movement (throughput) throughout their term based on a fixed rate per barrel of capacity leased. A majority of the contracts include terms that adjust the fixed rate annually for inflation. These contracts are accounted for as operating leases and the related lease income is recognized in service revenue over the term of the contract based upon the rate specified. Revenue is recognized in accordance with ASC 842, Leases. Terminal services . Revenue from the provision of ancillary services includes activities such as heating, mixing and blending, and is recognized as the related services are performed (point in time) based on contract rates. Other terminal services also include payments received prior to the related services being performed or as a reimbursement for specific fixed asset additions or improvements related to a customer’s contract and are recorded as deferred revenue and ratably recognized as revenues over the contract term. Other . Other revenue is comprised primarily of railroad operations. These revenues are generally recognized at a point in time as services are performed. Atlantic Aviation Atlantic Aviation derives the majority of its revenue from jet 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. The business currently operates at 70 airports. Revenue from Atlantic Aviation is recorded in service revenue. Services provided by Atlantic Aviation include: Fuel . Revenue from jet fuel sales is recognized at a point in time as services are performed. Fuel services are recorded net of discounts and rebates. Hangar . Hangar rentals includes both month-to-month rentals and rentals from longer term contracts. Hangar rental revenue excludes transient customer overnight hangar usage (see Other FBO services below). Other FBO services . Other fixed based operation (FBO) services consist principally of de-icing services, landing, concession, transient overnight hangar usage, terminal use and fuel distribution fees that are recognized as sales of services. Revenue from these transactions is recorded based on the service fee earned. MIC Hawaii MIC Hawaii primarily comprises: (i) Hawaii Gas, Hawaii’s only government-franchised gas utility and an unregulated LPG distribution business providing gas and related services to commercial, residential and governmental customers; and (ii) controlling interests in two solar facilities on Oahu. Revenue from the Hawaii Gas business is generated from the distribution and sales of synthetic natural gas (SNG), LPG, liquefied natural gas (LNG) and renewable natural gas (RNG). Revenue is primarily a function of the amount of SNG, LPG, LNG and RNG consumed by customers and the price per British 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. Revenue from Hawaii Gas is recorded in product revenue. Hawaii Gas recognizes revenue when products are delivered. Sales of gas to customers are billed on a monthly-cycle basis. Earned but unbilled revenue is accrued and included in accounts receivable and revenue. This is based on the amount of gas that has been delivered but not billed to customers from the latest meter reading or billed delivery date to the end of an accounting period. The related costs are charged to expense. The renewables projects within MIC Hawaii sell substantially all of the electricity generated at a fixed price to primarily electric utility customers pursuant to long-term power purchase agreements (PPAs) of 20 years. Substantially all of the PPAs are accounted for as operating leases and have no minimum lease payments and all of the lease income under these leases is recorded within product revenue when the electricity is delivered. Corporate and Other Corporate and Other comprises MIC Corporate (holding company headquarters in New York City) and a shared services center in Plano, Texas. 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. Revenue from external customers for the Company’s consolidated reportable segments were ($ in millions): Quarter Ended June 30, 2020 IMTT Atlantic MIC Total Reportable Segments Service revenue Terminal services $ 19 $ — $ — $ 19 Lease 100 — — 100 Fuel — 58 — 58 Hangar — 24 — 24 Other 1 22 — 23 Total service revenue 120 104 — 224 Product revenue Lease — — 1 1 Gas — — 32 32 Other — — 4 4 Total product revenue — — 37 37 Total revenue $ 120 $ 104 $ 37 $ 261 Quarter Ended June 30, 2019 IMTT Atlantic MIC Total Reportable Segments Service revenue Terminal services $ 22 $ — $ — $ 22 Lease 95 — — 95 Fuel — 173 — 173 Hangar — 23 — 23 Other 2 40 — 42 Total service revenue 119 236 — 355 Product revenue Lease — — 1 1 Gas — — 57 57 Other — — 3 3 Total product revenue — — 61 61 Total revenue $ 119 $ 236 $ 61 $ 416 Six Months Ended June 30, 2020 IMTT Atlantic MIC Total Reportable Segments Service revenue Terminal services $ 56 $ — $ — $ 56 Lease 193 — — 193 Fuel — 208 — 208 Hangar — 49 — 49 Other 3 71 — 74 Total service revenue 252 328 — 580 Product revenue Lease — — 2 2 Gas — — 89 89 Other — — 6 6 Total product revenue — — 97 97 Total revenue $ 252 $ 328 $ 97 $ 677 Six Months Ended June 30, 2019 IMTT Atlantic MIC Intercompany Adjustments Total Reportable Segments Service revenue Terminal services $ 46 $ — $ — $ — $ 46 Lease 230 — — (1) 229 Fuel — 354 — — 354 Hangar — 46 — — 46 Other 4 94 — — 98 Total service revenue 280 494 — (1) 773 Product revenue Lease — — 2 — 2 Gas — — 117 — 117 Other — — 6 — 6 Total product revenue — — 125 — 125 Total revenue $ 280 $ 494 $ 125 $ (1) $ 898 In accordance with ASC 280, Segment Reporting , the Company has disclosed earnings before interest, taxes, depreciation and amortization (EBITDA) excluding non-cash items as a key performance indicator for the businesses. EBITDA excluding non-cash items is reflective of the businesses’ ability to effectively manage the amount of products sold or services provided, the operating margin earned on those transactions and the management of operating expenses independent of the capitalization and tax attributes of its businesses. The Company defines EBITDA excluding non-cash items as net income (loss) or earnings — the most comparable GAAP measure — before interest, taxes, depreciation and amortization and non-cash items including impairments, unrealized derivative gains and losses, adjustments for other non-cash items and pension expense reflected in the statements of operations. EBITDA excluding non-cash items for the Company’s consolidated reportable segments from continuing operations is shown in the tables below ($ in millions). Allocations of corporate expenses, intercompany fees and the tax effect have been excluded as they are eliminated in consolidation. Quarter Ended June 30, 2020 IMTT Atlantic MIC Corporate and Other Total Reportable Segments Net income (loss) $ 16 $ (17) $ 5 $ (12) $ (8) Interest expense, net 10 14 2 7 33 Provision (benefit) for income taxes 6 (6) 2 (7) (5) Depreciation and amortization 34 25 4 — 63 Fees to Manager-related party — — — 4 4 Other non-cash expense (income), net 2 1 (6) 1 (2) EBITDA excluding non-cash items $ 68 $ 17 $ 7 $ (7) $ 85 Quarter Ended June 30, 2019 IMTT Atlantic MIC Corporate and Other Total Reportable Segments Net income (loss) $ 9 $ 9 $ 2 $ (14) $ 6 Interest expense, net 15 22 2 6 45 Provision (benefit) for income taxes 4 4 1 (7) 2 Depreciation and amortization 33 26 4 — 63 Fees to Manager-related party — — — 7 7 Other non-cash expense, net 3 1 5 — 9 EBITDA excluding non-cash items $ 64 $ 62 $ 14 $ (8) $ 132 Six Months Ended June 30, 2020 IMTT Atlantic MIC Corporate and Other Total Reportable Segments Net income (loss) $ 34 $ (3) $ 8 $ (36) $ 3 Interest expense, net 25 33 5 12 75 Provision (benefit) for income taxes 13 (1) 4 (12) 4 Depreciation and amortization 68 52 8 — 128 Fees to Manager-related party — — — 11 11 Other non-cash expense (income), net 5 2 (3) 1 5 EBITDA excluding non-cash items $ 145 $ 83 $ 22 $ (24) $ 226 Six Months Ended June 30, 2019 IMTT Atlantic MIC Corporate and Other Total Reportable Segments Net income (loss) $ 50 $ 34 $ 10 $ (24) $ 70 Interest expense, net 28 41 5 10 84 Provision (benefit) for income taxes 20 13 4 (11) 26 Depreciation and amortization 66 52 8 — 126 Fees to Manager-related party — — — 15 15 Other non-cash expense, net 4 1 7 1 13 EBITDA excluding non-cash items $ 168 $ 141 $ 34 $ (9) $ 334 Reconciliations of total reportable segments’ EBITDA excluding non-cash items to consolidated net (loss) income from continuing operations before income taxes were ($ in millions): Quarter Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Total reportable segments EBITDA excluding non-cash items $ 85 $ 132 $ 226 $ 334 Interest income — 1 — 4 Interest expense (33) (46) (75) (88) Depreciation and amortization (63) (63) (128) (126) Fees to Manager-related party (4) (7) (11) (15) Other income (expense), net 2 (9) (5) (13) Total consolidated net (loss) income from continuing $ (13) $ 8 $ 7 $ 96 Capital expenditures, on a cash basis, for the Company’s reportable segments were ($ in millions): Quarter Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 IMTT $ 51 $ 38 $ 106 $ 64 Atlantic Aviation 10 14 21 27 MIC Hawaii 3 5 8 10 Corporate and Other — 1 — 1 Total capital expenditures of reportable segments $ 64 $ 58 $ 135 $ 102 Property, equipment, land and leasehold improvements, net, and total assets for the Company’s reportable segments were ($ in millions): Property, Equipment, Total Assets June 30, December 31, 2019 June 30, December 31, 2019 IMTT $ 2,358 $ 2,323 $ 4,120 $ 4,172 Atlantic Aviation 562 567 1,934 2,060 MIC Hawaii 301 301 519 537 Corporate and Other 10 11 774 92 Total consolidated assets $ 3,231 $ 3,202 $ 7,347 $ 6,861

Long-Term Contracted Revenue

Long-Term Contracted Revenue	6 Months Ended
	Jun. 30, 2020
Contractors [Abstract]
Long-Term Contracted Revenue	Long-Term Contracted Revenue Long-term contracted revenue consists of revenue from future minimum lease revenue accounted in accordance with ASC 842, Leases , and estimated revenue to be recognized in the future related to performance conditions that are unsatisfied or partially unsatisfied accounted for in accordance with ASC 606, Revenue from Contracts with Customers . The recognition pattern for contracts that are considered leases is generally consistent with the recognition pattern that would apply if such contracts were not accounted for as leases and were instead accounted for under ASC 606. Accordingly, the Company has combined the required lessor disclosures for future lease income with the disclosures for contracted revenue in the table below. The following long-term contracted revenue were in existence at June 30, 2020 ($ in millions): Lease Contract Total 2020 remaining $ 180 $ 44 $ 224 2021 206 47 253 2022 121 32 153 2023 80 23 103 2024 33 9 42 Thereafter 127 20 147 Total $ 747 $ 175 $ 922 The above table does not include the future minimum lease revenue from the renewable businesses within the MIC Hawaii reportable segment. The payments from these leases are considered variable as they are based on the output of the underlying assets (i.e. energy generated).

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Services At June 30, 2020 and December 31, 2019, the Manager held 13,600,444 shares and 13,253,791 shares, respectively, of the Company’s common stock. Pursuant to the terms of the Third Amended and Restated Management Services Agreement (Management Services Agreement), the Manager may sell these shares at any time. Under the Management Services Agreement, the Manager, at its option, may reinvest base management fees and performance fees, if any, in shares of the Company. The Manager’s holdings at June 30, 2020 represented 15.64% of the Company's outstanding common stock. Since January 1, 2019, the Company paid the Manager cash dividends on shares held for the following periods: Declared Period Covered $ per Record Date Payable Date Cash Paid to Manager February 14, 2020 Fourth quarter 2019 $ 1.00 March 6, 2020 March 11, 2020 $ 13 October 29, 2019 Third quarter 2019 1.00 November 11, 2019 November 14, 2019 13 July 30, 2019 Second quarter 2019 1.00 August 12, 2019 August 15, 2019 13 April 29, 2019 First quarter 2019 1.00 May 13, 2019 May 16, 2019 13 February 14, 2019 Fourth quarter 2018 1.00 March 4, 2019 March 7, 2019 13 Under the Management Services Agreement, subject to the oversight and supervision of the Company’s Board, 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, 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 Services 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 total stockholder returns 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 quarter and six months ended June 30, 2020, the Company incurred base management fees of $4 million and $11 million, respectively, compared with $7 million and $15 million for the quarter and six months ended June 30, 2019, respectively. The Company did not incur any performance fees for the quarters and six months periods ended June 30, 2020 and 2019. Effective November 1, 2018, the Manager waived two elements of the base management fee to which it was entitled under the terms of the Management Services Agreement. In effect, the waivers cap the base management fee at 1% of the Company’s equity market capitalization less any cash balances at the holding company. The waiver applies only to the calculation of the base management fees and not to the remainder of the Management Services Agreement. The Manager reserves the right to revoke the waivers and revert to the prior terms of the Management Services Agreement, subject to providing the Company with not less than a one year notice. A revocation of the waiver would not trigger a recapture of previously waived fees. As part of the Disposition Agreement entered into between the Company and its Manager, discussed below, the Manager has agreed not to revoke the waiver during the term of the Disposition Agreement. Disposition Agreement To facilitate the Company’s pursuit of strategic alternatives, the Company announced that it has entered into a Disposition Agreement (Disposition Agreement) with its Manager on October 30, 2019 (see Exhibit 10.3 of the Form 10-K filed on February 25, 2020). Outside of the Disposition Agreement, the Company has limited ability to terminate the Management Services Agreement. The Disposition Agreement provides for the termination of the Company’s external management relationship with its Manager as to any businesses, or substantial portions thereof, that are sold (including if the Company itself is sold). In connection therewith, the Company will make a payment to its Manager of approximately 2.9% to 6.1% of the net proceeds generated in the event of such sales, subject to a minimum amount of payments for all sales in the aggregate in the event of a Qualifying Termination Event (QTE) of (i) $50 million plus (ii) 1.5% multiplied by proceeds in excess of $500 million in the aggregate. A ‘‘QTE’’ means (i) the sale of the Company or (ii) a transaction or series of transactions resulting in a third party or parties acquiring all the assets of the Company. The Disposition Agreement provides that the Management Services Agreement will terminate upon the occurrence of a QTE or upon mutual agreement of the parties. If the Management Services Agreement has not been terminated prior to the sixth anniversary of the Disposition Agreement, its Manager and its independent directors will engage in reasonable, good faith discussions regarding a potential internalization or other framework for a termination of the Management Services Agreement. The Disposition Agreement provides that if a QTE occurs on or prior to January 1, 2022 (subject to extension under certain circumstances for up to six months thereafter), then the Company will pay its Manager an additional payment of $25 million. The Disposition Agreement further provides that its Manager will receive a make-whole payment following a QTE, to the extent that the aggregate management fees paid to its Manager through the date of the QTE were less than (i) $20 million per year for the two years following the date of the Disposition Agreement and (ii) $10 million per year for any period thereafter. In addition, following a QTE, its Manager will be paid in cash all accrued and unpaid management fees, including fees of $8.5 million waived in accordance with the Limited Waiver, which waived fees would have been payable through October 31, 2019. The Manager has agreed not to exercise its right to retract the Limited Waiver for periods after October 31, 2019 and prior to the termination of the Disposition Agreement. The Disposition Agreement will terminate on the earlier to occur of (i) the termination of the Management Services Agreement and (ii) the sixth anniversary of the agreement, subject to extension under certain circumstances if a transaction is pending. The unpaid portion of the base management fees and performance fees, if any, at the end of each reporting period is included in Due to Manager-related party in the consolidated condensed balance sheets. The following table shows the Manager's reinvestment of its base management fees and performance fees, if any, in shares: Period Base Management Performance Shares 2020 Activities: Second quarter 2020 $ 4 $ — 146,452 (1) First quarter 2020 7 — 181,617 2019 Activities: Fourth quarter 2019 $ 9 $ — 208,881 Third quarter 2019 8 — 201,827 Second quarter 2019 7 — 192,103 First quarter 2019 8 — 184,448 ___________ (1) The Manager elected to reinvest all of the monthly base management fees for the second quarter of 2020 in new primary shares. The Company issued 146,452 shares for the quarter ended June 30, 2020, including 52,370 shares that were issued in July 2020 for the June 2020 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 quarter and six months ended June 30, 2020, the Manager charged the Company $16,000 and $304,000, respectively, for reimbursement of out-of-pocket expenses compared with $331,000 and $577,000, respectively, for the quarter and six months ended June 30, 2019. 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. During the quarter ended June 30, 2020, the Company expensed $60,000 in legal fees incurred by the Manager related to the Shareholder Litigation. For additional information, see Note 14, "Legal Proceedings and Contingencies", for further discussions. Macquarie Group - 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. Macquarie Group affiliates are engaged on an arm’s length basis and frequently as a member of a 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. Long-Term Debt The Company has a $600 million senior secured revolving credit facility at the holding company level where Macquarie Capital Funding LLC has a $40 million commitment. For the quarter and six months ended June 30, 2020, the Company incurred interest expense of $274,000 and $361,000, respectively, related to Macquarie Capital Funding LLC’s portion of the MIC senior secured revolving credit facility compared with $41,000 and $75,000 for the quarter and six months ended June 30, 2019, respectively. Other Transactions From time to time, indirect subsidiaries within Macquarie Group may enter into contracts with IMTT to lease capacity. For the quarter and six months ended June 30, 2020, revenue from these contracts totaled approximately $1 million and $2 million, respectively. The revenue from these contracts for the quarter and six months ended June 30, 2019 were insignificant. Other Related Party Transactions

Legal Proceedings and Contingen

Legal Proceedings and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings and Contingencies	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. Shareholder Litigation On April 23, 2018, a complaint captioned City of Riviera Beach General Employees Retirement System v. Macquarie Infrastructure Corp., et al., Case 1:18-cv-03608 (VSB), was filed in the United States District Court for the Southern District of New York. A substantially identical complaint captioned Daniel Fajardo v. Macquarie Infrastructure Corporation, et al. , Case No. 1:18-cv-03744 (VSB) was filed in the same court on April 27, 2018. Both complaints asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder on behalf of a putative class consisting of all purchasers of MIC common stock between February 22, 2016 and February 21, 2018. The named defendants in both cases were the Company and four current or former officers of MIC and one of its subsidiaries, IMTT Holdings LLC. The complaints in both actions allege that the Company and the individual defendants knowingly made material misstatements and omitted material facts in its public disclosures concerning the Company’s and IMTT’s business and the sustainability of the Company’s dividend to stockholders. On January 30, 2019, the Court issued an opinion and order consolidating the two cases, appointing Moab Partners, L.P. (Moab) as Lead Plaintiff and approving Moab’s selection of lead counsel. On February 20, 2019, Moab filed a consolidated class action complaint. In addition to the claims noted above, the consolidated class action complaint also asserts claims under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 relating to the Company’s November 2016 secondary public offering of common stock. The consolidated amended complaint also adds Macquarie Infrastructure Management (USA) Inc., Barclays Capital Inc. and seven additional current or former officers or directors of MIC as defendants. On April 22, 2019, the Company and the other defendants filed motions to dismiss the consolidated class action complaint in its entirety, with prejudice. Briefing concluded on July 22, 2019. The Company intends to continue to vigorously contest the claims asserted, which the Company believes are entirely meritless. On August 9, 2018, a shareholder derivative complaint captioned Phyllis Wright v. Liam Stewart, et al. , Case No. 1:18-cv-07174 (VSB), was filed in the United States District Court for the Southern District of New York. A substantially identical complaint captioned Raymond Greenlee v. James Hooke, et al. , Case No. 1:18-cv-09339 (VSB) was filed in the same court on October 12, 2018. A third and substantially similar shareholder derivative complaint captioned Kim Johnson v. Liam Stewart, et al., Case No. 1:18-cv-011062 (VSB) was filed in the same court on November 27, 2018. Each of the shareholder derivative complaints assert derivative claims on behalf of the Company against certain of its current and former officers and directors arising out of the same subject matter at issue in the City of Riviera Beach and Fajardo complaints discussed above. The causes of action asserted include violation of Section 14(a) of the Securities Exchange Act of 1934, breach of fiduciary duties, waste of corporate assets, unjust enrichment, and aiding and abetting breach of fiduciary duty. A motion to consolidate the three actions is currently pending. Proceedings in the Wright, Greenlee and Johnson cases are otherwise stayed pending resolution of the motions to dismiss the securities class actions described above. The Company expects that the named defendants will vigorously contest the claims asserted in the Wright , Greenlee and Johnson complaints.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
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 disclosures 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.
Financial Instruments	Financial Instruments The Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and variable-rate senior debt, are carried at cost, which approximates their fair value because of either the short-term maturity or competitive interest rates assigned to these financial instruments. The fair values of the Company’s other debt instruments fall within level 1 or level 2 of the fair value hierarchy.
Income Taxes	Income Taxes The Company files a consolidated federal income tax return that includes the financial results of IMTT, Atlantic Aviation and MIC Hawaii. Pursuant to a tax sharing agreement, these businesses pay MIC an amount equal to the federal income tax each would pay on a standalone basis as if they were not part of the consolidated federal income tax return. In addition, the businesses file income tax returns and may pay taxes in the state and local jurisdictions in which they operate. In calculating its state income tax provision, the Company has provided a valuation allowance for certain state income tax net operating loss (NOL) carryforwards, the use of which is uncertain. The Company expects to incur a federal taxable loss for the year ended December 31, 2020. Under the U.S. Coronavirus Aid, Relief and Economic Security (CARES) Act, any NOL generated in 2020 may be carried back five years.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting , which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships and other transactions that reference the London interbank offered rate (LIBOR) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020, through December 31, 2022, and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will evaluate the impact of the adoption of this ASU. In August 2018, the FASB issued ASU No. 2018-14, Compensation — Retirement Benefits — Defined Benefit Plans — General (Subtopic 715-20): Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans . The amendments in ASU 2018-14 update disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this update are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company will include appropriate disclosures related to defined benefit plans in accordance with the standard when it adopts the provisions of this ASU. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement

Discontinued Operations and D_2

Discontinued Operations and Dispositions (Tables)	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Contracted Power segment	Summarized financial information for discontinued operations included in the Company’s consolidated condensed statement of operations for the quarter and six months ended June 30, 2019 are as follows ($ in millions): Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Product revenue $ 18 $ 34 Cost of product sales (3) (6) Selling, general & administrative expenses (3) (7) Interest expense, net (7) (12) Other expense, net — (1) Net income from discontinued operations before income taxes $ 5 $ 8 Provision for income taxes (2) — Net income from discontinued operations $ 3 $ 8 Less: net loss attributable to noncontrolling interests (2) (3) Net income from discontinued operations attributable to MIC $ 5 $ 11

Income per Share (Tables)

Income per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Reconciliation of Earnings (Loss) per Share	Following is a reconciliation of the basic and diluted (loss) income per share computations ($ in millions, except share and per share data): Quarter Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net (loss) income from continuing operations attributable to MIC $ (8) $ 6 $ 3 $ 70 Diluted net (loss) income from continuing operations attributable $ (8) $ 6 $ 3 $ 70 Basic and diluted net income from discontinued operations $ — $ 5 $ — $ 11 Denominator: Weighted average number of shares outstanding: basic 86,871,892 86,073,372 86,779,432 85,973,308 Dilutive effect of restricted stock unit grants (1) — 25,739 59,087 24,698 Weighted average number of shares outstanding: diluted 86,871,892 86,099,111 86,838,519 85,998,006 ___________ (1) Dilutive effect of restricted stock unit grants includes grants to independent directors under the 2014 Independent Directors' Equity Plan and certain employees of the Company's operating businesses under the 2016 Omnibus Employee Incentive Plan. Quarter Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Income per share: Basic (loss) income per share from continuing $ (0.09) $ 0.07 $ 0.04 $ 0.81 Basic income per share from discontinued operations — 0.06 — 0.13 Basic (loss) income per share attributable to MIC $ (0.09) $ 0.13 $ 0.04 $ 0.94 Diluted (loss) income per share from continuing $ (0.09) $ 0.07 $ 0.04 $ 0.81 Diluted income per share from discontinued — 0.06 — 0.13 Diluted (loss) income per share attributable to MIC $ (0.09) $ 0.13 $ 0.04 $ 0.94
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Restricted stock unit grants 87,059 — — — 2.875% Convertible Senior Notes due July 2019 (1) — 4,408,660 — 4,396,058 2.00% Convertible Senior Notes due October 2023 3,634,173 3,634,173 3,634,173 3,634,173 Total 3,721,232 8,042,833 3,634,173 8,030,231 ___________

Property, Equipment, Land and_2

Property, Equipment, Land and Leasehold Improvements (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property, Equipment, Land and Leasehold Improvements	Property, equipment, land and leasehold improvements at June 30, 2020 and December 31, 2019 consisted of the following ($ in millions): June 30, December 31, 2019 Land $ 319 $ 319 Buildings 40 40 Leasehold and land improvements 835 813 Machinery and equipment 2,972 2,951 Furniture and fixtures 53 52 Construction in progress 222 143 4,441 4,318 Less: accumulated depreciation (1,210) (1,116) Property, equipment, land and leasehold improvements, net $ 3,231 $ 3,202

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets at June 30, 2020 and December 31, 2019 consisted of the following ($ in millions): June 30, 2020 December 31, 2019 Contractual arrangements $ 923 $ 921 Non-compete agreements 14 14 Customer relationships 352 352 Trade names 16 16 Technology 9 9 1,314 1,312 Less: accumulated amortization (609) (583) Intangible assets, net $ 705 $ 729
Schedule of Goodwill	The goodwill balance by reportable segments as of June 30, 2020 is comprised of the following ($ in millions): IMTT Atlantic Aviation MIC Hawaii Total Goodwill acquired in business combinations, net of disposals, at $ 1,430 $ 619 $ 123 $ 2,172 Accumulated impairment charges — (123) (3) (126) Other (2) (1) — (3) Balance at December 31, 2019 1,428 495 120 2,043 Goodwill related to 2020 acquisition — 1 — 1 Balance at June 30, 2020 $ 1,428 $ 496 $ 120 $ 2,044

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	At June 30, 2020 and December 31, 2019, the Company’s consolidated long-term debt balance comprised of the following ($ in millions): June 30, December 31, 2019 IMTT $ 1,109 $ 1,109 Atlantic Aviation 1,010 1,015 MIC Hawaii 194 195 MIC Corporate 988 388 Total 3,301 2,707 Current portion (11) (12) Long-term portion 3,290 2,695 Unamortized deferred financing costs (1) (36) (41) Long-term portion less unamortized debt discount and deferred financing costs $ 3,254 $ 2,654 ___________ (1) The weighted average remaining life of the deferred financing costs at June 30, 2020 was 4.9 years.
Convertible Debt	The 2.00% Convertible Senior Notes consisted of the following ($ in millions): June 30, December 31, 2019 Liability Component: Principal $ 403 $ 403 Unamortized debt discount (14) (15) Long-term debt, net of unamortized debt discount 389 388 Unamortized deferred financing costs (5) (6) Net carrying amount $ 384 $ 382 Equity Component $ 27 $ 27

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 were ($ in millions): Assets (Liabilities) at Fair Value Balance Sheet Classification June 30, December 31, 2019 Fair value of derivative instruments - other current assets $ — $ 3 Fair value of derivative instruments - other noncurrent assets — 2 Total derivative contracts - assets $ — $ 5 Fair value of derivative instruments - current liabilities $ (8) $ (7) Total derivative contracts – liabilities $ (8) $ (7)
Schedule of Location of Hedging Activities	The Company’s hedging activities for the quarters and six months ended June 30, 2020 and 2019 and the related location within the consolidated condensed statements of operations were ($ in millions): Income Statement Classification Amount of (Loss) Gain Recognized in Quarter Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest expense - interest rate caps $ — $ (4) $ (3) $ (6) Interest expense - interest rate swaps (1) (4) (7) (6) Cost of product sales - commodity swaps 4 (6) (1) (5) Total $ 3 $ (14) $ (11) $ (17)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	The following represents unvested STIP RSU grants through June 30, 2020: STIP Grants (at Target) Number of RSUs Weighted Average Grant-Date Fair Value Unvested balance at December 31, 2019 — $ — Granted 55,661 24.50 Forfeited (1,119) 24.50 Unvested balance at June 30, 2020 54,542 $ 24.50 The following represents unvested Special RSU grants through June 30, 2020: Special RSU Grants Number of RSUs Weighted Average Grant-Date Fair Value Unvested balance at December 31, 2018 — $ — Granted 6,067 40.30 Unvested balance at December 31, 2019 6,067 40.30 Vested (1,100) 40.30 Unvested balance at June 30, 2020 4,967 $ 40.30
Schedule of Nonvested Performance-based Units Activity	The following represents unvested LTIP PSU grants through June 30, 2020 at the target level of performance: LTIP Grants (at Target) Number of PSUs Weighted Average Grant-Date Fair Value Unvested balance at December 31, 2018 — $ — Granted 134,671 39.59 Forfeited (9,477) 39.26 Unvested balance at December 31, 2019 125,194 39.62 Forfeited (5,416) 39.26 Unvested balance at June 30, 2020 119,778 $ 39.64
Schedule of Accumulated Other Comprehensive Income (Loss)	The following represents the changes and balances to the components of accumulated other comprehensive loss, net of taxes, for the six months ended June 30, 2020 and 2019 ($ in millions): Post-Retirement Benefit Plans, net of taxes Translation Adjustment, net of taxes (1) Total Stockholders’ Accumulated Other Comprehensive Loss, net of taxes Balance at December 31, 2018 $ (16) $ (14) $ (30) Translation adjustment — 2 2 Balance at June 30, 2019 $ (16) $ (12) $ (28) Balance at December 31, 2019 $ (25) $ (12) $ (37) Translation adjustment — (1) (1) Balance at June 30, 2020 $ (25) $ (13) $ (38) ___________

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Revenue From External Customers	Revenue from external customers for the Company’s consolidated reportable segments were ($ in millions): Quarter Ended June 30, 2020 IMTT Atlantic MIC Total Reportable Segments Service revenue Terminal services $ 19 $ — $ — $ 19 Lease 100 — — 100 Fuel — 58 — 58 Hangar — 24 — 24 Other 1 22 — 23 Total service revenue 120 104 — 224 Product revenue Lease — — 1 1 Gas — — 32 32 Other — — 4 4 Total product revenue — — 37 37 Total revenue $ 120 $ 104 $ 37 $ 261 Quarter Ended June 30, 2019 IMTT Atlantic MIC Total Reportable Segments Service revenue Terminal services $ 22 $ — $ — $ 22 Lease 95 — — 95 Fuel — 173 — 173 Hangar — 23 — 23 Other 2 40 — 42 Total service revenue 119 236 — 355 Product revenue Lease — — 1 1 Gas — — 57 57 Other — — 3 3 Total product revenue — — 61 61 Total revenue $ 119 $ 236 $ 61 $ 416 Six Months Ended June 30, 2020 IMTT Atlantic MIC Total Reportable Segments Service revenue Terminal services $ 56 $ — $ — $ 56 Lease 193 — — 193 Fuel — 208 — 208 Hangar — 49 — 49 Other 3 71 — 74 Total service revenue 252 328 — 580 Product revenue Lease — — 2 2 Gas — — 89 89 Other — — 6 6 Total product revenue — — 97 97 Total revenue $ 252 $ 328 $ 97 $ 677 Six Months Ended June 30, 2019 IMTT Atlantic MIC Intercompany Adjustments Total Reportable Segments Service revenue Terminal services $ 46 $ — $ — $ — $ 46 Lease 230 — — (1) 229 Fuel — 354 — — 354 Hangar — 46 — — 46 Other 4 94 — — 98 Total service revenue 280 494 — (1) 773 Product revenue Lease — — 2 — 2 Gas — — 117 — 117 Other — — 6 — 6 Total product revenue — — 125 — 125 Total revenue $ 280 $ 494 $ 125 $ (1) $ 898
Schedule of EBITDA for Reportable Segments	EBITDA excluding non-cash items for the Company’s consolidated reportable segments from continuing operations is shown in the tables below ($ in millions). Allocations of corporate expenses, intercompany fees and the tax effect have been excluded as they are eliminated in consolidation. Quarter Ended June 30, 2020 IMTT Atlantic MIC Corporate and Other Total Reportable Segments Net income (loss) $ 16 $ (17) $ 5 $ (12) $ (8) Interest expense, net 10 14 2 7 33 Provision (benefit) for income taxes 6 (6) 2 (7) (5) Depreciation and amortization 34 25 4 — 63 Fees to Manager-related party — — — 4 4 Other non-cash expense (income), net 2 1 (6) 1 (2) EBITDA excluding non-cash items $ 68 $ 17 $ 7 $ (7) $ 85 Quarter Ended June 30, 2019 IMTT Atlantic MIC Corporate and Other Total Reportable Segments Net income (loss) $ 9 $ 9 $ 2 $ (14) $ 6 Interest expense, net 15 22 2 6 45 Provision (benefit) for income taxes 4 4 1 (7) 2 Depreciation and amortization 33 26 4 — 63 Fees to Manager-related party — — — 7 7 Other non-cash expense, net 3 1 5 — 9 EBITDA excluding non-cash items $ 64 $ 62 $ 14 $ (8) $ 132 Six Months Ended June 30, 2020 IMTT Atlantic MIC Corporate and Other Total Reportable Segments Net income (loss) $ 34 $ (3) $ 8 $ (36) $ 3 Interest expense, net 25 33 5 12 75 Provision (benefit) for income taxes 13 (1) 4 (12) 4 Depreciation and amortization 68 52 8 — 128 Fees to Manager-related party — — — 11 11 Other non-cash expense (income), net 5 2 (3) 1 5 EBITDA excluding non-cash items $ 145 $ 83 $ 22 $ (24) $ 226 Six Months Ended June 30, 2019 IMTT Atlantic MIC Corporate and Other Total Reportable Segments Net income (loss) $ 50 $ 34 $ 10 $ (24) $ 70 Interest expense, net 28 41 5 10 84 Provision (benefit) for income taxes 20 13 4 (11) 26 Depreciation and amortization 66 52 8 — 126 Fees to Manager-related party — — — 15 15 Other non-cash expense, net 4 1 7 1 13 EBITDA excluding non-cash items $ 168 $ 141 $ 34 $ (9) $ 334 Reconciliations of total reportable segments’ EBITDA excluding non-cash items to consolidated net (loss) income from continuing operations before income taxes were ($ in millions): Quarter Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Total reportable segments EBITDA excluding non-cash items $ 85 $ 132 $ 226 $ 334 Interest income — 1 — 4 Interest expense (33) (46) (75) (88) Depreciation and amortization (63) (63) (128) (126) Fees to Manager-related party (4) (7) (11) (15) Other income (expense), net 2 (9) (5) (13) Total consolidated net (loss) income from continuing $ (13) $ 8 $ 7 $ 96
Schedule of Capital Expenditures	Capital expenditures, on a cash basis, for the Company’s reportable segments were ($ in millions): Quarter Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 IMTT $ 51 $ 38 $ 106 $ 64 Atlantic Aviation 10 14 21 27 MIC Hawaii 3 5 8 10 Corporate and Other — 1 — 1 Total capital expenditures of reportable segments $ 64 $ 58 $ 135 $ 102
Schedule of Reconciliation of Assets of Reportable Segments	Property, equipment, land and leasehold improvements, net, and total assets for the Company’s reportable segments were ($ in millions): Property, Equipment, Total Assets June 30, December 31, 2019 June 30, December 31, 2019 IMTT $ 2,358 $ 2,323 $ 4,120 $ 4,172 Atlantic Aviation 562 567 1,934 2,060 MIC Hawaii 301 301 519 537 Corporate and Other 10 11 774 92 Total consolidated assets $ 3,231 $ 3,202 $ 7,347 $ 6,861

Long-Term Contracted Revenue (T

Long-Term Contracted Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Contractors [Abstract]
Schedule of Financing Receivables, Minimum Payments	The following long-term contracted revenue were in existence at June 30, 2020 ($ in millions): Lease Contract Total 2020 remaining $ 180 $ 44 $ 224 2021 206 47 253 2022 121 32 153 2023 80 23 103 2024 33 9 42 Thereafter 127 20 147 Total $ 747 $ 175 $ 922

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of Dividends Paid to Manager	Since January 1, 2019, the Company paid the Manager cash dividends on shares held for the following periods: Declared Period Covered $ per Record Date Payable Date Cash Paid to Manager February 14, 2020 Fourth quarter 2019 $ 1.00 March 6, 2020 March 11, 2020 $ 13 October 29, 2019 Third quarter 2019 1.00 November 11, 2019 November 14, 2019 13 July 30, 2019 Second quarter 2019 1.00 August 12, 2019 August 15, 2019 13 April 29, 2019 First quarter 2019 1.00 May 13, 2019 May 16, 2019 13 February 14, 2019 Fourth quarter 2018 1.00 March 4, 2019 March 7, 2019 13
Schedule of Base Management Fees and Performance Fees	The following table shows the Manager's reinvestment of its base management fees and performance fees, if any, in shares: Period Base Management Performance Shares 2020 Activities: Second quarter 2020 $ 4 $ — 146,452 (1) First quarter 2020 7 — 181,617 2019 Activities: Fourth quarter 2019 $ 9 $ — 208,881 Third quarter 2019 8 — 201,827 Second quarter 2019 7 — 192,103 First quarter 2019 8 — 184,448 ___________

Organization and Description _2

Organization and Description of Business (Details)	6 Months Ended
	Jun. 30, 2020airportsegmentterminal
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of reportable segments | segment	4
IMTT
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of marine terminals	17
Canada- IMTT
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of marine terminals	2
Atlantic Aviation
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of airport locations | airport	70

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Commercial paper	$ 0	$ 40,000,000

Impact of COVID-19 - Narrative

Impact of COVID-19 - Narrative (Details) $ in Millions	Mar. 17, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jul. 31, 2020USD ($)	May 04, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)
Impact of COVID-19 [Line Items]
Change in domestic general aviation flight activity quoted using Federal Aviation Administration data for period specified			28.00%		82.00%
Cash and cash equivalents	$ 300		$ 874	$ 874	$ 874			$ 357	$ 573
Revolving Credit Facility
Impact of COVID-19 [Line Items]
Proceeds from line of credit		$ 874
MIC Corporate | Revolving Credit Facility
Impact of COVID-19 [Line Items]
Proceeds from line of credit	599	599		$ 599
Atlantic Aviation
Impact of COVID-19 [Line Items]
Letters of credit							$ 10
Atlantic Aviation | Revolving Credit Facility
Impact of COVID-19 [Line Items]
Proceeds from line of credit	$ 275	$ 275
Maximum | Atlantic Aviation
Impact of COVID-19 [Line Items]
Debt covenant, Debt to EBITDA ratio, net							5.5
Subsequent Event
Impact of COVID-19 [Line Items]
Liquidity available, cash on hand and revolving credit facilities						$ 1,535

Discontinued Operations and D_3

Discontinued Operations and Dispositions (Narrative) (Details) - Disposal Group, Disposed of by Sale $ in Millions	3 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2018MW	Dec. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transaction costs on business disposal	$ 10
Accrued income tax payable, current			$ 42
Solar and wind Facilities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt assumed by buyer from divestiture of business	295
Proceeds from divestiture of business	275
Cash consideration net of transaction costs and taxes	223
Gain (loss) on disposition of business	$ 80
Solar Generating Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capacity of plant | MW		142
Wind Generation Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capacity of plant | MW		203

Discontinued Operations and D_4

Discontinued Operations and Dispositions (Statement of Operations) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income from discontinued operations before income taxes	[1]	$ 0	$ 5	$ 0	$ 8
Provision for income taxes	[1]	0	(2)	0	0
Net income from discontinued operations	[1]	0	3	0	8
Less: net loss attributable to noncontrolling interests		0	(2)	0	(3)
Net income from discontinued operations attributable to MIC		$ 0	5	$ 0	11
Contracted Power Segment | Discontinued Operations, Held-for-sale or Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Product revenue			18		34
Cost of product sales			(3)		(6)
Selling, general & administrative expenses			(3)		(7)
Interest expense, net			(7)		(12)
Other expense, net			0		(1)
Net income from discontinued operations before income taxes			5		8
Provision for income taxes			(2)		0
Net income from discontinued operations			3		8
Less: net loss attributable to noncontrolling interests			(2)		(3)
Net income from discontinued operations attributable to MIC			$ 5		$ 11
[1]	See Note 4, “Discontinued Operations and Dispositions”, for discussions on businesses classified as held for sale.

Income per Share (Schedule of R

Income per Share (Schedule of Reconciliation of the basic and diluted income (loss) per share computations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net (loss) income from continuing operations attributable to MIC	$ (8)	$ 6	$ 3	$ 70
Diluted net (loss) income from continuing operations attributable to MIC	(8)	6	3	70
Basic and diluted net income from discontinued operations attributable to MIC	$ 0	$ 5	$ 0	$ 11
Denominator:
Weighted average number of shares outstanding: basic (in shares)	86,871,892	86,073,372	86,779,432	85,973,308
Dilutive effect of restricted stock unit grants (in shares)	0	25,739	59,087	24,698
Weighted average number of shares outstanding: diluted (in shares)	86,871,892	86,099,111	86,838,519	85,998,006
Income per share:
Basic (loss) income per share from continuing operations attributable to MIC (in dollars per share)	$ (0.09)	$ 0.07	$ 0.04	$ 0.81
Basic income per share from discontinued operations attributable to MIC (in dollars per share)	0	0.06	0	0.13
Basic (loss) income per share attributable to MIC (in dollars per share)	(0.09)	0.13	0.04	0.94
Diluted (loss) income per share from continuing operations attributable to MIC (in dollars per share)	(0.09)	0.07	0.04	0.81
Diluted income per share from discontinued operations attributable to MIC (in dollars per share)	0	0.06	0	0.13
Diluted (loss) income per share attributable to MIC (in dollars per share)	$ (0.09)	$ 0.13	$ 0.04	$ 0.94

Income per Share (Schedule of S

Income per Share (Schedule of Shares Excluded from Calculation) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jul. 15, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,721,232	8,042,833	3,634,173	8,030,231
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	87,059	0	0	0
2.875% Convertible Senior Notes due July 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	4,408,660	0	4,396,058
Interest rate, stated percentage	2.875%		2.875%		2.875%
2.00% Convertible Senior Notes due October 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,634,173	3,634,173	3,634,173	3,634,173
Interest rate, stated percentage	2.00%		2.00%

Property, Equipment, Land and_3

Property, Equipment, Land and Leasehold Improvements (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 4,441	$ 4,318
Less: accumulated depreciation	(1,210)	(1,116)
Property, equipment, land and leasehold improvements, net	3,231	3,202
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	319	319
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment	40	40
Leasehold and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	835	813
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,972	2,951
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment	53	52
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 222	$ 143

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 1,314	$ 1,312
Less: accumulated amortization	(609)	(583)
Intangible assets, net	705	729
Contractual arrangements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	923	921
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	14	14
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	352	352
Trade names
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	16	16
Technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 9	$ 9

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jun. 30, 2020	Dec. 31, 2019
Goodwill [Line Items]
Beginning balance		$ 2,043
Accumulated impairment charges	$ (126)		$ (126)
Other			(3)
Goodwill acquired	2,172	1
Ending balance	2,043	2,044	2,043
IMTT
Goodwill [Line Items]
Beginning balance		1,428
Accumulated impairment charges	0		0
Other			(2)
Goodwill acquired	1,430	0
Ending balance	1,428	1,428	1,428
Atlantic Aviation
Goodwill [Line Items]
Beginning balance		495
Accumulated impairment charges	(123)		(123)
Other			(1)
Goodwill acquired	619	1
Ending balance	495	496	495
MIC Hawaii
Goodwill [Line Items]
Beginning balance		120
Accumulated impairment charges	(3)		(3)
Other			0
Goodwill acquired	123	0
Ending balance	$ 120	$ 120	$ 120

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill (Narrative) (Details) $ in Millions	Sep. 30, 2019USD ($)
Goodwill [Line Items]
Amount of fair value in excess of carrying amount	$ 2,200
Percentage of fair value in excess of carrying amount	33.00%
Atlantic Aviation
Goodwill [Line Items]
Amount of fair value in excess of carrying amount	$ 1,900
MIC Hawaii
Goodwill [Line Items]
Amount of fair value in excess of carrying amount	280
IMTT
Goodwill [Line Items]
Amount of fair value in excess of carrying amount	$ 20

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total	$ 3,301	$ 2,707
Current portion	(11)	(12)
Long-term portion	3,290	2,695
Unamortized deferred financing costs	(36)	(41)
Long-term portion less unamortized debt discount and deferred financing costs	$ 3,254	2,654
Weighted average life of deferred financing costs	4.9 years
IMTT
Debt Instrument [Line Items]
Total	$ 1,109	1,109
Atlantic Aviation
Debt Instrument [Line Items]
Total	1,010	1,015
MIC Hawaii
Debt Instrument [Line Items]
Total	194	195
MIC Corporate
Debt Instrument [Line Items]
Total	$ 988	$ 388

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details)	Jun. 30, 2020USD ($)	Mar. 17, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	May 04, 2020USD ($)
Debt Instrument [Line Items]
Current and long-term debt	$ 3,301,000,000		$ 2,707,000,000		$ 3,301,000,000		$ 3,301,000,000
Amortization of debt discount							1,000,000		$ 2,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Undrawn portion of line of credit	$ 661,000,000				$ 661,000,000		$ 661,000,000
Line of credit		$ 874,000,000
Proceeds from line of credit				$ 874,000,000
Convertible Senior Notes Due October 2023
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%		2.00%		2.00%		2.00%
Debt instrument, term	7 years						7 years
Current and long-term debt	$ 389,000,000		$ 388,000,000		$ 389,000,000		$ 389,000,000
Fair value of convertible senior notes	$ 340,000,000		370,000,000		340,000,000		340,000,000
Conversion rate	9.0290
Debt instrument, face amount	$ 1,000				1,000		1,000
Interest expense					3,000,000	$ 3,000,000	6,000,000		$ 6,000,000
Amortization of debt discount					2,000,000	$ 2,000,000	4,000,000	$ 4,000,000
MIC Corporate
Debt Instrument [Line Items]
Current and long-term debt	988,000,000		388,000,000		988,000,000		988,000,000
MIC Corporate | Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from line of credit		599,000,000		599,000,000			599,000,000
Borrowing capacity	600,000,000	600,000,000			600,000,000		600,000,000
MIC Corporate | Convertible Senior Notes Due October 2023
Debt Instrument [Line Items]
Current and long-term debt	389,000,000		388,000,000		389,000,000		389,000,000
IMTT
Debt Instrument [Line Items]
Current and long-term debt	1,109,000,000		1,109,000,000		1,109,000,000		1,109,000,000
IMTT | Senior Notes
Debt Instrument [Line Items]
Borrowing capacity	600,000,000		600,000,000		600,000,000		600,000,000
Debt instrument, fair value disclosure	660,000,000		635,000,000		660,000,000		660,000,000
IMTT | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	600,000,000		600,000,000		600,000,000		600,000,000
IMTT | Tax Exempt Bonds
Debt Instrument [Line Items]
Borrowing capacity	509,000,000		509,000,000		509,000,000		509,000,000
Atlantic Aviation
Debt Instrument [Line Items]
Current and long-term debt	1,010,000,000		1,015,000,000		1,010,000,000		1,010,000,000
Letters of credit										$ 10,000,000
Atlantic Aviation | Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from line of credit		275,000,000		$ 275,000,000
Borrowing capacity	$ 350,000,000	$ 350,000,000	$ 350,000,000		350,000,000		350,000,000
Debt instrument, term			5 years
Atlantic Aviation | Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, term	7 years
Current and long-term debt	$ 1,010,000,000		$ 1,015,000,000		1,010,000,000		1,010,000,000
Hawaii Gas Business | Senior Notes
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	105,000,000		105,000,000		105,000,000		105,000,000
Long-term debt	100,000,000		100,000,000		100,000,000		100,000,000
Hawaii Gas Business | Revolving Credit Facility
Debt Instrument [Line Items]
Undrawn portion of line of credit	60,000,000		60,000,000		60,000,000		60,000,000
Hawaii Gas Business | Term Loan Facility
Debt Instrument [Line Items]
Borrowing capacity	80,000,000		80,000,000		80,000,000		80,000,000
Hawaii Gas Business | Term Loan Facility | Solar facilities
Debt Instrument [Line Items]
Current and long-term debt	$ 14,000,000		$ 15,000,000		$ 14,000,000		$ 14,000,000

Long-Term Debt (Schedule of 2.0

Long-Term Debt (Schedule of 2.00% Convertible Senior Notes) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Total	$ 3,301	$ 2,707
Unamortized deferred financing costs	(36)	(41)
Long-term portion less unamortized debt discount and deferred financing costs	3,254	2,654
MIC Corporate
Total	988	388
Convertible Senior Notes Due October 2023
Total	389	388
Convertible Senior Notes Due October 2023 | MIC Corporate
Convertible Debt	403	403
Unamortized debt discount	(14)	(15)
Total	389	388
Unamortized deferred financing costs	(5)	(6)
Long-term portion less unamortized debt discount and deferred financing costs	384	382
Equity Component	$ 27	$ 27

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Millions	Jun. 30, 2020USD ($)
Derivative [Line Items]
Current and long-term debt	$ 3,315
Fixed rate debt	1,103
Unhedged debt	1,347
Interest Rate Contracts
Derivative [Line Items]
Debt economically hedged with interest rate contracts	$ 865

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities (Schedule of Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments - other current assets	$ 0	$ 3
Fair value of derivative instruments - other noncurrent assets	0	2
Total derivative contracts - assets	0	5
Fair value of derivative instruments - current liabilities	(8)	(7)
Total derivative contracts – liabilities	$ (8)	$ (7)

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Schedule of Location of Hedging Activities) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$ 3	$ (14)	$ (11)	$ (17)
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	(1)	(8)	(10)	(12)
Interest Expense | Interest expense - interest rate caps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	0	(4)	(3)	(6)
Interest Expense | Interest expense - interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	(1)	(4)	(7)	(6)
Cost of product sales | Cost of product sales - commodity swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$ 4	$ (6)	$ (1)	$ (5)

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock Units (RSUs)
Shares Activity [Line Items]
Weighted average period of unrecognized compensation costs		9 months 18 days
Granted (in shares)	4,967	4,967	6,067	0
Performance Shares
Shares Activity [Line Items]
Weighted average period of unrecognized compensation costs		1 year 6 months
Granted (in shares)	119,778	119,778	125,194	0
Compensation expense	$ 1	$ 1
Grant date fair value of awards	5	5
Unrecognized compensation costs	$ 3	$ 3
Minimum | Performance Shares
Shares Activity [Line Items]
Granted (in shares)	0	0
Maximum | Performance Shares
Shares Activity [Line Items]
Granted (in shares)	221,088	221,088
2019 Short Term Incentive Plan | Restricted Stock Units (RSUs)
Shares Activity [Line Items]
Cash component of an incentive award	75.00%	75.00%
Stock component of an incentive award	25.00%	25.00%
Share-based payment award performance period		1 year
Vesting period		2 years
Weighted average grant date fair value of nonvested awards	$ 1	$ 1
Weighted average period of unrecognized compensation costs		1 year 3 months 18 days
Granted (in shares)	54,542	54,542	0
2019 Short Term Incentive Plan | Tranche 1 | Restricted Stock Units (RSUs)
Shares Activity [Line Items]
Vesting percentage		50.00%
2019 Short Term Incentive Plan | Tranche 2 | Restricted Stock Units (RSUs)
Shares Activity [Line Items]
Vesting percentage		50.00%
2019 Long Term Incentive Plan
Shares Activity [Line Items]
Share-based payment award performance period		3 years

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Unvested Stock Unit) (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Restricted Stock Units (RSUs)
Number of Units
Beginning balance (in shares)	6,067	0
Granted (in shares)		6,067
Vested (in shares)	(1,100)
Ending balance (in shares)	4,967	6,067
Weighted Average Grant-Date Fair Value (per share)
Beginning balance (in dollars per share)	$ 40.30	$ 0
Granted (in dollars per share)		40.30
Vested (in dollars per share)	40.30
Ending balance (in dollars per share)	$ 40.30	$ 40.30
Performance Shares
Number of Units
Beginning balance (in shares)	125,194	0
Granted (in shares)		134,671
Forfeited (in shares)	(5,416)	(9,477)
Ending balance (in shares)	119,778	125,194
Weighted Average Grant-Date Fair Value (per share)
Beginning balance (in dollars per share)	$ 39.62	$ 0
Granted (in dollars per share)		39.59
Forfeited (in dollars per share)	39.26	39.26
Ending balance (in dollars per share)	$ 39.64	$ 39.62
2019 Short Term Incentive Plan | Restricted Stock Units (RSUs)
Number of Units
Beginning balance (in shares)	0
Granted (in shares)	55,661
Forfeited (in shares)	(1,119)
Ending balance (in shares)	54,542	0
Weighted Average Grant-Date Fair Value (per share)
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	24.50
Forfeited (in dollars per share)	24.50
Ending balance (in dollars per share)	$ 24.50	$ 0

Stockholders' Equity (Schedul_2

Stockholders' Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2020		Jun. 30, 2019	Jun. 30, 2020		Jun. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 2,744		$ 3,106	$ 2,811	[1]	$ 3,117
Translation adjustment	[2]	2		2	(1)		2
Ending balance		2,742	[1]	3,038	2,742	[1]	3,038
Translation adjustment, net of tax expense (benefit)		1		1			1
Total Stockholders’ Accumulated Other Comprehensive Loss, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(40)		(30)	(37)		(30)
Ending balance		(38)		(28)	(38)		(28)
Post-Retirement Benefit Plans, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance					(25)		(16)
Translation adjustment					0		0
Ending balance		(25)		(16)	(25)		(16)
Translation Adjustment, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance					(12)		(14)
Translation adjustment					(1)		2
Ending balance		$ (13)		$ (12)	$ (13)		$ (12)
[1]	The Company is authorized to issue the following classes of stock: (i) 500,000,000 shares of common stock, par value $0.001 per share. At June 30, 2020 and December 31, 2019, the Company had 86,969,144 shares and 86,600,302 shares of common stock issued and outstanding, respectively; (ii) 100,000,000 shares of preferred stock, par value $0.001 per share authorized. At June 30, 2020 and December 31, 2019 , no preferred stocks were issued or outstanding; and (iii) 100 shares of special stock, par value $0.001 per share, issued and outstanding to its Manager as at June 30, 2020 and December 31, 2019.
[2]	Translation adjustment is presented net of tax expense of $1 million for the quarter ended June 30, 2020 and both the quarter and six month periods ended June 30, 2019. Tax expense related to translation adjustment for the six months ended June 30, 2020 was insignificant. See Note 10, "Stockholders' Equity", for further discussions.

Reportable Segments (Narrative)

Reportable Segments (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020terminalsegmentairportfacility
Segment Reporting Information [Line Items]
Number of reportable segments | segment	4
Canada- IMTT
Segment Reporting Information [Line Items]
Number of marine terminals	2
Canada- IMTT | Quebec Marine Terminal
Segment Reporting Information [Line Items]
Number of marine terminals	1
Canada- IMTT | Newfoundland Marine Terminal | Partially Owned
Segment Reporting Information [Line Items]
Number of marine terminals	1
IMTT
Segment Reporting Information [Line Items]
Number of marine terminals	17
Atlantic Aviation
Segment Reporting Information [Line Items]
Number of airport locations | airport	70
MIC Hawaii
Segment Reporting Information [Line Items]
Number of solar projects | facility	2
MIC Hawaii | Minimum
Segment Reporting Information [Line Items]
Life of purchase power agreements	20 years

Reportable Segments (Revenue fr

Reportable Segments (Revenue from external customers for the Company's consolidated reportable segments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Total revenue	$ 261	$ 416	$ 677	$ 898
Total service revenue
Segment Reporting Information [Line Items]
Total revenue	224	355	580	773
Terminal services
Segment Reporting Information [Line Items]
Total revenue	19	22	56	46
Lease
Segment Reporting Information [Line Items]
Total revenue	100	95	193	229
Fuel
Segment Reporting Information [Line Items]
Total revenue	58	173	208	354
Hangar
Segment Reporting Information [Line Items]
Total revenue	24	23	49	46
Other
Segment Reporting Information [Line Items]
Total revenue	23	42	74	98
Total product revenue
Segment Reporting Information [Line Items]
Total revenue	37	61	97	125
Lease
Segment Reporting Information [Line Items]
Total revenue	1	1	2	2
Gas
Segment Reporting Information [Line Items]
Total revenue	32	57	89	117
Other
Segment Reporting Information [Line Items]
Total revenue	4	3	6	6
Operating Segments | IMTT
Segment Reporting Information [Line Items]
Total revenue	120	119	252	280
Operating Segments | Atlantic Aviation
Segment Reporting Information [Line Items]
Total revenue	104	236	328	494
Operating Segments | MIC Hawaii
Segment Reporting Information [Line Items]
Total revenue	37	61	97	125
Operating Segments | Total service revenue | IMTT
Segment Reporting Information [Line Items]
Total revenue	120	119	252	280
Operating Segments | Total service revenue | Atlantic Aviation
Segment Reporting Information [Line Items]
Total revenue	104	236	328	494
Operating Segments | Total service revenue | MIC Hawaii
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Terminal services | IMTT
Segment Reporting Information [Line Items]
Total revenue	19	22	56	46
Operating Segments | Terminal services | Atlantic Aviation
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Terminal services | MIC Hawaii
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Lease | IMTT
Segment Reporting Information [Line Items]
Total revenue	100	95	193	230
Operating Segments | Lease | Atlantic Aviation
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Lease | MIC Hawaii
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Fuel | IMTT
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Fuel | Atlantic Aviation
Segment Reporting Information [Line Items]
Total revenue	58	173	208	354
Operating Segments | Fuel | MIC Hawaii
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Hangar | IMTT
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Hangar | Atlantic Aviation
Segment Reporting Information [Line Items]
Total revenue	24	23	49	46
Operating Segments | Hangar | MIC Hawaii
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Other | IMTT
Segment Reporting Information [Line Items]
Total revenue	1	2	3	4
Operating Segments | Other | Atlantic Aviation
Segment Reporting Information [Line Items]
Total revenue	22	40	71	94
Operating Segments | Other | MIC Hawaii
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Total product revenue | IMTT
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Total product revenue | Atlantic Aviation
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Total product revenue | MIC Hawaii
Segment Reporting Information [Line Items]
Total revenue	37	61	97	125
Operating Segments | Lease | IMTT
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Lease | Atlantic Aviation
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Lease | MIC Hawaii
Segment Reporting Information [Line Items]
Total revenue	1	1	2	2
Operating Segments | Gas | IMTT
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Gas | Atlantic Aviation
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Gas | MIC Hawaii
Segment Reporting Information [Line Items]
Total revenue	32	57	89	117
Operating Segments | Other | IMTT
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Other | Atlantic Aviation
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | Other | MIC Hawaii
Segment Reporting Information [Line Items]
Total revenue	$ 4	$ 3	$ 6	6
Intercompany Adjustments
Segment Reporting Information [Line Items]
Total revenue				(1)
Intercompany Adjustments | Total service revenue
Segment Reporting Information [Line Items]
Total revenue				(1)
Intercompany Adjustments | Terminal services
Segment Reporting Information [Line Items]
Total revenue				0
Intercompany Adjustments | Lease
Segment Reporting Information [Line Items]
Total revenue				(1)
Intercompany Adjustments | Fuel
Segment Reporting Information [Line Items]
Total revenue				0
Intercompany Adjustments | Hangar
Segment Reporting Information [Line Items]
Total revenue				0
Intercompany Adjustments | Other
Segment Reporting Information [Line Items]
Total revenue				0
Intercompany Adjustments | Total product revenue
Segment Reporting Information [Line Items]
Total revenue				0
Intercompany Adjustments | Lease
Segment Reporting Information [Line Items]
Total revenue				0
Intercompany Adjustments | Gas
Segment Reporting Information [Line Items]
Total revenue				0
Intercompany Adjustments | Other
Segment Reporting Information [Line Items]
Total revenue				$ 0

Reportable Segments (Schedule o

Reportable Segments (Schedule of EBITDA for Reportable Segments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Net (loss) income from continuing operations	$ (8)	$ 6	$ 3	$ 70
Interest expense, net	33	45	75	84
Provision (benefit) for income taxes	(5)	2	4	26
Depreciation	50	48	101	96
Depreciation and amortization	63	63	128	126
Amortization of intangibles	13	15	27	30
Fees to Manager-related party	4	7	11	15
Other non-cash expense	(2)	9	5	13
EBITDA excluding non-cash items	85	132	226	334
IMTT
Segment Reporting Information [Line Items]
Net (loss) income from continuing operations	16	9	34	50
Interest expense, net	10	15	25	28
Provision (benefit) for income taxes	6	4	13	20
Depreciation and amortization	34	33	68	66
Fees to Manager-related party	0	0	0	0
Other non-cash expense	2	3	5	4
EBITDA excluding non-cash items	68	64	145	168
Atlantic Aviation
Segment Reporting Information [Line Items]
Net (loss) income from continuing operations	(17)	9	(3)	34
Interest expense, net	14	22	33	41
Provision (benefit) for income taxes	(6)	4	(1)	13
Depreciation and amortization	25	26	52	52
Fees to Manager-related party	0	0	0	0
Other non-cash expense	1	1	2	1
EBITDA excluding non-cash items	17	62	83	141
MIC Hawaii
Segment Reporting Information [Line Items]
Net (loss) income from continuing operations	5	2	8	10
Interest expense, net	2	2	5	5
Provision (benefit) for income taxes	2	1	4	4
Depreciation and amortization	4	4	8	8
Fees to Manager-related party	0	0	0	0
Other non-cash expense	(6)	5	(3)	7
EBITDA excluding non-cash items	7	14	22	34
Corporate and Other
Segment Reporting Information [Line Items]
Net (loss) income from continuing operations	(12)	(14)	(36)	(24)
Interest expense, net	7	6	12	10
Provision (benefit) for income taxes	(7)	(7)	(12)	(11)
Depreciation and amortization	0	0	0	0
Fees to Manager-related party	4	7	11	15
Other non-cash expense	1	0	1	1
EBITDA excluding non-cash items	$ (7)	$ (8)	$ (24)	$ (9)

Reportable Segments (Schedule_2

Reportable Segments (Schedule of Reconciliation of EBITDA for Reportable Segments) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting [Abstract]
Total reportable segments EBITDA excluding non-cash items		$ 85	$ 132	$ 226	$ 334
Investment Income, Interest		0	1	0	4
Interest expense	[1]	(33)	(46)	(75)	(88)
Depreciation and amortization		63	63	128	126
Fees to Manager-related party		(4)	(7)	(11)	(15)
Other income (expense), net		2	(9)	(5)	(13)
Net (loss) income from continuing operations before income taxes		$ (13)	$ 8	$ 7	$ 96
[1]	Interest expense includes non-cash losses on derivative instruments of $1 million and $10 million for the quarter and six months ended June 30, 2020, respectively, compared with non-cash losses of $8 million and $12 million for the quarter and six months ended June 30, 2019, respectively.

Reportable Segments (Schedule_3

Reportable Segments (Schedule of Capital Expenditures) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Capital expenditures	$ 64	$ 58	$ 135	$ 102
IMTT
Segment Reporting Information [Line Items]
Capital expenditures	51	38	106	64
Atlantic Aviation
Segment Reporting Information [Line Items]
Capital expenditures	10	14	21	27
MIC Hawaii
Segment Reporting Information [Line Items]
Capital expenditures	3	5	8	10
Corporate and Other
Segment Reporting Information [Line Items]
Capital expenditures	$ 0	$ 1	$ 0	$ 1

Reportable Segments (Schedule_4

Reportable Segments (Schedule of Assets of Reportable Segments) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Property, Plant and Equipment, Net	$ 3,231	$ 3,202
Total Assets	7,347	6,861
IMTT | Operating Segments
Segment Reporting Information [Line Items]
Property, Plant and Equipment, Net	2,358	2,323
Total Assets	4,120	4,172
Atlantic Aviation | Operating Segments
Segment Reporting Information [Line Items]
Property, Plant and Equipment, Net	562	567
Total Assets	1,934	2,060
MIC Hawaii | Operating Segments
Segment Reporting Information [Line Items]
Property, Plant and Equipment, Net	301	301
Total Assets	519	537
Corporate and Other | Operating Segments
Segment Reporting Information [Line Items]
Property, Plant and Equipment, Net	10	11
Total Assets	$ 774	$ 92

Long-Term Contracted Revenue (D

Long-Term Contracted Revenue (Details) $ in Millions	Jun. 30, 2020USD ($)
Total Long-Term Revenue
2020 remaining	$ 224
2021	253
2022	153
2023	103
2024	42
Thereafter	147
Total	922
Lease Revenue (ASC 842)
Lease Revenue (ASC 842)
2020 remaining	180
2021	206
2022	121
2023	80
2024	33
Thereafter	127
Total lease payment	747
Contract Revenue (ASC 606)
Contract Revenue (ASC 606)
2020 remaining	44
2021	47
2022	32
2023	23
2024	9
Thereafter	20
Total	$ 175

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($)	Oct. 30, 2019	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Mar. 17, 2020
Related Party Transaction [Line Items]
Percentage of shares held by manager related party		15.64%						15.64%		15.64%
Base management fees to be settled		$ 4,000,000	$ 7,000,000	$ 9,000,000	$ 8,000,000	$ 7,000,000	$ 8,000,000
Percentage of cap on base management fee										1.00%
Disposition agreement, qualifying termination event, minimum due upon sale or sales of businesses	$ 50,000,000
Disposition agreement, qualifying termination event, perccentage applied above threshold	1.50%
Disposition agreement, qualifying termination event, threshold, net proceeds	$ 500,000,000
Disposition agreement, potential extension period for additional payment subject to qualifying termination event occurring on or prior to January 1, 2022	6 months
Disposition agreement, qualifying termination event, additional payment	$ 25,000,000
Disposition agreement, minimum management fee for years one and two	$ 20,000,000
Disposition agreement, minimum management fee for years one and two	2 years
Disposition agreement, minimum management fee for years three through six	$ 10,000,000
Recapture amount of previously waived management fees	$ 8,500,000
Disposition agreement, maximum period without qualifying termination event	sixth anniversary
MIC Corporate | Revolving Credit Facility
Related Party Transaction [Line Items]
Borrowing capacity		$ 600,000,000						$ 600,000,000		$ 600,000,000	$ 600,000,000
Management
Related Party Transaction [Line Items]
Shares of the Company held by Manager, a related party (in shares)		13,600,444		13,253,791				13,600,444		13,600,444
Base management fees to be settled		$ 4,000,000				7,000,000		$ 11,000,000	$ 15,000,000
Reimbursement of out-of-pocket expenses		16,000				331,000		304,000	577,000
Legal fees		60,000
Macquarie Capital Funding LLC | Revolving Credit Facility
Related Party Transaction [Line Items]
Borrowing capacity		40,000,000						40,000,000		$ 40,000,000
Macquarie Capital Funding LLC | MIC Corporate | Revolving Credit Facility
Related Party Transaction [Line Items]
Interest costs incurred		274,000				$ 41,000		361,000	$ 75,000
Indirect Subsidiaries Within Macquarie Group | IMTT
Related Party Transaction [Line Items]
Revenues		$ 1,000,000						2,000,000
Advisory Services | Former Board of Director
Related Party Transaction [Line Items]
Reimbursement of out-of-pocket expenses								$ 25,000
Minimum
Related Party Transaction [Line Items]
Disposition agreement, percentage of net proceeds due upon sale or sales of businesses	2.90%
Maximum
Related Party Transaction [Line Items]
Disposition agreement, percentage of net proceeds due upon sale or sales of businesses	6.10%

Related Party Transactions (Sch

Related Party Transactions (Schedule of Dividends Paid to Manager) (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Cash dividend declared per share (in dollars per share)	$ 1	$ 1	$ 1	$ 1	$ 1
Cash Paid to Manager	$ 13	$ 13	$ 13	$ 13	$ 13

Related Party Transactions (S_2

Related Party Transactions (Schedule of Base Management Fees and Performance Fees) (Details) - USD ($) $ in Millions	3 Months Ended						6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020
Related Party Transactions [Abstract]
Base Management Fee Amount	$ 4	$ 7	$ 9	$ 8	$ 7	$ 8
Performance Fee Amount	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Shares Issued (in shares)	146,452	181,617	208,881	201,827	192,103	184,448
Shares issued subsequent for base management fees to manager for July 2020 (in shares)							52,370

Uncategorized Items - mic-20200

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations	$ 19,000,000	[1]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations	0	[1]
Restricted Cash, Current	us-gaap_RestrictedCashCurrent	14,000,000
Restricted Cash, Current	us-gaap_RestrictedCashCurrent	$ 17,000,000
[1]	Represents cash, cash equivalents and restricted cash related to businesses classified as held for sale. See Note 4, “Discontinued Operations and Dispositions”, for further discussion.