Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 08, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Fortress Transportation & Infrastructure Investors LLC | ||
Entity Central Index Key | 1,590,364 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 75,730,165 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 400 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 381,703 | $ 22,125 |
Restricted cash | 21,610 | 21,084 |
Accounts receivable, net | 14,466 | 9,588 |
Leasing equipment, net | 636,681 | 509,379 |
Finance leases, net | 82,521 | 102,813 |
Property, plant, and equipment, net | 299,678 | 227,381 |
Investment in and advances to unconsolidated entity | 10,675 | 21,569 |
Tendered bonds | 0 | 298,000 |
Intangible assets, net | 44,129 | 52,169 |
Goodwill | 116,584 | 116,584 |
Other assets | 41,594 | 24,048 |
Total assets | 1,649,641 | 1,404,740 |
Liabilities | ||
Accounts payable and accrued liabilities | 34,995 | 43,174 |
Debt | 271,057 | 592,867 |
Maintenance deposits | 30,494 | 35,575 |
Security deposits | 15,990 | 13,622 |
Other liabilities | 6,419 | 6,005 |
Total liabilities | $ 358,955 | $ 691,243 |
Commitments and contingencies | ||
Equity | ||
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 75,718,183 and 53,502,873 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively) | $ 757 | $ 535 |
Additional paid in capital | 1,184,198 | 613,683 |
Accumulated deficit | (18,769) | 0 |
Accumulated other comprehensive income | 97 | 214 |
Shareholders' equity | 1,166,283 | 614,432 |
Non-controlling interest in equity of consolidated subsidiaries | 124,403 | 99,065 |
Total equity | 1,290,686 | 713,497 |
Total liabilities and equity | $ 1,649,641 | $ 1,404,740 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued (in shares) | 75,718,183 | 53,502,873 |
Common stock, shares outstanding (in shares) | 75,718,183 | 53,502,873 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||||||||||
Total revenues | $ 33,798 | $ 35,233 | $ 33,564 | $ 33,973 | $ 23,419 | $ 16,080 | $ 10,735 | $ 7,696 | $ 136,568 | $ 57,930 | $ 19,530 |
Expenses | |||||||||||
Operating expenses | 68,793 | 27,223 | 3,157 | ||||||||
General and administrative | 7,568 | 2,007 | 805 | ||||||||
Acquisition and transaction expenses | 5,683 | 11,450 | 260 | ||||||||
Management fees and incentive allocation to affiliate | 15,018 | 5,463 | 2,211 | ||||||||
Depreciation and amortization | 45,308 | 15,998 | 3,909 | ||||||||
Interest expense | 19,311 | 5,872 | 2,816 | ||||||||
Total expenses | 44,786 | 43,475 | 40,194 | 33,226 | 27,482 | 17,733 | 15,302 | 7,496 | 161,681 | 68,013 | 13,158 |
Other income (expense) | |||||||||||
Equity in (loss) earnings of unconsolidated entities | (6,956) | 6,093 | 10,325 | ||||||||
Gain on sale of equipment, net | 3,419 | 7,576 | 2,415 | ||||||||
Gain on sale of unconsolidated entity | 0 | 0 | 6,144 | ||||||||
Interest income | 579 | 186 | 23 | ||||||||
Other income, net | 26 | 20 | 0 | ||||||||
Total other income (expense) | 1,681 | (7,664) | 1,626 | 1,425 | 4,780 | 3,755 | 3,779 | 1,561 | (2,932) | 13,875 | 18,907 |
(Loss) Income before income taxes | (9,307) | (15,906) | (5,004) | 2,172 | 717 | 2,102 | (788) | 1,761 | (28,045) | 3,792 | 25,279 |
Provision for income taxes | (60) | 150 | 266 | 230 | 160 | 156 | 399 | 159 | 586 | 874 | 0 |
Net (loss) income | (9,247) | (16,056) | (5,270) | 1,942 | 557 | 1,946 | (1,187) | 1,602 | (28,631) | 2,918 | 25,279 |
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries | (4,548) | (4,318) | (4,433) | (3,506) | (3,118) | (2,085) | 165 | 176 | (16,805) | (4,862) | 458 |
Net (loss) income attributable to shareholders | $ (4,699) | $ (11,738) | $ (837) | $ 5,448 | $ 3,675 | $ 4,031 | $ (1,352) | $ 1,426 | $ (11,826) | $ 7,780 | $ 24,821 |
(Loss) Earnings per Share: | |||||||||||
Basic and Diluted (in dollars per share) | $ (0.18) | $ 0.15 | $ 0.46 | ||||||||
Weighted Average Shares Outstanding: | |||||||||||
Basic (in shares) | 75,718,183 | 75,718,183 | 62,879,023 | 53,502,873 | 53,502,873 | 53,502,873 | 53,502,873 | 53,502,873 | 67,039,439 | 53,502,873 | 53,502,873 |
Diluted (in shares) | 75,718,183 | 75,718,183 | 62,879,023 | 53,502,873 | 53,502,873 | 53,502,873 | 53,502,873 | 53,502,873 | 67,039,439 | 53,502,873 | 53,502,873 |
Equipment Leasing | |||||||||||
Revenues | |||||||||||
Total revenues | $ 92,743 | $ 43,984 | $ 19,530 | ||||||||
Infrastructure | |||||||||||
Revenues | |||||||||||
Total revenues | $ 43,825 | $ 13,946 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (28,631) | $ 2,918 | $ 25,279 | |
Other comprehensive (loss) income: | ||||
Change in fair value of cash flow hedge | [1] | (117) | (114) | 405 |
Comprehensive (loss) income | (28,748) | 2,804 | 25,684 | |
Comprehensive (loss) income attributable to non-controlling interest | (16,805) | (4,862) | 458 | |
Comprehensive (loss) income attributable to shareholders | $ (11,943) | $ 7,666 | $ 25,226 | |
[1] | Includes the Company's share of equity method investee amounts of $77 for the year ended December 31, 2013. |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Statement of Comprehensive Income [Abstract] | |
Company's share of equity method investee changes in fair value of cash flow hedge | $ 77 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest in Equity of Consolidated Subsidiaries |
Equity beginning balance at Dec. 31, 2013 | $ 195,884 | $ 535 | $ 191,566 | $ 0 | $ 328 | $ 3,455 |
Comprehensive (loss) income: | ||||||
Net (loss) income for the period | 2,918 | 7,780 | (4,862) | |||
Other comprehensive loss | (114) | (114) | ||||
Comprehensive (loss) income | 2,804 | (4,862) | ||||
Capital contributions | 590,519 | 490,747 | 99,772 | |||
Capital distributions | (76,975) | (76,410) | (565) | |||
Equity-based compensation | 1,265 | 1,265 | ||||
Equity beginning balance at Dec. 31, 2014 | 713,497 | 535 | 613,683 | 0 | 214 | 99,065 |
Comprehensive (loss) income: | ||||||
Net (loss) income for the period | (28,631) | 6,943 | (18,769) | (16,805) | ||
Other comprehensive loss | (117) | (117) | ||||
Comprehensive (loss) income | (28,748) | (16,805) | ||||
Capital contributions | 333,705 | 295,879 | 37,826 | |||
Capital distributions | (45,238) | (44,917) | (321) | |||
Issuance of common shares | 349,151 | 222 | 348,929 | |||
Dividends declared | (36,343) | (36,343) | ||||
Equity-based compensation | 4,662 | 24 | 4,638 | |||
Equity ending balance at Dec. 31, 2015 | $ 1,290,686 | $ 757 | $ 1,184,198 | $ (18,769) | $ 97 | $ 124,403 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (28,631) | $ 2,918 | $ 25,279 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||
Equity in loss (earnings) of unconsolidated entities | 6,956 | (6,093) | (10,325) |
Gain on sale of equipment | (3,419) | (7,576) | (2,415) |
Gain on sale of an unconsolidated entity | 0 | 0 | (6,144) |
Security deposits and maintenance claims included in earnings | (439) | 0 | 0 |
Equity-based compensation | 4,662 | 1,265 | 0 |
Depreciation and amortization | 45,308 | 15,998 | 3,909 |
Change in current and deferred income taxes | 61 | 626 | 0 |
Change in fair value of non-hedge derivative | 14 | 25 | 0 |
Amortization of lease intangibles and incentives | 7,016 | 2,694 | 0 |
Amortization of deferred financing costs | 1,469 | 576 | 125 |
Operating distributions from unconsolidated entities | 209 | 8,207 | 8,713 |
Bad debt expense | 676 | 281 | 0 |
Other | (250) | (32) | 0 |
Change in: | |||
Accounts receivable | (5,940) | (7,212) | (2,609) |
Other assets | (5,057) | (2,654) | (6,481) |
Accounts payable and accrued liabilities | 3,180 | (45,900) | 892 |
Management fees payable to affiliate | (1,168) | 2,362 | 875 |
Other liabilities | (1,119) | 2,964 | 94 |
Net cash provided by (used in) operating activities | 23,528 | (31,551) | 11,913 |
Cash flows from investing activities: | |||
Change in restricted cash | (526) | (7,306) | (1,120) |
Investment in notes receivable | (14,869) | 0 | 0 |
Construction deposit related to vessel | 0 | (7,450) | 0 |
Principal collections on finance leases | 20,292 | 11,931 | 8,263 |
Acquisition of leasing equipment | (165,090) | (387,118) | (88,045) |
Acquisition of property plant and equipment | (96,028) | (49,441) | 0 |
Acquisition of lease intangibles | (2,446) | (20,435) | 0 |
Acquisition of finance leases | 0 | 0 | (41,808) |
Proceeds from sale of investment in unconsolidated entity | 0 | 0 | 22,000 |
Collection of notes receivable | 0 | 4,500 | 0 |
Acquisition of CMQR | 0 | (11,308) | 0 |
Acquisition of Jefferson Terminal | 0 | (47,811) | 0 |
Acquisition of pre-existing debt relationships | 0 | (97,616) | 0 |
Proceeds from sale of leasing equipment | 13,625 | 31,597 | 8,434 |
Proceeds from sale of property, plant and equipment | 893 | 842 | 0 |
Proceeds from sale of equipment held for sale | 0 | 135 | 0 |
Proceeds from deposit on sale of engine | 500 | 0 | 0 |
Escrow funding for the purchase of aircraft | 0 | (1,000) | 0 |
Return of capital distributions from unconsolidated entities | 3,728 | 9,064 | 4,511 |
Net cash used in investing activities | (239,921) | (571,416) | (87,765) |
Cash flows from financing activities: | |||
Purchase of interest rate cap | 0 | 0 | (43) |
Proceeds from debt | 200 | 179,569 | 24,774 |
Repayment of debt | (23,761) | (31,131) | (7,377) |
Payment of deferred financing costs | (136) | (4,793) | (183) |
Receipt of security deposits | 2,060 | 2,389 | 3,466 |
Return of security deposits | (960) | (500) | (675) |
Receipt of maintenance deposits | 10,149 | 3,324 | 817 |
Release of maintenance deposits | (14,764) | (3,026) | 0 |
Proceeds from issuance of common shares, net of underwriter's discount | 354,057 | 0 | 0 |
Common shares issuance costs | (2,998) | 0 | 0 |
Capital contributions from shareholders | 295,879 | 490,747 | 94,819 |
Capital distributions to shareholders | (44,917) | (75,999) | (39,631) |
Capital contributions from non-controlling interests | 37,826 | 57,841 | 3,318 |
Capital distributions to non-controlling interests | (321) | (565) | (321) |
Cash dividends paid | (36,343) | 0 | 0 |
Net cash provided by financing activities | 575,971 | 617,856 | 78,964 |
Net increase in cash and cash equivalents | 359,578 | 14,889 | 3,112 |
Cash and cash equivalents, beginning of period | 22,125 | 7,236 | 4,124 |
Cash and cash equivalents, end of period | 381,703 | 22,125 | 7,236 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 18,566 | 3,627 | 2,700 |
Cash paid for taxes | 507 | 274 | 0 |
Acquisition of finance leases | 0 | 0 | (894) |
Acquisition of leasing equipment | (5,408) | (52,556) | (503) |
Acquisition of property, plant and equipment | (203) | (22,454) | 0 |
Settled and assumed security deposits | 2,388 | 8,317 | 0 |
Billed, assumed and settled maintenance deposits | (1,146) | 34,461 | 0 |
Non-cash contribution of non-controlling interest | 0 | 38,207 | 0 |
Equity compensation to non-controlling interest | 4,638 | 1,265 | 0 |
Loan receivable from non-controlling interest | 0 | 3,725 | 0 |
Note receivable from sale of unconsolidated entity | 0 | 0 | 4,500 |
Deemed distribution and contribution of capital | 0 | 0 | 2,267 |
Distribution payable | 0 | (411) | 0 |
Common share issuance costs | (1,908) | 0 | 0 |
Partnership's share of change in fair value of cash flow hedge of equity method investee | 0 | 0 | 77 |
Change in fair value of cash flow hedge | (117) | (114) | 328 |
CMQR | |||
Acquisition of business | 0 | (2,991) | 0 |
Jefferson Terminal | |||
Acquisition of business | $ 0 | $ (38,207) | $ 0 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Fortress Transportation and Infrastructure Investors LLC (the “Company”) is a Delaware limited liability company which, through its subsidiary, Fortress Transportation and Infrastructure General Partnership (the “Partnership”), is engaged in the ownership and leasing of aviation equipment, offshore energy equipment and shipping containers, and also owns and operates a short line railroad in North America, Central Maine and Québec Railway (“CMQR”), and a multi-modal crude oil and refined products terminal in Beaumont, Texas (“Jefferson Terminal”). The Company has five reportable segments, Aviation Leasing, Offshore Energy, Shipping Containers, Jefferson Terminal and Railroad, which operate in two primary businesses, Equipment Leasing and Infrastructure (Note 15). The Company is managed by FIG LLC (the “Manager”), an affiliate of Fortress Investment Group LLC (“Fortress”), pursuant to a management agreement (the “Management Agreement”) which provides for the Company to bear obligations for management fees and expense reimbursements payable to the Manager (Note 14). At December 31, 2014 , through their investment in the Company, the beneficial owners of the Partnership were Fortress Worldwide Transportation and Infrastructure Investors LP (the “Onshore Fund”), with an 89.97% interest and Fortress Worldwide Transportation and Infrastructure Offshore LP (the “Offshore Fund”) with a 9.98% interest; in addition, Fortress Worldwide Transportation and Infrastructure Master GP LLP (the “Master GP”) holds a 0.05% interest. The Master GP is owned by an affiliate of Fortress. The Onshore Fund and the Offshore Fund (collectively, the “Initial Shareholders”) are investment vehicles which are sponsored by Fortress. The general partner of the Onshore Fund and the Offshore Fund is an affiliate of Fortress. In May 2015, the remaining capital commitments of the investors of the Onshore Fund, Offshore Fund and Master GP were called. Through a series of transactions, the Master GP contributed its rights to previously undistributed incentive allocations pursuant to the partnership agreement in exchange for the limited partnership interests in the Onshore Fund and the Offshore Fund equal to the amount of any such undistributed incentive allocations and 53,502,873 common shares were issued to the Onshore Fund and Offshore Fund based on their relative interests in the Company. On May 20, 2015, the Company completed an Initial Public Offering (“IPO”) of 20 million common shares at a price to the public of $17.00 per share. On June 15, 2015, the underwriters exercised their overallotment option, pursuant to which the Company issued an additional 2.2 million shares to such underwriters at the IPO price. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting —The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its subsidiaries. The Company consolidates all entities in which it has a controlling financial interest and in which it has control over significant operating decisions, as well as variable interest entities (“VIE’s”) in which the Company is the primary beneficiary. All significant intercompany transactions and balances have been eliminated. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. The Company uses the equity method of accounting for investments in entities in which the Company exercises significant influence but which do not meet the requirements for consolidation. Under the equity method, the Company records its proportionate share of the underlying net income (loss) of these entities. Variable Interest Entities —The assessment of whether an entity is a VIE and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The VIE in which the Company has an interest is WWTAI IES MT6015 Ltd. (“MT6015”), an entity formed in 2014 which has entered into a contract with a shipbuilder for the construction of an offshore multi service / inspection, maintenance and repair vessel (the “Vessel”) for a price of approximately $75 million . A subsidiary of the Company and a third party each hold a 50% interest in MT6015 and have equal representation on its board of directors. In connection with the initial capitalization of MT6015, another subsidiary of the Company provided the third party partner with a $3,725 loan which was utilized by the third party partner to fund its equity contribution to MT6015. In addition, the agreement provides the Company with disproportionate voting rights, in certain situations, as defined in the agreement. Accordingly, the Company determined that MT6015 is a VIE and that it was the primary beneficiary; accordingly, MT6015 has been presented on a consolidated basis in the accompanying financial statements. At December 31, 2015 and December 31, 2014 , MT6015 had total assets of $7,533 and $7,450 , respectively, which are available only to settle the obligations of MT6015. Other than entering into the above commitment, MT6015 has conducted no operations, and no creditors of MT6015 have recourse to any assets or to the general credit of the Company. Reclassifications —Certain prior period amounts have been reclassified to conform to current period presentation. Use of Estimates —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Risks and Uncertainties —In the normal course of business, the Company encounters several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which the Company operates which could adversely impact the pricing of the services offered by the Company or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company’s leasing equipment or operating assets. Capital market risk is the risk that the Company is unable to obtain capital at reasonable rates to fund the growth of its business or to refinance existing debt facilities. The Company, through its subsidiaries, also conducts operations outside of the United States; such international operations are subject to the same risks as those associated with its United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. The Company does not have significant exposure to foreign currency risk as all of its leasing arrangements, terminal services revenue and the majority of freight rail revenue are denominated in U.S. dollars. Cash and Cash Equivalents —The Company considers all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. Restricted Cash —Restricted cash of $21,610 and $21,084 at December 31, 2015 and December 31, 2014 , respectively, consists of cash held in segregated accounts pursuant to the requirements of the Company’s debt agreements (Note 9). Property, Plant and Equipment, Leasing Equipment and Depreciation —Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows: Range of Estimated Useful Lives Residual Value Estimates Passenger aircraft 25 years from date of manufacture Not to exceed 15% of manufacturer’s list price when new Aircraft engines 2 - 6 years, based on maintenance adjusted service life Sum of engine core salvage value plus the estimated fair value of life limited parts Offshore energy vessels 25 years from date of manufacture 20% of new build cost Railcars and locomotives 40 - 50 years from date of manufacture Scrap value at end of useful life Track and track related assets 15 - 50 years from date of manufacture Scrap value at end of useful life Buildings and site improvements 20 - 30 years Scrap value at end of useful life Railroad equipment 3 - 15 years from date of manufacture Scrap value at end of useful life Crude oil terminal machinery and equipment 15 - 25 years from date of manufacture Scrap value at end of useful life Vehicles 5 - 7 years from date of manufacture Scrap value at end of useful life Furniture and fixtures 3 - 6 years from date of purchase None Computer hardware and software 3 - 5 years from date of purchase None Major improvements and modifications incurred in connection with the acquisition of property, plant and equipment and leasing equipment that are required to get the asset ready for initial service are capitalized and depreciated over the remaining life of the asset. Costs of major additions and betterments are capitalized and depreciation commences once it is placed into service. Interest costs directly related to and incurred during the construction period of property, plant and equipment are capitalized. Significant spare parts are depreciated in conjunction with the underlying property, plant and equipment asset when placed in service. The Company reviews its depreciation policies on a regular basis to determine whether changes have taken place that would suggest that a change in its depreciation policies, useful lives of its equipment or the assigned residual values is warranted. For planned major maintenance or component overhaul activities for aviation equipment off lease, the cost of such major maintenance or component overhaul event is capitalized and depreciated on a straight-line basis over the period until the next maintenance or component overhaul event is required. The Company’s offshore energy vessels are required to be drydocked periodically for recertifications or major repairs and maintenance that cannot be performed while the vessels are operating. Normal repairs and maintenance are expensed as incurred. The Company capitalizes the costs associated with the drydockings and amortizes them on a straight-line basis over the period between drydockings, usually between 30 and 60 months . In accounting for leasing equipment, the Company makes estimates about the expected useful lives, residual values and the fair value of acquired in-place leases and acquired maintenance liabilities (for aviation equipment). In making these estimates, the Company relies upon observable market data for the same or similar types of equipment and, in the case of aviation equipment, its own estimates with respect to a lessee’s anticipated utilization of the aircraft or engine. When the Company acquires leasing equipment subject to an in-place lease, determining the fair value of the in-place lease requires the Company to make assumptions regarding the current fair values of leases for identical or similar equipment, in order to determine if the in-place lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into lease income over the remaining term of the lease. Capitalized Interest —The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. The Company capitalized interest of $2,128 , $3,534 and $0 during the years ending December 31, 2015 , December 31, 2014 and December 31, 2013 , respectively. Repairs and Maintenance —Repair and maintenance costs that do not extend the lives of the assets are expensed as incurred. For the years ending December 31, 2015 , December 31, 2014 and December 31, 2013 , $3,643 , $235 and $712 , of repairs and maintenance expense, respectively, were recorded in operating expenses in the accompanying Consolidated Statements of Operations. Impairment of Long-Lived Assets —The Company performs a recoverability assessment of each of its long-lived assets whenever events or changes in circumstances, or indicators, indicate that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant lease restructuring or early lease termination; significant traffic decline; or the introduction of newer technology aircraft, vessels, engines or railcars. When performing a recoverability assessment, the Company measures whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its net book value. The undiscounted cash flows consist of cash flows from currently contracted leases and terminal services contracts, future projected leases, terminal service and freight rail rates, transition costs, estimated down time and estimated residual or scrap values. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge. Management develops the assumptions used in the recoverability analysis based on its knowledge of active contracts, current and future expectations of the global demand for a particular asset and historical experience in the leasing markets, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in contracted lease rates, terminal service, and freight rail rates, residual values, economic conditions, technology, demand for a particular asset type and other factors. Security Deposits —The Company’s operating leases generally require the lessee to pay a security deposit or provide a letter of credit. Security deposits are held until specified return dates stipulated in the lease or lease expiration. Maintenance Payments —Typically, under an operating lease of aviation equipment, the lessee is responsible for performing all maintenance and is generally required to make maintenance payments to the Company for heavy maintenance, overhaul or replacement of certain high-value components of the aircraft or engine. These maintenance payments are based on hours or cycles of utilization or on calendar time, depending on the component, and are generally required to be made monthly in arrears. If a lessee is making monthly maintenance payments, the Company would typically be obligated to reimburse the lessee for costs they incur for heavy maintenance, overhaul or replacement of certain high-value components to the extent of maintenance payments received in respect of the specific maintenance event, usually shortly following the completion of the relevant work. The Company records the portion of maintenance payments paid by the lessee that are expected to be reimbursed as maintenance deposit liabilities on the Consolidated Balance Sheet. Reimbursements made to the lessee upon the receipt of evidence of qualifying maintenance work are recorded against the maintenance deposit liability. In certain leases, the lessee or the Company may be obligated to make a payment to the other party at lease termination based on redelivery conditions stipulated at the inception of the lease. The Company recognizes payments received as end-of-lease compensation adjustments, within lease revenue, when payment is received or collectability is assured. In the event the Company is required to make payments at the end of the lease for redelivery conditions, amounts are accrued as additional maintenance liability when the Company is obligated and can reasonably estimate such payment. Lease Incentives and Amortization —Lease incentives, which include lease acquisition costs related to reconfiguration of the aircraft cabin, other lessee specific modifications and other direct costs, are capitalized and amortized as a reduction of lease income over the primary term of the lease, assuming no lease renewals. Goodwill —Goodwill includes the excess of the purchase price over the fair value of the net tangible and intangible assets associated with the acquisitions of CMQR and Jefferson Terminal (Note 3). The carrying amount of goodwill is approximately $116,584 as of December 31, 2015 and December 31, 2014 . The Company reviews the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment review is conducted as of October 1st of each year. Additionally, the Company reviews the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment. For an annual goodwill impairment assessment, an optional qualitative analysis may be performed. If the option is not elected or if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step goodwill impairment test is performed to identify potential goodwill impairment and measure an impairment loss. A qualitative analysis was not elected for the years ended December 31, 2015 or December 31, 2014 . The first step of an impairment assessment compares the fair value of a respective reporting unit with its carrying amount, including goodwill. The estimate of fair value of the respective reporting unit is based on the best information available as of the date of assessment, which primarily incorporates certain factors including the Company’s assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. If the estimated fair value of the reporting unit is less than the carrying amount, a second step must be completed in order to determine the amount of goodwill impairment that should be recorded, if any. For the purpose of performing the annual analysis, the Company’s two reporting units subject to the test are the Jefferson Terminal and Railroad reporting units. The Company estimates the fair value of the reporting units using an income approach, specifically a discounted cash flow analysis. This analysis requires the Company to make significant assumptions and estimates about the extent and timing of future cash flows, discount rates and growth rates. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for the reporting units. The Company also utilizes market valuation models and other financial ratios, which require the Company to make certain assumptions and estimates regarding the applicability of those models to its assets and businesses. Although the Company believes the estimates of fair value are reasonable, the determination of certain valuation inputs is subject to management’s judgment. Changes in these inputs could materially affect the results of the impairment review. If the forecasts of cash flows generated by the Jefferson Terminal and Railroad reporting units or other key inputs are negatively revised in the future, the estimated fair value of the Jefferson Terminal and Railroad reporting units would be adversely impacted, potentially leading to an impairment in the future that could materially affect the Company’s operating results. The Company performed a sensitivity analysis for goodwill impairment and determined that a hypothetical 5% decline in the fair value of each reporting unit as of October 1, 2015 would not result in an impairment of goodwill for either reporting unit. For the years ended December 31, 2015 and December 31, 2014 , there was no impairment of goodwill. Tendered bonds —A subsidiary of the Company borrowed the proceeds of $300,000 of tax-exempt industrial bonds issued by the Jefferson County (Texas) Industrial Development Corporation, which provided tax-exempt financing for businesses, to be used for specific purposes to stimulate the economy of the respective beneficiary counties (“Series 2010 Bonds”). The proceeds were initially held in trust, as restricted cash, to ensure adherence to the restrictions of use of the funds. In accordance with the terms of the trust indenture and security agreements, these bonds could be tendered by bondholders and purchased by the Company using the unused restricted cash proceeds. The bonds purchased by the Company were deemed to be owned by the Company, and, as of December 31, 2014 were classified as assets, tendered bonds, in the Consolidated Balance Sheet with an equal corresponding amount as Debt. Tendered bonds did not convey principal or interest payments while held by the Company. During the year ended December 31, 2015 , the Jefferson County Industrial Development Corporation, the Company, and Amegy Bank as the related trustee, agreed to cancel the Series 2010 Bonds. Accordingly, the Series 2010 Bonds are no longer reported within Tendered Bonds or Debt in the Consolidated Balance Sheet as of December 31, 2015 . Intangibles and amortization —Intangibles include the value of acquired favorable and unfavorable leases and existing customer relationships acquired in connection with the acquisitions of CMQR and Jefferson Terminal (Note 3). In accounting for leasing equipment acquired with in-place leases, the Company makes estimates about the fair value of the acquired in-place leases. In determining the fair value of the in-place lease, the Company makes assumptions regarding the current fair values of leases for identical or similar equipment in order to determine if the in-place lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into rental income over the remaining term of the lease. Acquired lease intangibles are amortized on a straight-line basis over the remaining lease terms, which ranged from 6 to 52 months as of December 31, 2015 , and recorded as a component of equipment leasing revenues in the accompanying Consolidated Statements of Operations. Customer relationship intangible assets are amortized on a straight-line basis over their useful lives as the pattern in which the asset’s economic benefits are consumed cannot reliably be determined. Customer relationship intangible assets have useful lives ranging from 5 - 10 years , no estimated residual value, and amortization is recorded as a component of depreciation and amortization in the accompanying Consolidated Statements of Operations. One customer relationship intangible asset, related to a customer contract at Jefferson Terminal, expires on July 31, 2017 and has 2 one -year renewal options. Deferred Financing Costs —Costs incurred in connection with obtaining long term financing are capitalized and amortized to interest expense over the term of the underlying loans. Unamortized deferred financing costs of $4,836 and $4,919 as of December 31, 2015 and 2014, respectively, are recorded as a component of other assets in the accompanying Consolidated Balance Sheets. Amortization expense of $1,469 , $576 and $125 for the years ended December 31, 2015 , December 31, 2014 and December 31, 2013 , respectively, are included as a component of interest expense in the accompanying Consolidated Statements of Operations. Revenue Recognition Equipment Leasing Revenues Operating Leases —The Company leases equipment pursuant to net operating leases. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the lease, assuming no renewals. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received. The Company also recognizes maintenance revenue related to the portion of maintenance payments received from lessees of aviation equipment that are not expected to be reimbursed in connection with major maintenance events. Finance Leases —The Company holds two portfolios of shipping containers and an anchor handling tug supply vessel, subject to finance leases, as of December 31, 2015 and December 31, 2014 . These leases generally include a lessee obligation to purchase the leased equipment at the end of the lease term, a bargain purchase option, or provide for minimum lease payments with a present value of 90% or more of the fair value of the leased equipment at the date of lease inception. Net investment in finance leases represents the minimum lease payments due from lessees, net of unearned income. The lease payments are segregated into principal and interest components similar to a loan. Unearned income is recognized on an effective interest method over the lease term and is recorded as finance lease income. The principal component of the lease payment is reflected as a reduction to the net investment in finance leases. Infrastructure Revenues Freight Rail Revenues —Freight revenues are recognized proportionally as freight moves from origin to destination. Other miscellaneous revenues, such as unloading and switching revenue, are recognized as the service is performed or contractual obligations are met. Terminal Services Revenues —Terminal services revenues are recognized when services have been provided to the customer, the product has been delivered, the price is considered to be fixed or determinable and collectability is reasonably assured. Prepayments for services are deferred until the period in which the above criteria are met. Terminal services fees include services provided to third-party customers related to receipt and redelivery of crude oil products. Concentration of Credit Risk —The Company is subject to concentrations of credit risk with respect to amounts due from customers on its finance leases and operating leases. The Company attempts to limit its credit risk by performing ongoing credit evaluations. During the year ended December 31, 2015 , the Company earned approximately 21.0% of its revenue from one customer in the offshore energy segment and one customer in the Jefferson Terminal segment. During the year ended December 31, 2014 , the Company earned approximately 39.0% of its revenue from three customers in the following segments: one in aviation leasing, one in shipping containers, and one in offshore energy. During the year ended December 31, 2013 , the Company earned approximately 70% of its revenue from three customers in the following segments: one in aviation leasing, one in shipping containers, and one in offshore energy. As of December 31, 2015 , accounts receivable from two customers in the offshore segment each represented 27.1% and 25.4% of total accounts receivable, net. As of December 31, 2014 , the Company had accounts receivable from one customer in the offshore segment that represented 11.7% of total accounts receivable, net. The Company maintains cash and restricted cash balances, which generally exceed federally insured limits, and subject the Company to credit risk, in high credit quality financial institutions. The Company monitors the financial condition of these institutions and has not experienced any losses associated with these accounts. Provision for Doubtful Accounts —The Company determines the provision for doubtful accounts based on its assessment of the collectability of its receivables on a customer-by-customer basis. The provision for doubtful accounts at December 31, 2015 and December 31, 2014 was $392 and $111 , respectively. Bad debt expense for the years ended December 31, 2015 , December 31, 2014 and December 31, 2013 was $676 , $281 and $0 , respectively. Expense Recognition —Expenses are recognized on an accrual basis as incurred. Acquisition and Transaction expenses —Acquisition and transaction expense is comprised of costs related to completed business combinations and terminated deal costs related to abandoned pursuits, including advisory, legal, accounting, valuation and other professional or consulting fees. Comprehensive Income (Loss) —Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. The Company’s comprehensive income (loss) represents net income (loss), as presented in the accompanying Consolidated Statements of Operations, adjusted for fair value changes related to derivatives accounted for as cash flow hedges and the Company’s pro-rata share of items of comprehensive income derived from investments in unconsolidated entities. The Company had reclassification adjustments of $131 , $ 171 and $98 which impacted accumulated other comprehensive income during the years ended December 31, 2015 , 2014 , and 2013 , respectively. Derivative Financial Instruments— In the normal course of business the Company may utilize interest rate derivatives to manage its exposure to interest rate risks, principally related to the hedging of variable rate interest payments on various debt facilities. If certain conditions are met, an interest rate derivative may be specifically designated as a cash flow hedge. In connection with its debt obligations (Note 9), the Company has entered into one interest rate derivative designated as a cash flow hedge and one non-hedge derivative. The Company does not enter into speculative derivative transactions. Derivative assets of $101 and $232 , as of December 31, 2015 and December 31, 2014 , respectively, were recorded within other assets in the Consolidated Balance Sheets. No derivative liability was recorded as of December 31, 2015 or December 31, 2014 . On the date that the Company enters into an interest rate derivative, its designation as a cash flow hedge is formally documented. On an ongoing basis, an assessment is made as to whether the interest rate derivative has been highly effective in offsetting changes in the cash flows of the variable rate interest payments on the associated debt and whether the interest rate derivative is expected to remain highly effective in future periods. If it were to be determined that the interest rate derivative is not (or has ceased to be) highly effective as a cash flow hedge, the use of hedge accounting would be discontinued prospectively. All interest rate derivatives are recognized on the balance sheet at their fair value. For interest rate derivatives designated as cash flow hedges, the effective portion of the interest rate derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the interest payments on the debt are recorded in earnings. The ineffective portion of the interest rate derivative, if any, is calculated and recorded in interest expense. Changes in fair value of non-hedge derivatives are recorded in earnings on a current basis. The estimated net amount of existing losses reported in accumulated other comprehensive income at December 31, 2015 expected to be reclassified into earnings within the next 12 months is approximately $5 . In the event of a termination of an interest rate derivative prior to its contractual maturity, any related net gains or losses in accumulated other comprehensive income at the date of termination would be reclassified into earnings, unless it remains probable that interest payments on the debt will continue to occur, in which case the amount in accumulated other comprehensive income would be reclassified into earnings as the interest payments on the debt affect earnings. Foreign Currency —The Company’s functional and reporting currency is the U.S. dollar. Purchases and sales of assets and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Net realized foreign currency gains or losses relating to the differences between these recorded amounts and the U.S. dollar equivalent actually received or paid are reported as a component of operating expenses within the Consolidated Statement of Operations. Income Taxes —A portion of the Company’s income earned by its corporate subsidiaries is subject to U.S. federal and state income taxation, taxed at prevailing rates. The remainder of the Company’s income is allocated directly to its partners and is not subject to a corporate level of taxation. Certain subsidiaries of the Company are subject to income tax in the foreign countries in which they conduct business. The Company accounts for these taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions and in certain foreign jurisdictions. The income tax returns filed by the Company and its subsidiaries are subject to examination by the U.S. federal, state and foreign tax authorities. The Company recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the Consolidated Statements of Operations. Distributions and Dividends —Prior to the IPO, distributions to members were recorded when paid or, in the case of an in-kind distribution, when distributed. The character of distributions to members made during the reporting period may differ from their ultimate characterization for federal income tax purposes due to book/tax di |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS CMQR The Company, through its subsidiaries, acquired certain assets and assumed certain liabilities of Montreal, Maine and Atlantic Railway Ltd. (“MM&A-U.S.”) and Montreal, Maine and Atlantic Canada Co (“MM&A-Canada”) for an aggregate purchase price of approximately $15.2 million , including assumed liabilities of approximately $3.2 million . The acquisitions were accounted for as business combinations pursuant to ASC 805, Business Combinations ("ASC 805") and the results of operations of the acquired businesses of MM&A-U.S. and MM&A-Canada have been included in the consolidated financial statements of the Company since their respective dates of acquisition. The closing of MM&A-U.S. and MM&A-Canada occurred on May 15, 2014 and June 30, 2014, respectively. Subsequent to the acquisitions, the acquired businesses were renamed as CMQR. CMQR is headquartered in Maine and owns and operates approximately 500 miles of track in the US and Canada. CMQR is reported within the Railroad segment. The Company viewed the acquisitions of MM&A-U.S. and MM&A-Canada as an opportunity to gain entry into the railroad industry. Subsequent to the acquisition, in the year ended December 31, 2014, measurement period adjustments as of the acquisition date were made to the valuation of fixed assets acquired and employee and environmental liabilities assumed consisting of an increase to fixed assets of $679 , an increase to assumed employee liabilities of $232 , an increase to assumed environmental liabilities of $680 , and additional goodwill recorded of $233 . The measurement period adjustments impacted depreciation expense by $30 in the year ended December 31, 2014. There were no additional measurement period adjustments during the year ended December 31, 2015. The property, plant and equipment acquired in connection with CMQR is being depreciated based on estimated remaining useful lives from the date of acquisition, which are 4 years for buildings, 2 - 5 years for track and track related assets, 4 - 6 years for railroad equipment, 2 years for vehicles and 5 years for freight cars and locomotives, as all of the acquired assets were near the end of their useful lives at the time of acquisition. In connection with the purchase, the Company incurred general and administrative expenses and employee severance expenses of approximately $392 , included within Operating Expenses, in the Consolidated Statement of Operations for the year ended December 31, 2014. The goodwill recognized is comprised primarily of an assembled workforce and is deductible for tax purposes. JEFFERSON TERMINAL The Company, through its subsidiaries, acquired certain assets and assumed certain liabilities of Jefferson Refinery, LLC, Port of Beaumont Petroleum Transload Terminal I, LLC, and Port of Beaumont Petroleum Transload Terminal II, LLC (collectively “Jefferson Terminal”). Jefferson Terminal is comprised of complementary energy logistics assets and is headquartered in The Woodlands, Texas. Its principal operations are to engage in the business of terminalling, storage, throughput and transloading of crude oil and petroleum products. Prior to the acquisition, a subsidiary of the Company had several term loan agreements with Jefferson Refinery, LLC (“Pre-Existing Debt Relationships”) of $97.6 million . The acquisition of Jefferson Terminal was consummated on August 27, 2014. The Company viewed the acquisition of Jefferson Terminal as an opportunity to gain entry into this industry. Jefferson Terminal was purchased for an aggregate purchase price of approximately $608.3 million , including assumed liabilities of $522.5 million (of which $97.6 million relates to Pre-Existing Debt Relationships) and equity consideration of $38.2 million . The Company purchased a 60% interest in Jefferson Terminal with the remaining 40% interest in Jefferson Terminal owned by a portion of the retaining shareholders and a private equity fund sponsored by Fortress, each holding an interest of approximately 20% at the acquisition date and accounted for as non-controlling interests in the accompanying consolidated financial statements. In connection with the acquisition, a $100 million loan was also obtained (Note 9). The acquisition was accounted for as a business combination under ASC 805 and the results of operations of the acquired business of Jefferson Terminal have been included in the consolidated financial statements since the date of acquisition. The goodwill recognized is attributable to strategic opportunities and expected future cash flows of the business and approximately $45 million of goodwill is expected to be deductible by a subsidiary of the Company for tax purposes. Property, plant and equipment acquired in connection with Jefferson Terminal is being depreciated based on estimated remaining useful lives from the date of acquisition. Subsequent to the acquisition, in the year ended December 31, 2015, measurement period adjustments as of the acquisition date were made to decrease construction in progress within property, plant, and equipment, net by $947 , increase intangible assets, net by $ 128 , increase goodwill by $1,358 , increase accounts payable and accrued liabilities assumed by $390 and increase other liabilities assumed by $ 149 . The fair values assigned to acquired assets and assumed liabilities of CMQR and Jefferson Terminal at their respective dates of acquisition are as follows: CMQR Jefferson Terminal Assets: Restricted cash — 190,811 Land and site improvements 5,484 9,573 Track 4,952 — Buildings and improvements 136 2,139 Crude oil terminal machinery and equipment — 47,286 Railroad Equipment 713 — Furniture and fixtures — 317 Computer hardware and software — 34 Turnout and other track materials 1,415 — Vehicles 320 258 Railcars and locomotives 1,283 — Construction in progress — 85,276 Prepaids and other deposits 103 6,102 Tendered bonds — 115,000 Customer lists and customer contracts 225 35,513 Goodwill 593 115,991 Total assets 15,224 608,300 Liabilities: Employee-related liabilities (1,119 ) — Environmental remediation liabilities (1,333 ) — Real estate taxes (714 ) — Accrued expenses — (56,540 ) Term loan — (93,995 ) Bonds Payable — (348,788 ) Note Payable — (21,297 ) Other liabilities — (1,902 ) Total liabilities (3,166 ) (522,522 ) Net assets acquired $ 12,058 $ 85,778 As of December 31, 2014, goodwill additions of $593 and $115,991 were attributed to the Railroad and Jefferson Terminal reportable segments, respectively. The fair values assigned to intangible assets were determined through the use of the replacement cost method and the income approach, specifically the multi-period excess earnings method. Both valuation methods rely on management’s judgments, including the cost to recreate the customer relationships, expected future cash flows resulting from existing customer relationships, customer attrition rates, contributory effects of other assets utilized in the business, and peer group cost of capital as well as other factors. The valuation of tangible assets was derived using a combination of the income approach, the market approach and the cost approach. Significant judgments used in valuing tangible assets include estimated reproduction or replacement cost, useful lives of assets and estimated selling prices. The valuation of assumed liabilities, including bonds payable, was derived using the market approach, using quoted values as available and the income approach, comparing the stated interest rate on certain credit agreements to the market interest rate. The valuation of equity interests conveyed to retaining shareholders was derived using the market approach, as agreed between the parties, representing the cash that would have been offered on an arm’s length basis, on the acquisition date. Supplementary Pro Forma Information — The unaudited pro forma information has been derived from our historical consolidated financial statements and has been prepared to give effect to the acquisitions, assuming that the acquisitions of CMQR and Jefferson Terminal occurred on January 1, 2013. The unaudited pro forma pre-tax net income (loss) for the years ended December 31, 2014 and 2013 has been adjusted to reflect the additional depreciation and amortization that would have resulted from changes in the estimated fair value of assets and liabilities. Year Ended December 31, 2014 Year Ended December 31, 2013 Pro Forma — CMQR Revenues $ 63,528 $ 46,100 Pre-tax net income (loss) 1,497 (20,830 ) Pro Forma — Jefferson Terminal Revenues $ 60,577 $ 19,530 Pre-tax net loss (46,906 ) (1,543 ) Pro forma results do not include any anticipated synergies or other anticipated benefits of the acquisition. Accordingly, the unaudited pro forma financial information is not necessarily indicative or either future results of operations or results that might have been achieved had the acquisition occurred on January 1, 2013. During the year ended December 31, 2014, for CMQR and Jefferson Terminal, the Company recognized $9,969 and $2,652 , respectively, in revenues and $11,957 and $15,768 , respectively, of loss before income taxes, which includes acquisition and transaction related expenses of $5,646 and $5,494 , respectively, included within acquisition and transaction expenses in the Consolidated Statement of Operations. |
LEASING EQUIPMENT, NET
LEASING EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
LEASING EQUIPMENT, NET | LEASING EQUIPMENT, NET Leasing equipment, net is summarized as follows: December 31, 2015 Equipment Aviation Leasing Offshore Energy Jefferson Terminal Total Leasing equipment: $ 452,602 $ 184,284 $ 44,326 $ 681,212 Less: Accumulated depreciation (33,281 ) (9,704 ) (1,546 ) (44,531 ) Leasing equipment, net $ 419,321 $ 174,580 $ 42,780 $ 636,681 December 31, 2014 Equipment Aviation Leasing Offshore Energy Jefferson Terminal Total Leasing equipment: $ 298,204 $ 182,355 $ 44,326 $ 524,885 Less: Accumulated depreciation (11,331 ) (3,737 ) (438 ) (15,506 ) Leasing equipment, net $ 286,873 $ 178,618 $ 43,888 $ 509,379 During the year ended December 31, 2015 , the Company acquired twenty-four commercial jet engines and five aircraft, and sold nine commercial jet engines. During the year ended December 31, 2014, the Company acquired fourteen aircraft, nine aircraft engines, three hundred tank railcars, and sold five commercial jet engines and two aircraft. Depreciation expense for leasing equipment for the years ended December 31, 2015 , 2014 , and 2013 was $30,624 , $12,683 and $3,909 , respectively. |
FINANCE LEASES, NET
FINANCE LEASES, NET | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
FINANCE LEASES, NET | FINANCE LEASES, NET Finance leases, net are summarized as follows: December 31, 2015 Offshore Energy Shipping Containers Total Finance leases $ 20,037 $ 82,332 $ 102,369 Unearned revenue (9,915 ) (9,933 ) (19,848 ) Finance leases, net $ 10,122 $ 72,399 $ 82,521 December 31, 2014 Offshore Energy Shipping Containers Total Finance leases $ 22,045 $ 109,492 $ 131,537 Unearned revenue (11,580 ) (17,144 ) (28,724 ) Finance leases, net $ 10,465 $ 92,348 $ 102,813 At December 31, 2015 , future minimum lease payments to be received under finance leases for the remainder of the lease terms are as follows: Offshore Energy Shipping Containers Total 2016 $ 2,013 $ 25,680 $ 27,693 2017 2,008 51,308 53,316 2018 2,008 5,344 7,352 2019 2,008 — 2,008 2020 2,013 — 2,013 Thereafter 9,987 — 9,987 Total $ 20,037 $ 82,332 $ 102,369 On March 9, 2016, the Company consummated the sale of approximately 39,000 shipping containers that were subject to a direct finance lease. See Note 19, Subsequent Events. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net is summarized as follows: December 31, 2015 Railroad Jefferson Terminal Total Land and site improvements $ 5,478 $ 14,014 $ 19,492 Construction in progress 893 55,034 55,927 Buildings and improvements 557 2,193 2,750 Crude oil terminal machinery and equipment — 210,857 210,857 Track and track related assets 17,159 — 17,159 Railroad equipment 1,050 — 1,050 Railcars and locomotives 1,720 — 1,720 Computer hardware and software 118 34 152 Furniture and fixtures 121 289 410 Vehicles 503 44 547 27,599 282,465 310,064 Less: accumulated depreciation (2,907 ) (10,308 ) (13,215 ) Spare parts $ — $ 2,829 $ 2,829 Property, plant and equipment, net $ 24,692 $ 274,986 $ 299,678 December 31, 2014 Railroad Jefferson Terminal Total Land and site improvements $ 5,484 $ 9,573 $ 15,057 Construction in progress — 145,716 145,716 Buildings and improvements 436 2,139 2,575 Crude oil terminal machinery and equipment — 50,627 50,627 Track and track related assets 12,022 — 12,022 Railroad equipment 1,268 — 1,268 Railcars and locomotives 1,293 — 1,293 Computer hardware and software — 34 34 Furniture and fixtures — 317 317 Vehicles 321 258 579 20,824 208,664 229,488 Less: accumulated depreciation (962 ) (1,145 ) (2,107 ) Property, plant and equipment, net $ 19,862 $ 207,519 $ 227,381 During year ended December 31, 2015 , additional property, plant and equipment of $84,298 was acquired, and is mainly related to land and improvements, track and track related assets, and crude oil terminal machinery and equipment. During the year ended December 31, 2015 , disposals of property, plant and equipment totaled $893 , mainly related to railroad equipment, vehicles, and furniture and fixtures. Property, plant and equipment acquired during the year ended December 31, 2014 was $14,303 and $144,883 in connection with the acquisitions of CMQR and Jefferson Terminal (Note 3), respectively. During the year ending December 31, 2014, additional property, plant and equipment of $70,302 was acquired, mainly related to construction in progress and track and track related assets. Depreciation expense for property, plant and equipment was $11,099 , $2,107 and $0 for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
INVESTMENT IN UNCONSOLIDATED EN
INVESTMENT IN UNCONSOLIDATED ENTITY | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED ENTITY | INVESTMENT IN UNCONSOLIDATED ENTITY The following table presents the ownership interest and carrying values of the Company’s investment in unconsolidated entity: Carrying Value Date Acquired Ownership Percentage December 31, 2015 December 31, 2014 December 31, 2013 PJW 3000 LLC April 2012 16.67% $ — $ — — Intermodal Finance I, Ltd. September 2012 51% $ 10,675 $ 21,569 $ 32,744 PJW 3000 LLC On April 26, 2012, the Company acquired a non-controlling 16.67% interest in PJW 3000 LLC from a third party for a total purchase price, including acquisition costs, of approximately $19,635 . The Company exercised significant influence over PJW 3000 LLC through its representation on the entity’s board of managers. PJW 3000 LLC owned an offshore derrick pipe laying barge which was subject to a long-term net lease. At the time of acquisition, the price paid by the Company exceeded its proportionate share of the net equity of PJW 3000 LLC by approximately $3,000 ; this premium was amortized on a straight line basis over the 28.5 year estimated remaining useful life of the vessel. On November 26, 2013, the Company sold its interest in PJW 3000 LLC for a sales price of $26,500 (consisting of $22,000 in cash and a $4,500 one -year note receivable supported by an unconditional bank guarantee) and recognized a gain of approximately $6,144 . The note receivable was settled on November 17, 2014. For 2013, the Company has reflected summary statement of income data for PJW 3000 LLC through November 26, 2013, the date the Company sold its interest in PJW 3000 LLC. Intermodal Finance I, Ltd. The Company owns a 51% non-controlling interest in Intermodal Finance I Ltd., a joint venture. Intermodal Finance I, Ltd owns a portfolio of multiple finance leases, representing 6 customers and comprising approximately 59,000 shipping containers as well as a portfolio of approximately 37,000 shipping containers subject to multiple operating leases to a single customer. During the year ended December 31, 2015 , Intermodal Finance I, Ltd. recorded an asset impairment charge of $20,604 , which resulted from certain operating leases not being renewed and containers being returned at a faster pace than expected. Additionally, due to challenging market conditions for shipping containers, certain returned containers were sold at values lower than previously estimated. The Company's proportionate share of the impairment charge was $10,508 based on its 51% ownership percentage. Summary financial information for these unconsolidated entities is as follows: Year Ended December 31, 2015 2014 2013 Revenue Total revenues $ 16,022 $ 20,331 $ 56,480 Expenses Operating expenses 992 1,527 6,055 General and administrative 810 807 1,157 Depreciation and amortization 3,659 2,416 8,157 Interest expense 3,488 5,022 11,075 Impairment expense 20,604 — — Total expenses 29,553 9,772 26,444 Gain on early termination of finance lease — 917 1,052 Other income 247 45 30 Loss on debt extinguishment — (119 ) — (Loss) gain on disposal of equipment (766 ) — 15 Total other income (expense) (519 ) 843 1,097 Net income (loss) (14,050 ) 11,402 31,133 Other comprehensive income — — 431 Comprehensive income (loss) $ (14,050 ) $ 11,402 $ 31,564 Company's equity in (loss) earnings, net of amortization of $95 in the year ended December 31, 2013 $ (6,956 ) $ 6,093 $ 10,325 December 31, 2015 2014 Assets Cash and cash equivalents $ 4,796 $ 5,214 Restricted cash 2,117 2,320 Accounts receivable 1,153 1,051 Leasing assets, net of accumulated depreciation of $7,305 and $4,449, respectively 47,735 74,045 Finance leases, net 34,261 62,393 Deferred costs, net of accumulated amortization of $864 and $602, respectively 1,060 1,524 Other assets 31 8 Total assets $ 91,153 $ 146,555 Liabilities Accounts payable and accrued liabilities 154 157 Syndication liabilities 3,201 5,152 Debt 84,051 120,303 Other liabilities 458 383 Total liabilities 87,864 125,995 Members’ Equity Members’ equity 3,289 20,560 Total members’ equity 3,289 20,560 Total liabilities and members’ equity $ 91,153 $ 146,555 Company’s investment in and advances to unconsolidated entity $ 10,675 $ 21,569 |
INTANGIBLE ASSETS AND LIABILITI
INTANGIBLE ASSETS AND LIABILITIES, NET | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets and Liabilities Disclosure [Abstract] | |
INTANGIBLE ASSETS AND LIABILITIES, NET | INTANGIBLE ASSETS AND LIABILITIES, NET The Company’s intangible assets and liabilities, net are summarized as follows: December 31, 2015 Aviation Leasing Jefferson Terminal Railroad Total Intangible assets: Acquired favorable lease intangibles $ 22,881 $ — $ — $ 22,881 Accumulated amortization (9,697 ) — — (9,697 ) Total acquired favorable lease intangibles, net 13,184 — — 13,184 Customer relationships — 35,513 225 35,738 Accumulated amortization — (4,718 ) (75 ) (4,793 ) Total acquired customer relationships, net — 30,795 150 30,945 Total intangible assets, net $ 13,184 $ 30,795 $ 150 $ 44,129 Intangible liabilities: Acquired unfavorable lease intangibles $ 1,171 $ — $ — $ 1,171 Accumulated amortization (151 ) — — (151 ) Total acquired unfavorable lease intangibles, net $ 1,020 $ — $ — $ 1,020 December 31, 2014 Aviation Leasing Jefferson Terminal Railroad Total Intangible assets: Acquired favorable lease intangibles $ 20,435 $ — $ — $ 20,435 Accumulated amortization (2,796 ) — — (2,796 ) Total acquired favorable lease intangibles, net 17,639 — — 17,639 Customer relationships — 35,513 225 35,738 Accumulated amortization — (1,180 ) (28 ) (1,208 ) Total acquired customer relationships, net — 34,333 197 34,530 Total intangible assets, net $ 17,639 $ 34,333 $ 197 $ 52,169 Intangible liabilities: Acquired unfavorable lease intangibles $ 261 $ — $ — $ 261 Accumulated amortization (24 ) — — (24 ) Total acquired unfavorable lease intangibles, net $ 237 $ — $ — $ 237 Intangible liabilities relate to unfavorable lease intangibles and are included as a component of other liabilities in the accompanying Consolidated Balance Sheets. Amortization of intangible assets and liabilities is recorded in the Consolidated Statements of Operations as follows: Year Ended December 31, Classification in Consolidated Statements of Operations 2015 2014 2013 Lease intangibles $ 6,774 $ 2,694 $ — Equipment leasing revenues Customer relationships 3,585 1,208 — Depreciation and amortization Total $ 10,359 $ 3,902 $ — As of December 31, 2015 , estimated net annual amortization of intangibles is as follows: Year Ending December 31, 2016 $ 9,273 2017 6,757 2018 5,941 2019 4,530 2020 3,580 Thereafter 13,028 Total $ 43,109 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The Company's debt is summarized as follows: December 31, 2015 December 31, 2014 Loans payable Container Loan #1 $ 34,761 $ 42,040 Container Loan #2 11,338 19,115 FTAI Pride Credit Agreement 67,188 73,438 CMQR Credit Agreement 9,407 9,416 Jefferson Terminal Credit Agreement 98,750 99,750 Total loans payable 221,444 243,759 Bonds payable Series 2010 Bonds — 298,000 Series 2012 Bonds (including unamortized premium of $1,751 and $1,791 at December 31, 2015 and December 31, 2014, respectively) 47,261 48,521 Total bonds payable 47,261 346,521 Note payable to non-controlling interest Note payable to non-controlling interest 2,352 2,587 Total note payable to non-controlling interest 2,352 2,587 Total debt $ 271,057 $ 592,867 Total debt due within one year $ 24,791 $ 23,915 Loans Payable Container Loan #1 —On December 27, 2012, a subsidiary of the Company entered into a Credit Agreement (“Container Loan #1”) with a bank for an initial aggregate amount of approximately $55,991 in connection with the acquisition of a portfolio of shipping containers subject to finance leases. Container Loan #1 requires monthly payments of interest and scheduled principal payments through its maturity on December 27, 2017 and can be prepaid without penalty after the third anniversary of the closing of the loan. Container Loan #1 is secured by the Company’s interest in the shipping containers and related finance leases. Borrowings under the loan bear interest at a rate selected by the Company of either (i) a LIBOR based rate plus a spread of 3.75% or (ii) a Base Rate equal to the higher of the Prime Rate or the Federal Funds Rate plus 1.50% , plus a spread of 3.75% . At December 31, 2015 and December 31, 2014 borrowings under the loan were LIBOR based borrowings bearing interest at a rate of 4.08% and 3.90% , respectively. The average interest rate for the years ended December 31, 2015 , December 31, 2014 , and December 31, 2013 was 4.38% , 4.00% and 4.34% , respectively, inclusive of the effect of an interest rate swap, described below. In connection with Container Loan #1, the Company entered into an interest rate swap agreement (the “Swap”) on January 17, 2013 with respect to 70% of the outstanding balance of the Loan and designated as a cash flow hedge which fixed the LIBOR rate at 0.681% . Periodic settlement payments made in connection with the Swap are recorded as a component of interest expense in the accompanying Consolidated Statement of Operations. The initial notional amount of the Swap was approximately $39,194 , with scheduled monthly decreases through the maturity date of the Container Loan #1. The fair value of the Swap at December 31, 2015 and December 31, 2014 was $97 and $214 , respectively. Pursuant to the Container Loan #1 agreement, amounts realized by the Company in connection with the finance lease are remitted directly into a trust account as restricted cash for disbursement according to specified payment priorities. Any amounts remaining in the trust account after payment of required obligations are released to the Company. Container Loan #1 contains negative covenants which limit certain actions of the borrowers. Upon the occurrence and during the continuance of an event of default under Container Loan #1, principal, interest and any fees or other amounts owed under Container Loan #1 bear interest at a rate that is 2% per annum in excess of the interest rate otherwise payable with respect to such amounts. As of December 31, 2015 , the Company was in compliance with all of the covenants under this agreement. Container Loan #2 —On August 15, 2013, a subsidiary of the Company entered into a Credit Agreement (“Container Loan #2”) with a bank for an initial aggregate amount of approximately $21,548 in connection with the acquisition of a portfolio of shipping containers subject to finance leases. Container Loan #2 requires quarterly payments of interest and scheduled principal payments through its maturity on August 28, 2018 and can be prepaid without penalty at any time. Container Loan #2 is secured by the Company’s interest in the shipping containers and related finance leases. Borrowings under Container Loan #2 bear interest at a rate of LIBOR plus a spread of 3.25% . At December 31, 2015 and December 31, 2014 , borrowings under Container Loan #2 bore interest at a rate of 3.66% and 3.49% , respectively. The average interest rate for the years ended December 31, 2015 , December 31, 2014 and December 31, 2013 was 3.67% , 3.59% and 3.54% , respectively, inclusive of the interest rate cap, described below. In connection with Container Loan #2, on September 20, 2013, the Company entered into an interest rate cap agreement (the “Cap”), which was not designated as a cash flow hedge, with an initial payment date of February 28, 2014. The Cap capped LIBOR at 2.5% with respect to 50% of the portion of the outstanding balance of Container Loan #2 attributable to the 5 -year finance leases. The initial notional amount of the Cap was approximately $2,554 , with scheduled quarterly decreases through the August 28, 2018 maturity date of the Loan. The fair value of the Cap at December 31, 2015 and December 31, 2014 was approximately $4 and $18 , respectively. Pursuant to the Container Loan #2 agreement, amounts realized by the Company in connection with the finance leases are remitted directly into a trust account for disbursement according to specified payment priorities. Any amounts remaining in the trust account after payment of required obligations are released to the Company. Container Loan #2 contains negative covenants which limit certain actions of the borrowers. Upon the occurrence and during the continuance of an event of default under the Container Loan #2, principal, interest and any fees or other amounts owed under the Container Loan #2 bear interest at a rate that is 2.5% per annum in excess of the interest rate otherwise payable with respect to such amounts. As of December 31, 2015 , the Company was in compliance with all of the covenants under this agreement. FTAI Pride Credit Agreement —On September 15, 2014, FTAI Pride, LLC, (“FTAI Pride”) a subsidiary of the Company entered into a credit agreement (the “FTAI Pride Credit Agreement”) with a financial institution for a term loan in an aggregate amount of $75,000 . The loan proceeds were used in connection with the acquisition of an offshore construction vessel. The FTAI Pride Credit Agreement requires quarterly payments of interest and scheduled principal payments of $1,562 beginning in the quarter ending December 31, 2015 , through its maturity and can be prepaid without penalty at any time. The FTAI Pride Credit Agreement is secured on a first priority basis by the offshore construction vessel and charter. Borrowings under the FTAI Pride Credit Agreement bear interest at the LIBOR rate plus a spread of 4.50% . At December 31, 2015 and December 31, 2014 , borrowings under the FTAI Pride Credit Agreement bore interest at a rate of 5.02% and 4.74% . respectively. The FTAI Pride Credit Agreement contains affirmative and negative covenants which limit certain actions of the borrower and a financial covenant requiring a Fixed Charges Coverage Ratio, as defined, of not less than 1.15 :1.00 in any twelve month period ending December 31, 2014, or later. At December 31, 2015 , the Company was in compliance with all the covenants under the FTAI Pride Credit Agreement. CMQR Credit Agreement —On September 18, 2014, CMQR entered into a credit agreement (the “CMQR Credit Agreement”) with a financial institution for a revolving line of credit in an aggregate amount of $10,000 . The CMQR Credit Agreement requires quarterly payments of interest and its maturity date is September 18, 2017. Borrowings under the CMQR Credit Agreement bear interest at either (i) Adjusted LIBOR plus a spread of 2.50% or 4.50% , (ii) the U.S. or Canadian Base Rate plus a spread of 1.50% or 3.50% , or (iii) the Canadian Fixed Rate plus a spread of 2.50% or 4.50% , as defined by the CMQR Credit Agreement. Borrowings under the CMQR Credit Agreement bore interest at an average rate of 2.92% and 2.95% at December 31, 2015 and December 31, 2014 , respectively. The CMQR Credit Agreement is also indirectly supported by Fortress Transportation and Infrastructure Investors LLC (the “Sponsor”). In the event of a default under the credit agreement, CMQR’s lenders can cause CMQR to call up to $12 million in capital from the Sponsor, and in the event of CMQR’s bankruptcy, the lenders can put the debt back to the Sponsor. The capital call obligation and put right fall away upon satisfaction of certain conditions, including CMQR’s compliance with minimum collateral coverage and a minimum Fixed Charge Coverage Ratio, as defined, of 1.30 :1.00 for the preceding four-quarter period. Upon termination of the capital call obligation and put right, CMQR is required to maintain minimum collateral coverage at all times and a Fixed Charge Coverage Ratio of not less than 1.30 :1.00 in any rolling four-quarter period. The CMQR Credit Agreement contains affirmative and negative covenants which limit certain actions of CMQR and at December 31, 2015 , the Company was in compliance with these covenants. Jefferson Terminal Credit Agreement —On August 27, 2014, a subsidiary of the Company, entered into a credit agreement (the “Jefferson Terminal Credit Agreement”) with a financial institution for an aggregate amount of $100,000 . The loan proceeds were used to partially finance the acquisition of Jefferson Terminal (Note 3) as well as to pay certain working capital amounts. The Jefferson Terminal Credit Agreement required quarterly payments of $250 beginning with the quarter ending December 31, 2014, with such quarterly payments increasing to $1,250 beginning with the quarter ending December 31, 2016, and could be prepaid or repaid at any time prior to its maturity on February 27, 2018. The Jefferson Terminal Credit Agreement was secured on a first priority basis by substantially all assets of Jefferson Terminal, as defined in the agreement. Borrowings under the Jefferson Terminal Credit Agreement bore interest, at the Company’s option, at the Adjusted Eurodollar Rate plus a spread of 8.00% or at a Base Rate plus a spread of 7.00% . The Jefferson Terminal Credit Agreement provided for a prepayment premium ranging from 1 - 3% of the aggregate principal amount prepaid, including repayment at maturity (the “Exit Fee”). The Exit Fee payable at maturity, of approximately $2,753 , was being recognized ratably over the term of the loan and recorded as a component of interest expense in the Consolidated Statement of Operations. At December 31, 2015 and December 31, 2014 , borrowings under the Jefferson Terminal Credit Agreement bore interest at a rate of 9.50% and 9.00% , respectively, and interest expense for the year ending December 31, 2015 and December 31, 2014 was approximately $10,910 and $3,703 , respectively, of which approximately $2,128 and $3,534 , respectively, was related to capital improvements and was capitalized to Construction in Progress. The Jefferson Terminal Credit Agreement contains affirmative and negative covenants which limit certain actions of the borrowers. At December 31, 2015, the Company was in compliance with all covenants under the Jefferson Terminal Credit Agreement. On March 8, 2016, all amounts outstanding under the Jefferson Terminal Credit Agreement were paid in full and such agreement was terminated. See Note 19, Subsequent Events. Bonds Payable Series 2010 Bonds —On December 1, 2010, Jefferson County Development Corporation issued $300,000 of tax-exempt industrial bonds, the Series 2010 Bonds, which provided tax-exempt financing for businesses, to be used for specific purposes to stimulate the economy of the respective beneficiary counties. The proceeds of this issuance were loaned to Jefferson Terminal, to be held in trust, as restricted cash, to ensure adherence to the restrictions of use of the funds. Use of the proceeds required approval from a trustee prior to release of funds. The Series 2010 bonds had a stated maturity date of December 1, 2040, bore interest at a rate of 0.6% per year, and the principal amount was due at maturity. In accordance with the terms of the trust indenture and security agreements, Series 2010 Bonds could be tendered by bondholders and purchased by the Company using the unused restricted cash proceeds. During the year ended December 31, 2014 , $2,000 of principal was repaid related to the Series 2010 Bonds and the remaining $298,000 of principal was tendered by the bondholders and purchased by the Company utilizing unused restricted cash proceeds. As of December 31, 2014, Series 2010 Bonds purchased by the Company were deemed to be owned by the Company, and in the Consolidated Balance Sheet, the Company had $298,000 of Tendered Bonds and an equal corresponding amount in Debt. Tendered bonds did not convey principal or interest payments while held by the Company. During year ended December 31, 2015 , the Jefferson County Industrial Development Corporation, the Company, and Amegy Bank as the related trustee, agreed to cancel the Series 2010 Bonds. Accordingly, as of December 31, 2015 , the Series 2010 Bonds are deemed cancelled and are no longer reported within Tendered Bonds or Debt in the Consolidated Balance Sheet. Series 2012 Bonds —On August 1, 2012, Jefferson County Development Corporation issued $46,875 of tax-exempt industrial bonds (“Series 2012 Bonds”), to specifically fund construction and operation of an intermodal transfer facility for crude oil and refined petroleum products. The proceeds of this issuance were loaned to Jefferson Terminal, to be held in trust, as restricted cash, to ensure adherence to the restrictions of use of the funds. Use of the proceeds requires approval from a trustee prior to release of funds. Such restricted cash may only be released to us after payment of applicable reserves, including a six -month interest reserve, and expenses, as determined by the trustee. The Series 2012 Bonds have a stated maturity of July 1, 2032, bear interest at 8.25% , and require scheduled principal payments. The principal of the Series 2012 Bonds is payable annually at varying amounts. In connection with the Company’s acquisition of Jefferson Terminal (Note 3), the Series 2012 Bonds were recorded at a fair value of $48,554 , which represented a premium of $1,823 as compared to their face value at the date of acquisition; such premium is being amortized using the effective interest method over the remaining contractual term of the Series 2012 Bonds. The Series 2012 Bond agreement contains a financial covenant requiring a subsidiary of the Company to maintain a long-term debt service coverage ratio, as defined in the agreement, of 1.25 to 1, in each fiscal year, beginning with December 31, 2014. At December 31, 2015 , the Company was in compliance with all the covenants under the Series 2012 Bonds. Note Payable to Non-Controlling Interest Note Payable to Non-Controlling Interest —In May 2013, in connection with the capitalization of a consolidated subsidiary, the Company and the owner of the non-controlling interest loaned approximately $18,275 and $3,225 , respectively, to the entity in proportion to their respective ownership percentages of 85% and 15% . The loans bear interest at an annual rate of 5% and require monthly payments of principal and interest through their final maturity in May 2021. The loan amount funded by the Company and related interest have been eliminated in consolidation. At December 31, 2015 , scheduled principal repayments under the Company’s debt agreements for the next five years and thereafter are summarized as follows: 2016 2017 2018 2019 2020 Thereafter Total Bonds payable (excluding unamortized premium of $1,751) $ 1,320 $ 1,425 $ 1,545 $ 1,670 $ 1,810 $ 37,740 $ 45,510 Loans payable 22,900 48,591 101,515 48,438 — — 221,444 Note payable to non-controlling interest 571 403 403 403 572 — 2,352 Total $ 24,791 $ 50,419 $ 103,463 $ 50,511 $ 2,382 $ 37,740 $ 269,306 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. • Level 3: Unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: • Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts. • Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and December 31, 2014 , by level within the fair value hierarchy. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2015 December 31, 2015 Total Level 1 Level 2 Level 3 Valuation Technique Assets: Cash and cash equivalents $ 381,703 $ 381,703 $ — $ — Market Restricted cash 21,610 21,610 — — Market Derivative assets 101 — 101 — Income Total assets at fair value $ 403,414 $ 403,313 $ 101 $ — Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2014 December 31, 2014 Total Level 1 Level 2 Level 3 Valuation Technique Assets: Cash and cash equivalents $ 22,125 $ 22,125 $ — $ — Market Restricted cash 21,084 21,084 — — Market Derivative assets 232 — 232 — Income Total assets at fair value $ 43,441 $ 43,209 $ 232 $ — At December 31, 2015 and December 31, 2014 , the Company had no liabilities that were measured at fair value on a recurring basis. The Company’s cash and cash equivalents and restricted cash consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid and easily tradable. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy. The Company’s derivatives are valued using discounted cash flow models with observable market inputs (i.e., cash rates, futures rates, swap rates and contractual cash flows) that can be verified and do not involve significant judgments and are therefore classified as Level 2 within the fair value hierarchy. Except as discussed below, the Company’s financial instruments other than cash and cash equivalents, restricted cash, and derivatives consist principally of accounts receivable, accounts payable and accrued liabilities, bonds payable, security deposits, maintenance deposits and management fees payable, whose fair value approximates their carrying value based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles. At December 31, 2015 and December 31, 2014 , the Company’s notes receivable, included as a component of other assets on the accompanying Consolidated Balance Sheets, consisted of a $3,725 loan bearing interest at 12.0% made to the Company’s joint venture partner in MT 6015 (Note 2) which is collateralized by other property owned by the joint venture partner. At December 31, 2015 , the Company's notes receivable also included a $14,869 loan bearing interest at 10% related to a terminal site under development, collateralized by property at that site. The fair values of these notes receivable approximate carrying value due to both bearing a market rate of interest for similar types of loans and is classified as Level 2 within the fair value hierarchy. The fair values of Container Loan #1 and Container Loan #2, reported in Debt on the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 , were approximately $34,758 and $42,515 , respectively, and $11,359 and $19,129 , respectively, based upon current market interest rates for similar types of loans. The fair value of Series 2012 bonds, reported in Debt on the Consolidated Balance Sheets, was approximately $49,268 at December 31, 2015 and approximated carrying value at December 31, 2014 , based upon market prices for similar municipal securities. The fair values of all other items reported as Debt on the Consolidated Balance Sheets approximate their carrying values due to their bearing market rates of interest, and are classified as Level 2 within the fair value hierarchy. The Company measures the fair value of certain assets and liabilities on a non-recurring basis when GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include goodwill, intangible assets, property, plant and equipment and leasing equipment. The Company records such assets at fair value when it is determined the carrying value may not be recoverable. Fair value measurements for assets subject to impairment tests are based on an income approach which uses Level 3 inputs, which include the Company’s assumptions as to future cash flows from operation of the underlying businesses and the leasing and eventual sale of assets. During the years ended December 31, 2015 and 2014 , no impairment charges were recognized related to the Company's assets and liabilities measured at fair value on a recurring basis. See Note 7 for impairment recorded by the Company's investment in unconsolidated entity during the year ended December 31, 2015 . |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2015 | |
Revenue Disclosure [Abstract] | |
REVENUES | REVENUES Components of revenue are as follows: Year Ended December 31, 2015 Equipment Leasing Infrastructure Revenues Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Total Equipment leasing revenues Lease income $ 42,924 $ 21,959 $ — $ — $ — $ 64,883 Maintenance revenue 17,286 — — — — 17,286 Finance lease income — 1,665 7,082 — — 8,747 Other revenue 1,120 607 100 — — 1,827 Total equipment leasing revenues $ 61,330 $ 24,231 $ 7,182 $ — $ — $ 92,743 Infrastructure revenues Lease income — — — 4,620 — 4,620 Rail revenues — — — — 25,550 25,550 Terminal services revenues — — — 13,655 — 13,655 Total infrastructure revenues — — — $ 18,275 $ 25,550 $ 43,825 Total revenues $ 61,330 $ 24,231 $ 7,182 $ 18,275 $ 25,550 $ 136,568 Year Ended December 31, 2014 Equipment Leasing Infrastructure Revenues Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Total Equipment leasing revenues Lease income $ 14,991 $ 12,690 $ — $ — $ — $ 27,681 Maintenance revenue 5,964 — — — — 5,964 Finance lease income — 1,716 8,297 — — 10,013 Other revenue 3 224 99 — — 326 Total equipment leasing revenues $ 20,958 $ 14,630 $ 8,396 $ — $ — $ 43,984 Infrastructure revenues Lease income — — — 1,325 — 1,325 Rail revenues — — — — 9,969 9,969 Terminal services revenues — — — 2,652 — 2,652 Total infrastructure revenues — — — $ 3,977 $ 9,969 $ 13,946 Total revenues $ 20,958 $ 14,630 $ 8,396 $ 3,977 $ 9,969 $ 57,930 Year Ended December 31, 2013 Equipment Leasing Infrastructure Revenues Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Total Equipment leasing revenues Lease income $ 4,282 $ 5,002 $ — $ — $ — $ 9,284 Maintenance revenue 2,242 — — — — 2,242 Finance lease income — 262 7,519 — — 7,781 Other revenue 121 102 — — 223 Total equipment leasing revenues 6,645 5,264 7,621 — — 19,530 Total revenues $ 6,645 $ 5,264 $ 7,621 $ — $ — $ 19,530 Minimum future annual revenues contracted to be received under existing operating leases of equipment at December 31, 2015 are as follows: Year ending December 31, 2016 $ 59,111 2017 44,623 2018 32,054 2019 16,877 2020 7,206 Thereafter 1,452 $ 161,323 |
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
EQUITY-BASED COMPENSATION | EQUITY-BASED COMPENSATION In 2015, subsequent to the IPO, the Company established a Nonqualified Stock Option and Incentive Award Plan (“Incentive Plan”) which provides for the ability to award equity compensation awards in the form of stock options, stock appreciation rights, restricted stock, and performance awards to eligible employees, consultants, directors, and other individuals who provide services to the Company, each as determined by the Compensation Committee of the Board of Directors. Amounts are in thousands except share data. As of December 31, 2015 , the Incentive Plan provides for the issuance of up to 30,000,000 shares. The Company accounts for equity-based compensation expense in accordance with Accounting Standards Codification 718 Compensation-Stock Compensation (“ASC 718”) and is reported within Operating Expenses and General and Administrative in the Consolidated Statements of Operations. Stock Options In June 2015, the Company issued an aggregate of 15,000 stock options ( 5,000 options each) to its three independent directors pursuant to the Incentive Plan with a grant date fair value of $24 which immediately vested upon grant and expire after 10 years . The fair value of each stock option was estimated on the date of grant using a Black-Scholes option valuation model using the following assumptions: Year Ended December 31, 2015 Expected volatility Due to the lack of historical data for the Company’s own stock, the Company has based its expected volatility on a representative peer group with similar business characteristics. 28% Risk free interest rate The risk-free rate is determined using the implied yield currently available on U.S. government bonds with a term consistent with the expected term on the date of grant. 2.4% Expected dividend yield The expected dividend yield is based on management’s current expected dividend rate. 6.50% Expected term Expected term used represents the period of time the options granted are expected to be outstanding. 5 years Options Weighted-Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Stock options outstanding at January 1, 2015 — Granted 15,000 $ 16.98 Exercised — Forfeited and cancelled — Stock options outstanding and exercisable as of December 31, 2015 15,000 16.98 9.42 $ — Restricted Shares Starting in 2014, the Company has granted equity based compensation to employees of a subsidiary consisting of 1.3 million restricted shares of such subsidiary’s equity instruments in exchange for services to be provided. One award for 1.25 million restricted shares vests in three tranches over three years , subject to continued employment and the achievement of three separate performance conditions based on EBITDA for that subsidiary, as defined. The award expires in August 2017. The award is equity based, with compensation expense recognized ratably over the remaining service period when it is probable that the performance conditions will be achieved. The grant date fair value of the award is $23,879 which was based on the fair value per share on August 27, 2014, the date of grant, and estimated using a market approach. As of December 31, 2015 , the achievement of one performance condition representing 50% of the grant value remains probable. A second award vests over four years , subject to continued employment. The grant date fair value of the award is $800 , which is based on the fair value per share on the date of grant, estimated using a market approach. All restricted shares were outstanding and unvested as of December 31, 2015 and December 31, 2014 . The awards have an assumed forfeiture rate of zero . Common Units Starting in 2014, the Company has granted equity based compensation to employees of a subsidiary consisting of 1.4 million common units of such subsidiary’s equity instruments with an aggregate grant date fair value of $1,688 in exchange for services to be provided. The awards have varying terms, ranging between 16 and 36 months , and vest subject to continued employment through each respective vesting date. The awards are equity based, with compensation expense recognized ratably over the vesting periods. The awards have an assumed forfeiture rate of zero . As of December 31, 2015 and December 31, 2014 , 733 and 1,300 common units were nonvested, respectively. During the year ended December 31, 2015 , 617 common units vested, with a fair value of $765 . The fair value of the awards are based on the fair value of the operating subsidiary on each date of grant, which was estimated using a discounted cash flow analysis which requires the application of discount factors and terminal multiples to projected cash flows. Discount factors and terminal multiples were based on market based inputs and transactions, as available at the measurement dates. The Company’s Statements of Operations includes the following expense related to its stock-based compensation arrangements: Year Ended December 31, 2015 Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Stock Options $ 24 $ — Restricted Shares 3,432 20,110 Common Units 1,206 354 Total $ 4,662 $ 20,464 During the year ended December 31, 2014 , the Company recorded stock-based compensation expense related to restricted shares and common units of $1,137 and $128 , respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The current and deferred components of the income tax expense included in the Consolidated Statements of Operations are as follows: Year Ended December 31, 2015 2014 2013 Current: Federal $ 86 $ 700 $ — State and local 45 15 — Foreign 222 — — Total current provision 353 715 — Deferred: Federal (79 ) 158 — State and local — 1 — Foreign 312 — — Total deferred provision (benefit) 233 159 — Total provision for income taxes $ 586 $ 874 $ — The Company is taxed as a flow-through entity for U.S. income tax purposes and its taxable income or loss generated is the responsibility of its owners. Taxable income or loss generated by the Company’s corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business. The difference between the Company's reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows: December 31, 2015 2014 2013 U.S. federal tax at statutory rate 35.0 % 35.0 % 35.0 % Income not subject to tax 25.2 % (241.2 )% (35.0 )% State and local taxes (0.2 )% 0.4 % Foreign taxes (1.9 )% — % Other (0.2 )% — % Change in valuation allowance (60.0 )% 228.8 % Provision for income taxes (2.1 )% 23.0 % — % Significant components of our deferred tax assets and liabilities are as follows: December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 24,234 $ 6,144 Accrued expenses 1,767 1,934 Interest expense 4,038 1,033 Other 2,712 451 Total deferred tax assets 32,751 9,562 Less valuation allowance (24,786 ) (8,675 ) Net deferred tax assets 7,965 887 Deferred tax liabilities: Fixed assets $ 8,357 $ 1,046 Net deferred tax liabilities $ (392 ) $ (159 ) Current and deferred tax assets and liabilities are reported in other assets and other liabilities, respectively, in the Consolidated Balance Sheet. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. The Company has analyzed its deferred tax assets and has determined, based on the weight of available evidence, that it is more likely than not that a significant portion will not be realized. Accordingly, valuation allowances have been recognized as of December 31, 2015 and December 31, 2014 of approximately $24,786 and $8,675 , respectively, related to certain deductible temporary differences and net operating loss carryforwards. A summary of the changes in the valuation allowance follows: December 31, 2015 2014 Valuation allowance at beginning of period $ 8,675 $ — Increase to valuation allowance attributable to: Current year loss 16,111 8,675 Valuation allowance at end of period $ 24,786 $ 8,675 As of December 31, 2015 and 2014, certain corporate subsidiaries of the Company had U.S. federal net operating loss carryforwards of approximately $62,014 and $13,000 , respectively, and $60,646 and $12,300 , respectively, of various state and local net operating loss carryforwards that are available to offset future taxable income, if and when it arises. These net operating loss carryforwards begin to expire in the year 2034. As of December 31, 2015 and 2014, the Company also had net operating loss carryforwards for Canadian federal and provincial income taxes of $6,672 and $4,000 , respectively, which will begin to expire in the year 2034. As of December 31, 2015, the Company also had net operating loss carryforwards for Irish income tax purposes of $900 , which can be carried forward indefinitely against future business income. The utilization of the net operating loss carryforwards to reduce future income taxes will depend on the corporate subsidiaries’ ability to generate sufficient taxable income prior to the expiration of the carryforward period. In addition, the maximum annual use of net operating loss carryforwards may be limited in certain situations after changes in stock ownership occur. As of and for the years ended December 31, 2015 and 2014, the Company had not established a liability for uncertain tax positions as no such positions existed. In general, the Company’s tax returns and the tax returns of its corporate subsidiaries are subject to U.S. federal, state and local and foreign income tax examinations by tax authorities. Generally, the Company is not subject to examination by taxing authorities for tax years prior to 2012. The Company does not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date. |
MANAGEMENT AGREEMENT AND AFFILI
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS | MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS The Manager is paid annual fees in exchange for advising the Company on various aspects of its business, formulating its investment strategies, arranging for the acquisition and disposition of assets, arranging for financing, monitoring performance, and managing its day-to-day operations, inclusive of all costs incidental thereto. In addition, the Manager may be reimbursed for various expenses incurred by the Manager on the Company’s behalf, including the costs of legal, accounting and other administrative activities. In May 2015, in connection with the IPO, the Company entered into a new management agreement with the Manager, (the “Management Agreement”) which replaced its then-existing management agreement as a private fund. The terms of each arrangement, pre-IPO and post-IPO, are described below. Pre-IPO Management Agreement The pre-IPO management fee was calculated at an annual rate of 1.25% for any Onshore Fund or Offshore Fund investor (collectively, the “Fund Investors”) with a capital commitment of at least $100 million and 1.50% for any capital commitment of less than $100 million, payable semi-annually in arrears. Commencing with the date of the initial closing of the Onshore Fund and the Offshore Fund and continuing through the third anniversary of their final closing (the “Fund Commitment Period”), this percentage was applied to the weighted average of all capital called, reduced for any return of capital resulting from the partial or complete disposition of any Portfolio Investment, as defined. During the years ended December 31, 2015 , 2014 , and 2013 , pre-IPO management fees were $3,873 , $5,463 , and $2,211 , respectively. In addition, affiliates of the Manager were entitled to receive an amount not to exceed $1 million per annum to cover legal, compliance, operational, tax, accounting, insurance, transfer agent and informational technology services (“Specified General and Administrative Expenses”) performed by employees of such affiliates on behalf of the Company or the Onshore Fund and the Offshore Fund. No expenses were reimbursed to the Manager or its affiliates for any period prior to the IPO. Prior to the IPO, the Master GP was entitled to an incentive return (the “Incentive Return”) generally equal to 10% of the Partnership’s profits (before certain taxes), as defined, subject to: i) an 8% cumulative preferred return payable to the Onshore Fund and Offshore Fund investors and ii) a clawback provision which requires amounts previously distributed as Incentive Return to be returned to the Company for the benefit of the Onshore Fund and Offshore Fund investors (after adjusting for tax in accordance with the partnership agreement) if, upon the termination of the Company, the amounts ultimately distributed to the Master GP exceed its allocable amount. The Incentive Return was distributable to the Master GP from Distributable Proceeds of the Partnership (as defined) as they were distributed. Accordingly, an Incentive Return would have been paid to the Master GP in connection with a particular investment if and when such investment generated proceeds in excess of the capital called with respect to such investment, plus an 8% cumulative preferred return on such investment and on all previously liquidated investments. If, upon the termination of the Partnership, the aggregate amount paid to the Master GP as Incentive Return exceeded the amount actually due after taking into account the aggregate return to the Onshore Fund and the Offshore Fund investors, the excess was required to be returned by the Master GP (“clawed back”, after adjusting for tax in accordance with the Company agreements) to the Company for benefit of the Fund Investors. Immediately prior to the consummation of the IPO, the Master GP contributed its rights to previously undistributed incentive return pursuant to the Partnership Agreement in exchange for limited partnership interests in each of the Onshore Fund and Offshore Fund equal to the amount of any such undistributed incentive returns. Certain employees of an affiliate of the Manager are or may become entitled to receive profit sharing arrangements from the Master GP, pursuant to which they receive a portion of the Master GP’s Incentive Return. The Company is not required to reimburse the Master GP for such amounts. During the years ended December 31, 2015 , 2014 , and 2013 , the Master GP did not incur any amounts payable to these employees under such profit sharing arrangements attributable to the operations of the Company. Post-IPO Management Agreement The Manager is entitled to a management fee, incentive allocations (comprised of income incentive allocation and capital gains incentive allocation, defined below) and reimbursement of certain expenses. The post-IPO management fee is determined by taking the average value of total equity (excluding non-controlling interests) determined on a consolidated basis in accordance with GAAP at the end of the two most recently completed months multiplied by an annual rate of 1.50% , and is payable monthly in arrears in cash. The total post-IPO management fees for the year ended December 31, 2015 was $11,145 . The income incentive allocation is calculated and distributable quarterly in arrears based on the pre-incentive allocation net income for the immediately preceding calendar quarter (the “Income Incentive Allocation”). For this purpose, pre-incentive allocation net income means, with respect to a calendar quarter, net income attributable to shareholders during such quarter calculated in accordance with GAAP excluding the Company’s pro rata share of (1) realized or unrealized gains and losses, and (2) certain non-cash or one-time items, and (3) any other adjustments as may be approved by the Company’s independent directors. Pre-incentive allocation net income does not include any Income Incentive Allocation or Capital Gains Incentive Allocation (described below) paid to the Master GP during the relevant quarter. A subsidiary of the Company allocates and distributes to the Master GP an Income Incentive Allocation with respect to its pre-incentive allocation net income in each calendar quarter as follows: (1) no Income Incentive Allocation in any calendar quarter in which pre-incentive allocation net income, expressed as a rate of return on the average value of the Company’s net equity capital (excluding non-controlling interests) at the end of the two most recently completed calendar quarters, does not exceed 2.0% for such quarter ( 8.0% annualized); (2) 100% of pre-incentive allocation net income with respect to that portion of such pre-incentive allocation net income, if any, that is equal to or exceeds 2.00% but does not exceed 2.2223% for such quarter; and (3) 10.0% of the amount of pre-incentive allocation net income, if any, that exceeds 2.2223% for such quarter. These calculations will be prorated for any period of less than three months. No Income Incentive Allocation was due to the Master GP for the year ended December 31, 2015 . Capital Gains Incentive Allocation is calculated and distributable in arrears as of the end of each calendar year and is equal to 10% of the Company’s pro rata share of cumulative realized gains from the date of the IPO through the end of the applicable calendar year, net of the Company’s pro rata share of cumulative realized or unrealized losses, the cumulative non-cash portion of equity-based compensation expenses and all realized gains upon which prior performance-based Capital Gains Incentive Allocation payments were made to the Master GP. No Capital Gains Incentive Allocation was due to the Master GP for the year ended December 31, 2015 . The Company will pay all of its operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The expenses required to be paid by the Company include, but are not limited to, issuance and transaction costs incident to the acquisition, disposition and financing of the company’s assets, legal and auditing fees and expenses, the compensation and expenses of the Company’s independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness of the Company (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings of the Company, costs and expenses incurred in contracting with third parties (including affiliates of the Manager), the costs of printing and mailing proxies and reports to the Company’s shareholders, costs incurred by the Manager or its affiliates for travel on the Company’s behalf, costs associated with any computer software or hardware that is used for the Company, costs to obtain liability insurance to indemnify the Company’s directors and officers and the compensation and expenses of the Company’s transfer agent. The Company will pay or reimburse the Manager and its affiliates for performing certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements are no greater than those which would be paid to outside professionals or consultants. The Manager is responsible for all of its other costs incident to the performance of its duties under the Management Agreement, including compensation of the Manager’s employees, rent for facilities and other “overhead” expenses; the Company will not reimburse the Manager for these expenses. During year ended December 31, 2015 , expense reimbursement of $4,119 was recorded in General and Administrative and $2,181 was recorded in Acquisition and Transaction expenses in the Consolidated Statements of Operations. If the Company terminates the Management Agreement, it will generally be required to pay the Manager a termination fee. The termination fee is equal to the amount of the management fee during the 12 months immediately preceding the date of the termination. In addition, an Incentive Allocation Fair Value Amount will be distributable to the Master GP if the Master GP is removed due to the termination of the Management Agreement in certain specified circumstances. The Incentive Allocation Fair Value Amount is an amount equal to the Income Incentive Allocation and the Capital Gains Incentive Allocation that would be paid to the Master GP if the Company’s assets were sold for cash at their then current fair market value (as determined by an appraisal, taking into account, among other things, the expected future value of the underlying investments). Upon the successful completion of a post-IPO offering of the Company’s common shares or other equity securities (including securities issued as consideration in an acquisition), the Company will grant the Manager options to purchase common shares in an amount equal to 10% of the number of common shares being sold in the offering (or if the issuance relates to equity securities other than the Company’s common shares, options to purchase a number of common shares equal to 10% of the gross capital raised in the equity issuance divided by the fair market value of a common share as of the date of issuance), with an exercise price equal to the offering price per share paid by the public or other ultimate purchaser or attributed to such securities in connection with an acquisition (or the fair market value of a common share as of the date of the equity issuance if it relates to equity securities other than our common shares). Any ultimate purchaser of common shares for which such options are granted may be an affiliate of Fortress. As of December 31, 2015 and December 31, 2014 , amounts receivable from the Manager or its affiliates of $0 and $335 , respectively, are included within other assets on the Consolidated Balance Sheets. As of December 31, 2015 and December 31, 2014 , amounts due to the Manager or its affiliates of $994 and $160 , respectively, excluding accrued management fees, are included within other liabilities on the Consolidated Balance Sheets. As of December 31, 2015 and December 31, 2014 , amounts due to the Manager or its affiliates of $1,506 and $3,626 , respectively, related to accrued management fees, are included within accounts payable and accrued liabilities on the Consolidated Balance Sheets. Other Affiliate Transactions As of December 31, 2015 and December 31, 2014 , a private equity fund sponsored by Fortress owns an approximately 20% interest in Jefferson Terminal which has been accounted for as a component of non-controlling interest in consolidated subsidiaries in the accompanying consolidated financial statements. The carrying amount of this non-controlling interest at December 31, 2015 and December 31, 2014 was $71,321 and $54,273 . For the year ending December 31, 2015 and December 31, 2014 , the amount of this non-controlling interest share of net loss was $(7,950) and $(3,068) , respectively. A non-controlling interest holder of Jefferson Terminal provides construction services for Jefferson Terminal. At December 31, 2015 and December 31, 2014 , accounts payable due to this vendor was $4,708 and $14,025 , respectively. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s reportable segments represent strategic business units comprised of investments in different types of transportation and infrastructure assets. The Company has five reportable segments which operate in the Equipment Leasing and Infrastructure businesses across several market sectors. The Company’s reportable segments are Aviation Leasing, Offshore Energy, Shipping Containers, Jefferson Terminal and Railroad. Aviation Leasing consists of aircraft and aircraft engines held for lease and are typically held long-term. Offshore Energy consists of vessels and equipment that support offshore oil and gas drilling and production which are typically subject to long-term operating leases. Shipping Containers consist of investments in shipping containers and related equipment subject to operating leases and finance leases and also includes an investment in an unconsolidated entity engaged in the acquisition and leasing of shipping containers (on both an operating lease and finance lease basis). Jefferson Terminal consists of a multi-modal crude oil and refined products terminal and other related assets. Railroad consists of our CMQR railroad operations. With the CMQR and Jefferson Terminal acquisitions during 2014, the Company created two new reporting segments, Jefferson Terminal and Railroad. The Chief Operating Decision Maker (“CODM”) also implemented Adjusted Net Income as the key performance measure during the same period. This segment structure and performance measure reflects the current management of the businesses and provides the CODM with the information necessary to assess operational performance as well as make resource and allocation decisions. Corporate consists primarily of unallocated Company level general and administrative expenses and management fees. The accounting policies of the segments are the same as those described in the summary of significant accounting policies; however financial information presented by segment include the impact of intercompany eliminations. The Company evaluates investment performance for each reportable segment primarily based on Net Income attributable to shareholders and Adjusted Net Income. Adjusted Net Income is defined as net income attributable to shareholders, adjusted (a) to exclude the impact of provision for income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, and equity in earnings of unconsolidated entities; (b) to include the impact of cash income tax payments, the Company’s pro-rata share of the Adjusted Net Income from unconsolidated entities (collectively “Adjusted Net Income”), and (c) to exclude the impact of the non-controlling share of Adjusted Net Income. The Company believes that net income attributable to shareholders as defined by GAAP is the most appropriate earnings measurement with which to reconcile Adjusted Net Income. Adjusted Net Income should not be considered as an alternative to Net Income attributable to shareholders as determined in accordance with GAAP. The following tables set forth certain information for each reportable segment of the Company: I. For the Year Ended December 31, 2015 Year Ended December 31, 2015 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Revenues Equipment leasing $ 61,330 $ 24,231 $ 7,182 $ — $ — $ — $ 92,743 Infrastructure — — — 18,275 25,550 — 43,825 Total revenues 61,330 24,231 7,182 18,275 25,550 — 136,568 Expenses Operating expenses 2,820 4,650 350 33,154 27,819 — 68,793 General and administrative — — — — — 7,568 7,568 Acquisition and transaction expense — — — — — 5,683 5,683 Management fees and incentive allocation to affiliate — — — — — 15,018 15,018 Depreciation and amortization 23,549 5,967 — 13,897 1,895 — 45,308 Interest expense — 3,794 2,393 12,546 578 — 19,311 Total expenses 26,369 14,411 2,743 59,597 30,292 28,269 161,681 Other income (expense) Equity in losses of unconsolidated entities — — (6,956 ) — — — (6,956 ) Gain (loss) on sale of equipment 3,053 — — (199 ) 565 — 3,419 Interest income 11 483 — 85 — — 579 Other income (expense) — — (14 ) 40 — — 26 Total other income (expense) 3,064 483 (6,970 ) (74 ) 565 — (2,932 ) Income (loss) before income taxes 38,025 10,303 (2,531 ) (41,396 ) (4,177 ) (28,269 ) (28,045 ) Provision (benefit) for income taxes 668 — (127 ) 41 — 4 586 Net income (loss) 37,357 10,303 (2,404 ) (41,437 ) (4,177 ) (28,273 ) (28,631 ) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 21 676 — (17,376 ) (121 ) (5 ) (16,805 ) Net income (loss) attributable to shareholders $ 37,336 $ 9,627 $ (2,404 ) $ (24,061 ) $ (4,056 ) $ (28,268 ) $ (11,826 ) The following table sets forth a reconciliation of Adjusted Net Income to Net Income (Loss) attributable to shareholders: Year Ended December 31, 2015 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Adjusted Net Income (Loss) $ 37,777 $ 9,627 $ 7,991 $ (22,153 ) $ (2,898 ) $ (22,557 ) $ 7,787 Add: Non-controlling share of adjustments to Adjusted Net Income 1,333 Add: Equity in (losses) earnings of unconsolidated entities (6,956 ) Add: Cash payments for income taxes 507 Less: Incentive allocations — Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities (3,552 ) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments (14 ) Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (5,683 ) Less: Equity-based compensation expense (4,662 ) Less: Provision for income taxes (586 ) Net Loss attributable to shareholders $ (11,826 ) Summary information with respect to the Company’s geographic sources of revenue, based on location of customer, is as follows: Year Ended December 31, 2015 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Revenues Africa $ 10,969 $ — $ — $ — $ — $ — $ 10,969 Asia 27,168 7,483 5,309 — — — 39,960 Europe 20,008 15,071 — — — — 35,079 North America 2,304 1,677 1,873 18,275 25,550 — 49,679 South America 881 — — — — — 881 Total revenues $ 61,330 $ 24,231 $ 7,182 $ 18,275 $ 25,550 $ — $ 136,568 II. For the Year Ended December 31, 2014 Year Ended December 31, 2014 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Revenues Equipment leasing $ 20,958 $ 14,630 $ 8,396 $ — $ — $ 43,984 Infrastructure — — — 3,977 9,969 13,946 Total revenues 20,958 14,630 8,396 3,977 9,969 — 57,930 Expenses Operating expenses 1,713 1,054 257 9,095 15,104 — 27,223 General and administrative — — — — — 2,007 2,007 Acquisition and transaction expense — — — 5,494 5,646 310 11,450 Management fees and incentive allocation to affiliate — — — — — 5,463 5,463 Depreciation and amortization 9,445 2,801 — 2,763 989 — 15,998 Interest expense — 1,248 2,840 1,552 187 45 5,872 Total expenses 11,158 5,103 3,097 18,904 21,926 7,825 68,013 Other income (expense) Equity in earnings of unconsolidated entities — — 6,093 — — — 6,093 Gain on sale of equipment 7,576 — — — — — 7,576 Interest income 26 160 — — — — 186 Other income (expense) — — (26 ) 46 — — 20 Total other income 7,602 160 6,067 46 — — 13,875 Income (loss) before income taxes 17,402 9,687 11,366 (14,881 ) (11,957 ) (7,825 ) 3,792 Provision for income taxes 490 — 100 284 — — 874 Net income (loss) 16,912 9,687 11,266 (15,165 ) (11,957 ) (7,825 ) 2,918 Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries — 704 — (5,566 ) — — (4,862 ) Net income (loss) attributable to shareholders $ 16,912 $ 8,983 $ 11,266 $ (9,599 ) $ (11,957 ) $ (7,825 ) $ 7,780 The following table sets forth a reconciliation of Adjusted Net Income to Net Income attributable to shareholders: Year Ended December 31, 2014 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Adjusted Net Income (Loss) $ 17,136 $ 8,976 $ 11,453 $ (3,209 ) $ (6,183 ) $ (7,516 ) $ 20,657 Add: Non-controlling share of adjustments to Adjusted Net Income 525 Add: Equity in earnings of unconsolidated entities 6,093 Add: Cash payments for income taxes 274 Less: Incentive allocations — Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities (6,155 ) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments (25 ) Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (11,450 ) Less: Equity-based compensation expense (1,265 ) Less: Provision for income taxes (874 ) Net Income attributable to shareholders $ 7,780 Summary information with respect to the Company’s geographic sources of revenue, based on location of customer, is as follows: Year Ended December 31, 2014 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Revenues Africa $ 7,818 $ — $ — $ — $ — $ — $ 7,818 Asia 3,246 7,483 6,024 — — — 16,753 Europe 8,240 5,432 — — — — 13,672 North America 1,561 1,715 2,372 3,977 9,969 — 19,594 South America 93 — — — — — 93 Total revenues $ 20,958 $ 14,630 $ 8,396 $ 3,977 $ 9,969 $ — $ 57,930 III. For the Year Ended December 31, 2013 Year Ended December 31, 2013 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Revenues Equipment leasing $ 6,645 $ 5,264 $ 7,621 $ — $ — $ — $ 19,530 Infrastructure — — — — — — — Total revenues 6,645 5,264 7,621 — — — 19,530 Expenses Operating expenses 2,191 450 516 — — — 3,157 General and administrative — — — — — 805 805 Acquisition and transaction expense — — — — — 260 260 Management fees and incentive allocation to affiliate — — — — — 2,211 2,211 Depreciation and amortization 2,972 937 — — — — 3,909 Interest expense — 104 2,699 — — 13 2,816 Total expenses 5,163 1,491 3,215 — — 3,289 13,158 Other income Equity in earnings of unconsolidated entities — 2,700 7,625 — — — 10,325 Gain on sale of equipment 2,415 — — — — — 2,415 Gain on sale of unconsolidated entity — 6,144 — — — — 6,144 Interest income 23 — — — — — 23 Total other income 2,438 8,844 7,625 — — — 18,907 Income (loss) before income taxes 3,920 12,617 12,031 — — (3,289 ) 25,279 Provision for income taxes — — — — — — — Net income (loss) 3,920 12,617 12,031 — — (3,289 ) 25,279 Less: Net income attributable to non-controlling interests in consolidated subsidiaries — 458 — — — — 458 Net income (loss) attributable to shareholders $ 3,920 $ 12,159 $ 12,031 $ — $ — $ (3,289 ) $ 24,821 The following table sets forth a reconciliation of Adjusted Net Income to Net Income attributable to shareholders: Year Ended December 31, 2013 Equipment Leasing Aviation Leasing Offshore Energy Shipping Containers Corporate Total Adjusted Net Income (Loss) $ 3,920 $ 12,159 $ 12,031 $ (3,029 ) $ 25,081 Add: Non-controlling share of adjustments to Adjusted Net Income — Add: Equity in earnings of unconsolidated entities 10,325 Add: Cash payments for income taxes — Less: Incentive allocations — Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities (10,325 ) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (260 ) Less: Equity-based compensation expense — Less: Provision for income taxes — Net Income attributable to shareholders $ 24,821 Summary information with respect to the Company’s geographic sources of revenue, based on location of customer, is as follows: Year Ended December 31, 2013 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Revenues Africa $ 654 $ — $ — $ — $ — $ — $ 654 Asia 1,714 5,002 6,665 — — — 13,381 Europe 3,319 — — — — — 3,319 North America 958 262 956 — — — 2,176 Total revenues $ 6,645 $ 5,264 $ 7,621 $ — $ — $ — $ 19,530 IV. Balance Sheet and location of long-lived assets The following tables sets forth summarized balance sheet information and the geographic location of property, plant and equipment, net and leasing equipment, net as of December 31, 2015 and December 31, 2014 : December 31, 2015 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Total assets $ 443,532 $ 214,811 $ 86,237 $ 486,522 $ 34,411 $ 384,128 $ 1,649,641 Debt — 69,540 46,099 146,011 9,407 — 271,057 Total liabilities 50,873 75,093 46,223 162,746 19,938 4,082 358,955 Non-controlling interests in equity of consolidated subsidiaries 899 7,692 — 113,514 1,714 584 124,403 Total equity 392,659 139,718 40,014 323,776 14,473 380,046 1,290,686 Total liabilities and equity $ 443,532 $ 214,811 $ 86,237 $ 486,522 $ 34,411 $ 384,128 $ 1,649,641 December 31, 2015 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Property, plant and equipment and leasing equipment, net Africa $ 56,927 $ — $ — $ — $ — $ — $ 56,927 Asia 189,364 39,138 — — — — 228,502 Europe 130,632 135,442 — — — — 266,074 North America 37,950 — — 317,766 24,692 — 380,408 South America 4,448 — — — — — 4,448 Total property, plant and equipment and leasing equipment, net $ 419,321 $ 174,580 $ — $ 317,766 $ 24,692 $ — $ 936,359 December 31, 2014 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Total assets $ 308,957 $ 212,699 $ 117,298 $ 721,266 $ 30,605 $ 13,915 $ 1,404,740 Debt — 76,024 61,154 446,272 9,417 — 592,867 Total liabilities 50,282 81,903 61,434 470,710 19,499 7,415 691,243 Non-controlling interests in equity of consolidated subsidiaries — 7,319 — 91,118 628 — 99,065 Total equity 258,675 130,796 55,864 250,556 11,106 6,500 713,497 Total liabilities and equity $ 308,957 $ 212,699 $ 117,298 $ 721,266 $ 30,605 $ 13,915 $ 1,404,740 December 31, 2014 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Property, plant and equipment and leasing equipment, net Africa $ 47,945 $ — $ — $ — $ — $ — $ 47,945 Asia 119,232 40,637 — — — — 159,869 Europe 105,762 137,981 — — — — 243,743 North America 13,335 — — 251,407 19,862 — 284,604 South America 599 — — — — — 599 Total property, plant and equipment and leasing equipment, net $ 286,873 $ 178,618 $ — $ 251,407 $ 19,862 $ — $ 736,760 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic (loss) earnings per share (“EPS”) is calculated by dividing net (loss) income attributable to the Company by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing net (loss) income attributable to the Company by the weighted average number of shares of common stock outstanding, plus potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method. The Company completed an IPO on May 20, 2015 in which the Initial Shareholders, immediately prior to the consummation of the IPO, received shares in proportion to their respective ownership percentages. As a result, the Company has retrospectively presented the shares outstanding for all prior periods presented. The calculation of basic and diluted EPS is presented below (in thousands, except share and per share data). Year Ended December 31, 2015 2014 2013 Net Income (loss) Attributable to Shareholders $ (11,826 ) $ 7,780 $ 24,821 Weighted Average Shares Outstanding - Basic 67,039,439 53,502,873 53,502,873 Weighted Average Shares Outstanding - Diluted 67,039,439 53,502,873 53,502,873 Basic and Diluted EPS $ (0.18 ) $ 0.15 $ 0.46 For the year ended December 31, 2015 , 1,507 shares have been excluded from the calculation of Diluted EPS because the impact would be anti-dilutive. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES In the normal course of business the Company and its subsidiaries may be involved in various claims, legal proceedings, or may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. Within the Company’s Offshore Energy segment, a lessee has asserted that it is entitled to certain reimbursable expenses or adjustments per the terms of the related charter agreement. Although the Company believes it has strong defenses against these claims, the range of potential damages is $ 0 to $ 3,978 . No amount has been recorded for this matter in the Company's consolidated financial statements as of December 31, 2015 , and the Company will continue to vigorously defend against these claims. The Company’s maximum exposure under other arrangements is unknown as no additional claims have been made. The Company believes the risk of loss in connection with such arrangements is remote. In connection with the formation of MT6015, a consolidated VIE (Note 2), the joint venture partner is obligated to fund an additional equity contribution of $11,925 and secure a charter for the vessel, at which time the Company would be obligated to contribute additional equity of $11,925 . Two of the Company’s subsidiaries are lessees under various operating and capital leases. Total rent expense for operating leases was $3,717 , $1,556 , and $0 in years ended December 31, 2015 , December 31, 2014 , and December 31, 2013 , respectively. As of December 31, 2015 , minimum future rental payments under these leases are as follows: December 31, 2015 2016 $ 6,724 2017 5,853 2018 5,259 2019 4,853 2020 4,176 Thereafter 76,967 $ 103,832 |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table unaudited summary information of the Company's quarterly operations. Quarter Ended Year Ended December 31 March 31 June 30 September 30 December 31 2015 Total revenues 33,973 33,564 35,233 33,798 136,568 Total expenses 33,226 40,194 43,475 44,786 161,681 Total other income (expense) 1,425 1,626 (7,664 ) 1,681 (2,932 ) (Loss) Income before income taxes 2,172 (5,004 ) (15,906 ) (9,307 ) (28,045 ) Provision for income taxes 230 266 150 (60 ) 586 Net (loss) income 1,942 (5,270 ) (16,056 ) (9,247 ) (28,631 ) Net loss attributable to non-controlling interests in consolidated subsidiaries (3,506 ) (4,433 ) (4,318 ) (4,548 ) (16,805 ) Net (loss) income attributable to shareholders 5,448 (837 ) (11,738 ) (4,699 ) (11,826 ) (Loss) Earnings per Share: Basic 0.10 (0.01 ) (0.16 ) (0.06 ) (0.18 ) Diluted 0.10 (0.01 ) (0.16 ) (0.06 ) (0.18 ) Weighted Average Shares Outstanding: Basic 53,502,873 62,879,023 75,718,183 75,718,183 67,039,439 Diluted 53,502,873 62,879,023 75,718,183 75,718,183 67,039,439 Quarter Ended Year Ended December 31 March 31 June 30 September 30 December 31 2014 Total revenues 7,696 10,735 16,080 23,419 57,930 Total expenses 7,496 15,302 17,733 27,482 68,013 Total other income 1,561 3,779 3,755 4,780 13,875 (Loss) Income before income taxes 1,761 (788 ) 2,102 717 3,792 Provision for income taxes 159 399 156 160 874 Net (loss) income 1,602 (1,187 ) 1,946 557 2,918 Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 176 165 (2,085 ) (3,118 ) (4,862 ) Net (loss) income attributable to shareholders 1,426 (1,352 ) 4,031 3,675 7,780 (Loss) Earnings per Share: Basic 0.03 (0.03 ) 0.08 0.07 0.15 Diluted 0.03 (0.03 ) 0.08 0.07 0.15 Weighted Average Shares Outstanding: Basic 53,502,873 53,502,873 53,502,873 53,502,873 53,502,873 Diluted 53,502,873 53,502,873 53,502,873 53,502,873 53,502,873 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On February 16, 2016, the Company terminated its lease arrangement related to its ROV Support Vessel and is currently pursuing a new lessee. On March 1, 2016, the Company’s Board of Directors declared a cash dividend on its common stock of $0.33 per share for the quarter ended December 31, 2015, payable on March 28, 2016 to the holders of record on March 18, 2016. On March 7, 2016, the Port of Beaumont Navigation District of Jefferson County, Texas (the “District”) issued $144.2 million of Dock and Wharf Facility Revenue Bonds, Series 2016 (Jefferson Energy Companies Project) (the “Series 2016 Bonds”). Proceeds from the issuance of the Series 2016 Bonds were used, in part, to reimburse Jefferson Railport Terminal II, LLC (“Jefferson Railport II”) for certain costs related to the development, construction and acquisition of certain facilities for the transport, loading, unloading, and storage of petroleum products (the “Facilities”) on behalf of the District. On March 8, 2016, in connection with the issuance and sale of such bonds, Jefferson Gulf Coast Energy Holdings, LLC and its subsidiaries prepaid all amounts outstanding under the Jefferson Terminal Credit Agreement and the Jefferson Terminal Credit Agreement was terminated. Construction of the Facilities has occurred, and will occur, on property leased by the District to Jefferson Railport II pursuant to a First Amended and Restated Ground Lease between Jefferson Railport II, as lessee, and the District, as lessor. All such Facilities will be leased by the District to Jefferson Railport II pursuant to a Lease and Development Agreement between the District and Jefferson Railport II. The Series 2016 Bonds are subject to mandatory tender for purchase at par on February 13, 2020 if they have not been repurchased from proceeds of a remarketing of the Series 2016 Bonds or redeemed prior to such date. In the event all of the Series 2016 Bonds are not repurchased from proceeds of a remarketing or redeemed at February 13, 2020, Jefferson Railport and Jefferson Railport Terminal II Holdings LLC (“Jefferson Holdings”), a Delaware limited liability company and parent of Jefferson Railport II, have agreed to purchase the Series 2016 Bonds from the Holders thereof at par pursuant to a Standby Bond Purchase Agreement. In addition, pursuant to the Standby Purchase Agreement, Jefferson Holdings will guarantee the payment of all Rent (as defined in the Facilities Lease) and all principal of and premium and interest on the Series 2016 Bonds payable prior to repurchase or redemption at February 13, 2020. Under a Capital Call Agreement, the Company has agreed to make funds available to Jefferson Holdings in order to satisfy its obligation sunder the Standby Bond Purchase Agreement. The Capital Call Agreement contains certain covenants applicable to the Company, including a negative lien covenant regarding Aviation Assets, as well as maintenance of a minimum total asset value of Aviation Assets and minimum total equity of the Company. On March 9, 2016, the Company consummated the sale of approximately 39,000 shipping containers that were subject to a direct finance lease with a major Asian shipping line. After the payoff of debt securing the containers, the Company received net proceeds of approximately $25 million . |
SUMMARY OF SIGNIFICANT ACCOUN28
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its subsidiaries. The Company consolidates all entities in which it has a controlling financial interest and in which it has control over significant operating decisions, as well as variable interest entities (“VIE’s”) in which the Company is the primary beneficiary. All significant intercompany transactions and balances have been eliminated. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. The Company uses the equity method of accounting for investments in entities in which the Company exercises significant influence but which do not meet the requirements for consolidation. Under the equity method, the Company records its proportionate share of the underlying net income (loss) of these entities. |
Variable Interest Entities | The assessment of whether an entity is a VIE and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. |
Reclassifications | Certain prior period amounts have been reclassified to conform to current period presentation. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Risks and Uncertainties | In the normal course of business, the Company encounters several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which the Company operates which could adversely impact the pricing of the services offered by the Company or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company’s leasing equipment or operating assets. Capital market risk is the risk that the Company is unable to obtain capital at reasonable rates to fund the growth of its business or to refinance existing debt facilities. The Company, through its subsidiaries, also conducts operations outside of the United States; such international operations are subject to the same risks as those associated with its United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. The Company does not have significant exposure to foreign currency risk as all of its leasing arrangements, terminal services revenue and the majority of freight rail revenue are denominated in U.S. dollars. |
Cash and Cash Equivalents | The Company considers all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. |
Restricted Cash | Restricted cash of $21,610 and $21,084 at December 31, 2015 and December 31, 2014 , respectively, consists of cash held in segregated accounts pursuant to the requirements of the Company’s debt agreements |
Property, Plant and Equipment, Leasing Equipment and Depreciation | Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows: Range of Estimated Useful Lives Residual Value Estimates Passenger aircraft 25 years from date of manufacture Not to exceed 15% of manufacturer’s list price when new Aircraft engines 2 - 6 years, based on maintenance adjusted service life Sum of engine core salvage value plus the estimated fair value of life limited parts Offshore energy vessels 25 years from date of manufacture 20% of new build cost Railcars and locomotives 40 - 50 years from date of manufacture Scrap value at end of useful life Track and track related assets 15 - 50 years from date of manufacture Scrap value at end of useful life Buildings and site improvements 20 - 30 years Scrap value at end of useful life Railroad equipment 3 - 15 years from date of manufacture Scrap value at end of useful life Crude oil terminal machinery and equipment 15 - 25 years from date of manufacture Scrap value at end of useful life Vehicles 5 - 7 years from date of manufacture Scrap value at end of useful life Furniture and fixtures 3 - 6 years from date of purchase None Computer hardware and software 3 - 5 years from date of purchase None Major improvements and modifications incurred in connection with the acquisition of property, plant and equipment and leasing equipment that are required to get the asset ready for initial service are capitalized and depreciated over the remaining life of the asset. Costs of major additions and betterments are capitalized and depreciation commences once it is placed into service. Interest costs directly related to and incurred during the construction period of property, plant and equipment are capitalized. Significant spare parts are depreciated in conjunction with the underlying property, plant and equipment asset when placed in service. The Company reviews its depreciation policies on a regular basis to determine whether changes have taken place that would suggest that a change in its depreciation policies, useful lives of its equipment or the assigned residual values is warranted. For planned major maintenance or component overhaul activities for aviation equipment off lease, the cost of such major maintenance or component overhaul event is capitalized and depreciated on a straight-line basis over the period until the next maintenance or component overhaul event is required. The Company’s offshore energy vessels are required to be drydocked periodically for recertifications or major repairs and maintenance that cannot be performed while the vessels are operating. Normal repairs and maintenance are expensed as incurred. The Company capitalizes the costs associated with the drydockings and amortizes them on a straight-line basis over the period between drydockings, usually between 30 and 60 months . In accounting for leasing equipment, the Company makes estimates about the expected useful lives, residual values and the fair value of acquired in-place leases and acquired maintenance liabilities (for aviation equipment). In making these estimates, the Company relies upon observable market data for the same or similar types of equipment and, in the case of aviation equipment, its own estimates with respect to a lessee’s anticipated utilization of the aircraft or engine. When the Company acquires leasing equipment subject to an in-place lease, determining the fair value of the in-place lease requires the Company to make assumptions regarding the current fair values of leases for identical or similar equipment, in order to determine if the in-place lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into lease income over the remaining term of the lease. |
Capitalized Interest | The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. |
Repairs and Maintenance | Repair and maintenance costs that do not extend the lives of the assets are expensed as incurred. |
Impairment of Long-Lived Assets | The Company performs a recoverability assessment of each of its long-lived assets whenever events or changes in circumstances, or indicators, indicate that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant lease restructuring or early lease termination; significant traffic decline; or the introduction of newer technology aircraft, vessels, engines or railcars. When performing a recoverability assessment, the Company measures whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its net book value. The undiscounted cash flows consist of cash flows from currently contracted leases and terminal services contracts, future projected leases, terminal service and freight rail rates, transition costs, estimated down time and estimated residual or scrap values. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge. Management develops the assumptions used in the recoverability analysis based on its knowledge of active contracts, current and future expectations of the global demand for a particular asset and historical experience in the leasing markets, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in contracted lease rates, terminal service, and freight rail rates, residual values, economic conditions, technology, demand for a particular asset type and other factors. |
Security Deposits | The Company’s operating leases generally require the lessee to pay a security deposit or provide a letter of credit. Security deposits are held until specified return dates stipulated in the lease or lease expiration. |
Maintenance Payments | Typically, under an operating lease of aviation equipment, the lessee is responsible for performing all maintenance and is generally required to make maintenance payments to the Company for heavy maintenance, overhaul or replacement of certain high-value components of the aircraft or engine. These maintenance payments are based on hours or cycles of utilization or on calendar time, depending on the component, and are generally required to be made monthly in arrears. If a lessee is making monthly maintenance payments, the Company would typically be obligated to reimburse the lessee for costs they incur for heavy maintenance, overhaul or replacement of certain high-value components to the extent of maintenance payments received in respect of the specific maintenance event, usually shortly following the completion of the relevant work. The Company records the portion of maintenance payments paid by the lessee that are expected to be reimbursed as maintenance deposit liabilities on the Consolidated Balance Sheet. Reimbursements made to the lessee upon the receipt of evidence of qualifying maintenance work are recorded against the maintenance deposit liability. In certain leases, the lessee or the Company may be obligated to make a payment to the other party at lease termination based on redelivery conditions stipulated at the inception of the lease. The Company recognizes payments received as end-of-lease compensation adjustments, within lease revenue, when payment is received or collectability is assured. In the event the Company is required to make payments at the end of the lease for redelivery conditions, amounts are accrued as additional maintenance liability when the Company is obligated and can reasonably estimate such payment. |
Lease Incentives and Amortization | Lease incentives, which include lease acquisition costs related to reconfiguration of the aircraft cabin, other lessee specific modifications and other direct costs, are capitalized and amortized as a reduction of lease income over the primary term of the lease, assuming no lease renewals. |
Goodwill | Goodwill includes the excess of the purchase price over the fair value of the net tangible and intangible assets associated with the acquisitions of CMQR and Jefferson Terminal (Note 3). The carrying amount of goodwill is approximately $116,584 as of December 31, 2015 and December 31, 2014 . The Company reviews the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment review is conducted as of October 1st of each year. Additionally, the Company reviews the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment. For an annual goodwill impairment assessment, an optional qualitative analysis may be performed. If the option is not elected or if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step goodwill impairment test is performed to identify potential goodwill impairment and measure an impairment loss. A qualitative analysis was not elected for the years ended December 31, 2015 or December 31, 2014 . The first step of an impairment assessment compares the fair value of a respective reporting unit with its carrying amount, including goodwill. The estimate of fair value of the respective reporting unit is based on the best information available as of the date of assessment, which primarily incorporates certain factors including the Company’s assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. If the estimated fair value of the reporting unit is less than the carrying amount, a second step must be completed in order to determine the amount of goodwill impairment that should be recorded, if any. For the purpose of performing the annual analysis, the Company’s two reporting units subject to the test are the Jefferson Terminal and Railroad reporting units. The Company estimates the fair value of the reporting units using an income approach, specifically a discounted cash flow analysis. This analysis requires the Company to make significant assumptions and estimates about the extent and timing of future cash flows, discount rates and growth rates. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for the reporting units. The Company also utilizes market valuation models and other financial ratios, which require the Company to make certain assumptions and estimates regarding the applicability of those models to its assets and businesses. Although the Company believes the estimates of fair value are reasonable, the determination of certain valuation inputs is subject to management’s judgment. Changes in these inputs could materially affect the results of the impairment review. If the forecasts of cash flows generated by the Jefferson Terminal and Railroad reporting units or other key inputs are negatively revised in the future, the estimated fair value of the Jefferson Terminal and Railroad reporting units would be adversely impacted, potentially leading to an impairment in the future that could materially affect the Company’s operating results. The Company performed a sensitivity analysis for goodwill impairment and determined that a hypothetical 5% decline in the fair value of each reporting unit as of October 1, 2015 would not result in an impairment of goodwill for either reporting unit. |
Intangibles and amortization - below market leases | Intangibles include the value of acquired favorable and unfavorable leases and existing customer relationships acquired in connection with the acquisitions of CMQR and Jefferson Terminal (Note 3). In accounting for leasing equipment acquired with in-place leases, the Company makes estimates about the fair value of the acquired in-place leases. In determining the fair value of the in-place lease, the Company makes assumptions regarding the current fair values of leases for identical or similar equipment in order to determine if the in-place lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into rental income over the remaining term of the lease. Acquired lease intangibles are amortized on a straight-line basis over the remaining lease terms, which ranged from 6 to 52 months as of December 31, 2015 , and recorded as a component of equipment leasing revenues in the accompanying Consolidated Statements of Operations. |
Intangibles and amortization | Intangibles include the value of acquired favorable and unfavorable leases and existing customer relationships acquired in connection with the acquisitions of CMQR and Jefferson Terminal (Note 3). In accounting for leasing equipment acquired with in-place leases, the Company makes estimates about the fair value of the acquired in-place leases. In determining the fair value of the in-place lease, the Company makes assumptions regarding the current fair values of leases for identical or similar equipment in order to determine if the in-place lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into rental income over the remaining term of the lease. Acquired lease intangibles are amortized on a straight-line basis over the remaining lease terms, which ranged from 6 to 52 months as of December 31, 2015 , and recorded as a component of equipment leasing revenues in the accompanying Consolidated Statements of Operations. Customer relationship intangible assets are amortized on a straight-line basis over their useful lives as the pattern in which the asset’s economic benefits are consumed cannot reliably be determined. Customer relationship intangible assets have useful lives ranging from 5 - 10 years , no estimated residual value, and amortization is recorded as a component of depreciation and amortization in the accompanying Consolidated Statements of Operations. One customer relationship intangible asset, related to a customer contract at Jefferson Terminal, expires on July 31, 2017 and has 2 one -year renewal options. |
Deferred Financing Costs | Costs incurred in connection with obtaining long term financing are capitalized and amortized to interest expense over the term of the underlying loans. |
Revenue Recognition, Equipment Leasing Revenues | Operating Leases —The Company leases equipment pursuant to net operating leases. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the lease, assuming no renewals. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received. The Company also recognizes maintenance revenue related to the portion of maintenance payments received from lessees of aviation equipment that are not expected to be reimbursed in connection with major maintenance events. Finance Leases —The Company holds two portfolios of shipping containers and an anchor handling tug supply vessel, subject to finance leases, as of December 31, 2015 and December 31, 2014 . These leases generally include a lessee obligation to purchase the leased equipment at the end of the lease term, a bargain purchase option, or provide for minimum lease payments with a present value of 90% or more of the fair value of the leased equipment at the date of lease inception. Net investment in finance leases represents the minimum lease payments due from lessees, net of unearned income. The lease payments are segregated into principal and interest components similar to a loan. Unearned income is recognized on an effective interest method over the lease term and is recorded as finance lease income. The principal component of the lease payment is reflected as a reduction to the net investment in finance leases. |
Revenue Recognition, Infrastructure Revenues | Freight Rail Revenues —Freight revenues are recognized proportionally as freight moves from origin to destination. Other miscellaneous revenues, such as unloading and switching revenue, are recognized as the service is performed or contractual obligations are met. Terminal Services Revenues —Terminal services revenues are recognized when services have been provided to the customer, the product has been delivered, the price is considered to be fixed or determinable and collectability is reasonably assured. Prepayments for services are deferred until the period in which the above criteria are met. Terminal services fees include services provided to third-party customers related to receipt and redelivery of crude oil products. |
Concentration of Credit Risk | The Company is subject to concentrations of credit risk with respect to amounts due from customers on its finance leases and operating leases. The Company attempts to limit its credit risk by performing ongoing credit evaluations. During the year ended December 31, 2015 , the Company earned approximately 21.0% of its revenue from one customer in the offshore energy segment and one customer in the Jefferson Terminal segment. During the year ended December 31, 2014 , the Company earned approximately 39.0% of its revenue from three customers in the following segments: one in aviation leasing, one in shipping containers, and one in offshore energy. During the year ended December 31, 2013 , the Company earned approximately 70% of its revenue from three customers in the following segments: one in aviation leasing, one in shipping containers, and one in offshore energy. As of December 31, 2015 , accounts receivable from two customers in the offshore segment each represented 27.1% and 25.4% of total accounts receivable, net. As of December 31, 2014 , the Company had accounts receivable from one customer in the offshore segment that represented 11.7% of total accounts receivable, net. The Company maintains cash and restricted cash balances, which generally exceed federally insured limits, and subject the Company to credit risk, in high credit quality financial institutions. The Company monitors the financial condition of these institutions and has not experienced any losses associated with these accounts. |
Provision for Doubtful Accounts | The Company determines the provision for doubtful accounts based on its assessment of the collectability of its receivables on a customer-by-customer basis. |
Expense Recognition | Expenses are recognized on an accrual basis as incurred. |
Acquisition and Transaction expenses | Acquisition and transaction expense is comprised of costs related to completed business combinations and terminated deal costs related to abandoned pursuits, including advisory, legal, accounting, valuation and other professional or consulting fees. |
Comprehensive Income (Loss) | Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. The Company’s comprehensive income (loss) represents net income (loss), as presented in the accompanying Consolidated Statements of Operations, adjusted for fair value changes related to derivatives accounted for as cash flow hedges and the Company’s pro-rata share of items of comprehensive income derived from investments in unconsolidated entities. |
Derivative Financial Instruments | In the normal course of business the Company may utilize interest rate derivatives to manage its exposure to interest rate risks, principally related to the hedging of variable rate interest payments on various debt facilities. If certain conditions are met, an interest rate derivative may be specifically designated as a cash flow hedge. In connection with its debt obligations (Note 9), the Company has entered into one interest rate derivative designated as a cash flow hedge and one non-hedge derivative. The Company does not enter into speculative derivative transactions. Derivative assets of $101 and $232 , as of December 31, 2015 and December 31, 2014 , respectively, were recorded within other assets in the Consolidated Balance Sheets. No derivative liability was recorded as of December 31, 2015 or December 31, 2014 . On the date that the Company enters into an interest rate derivative, its designation as a cash flow hedge is formally documented. On an ongoing basis, an assessment is made as to whether the interest rate derivative has been highly effective in offsetting changes in the cash flows of the variable rate interest payments on the associated debt and whether the interest rate derivative is expected to remain highly effective in future periods. If it were to be determined that the interest rate derivative is not (or has ceased to be) highly effective as a cash flow hedge, the use of hedge accounting would be discontinued prospectively. All interest rate derivatives are recognized on the balance sheet at their fair value. For interest rate derivatives designated as cash flow hedges, the effective portion of the interest rate derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the interest payments on the debt are recorded in earnings. The ineffective portion of the interest rate derivative, if any, is calculated and recorded in interest expense. Changes in fair value of non-hedge derivatives are recorded in earnings on a current basis. The estimated net amount of existing losses reported in accumulated other comprehensive income at December 31, 2015 expected to be reclassified into earnings within the next 12 months is approximately $5 . In the event of a termination of an interest rate derivative prior to its contractual maturity, any related net gains or losses in accumulated other comprehensive income at the date of termination would be reclassified into earnings, unless it remains probable that interest payments on the debt will continue to occur, in which case the amount in accumulated other comprehensive income would be reclassified into earnings as the interest payments on the debt affect earnings. |
Foreign Currency | The Company’s functional and reporting currency is the U.S. dollar. Purchases and sales of assets and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Net realized foreign currency gains or losses relating to the differences between these recorded amounts and the U.S. dollar equivalent actually received or paid are reported as a component of operating expenses within the Consolidated Statement of Operations. |
Income Taxes | A portion of the Company’s income earned by its corporate subsidiaries is subject to U.S. federal and state income taxation, taxed at prevailing rates. The remainder of the Company’s income is allocated directly to its partners and is not subject to a corporate level of taxation. Certain subsidiaries of the Company are subject to income tax in the foreign countries in which they conduct business. The Company accounts for these taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions and in certain foreign jurisdictions. The income tax returns filed by the Company and its subsidiaries are subject to examination by the U.S. federal, state and foreign tax authorities. The Company recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the Consolidated Statements of Operations. |
Distributions and Dividends | Prior to the IPO, distributions to members were recorded when paid or, in the case of an in-kind distribution, when distributed. The character of distributions to members made during the reporting period may differ from their ultimate characterization for federal income tax purposes due to book/tax differences in the character of income and expense recognition. Distributions and allocations were determined with respect to each member, as defined by and in accordance with the operating agreement. After the IPO, dividends are recorded when declared by the Board of Directors. |
Recent and Unadopted Accounting Pronouncements | In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, ("ASU 2014-08") which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The standard states that a strategic shift could include a disposal of (i) major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. ASU 2014-08 is effective prospectively for new disposals (or classifications as held for sale) that occur within annual periods beginning on or after December 14, 2014, and interim periods within those annual periods. The Company adopted ASU 2014-08 beginning January 1, 2015, which had no impact to the Company’s consolidated financial statements. The FASB has recently issued or discussed a number of proposed standards on such topics as financial instruments and hedging. Some of the proposed changes are significant and could have a material impact on the Company’s financial reporting. The Company has not yet fully evaluated the potential impact of these proposals, but will make such an evaluation as the standards are finalized. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU-2014-09”) which provides a single comprehensive model for recognizing revenue from contracts with customers and supersedes existing revenue recognition guidance. The new standard requires that a company recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. Companies will need to use more judgment and estimates than under the guidance currently in effect, including estimating the amount of variable revenue to recognize over each identified performance obligation. Additional disclosures will be required to help users of financial statements understand the nature, amount and timing of revenue and cash flows arising from contracts. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, to defer the effective date of ASU 2014-09 by one year, making it effective for annual reporting periods beginning after December 15, 2017 while also providing for early adoption but not before the original effective date. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 amends the consolidation guidance for VIEs and general partners’ investments in limited partnerships and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for reporting periods beginning after December 15, 2015 and interim periods within those fiscal years with early adoption permitted. ASU 2015-03 should be applied on a retrospective basis, wherein the balance sheet of each period presented should be adjusted to reflect the effects of adoption. The Company will adopt ASU 2015-03 as of January 1, 2016 and does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. Upon adoption, the Company will revise its balance sheet to present debt issuance costs as a direct deduction from Debt rather than within Other Assets. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30) (“ASU 2015-15”). ASU 2015-15 provides further guidance related to the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 allows companies to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings of the line-of-credit arrangement. The guidance is effective for reporting periods beginning after December 15, 2015 and interim periods within those fiscal years with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations- Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) . ASU 2015-16 requires an acquirer in a business combination to recognize adjustments to the initial purchase accounting that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this update require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU No. 2015-16 is effective for annual and interim reporting periods beginning after December 15, 2015. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 requires (i) equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net income, (ii) public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and (iii) separate presentation of financial assets and financial liabilities by measurement category and form of financial asset. ASU 2016-01 also eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases ( “ASU 2016-02” ) . ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019, with early adoption permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows: Range of Estimated Useful Lives Residual Value Estimates Passenger aircraft 25 years from date of manufacture Not to exceed 15% of manufacturer’s list price when new Aircraft engines 2 - 6 years, based on maintenance adjusted service life Sum of engine core salvage value plus the estimated fair value of life limited parts Offshore energy vessels 25 years from date of manufacture 20% of new build cost Railcars and locomotives 40 - 50 years from date of manufacture Scrap value at end of useful life Track and track related assets 15 - 50 years from date of manufacture Scrap value at end of useful life Buildings and site improvements 20 - 30 years Scrap value at end of useful life Railroad equipment 3 - 15 years from date of manufacture Scrap value at end of useful life Crude oil terminal machinery and equipment 15 - 25 years from date of manufacture Scrap value at end of useful life Vehicles 5 - 7 years from date of manufacture Scrap value at end of useful life Furniture and fixtures 3 - 6 years from date of purchase None Computer hardware and software 3 - 5 years from date of purchase None Property, plant and equipment, net is summarized as follows: December 31, 2015 Railroad Jefferson Terminal Total Land and site improvements $ 5,478 $ 14,014 $ 19,492 Construction in progress 893 55,034 55,927 Buildings and improvements 557 2,193 2,750 Crude oil terminal machinery and equipment — 210,857 210,857 Track and track related assets 17,159 — 17,159 Railroad equipment 1,050 — 1,050 Railcars and locomotives 1,720 — 1,720 Computer hardware and software 118 34 152 Furniture and fixtures 121 289 410 Vehicles 503 44 547 27,599 282,465 310,064 Less: accumulated depreciation (2,907 ) (10,308 ) (13,215 ) Spare parts $ — $ 2,829 $ 2,829 Property, plant and equipment, net $ 24,692 $ 274,986 $ 299,678 December 31, 2014 Railroad Jefferson Terminal Total Land and site improvements $ 5,484 $ 9,573 $ 15,057 Construction in progress — 145,716 145,716 Buildings and improvements 436 2,139 2,575 Crude oil terminal machinery and equipment — 50,627 50,627 Track and track related assets 12,022 — 12,022 Railroad equipment 1,268 — 1,268 Railcars and locomotives 1,293 — 1,293 Computer hardware and software — 34 34 Furniture and fixtures — 317 317 Vehicles 321 258 579 20,824 208,664 229,488 Less: accumulated depreciation (962 ) (1,145 ) (2,107 ) Property, plant and equipment, net $ 19,862 $ 207,519 $ 227,381 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The fair values assigned to acquired assets and assumed liabilities of CMQR and Jefferson Terminal at their respective dates of acquisition are as follows: CMQR Jefferson Terminal Assets: Restricted cash — 190,811 Land and site improvements 5,484 9,573 Track 4,952 — Buildings and improvements 136 2,139 Crude oil terminal machinery and equipment — 47,286 Railroad Equipment 713 — Furniture and fixtures — 317 Computer hardware and software — 34 Turnout and other track materials 1,415 — Vehicles 320 258 Railcars and locomotives 1,283 — Construction in progress — 85,276 Prepaids and other deposits 103 6,102 Tendered bonds — 115,000 Customer lists and customer contracts 225 35,513 Goodwill 593 115,991 Total assets 15,224 608,300 Liabilities: Employee-related liabilities (1,119 ) — Environmental remediation liabilities (1,333 ) — Real estate taxes (714 ) — Accrued expenses — (56,540 ) Term loan — (93,995 ) Bonds Payable — (348,788 ) Note Payable — (21,297 ) Other liabilities — (1,902 ) Total liabilities (3,166 ) (522,522 ) Net assets acquired $ 12,058 $ 85,778 |
Business Acquisition, Pro Forma Information | The unaudited pro forma information has been derived from our historical consolidated financial statements and has been prepared to give effect to the acquisitions, assuming that the acquisitions of CMQR and Jefferson Terminal occurred on January 1, 2013. The unaudited pro forma pre-tax net income (loss) for the years ended December 31, 2014 and 2013 has been adjusted to reflect the additional depreciation and amortization that would have resulted from changes in the estimated fair value of assets and liabilities. Year Ended December 31, 2014 Year Ended December 31, 2013 Pro Forma — CMQR Revenues $ 63,528 $ 46,100 Pre-tax net income (loss) 1,497 (20,830 ) Pro Forma — Jefferson Terminal Revenues $ 60,577 $ 19,530 Pre-tax net loss (46,906 ) (1,543 ) |
LEASING EQUIPMENT, NET (Tables)
LEASING EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Summary of Leasing Equipment | Leasing equipment, net is summarized as follows: December 31, 2015 Equipment Aviation Leasing Offshore Energy Jefferson Terminal Total Leasing equipment: $ 452,602 $ 184,284 $ 44,326 $ 681,212 Less: Accumulated depreciation (33,281 ) (9,704 ) (1,546 ) (44,531 ) Leasing equipment, net $ 419,321 $ 174,580 $ 42,780 $ 636,681 December 31, 2014 Equipment Aviation Leasing Offshore Energy Jefferson Terminal Total Leasing equipment: $ 298,204 $ 182,355 $ 44,326 $ 524,885 Less: Accumulated depreciation (11,331 ) (3,737 ) (438 ) (15,506 ) Leasing equipment, net $ 286,873 $ 178,618 $ 43,888 $ 509,379 |
FINANCE LEASES, NET (Tables)
FINANCE LEASES, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Capital Leases, Lessor Balance Sheet | Finance leases, net are summarized as follows: December 31, 2015 Offshore Energy Shipping Containers Total Finance leases $ 20,037 $ 82,332 $ 102,369 Unearned revenue (9,915 ) (9,933 ) (19,848 ) Finance leases, net $ 10,122 $ 72,399 $ 82,521 December 31, 2014 Offshore Energy Shipping Containers Total Finance leases $ 22,045 $ 109,492 $ 131,537 Unearned revenue (11,580 ) (17,144 ) (28,724 ) Finance leases, net $ 10,465 $ 92,348 $ 102,813 |
Schedule of Future Minimum Lease Payments for Capital Leases | At December 31, 2015 , future minimum lease payments to be received under finance leases for the remainder of the lease terms are as follows: Offshore Energy Shipping Containers Total 2016 $ 2,013 $ 25,680 $ 27,693 2017 2,008 51,308 53,316 2018 2,008 5,344 7,352 2019 2,008 — 2,008 2020 2,013 — 2,013 Thereafter 9,987 — 9,987 Total $ 20,037 $ 82,332 $ 102,369 Two of the Company’s subsidiaries are lessees under various operating and capital leases. Total rent expense for operating leases was $3,717 , $1,556 , and $0 in years ended December 31, 2015 , December 31, 2014 , and December 31, 2013 , respectively. As of December 31, 2015 , minimum future rental payments under these leases are as follows: December 31, 2015 2016 $ 6,724 2017 5,853 2018 5,259 2019 4,853 2020 4,176 Thereafter 76,967 $ 103,832 |
PROPERTY, PLANT AND EQUIPMENT33
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows: Range of Estimated Useful Lives Residual Value Estimates Passenger aircraft 25 years from date of manufacture Not to exceed 15% of manufacturer’s list price when new Aircraft engines 2 - 6 years, based on maintenance adjusted service life Sum of engine core salvage value plus the estimated fair value of life limited parts Offshore energy vessels 25 years from date of manufacture 20% of new build cost Railcars and locomotives 40 - 50 years from date of manufacture Scrap value at end of useful life Track and track related assets 15 - 50 years from date of manufacture Scrap value at end of useful life Buildings and site improvements 20 - 30 years Scrap value at end of useful life Railroad equipment 3 - 15 years from date of manufacture Scrap value at end of useful life Crude oil terminal machinery and equipment 15 - 25 years from date of manufacture Scrap value at end of useful life Vehicles 5 - 7 years from date of manufacture Scrap value at end of useful life Furniture and fixtures 3 - 6 years from date of purchase None Computer hardware and software 3 - 5 years from date of purchase None Property, plant and equipment, net is summarized as follows: December 31, 2015 Railroad Jefferson Terminal Total Land and site improvements $ 5,478 $ 14,014 $ 19,492 Construction in progress 893 55,034 55,927 Buildings and improvements 557 2,193 2,750 Crude oil terminal machinery and equipment — 210,857 210,857 Track and track related assets 17,159 — 17,159 Railroad equipment 1,050 — 1,050 Railcars and locomotives 1,720 — 1,720 Computer hardware and software 118 34 152 Furniture and fixtures 121 289 410 Vehicles 503 44 547 27,599 282,465 310,064 Less: accumulated depreciation (2,907 ) (10,308 ) (13,215 ) Spare parts $ — $ 2,829 $ 2,829 Property, plant and equipment, net $ 24,692 $ 274,986 $ 299,678 December 31, 2014 Railroad Jefferson Terminal Total Land and site improvements $ 5,484 $ 9,573 $ 15,057 Construction in progress — 145,716 145,716 Buildings and improvements 436 2,139 2,575 Crude oil terminal machinery and equipment — 50,627 50,627 Track and track related assets 12,022 — 12,022 Railroad equipment 1,268 — 1,268 Railcars and locomotives 1,293 — 1,293 Computer hardware and software — 34 34 Furniture and fixtures — 317 317 Vehicles 321 258 579 20,824 208,664 229,488 Less: accumulated depreciation (962 ) (1,145 ) (2,107 ) Property, plant and equipment, net $ 19,862 $ 207,519 $ 227,381 |
INVESTMENT IN UNCONSOLIDATED 34
INVESTMENT IN UNCONSOLIDATED ENTITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | The following table presents the ownership interest and carrying values of the Company’s investment in unconsolidated entity: Carrying Value Date Acquired Ownership Percentage December 31, 2015 December 31, 2014 December 31, 2013 PJW 3000 LLC April 2012 16.67% $ — $ — — Intermodal Finance I, Ltd. September 2012 51% $ 10,675 $ 21,569 $ 32,744 Summary financial information for these unconsolidated entities is as follows: Year Ended December 31, 2015 2014 2013 Revenue Total revenues $ 16,022 $ 20,331 $ 56,480 Expenses Operating expenses 992 1,527 6,055 General and administrative 810 807 1,157 Depreciation and amortization 3,659 2,416 8,157 Interest expense 3,488 5,022 11,075 Impairment expense 20,604 — — Total expenses 29,553 9,772 26,444 Gain on early termination of finance lease — 917 1,052 Other income 247 45 30 Loss on debt extinguishment — (119 ) — (Loss) gain on disposal of equipment (766 ) — 15 Total other income (expense) (519 ) 843 1,097 Net income (loss) (14,050 ) 11,402 31,133 Other comprehensive income — — 431 Comprehensive income (loss) $ (14,050 ) $ 11,402 $ 31,564 Company's equity in (loss) earnings, net of amortization of $95 in the year ended December 31, 2013 $ (6,956 ) $ 6,093 $ 10,325 December 31, 2015 2014 Assets Cash and cash equivalents $ 4,796 $ 5,214 Restricted cash 2,117 2,320 Accounts receivable 1,153 1,051 Leasing assets, net of accumulated depreciation of $7,305 and $4,449, respectively 47,735 74,045 Finance leases, net 34,261 62,393 Deferred costs, net of accumulated amortization of $864 and $602, respectively 1,060 1,524 Other assets 31 8 Total assets $ 91,153 $ 146,555 Liabilities Accounts payable and accrued liabilities 154 157 Syndication liabilities 3,201 5,152 Debt 84,051 120,303 Other liabilities 458 383 Total liabilities 87,864 125,995 Members’ Equity Members’ equity 3,289 20,560 Total members’ equity 3,289 20,560 Total liabilities and members’ equity $ 91,153 $ 146,555 Company’s investment in and advances to unconsolidated entity $ 10,675 $ 21,569 |
INTANGIBLE ASSETS AND LIABILI35
INTANGIBLE ASSETS AND LIABILITIES, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets and Liabilities Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets and Liabilities | The Company’s intangible assets and liabilities, net are summarized as follows: December 31, 2015 Aviation Leasing Jefferson Terminal Railroad Total Intangible assets: Acquired favorable lease intangibles $ 22,881 $ — $ — $ 22,881 Accumulated amortization (9,697 ) — — (9,697 ) Total acquired favorable lease intangibles, net 13,184 — — 13,184 Customer relationships — 35,513 225 35,738 Accumulated amortization — (4,718 ) (75 ) (4,793 ) Total acquired customer relationships, net — 30,795 150 30,945 Total intangible assets, net $ 13,184 $ 30,795 $ 150 $ 44,129 Intangible liabilities: Acquired unfavorable lease intangibles $ 1,171 $ — $ — $ 1,171 Accumulated amortization (151 ) — — (151 ) Total acquired unfavorable lease intangibles, net $ 1,020 $ — $ — $ 1,020 December 31, 2014 Aviation Leasing Jefferson Terminal Railroad Total Intangible assets: Acquired favorable lease intangibles $ 20,435 $ — $ — $ 20,435 Accumulated amortization (2,796 ) — — (2,796 ) Total acquired favorable lease intangibles, net 17,639 — — 17,639 Customer relationships — 35,513 225 35,738 Accumulated amortization — (1,180 ) (28 ) (1,208 ) Total acquired customer relationships, net — 34,333 197 34,530 Total intangible assets, net $ 17,639 $ 34,333 $ 197 $ 52,169 Intangible liabilities: Acquired unfavorable lease intangibles $ 261 $ — $ — $ 261 Accumulated amortization (24 ) — — (24 ) Total acquired unfavorable lease intangibles, net $ 237 $ — $ — $ 237 |
Schedule of Below Market Leases | The Company’s intangible assets and liabilities, net are summarized as follows: December 31, 2015 Aviation Leasing Jefferson Terminal Railroad Total Intangible assets: Acquired favorable lease intangibles $ 22,881 $ — $ — $ 22,881 Accumulated amortization (9,697 ) — — (9,697 ) Total acquired favorable lease intangibles, net 13,184 — — 13,184 Customer relationships — 35,513 225 35,738 Accumulated amortization — (4,718 ) (75 ) (4,793 ) Total acquired customer relationships, net — 30,795 150 30,945 Total intangible assets, net $ 13,184 $ 30,795 $ 150 $ 44,129 Intangible liabilities: Acquired unfavorable lease intangibles $ 1,171 $ — $ — $ 1,171 Accumulated amortization (151 ) — — (151 ) Total acquired unfavorable lease intangibles, net $ 1,020 $ — $ — $ 1,020 December 31, 2014 Aviation Leasing Jefferson Terminal Railroad Total Intangible assets: Acquired favorable lease intangibles $ 20,435 $ — $ — $ 20,435 Accumulated amortization (2,796 ) — — (2,796 ) Total acquired favorable lease intangibles, net 17,639 — — 17,639 Customer relationships — 35,513 225 35,738 Accumulated amortization — (1,180 ) (28 ) (1,208 ) Total acquired customer relationships, net — 34,333 197 34,530 Total intangible assets, net $ 17,639 $ 34,333 $ 197 $ 52,169 Intangible liabilities: Acquired unfavorable lease intangibles $ 261 $ — $ — $ 261 Accumulated amortization (24 ) — — (24 ) Total acquired unfavorable lease intangibles, net $ 237 $ — $ — $ 237 |
Schedule of Intangible Liabilities | Intangible liabilities relate to unfavorable lease intangibles and are included as a component of other liabilities in the accompanying Consolidated Balance Sheets. Amortization of intangible assets and liabilities is recorded in the Consolidated Statements of Operations as follows: Year Ended December 31, Classification in Consolidated Statements of Operations 2015 2014 2013 Lease intangibles $ 6,774 $ 2,694 $ — Equipment leasing revenues Customer relationships 3,585 1,208 — Depreciation and amortization Total $ 10,359 $ 3,902 $ — |
Schedule of Net Annual Amortization of Intangibles | As of December 31, 2015 , estimated net annual amortization of intangibles is as follows: Year Ending December 31, 2016 $ 9,273 2017 6,757 2018 5,941 2019 4,530 2020 3,580 Thereafter 13,028 Total $ 43,109 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The Company's debt is summarized as follows: December 31, 2015 December 31, 2014 Loans payable Container Loan #1 $ 34,761 $ 42,040 Container Loan #2 11,338 19,115 FTAI Pride Credit Agreement 67,188 73,438 CMQR Credit Agreement 9,407 9,416 Jefferson Terminal Credit Agreement 98,750 99,750 Total loans payable 221,444 243,759 Bonds payable Series 2010 Bonds — 298,000 Series 2012 Bonds (including unamortized premium of $1,751 and $1,791 at December 31, 2015 and December 31, 2014, respectively) 47,261 48,521 Total bonds payable 47,261 346,521 Note payable to non-controlling interest Note payable to non-controlling interest 2,352 2,587 Total note payable to non-controlling interest 2,352 2,587 Total debt $ 271,057 $ 592,867 Total debt due within one year $ 24,791 $ 23,915 |
Schedule of Principal Repayments | At December 31, 2015 , scheduled principal repayments under the Company’s debt agreements for the next five years and thereafter are summarized as follows: 2016 2017 2018 2019 2020 Thereafter Total Bonds payable (excluding unamortized premium of $1,751) $ 1,320 $ 1,425 $ 1,545 $ 1,670 $ 1,810 $ 37,740 $ 45,510 Loans payable 22,900 48,591 101,515 48,438 — — 221,444 Note payable to non-controlling interest 571 403 403 403 572 — 2,352 Total $ 24,791 $ 50,419 $ 103,463 $ 50,511 $ 2,382 $ 37,740 $ 269,306 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and December 31, 2014 , by level within the fair value hierarchy. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2015 December 31, 2015 Total Level 1 Level 2 Level 3 Valuation Technique Assets: Cash and cash equivalents $ 381,703 $ 381,703 $ — $ — Market Restricted cash 21,610 21,610 — — Market Derivative assets 101 — 101 — Income Total assets at fair value $ 403,414 $ 403,313 $ 101 $ — Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2014 December 31, 2014 Total Level 1 Level 2 Level 3 Valuation Technique Assets: Cash and cash equivalents $ 22,125 $ 22,125 $ — $ — Market Restricted cash 21,084 21,084 — — Market Derivative assets 232 — 232 — Income Total assets at fair value $ 43,441 $ 43,209 $ 232 $ — |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Revenue Disclosure [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | Components of revenue are as follows: Year Ended December 31, 2015 Equipment Leasing Infrastructure Revenues Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Total Equipment leasing revenues Lease income $ 42,924 $ 21,959 $ — $ — $ — $ 64,883 Maintenance revenue 17,286 — — — — 17,286 Finance lease income — 1,665 7,082 — — 8,747 Other revenue 1,120 607 100 — — 1,827 Total equipment leasing revenues $ 61,330 $ 24,231 $ 7,182 $ — $ — $ 92,743 Infrastructure revenues Lease income — — — 4,620 — 4,620 Rail revenues — — — — 25,550 25,550 Terminal services revenues — — — 13,655 — 13,655 Total infrastructure revenues — — — $ 18,275 $ 25,550 $ 43,825 Total revenues $ 61,330 $ 24,231 $ 7,182 $ 18,275 $ 25,550 $ 136,568 Year Ended December 31, 2014 Equipment Leasing Infrastructure Revenues Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Total Equipment leasing revenues Lease income $ 14,991 $ 12,690 $ — $ — $ — $ 27,681 Maintenance revenue 5,964 — — — — 5,964 Finance lease income — 1,716 8,297 — — 10,013 Other revenue 3 224 99 — — 326 Total equipment leasing revenues $ 20,958 $ 14,630 $ 8,396 $ — $ — $ 43,984 Infrastructure revenues Lease income — — — 1,325 — 1,325 Rail revenues — — — — 9,969 9,969 Terminal services revenues — — — 2,652 — 2,652 Total infrastructure revenues — — — $ 3,977 $ 9,969 $ 13,946 Total revenues $ 20,958 $ 14,630 $ 8,396 $ 3,977 $ 9,969 $ 57,930 Year Ended December 31, 2013 Equipment Leasing Infrastructure Revenues Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Total Equipment leasing revenues Lease income $ 4,282 $ 5,002 $ — $ — $ — $ 9,284 Maintenance revenue 2,242 — — — — 2,242 Finance lease income — 262 7,519 — — 7,781 Other revenue 121 102 — — 223 Total equipment leasing revenues 6,645 5,264 7,621 — — 19,530 Total revenues $ 6,645 $ 5,264 $ 7,621 $ — $ — $ 19,530 |
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum future annual revenues contracted to be received under existing operating leases of equipment at December 31, 2015 are as follows: Year ending December 31, 2016 $ 59,111 2017 44,623 2018 32,054 2019 16,877 2020 7,206 Thereafter 1,452 $ 161,323 Two of the Company’s subsidiaries are lessees under various operating and capital leases. Total rent expense for operating leases was $3,717 , $1,556 , and $0 in years ended December 31, 2015 , December 31, 2014 , and December 31, 2013 , respectively. As of December 31, 2015 , minimum future rental payments under these leases are as follows: December 31, 2015 2016 $ 6,724 2017 5,853 2018 5,259 2019 4,853 2020 4,176 Thereafter 76,967 $ 103,832 |
EQUITY-BASED COMPENSATION (Tabl
EQUITY-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each stock option was estimated on the date of grant using a Black-Scholes option valuation model using the following assumptions: Year Ended December 31, 2015 Expected volatility Due to the lack of historical data for the Company’s own stock, the Company has based its expected volatility on a representative peer group with similar business characteristics. 28% Risk free interest rate The risk-free rate is determined using the implied yield currently available on U.S. government bonds with a term consistent with the expected term on the date of grant. 2.4% Expected dividend yield The expected dividend yield is based on management’s current expected dividend rate. 6.50% Expected term Expected term used represents the period of time the options granted are expected to be outstanding. 5 years |
Schedule of Share-based Compensation, Stock Options, Activity | Options Weighted-Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Stock options outstanding at January 1, 2015 — Granted 15,000 $ 16.98 Exercised — Forfeited and cancelled — Stock options outstanding and exercisable as of December 31, 2015 15,000 16.98 9.42 $ — |
Schedule of Stock-based Compensation Arrangements | The Company’s Statements of Operations includes the following expense related to its stock-based compensation arrangements: Year Ended December 31, 2015 Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Stock Options $ 24 $ — Restricted Shares 3,432 20,110 Common Units 1,206 354 Total $ 4,662 $ 20,464 |
INCOME TAXES INCOME TAXES (Tabl
INCOME TAXES INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | The current and deferred components of the income tax expense included in the Consolidated Statements of Operations are as follows: Year Ended December 31, 2015 2014 2013 Current: Federal $ 86 $ 700 $ — State and local 45 15 — Foreign 222 — — Total current provision 353 715 — Deferred: Federal (79 ) 158 — State and local — 1 — Foreign 312 — — Total deferred provision (benefit) 233 159 — Total provision for income taxes $ 586 $ 874 $ — |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the Company's reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows: December 31, 2015 2014 2013 U.S. federal tax at statutory rate 35.0 % 35.0 % 35.0 % Income not subject to tax 25.2 % (241.2 )% (35.0 )% State and local taxes (0.2 )% 0.4 % Foreign taxes (1.9 )% — % Other (0.2 )% — % Change in valuation allowance (60.0 )% 228.8 % Provision for income taxes (2.1 )% 23.0 % — % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows: December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 24,234 $ 6,144 Accrued expenses 1,767 1,934 Interest expense 4,038 1,033 Other 2,712 451 Total deferred tax assets 32,751 9,562 Less valuation allowance (24,786 ) (8,675 ) Net deferred tax assets 7,965 887 Deferred tax liabilities: Fixed assets $ 8,357 $ 1,046 Net deferred tax liabilities $ (392 ) $ (159 ) |
Summary of Valuation Allowance | A summary of the changes in the valuation allowance follows: December 31, 2015 2014 Valuation allowance at beginning of period $ 8,675 $ — Increase to valuation allowance attributable to: Current year loss 16,111 8,675 Valuation allowance at end of period $ 24,786 $ 8,675 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables set forth certain information for each reportable segment of the Company: I. For the Year Ended December 31, 2015 Year Ended December 31, 2015 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Revenues Equipment leasing $ 61,330 $ 24,231 $ 7,182 $ — $ — $ — $ 92,743 Infrastructure — — — 18,275 25,550 — 43,825 Total revenues 61,330 24,231 7,182 18,275 25,550 — 136,568 Expenses Operating expenses 2,820 4,650 350 33,154 27,819 — 68,793 General and administrative — — — — — 7,568 7,568 Acquisition and transaction expense — — — — — 5,683 5,683 Management fees and incentive allocation to affiliate — — — — — 15,018 15,018 Depreciation and amortization 23,549 5,967 — 13,897 1,895 — 45,308 Interest expense — 3,794 2,393 12,546 578 — 19,311 Total expenses 26,369 14,411 2,743 59,597 30,292 28,269 161,681 Other income (expense) Equity in losses of unconsolidated entities — — (6,956 ) — — — (6,956 ) Gain (loss) on sale of equipment 3,053 — — (199 ) 565 — 3,419 Interest income 11 483 — 85 — — 579 Other income (expense) — — (14 ) 40 — — 26 Total other income (expense) 3,064 483 (6,970 ) (74 ) 565 — (2,932 ) Income (loss) before income taxes 38,025 10,303 (2,531 ) (41,396 ) (4,177 ) (28,269 ) (28,045 ) Provision (benefit) for income taxes 668 — (127 ) 41 — 4 586 Net income (loss) 37,357 10,303 (2,404 ) (41,437 ) (4,177 ) (28,273 ) (28,631 ) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 21 676 — (17,376 ) (121 ) (5 ) (16,805 ) Net income (loss) attributable to shareholders $ 37,336 $ 9,627 $ (2,404 ) $ (24,061 ) $ (4,056 ) $ (28,268 ) $ (11,826 ) II. For the Year Ended December 31, 2014 Year Ended December 31, 2014 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Revenues Equipment leasing $ 20,958 $ 14,630 $ 8,396 $ — $ — $ 43,984 Infrastructure — — — 3,977 9,969 13,946 Total revenues 20,958 14,630 8,396 3,977 9,969 — 57,930 Expenses Operating expenses 1,713 1,054 257 9,095 15,104 — 27,223 General and administrative — — — — — 2,007 2,007 Acquisition and transaction expense — — — 5,494 5,646 310 11,450 Management fees and incentive allocation to affiliate — — — — — 5,463 5,463 Depreciation and amortization 9,445 2,801 — 2,763 989 — 15,998 Interest expense — 1,248 2,840 1,552 187 45 5,872 Total expenses 11,158 5,103 3,097 18,904 21,926 7,825 68,013 Other income (expense) Equity in earnings of unconsolidated entities — — 6,093 — — — 6,093 Gain on sale of equipment 7,576 — — — — — 7,576 Interest income 26 160 — — — — 186 Other income (expense) — — (26 ) 46 — — 20 Total other income 7,602 160 6,067 46 — — 13,875 Income (loss) before income taxes 17,402 9,687 11,366 (14,881 ) (11,957 ) (7,825 ) 3,792 Provision for income taxes 490 — 100 284 — — 874 Net income (loss) 16,912 9,687 11,266 (15,165 ) (11,957 ) (7,825 ) 2,918 Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries — 704 — (5,566 ) — — (4,862 ) Net income (loss) attributable to shareholders $ 16,912 $ 8,983 $ 11,266 $ (9,599 ) $ (11,957 ) $ (7,825 ) $ 7,780 III. For the Year Ended December 31, 2013 Year Ended December 31, 2013 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Revenues Equipment leasing $ 6,645 $ 5,264 $ 7,621 $ — $ — $ — $ 19,530 Infrastructure — — — — — — — Total revenues 6,645 5,264 7,621 — — — 19,530 Expenses Operating expenses 2,191 450 516 — — — 3,157 General and administrative — — — — — 805 805 Acquisition and transaction expense — — — — — 260 260 Management fees and incentive allocation to affiliate — — — — — 2,211 2,211 Depreciation and amortization 2,972 937 — — — — 3,909 Interest expense — 104 2,699 — — 13 2,816 Total expenses 5,163 1,491 3,215 — — 3,289 13,158 Other income Equity in earnings of unconsolidated entities — 2,700 7,625 — — — 10,325 Gain on sale of equipment 2,415 — — — — — 2,415 Gain on sale of unconsolidated entity — 6,144 — — — — 6,144 Interest income 23 — — — — — 23 Total other income 2,438 8,844 7,625 — — — 18,907 Income (loss) before income taxes 3,920 12,617 12,031 — — (3,289 ) 25,279 Provision for income taxes — — — — — — — Net income (loss) 3,920 12,617 12,031 — — (3,289 ) 25,279 Less: Net income attributable to non-controlling interests in consolidated subsidiaries — 458 — — — — 458 Net income (loss) attributable to shareholders $ 3,920 $ 12,159 $ 12,031 $ — $ — $ (3,289 ) $ 24,821 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table sets forth a reconciliation of Adjusted Net Income to Net Income (Loss) attributable to shareholders: Year Ended December 31, 2015 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Adjusted Net Income (Loss) $ 37,777 $ 9,627 $ 7,991 $ (22,153 ) $ (2,898 ) $ (22,557 ) $ 7,787 Add: Non-controlling share of adjustments to Adjusted Net Income 1,333 Add: Equity in (losses) earnings of unconsolidated entities (6,956 ) Add: Cash payments for income taxes 507 Less: Incentive allocations — Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities (3,552 ) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments (14 ) Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (5,683 ) Less: Equity-based compensation expense (4,662 ) Less: Provision for income taxes (586 ) Net Loss attributable to shareholders $ (11,826 ) The following table sets forth a reconciliation of Adjusted Net Income to Net Income attributable to shareholders: Year Ended December 31, 2014 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Adjusted Net Income (Loss) $ 17,136 $ 8,976 $ 11,453 $ (3,209 ) $ (6,183 ) $ (7,516 ) $ 20,657 Add: Non-controlling share of adjustments to Adjusted Net Income 525 Add: Equity in earnings of unconsolidated entities 6,093 Add: Cash payments for income taxes 274 Less: Incentive allocations — Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities (6,155 ) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments (25 ) Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (11,450 ) Less: Equity-based compensation expense (1,265 ) Less: Provision for income taxes (874 ) Net Income attributable to shareholders $ 7,780 The following table sets forth a reconciliation of Adjusted Net Income to Net Income attributable to shareholders: Year Ended December 31, 2013 Equipment Leasing Aviation Leasing Offshore Energy Shipping Containers Corporate Total Adjusted Net Income (Loss) $ 3,920 $ 12,159 $ 12,031 $ (3,029 ) $ 25,081 Add: Non-controlling share of adjustments to Adjusted Net Income — Add: Equity in earnings of unconsolidated entities 10,325 Add: Cash payments for income taxes — Less: Incentive allocations — Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities (10,325 ) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (260 ) Less: Equity-based compensation expense — Less: Provision for income taxes — Net Income attributable to shareholders $ 24,821 |
Revenue from External Customers by Geographic Areas | Summary information with respect to the Company’s geographic sources of revenue, based on location of customer, is as follows: Year Ended December 31, 2015 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Revenues Africa $ 10,969 $ — $ — $ — $ — $ — $ 10,969 Asia 27,168 7,483 5,309 — — — 39,960 Europe 20,008 15,071 — — — — 35,079 North America 2,304 1,677 1,873 18,275 25,550 — 49,679 South America 881 — — — — — 881 Total revenues $ 61,330 $ 24,231 $ 7,182 $ 18,275 $ 25,550 $ — $ 136,568 Summary information with respect to the Company’s geographic sources of revenue, based on location of customer, is as follows: Year Ended December 31, 2013 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Revenues Africa $ 654 $ — $ — $ — $ — $ — $ 654 Asia 1,714 5,002 6,665 — — — 13,381 Europe 3,319 — — — — — 3,319 North America 958 262 956 — — — 2,176 Total revenues $ 6,645 $ 5,264 $ 7,621 $ — $ — $ — $ 19,530 Summary information with respect to the Company’s geographic sources of revenue, based on location of customer, is as follows: Year Ended December 31, 2014 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Revenues Africa $ 7,818 $ — $ — $ — $ — $ — $ 7,818 Asia 3,246 7,483 6,024 — — — 16,753 Europe 8,240 5,432 — — — — 13,672 North America 1,561 1,715 2,372 3,977 9,969 — 19,594 South America 93 — — — — — 93 Total revenues $ 20,958 $ 14,630 $ 8,396 $ 3,977 $ 9,969 $ — $ 57,930 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | The following tables sets forth summarized balance sheet information and the geographic location of property, plant and equipment, net and leasing equipment, net as of December 31, 2015 and December 31, 2014 : December 31, 2015 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Total assets $ 443,532 $ 214,811 $ 86,237 $ 486,522 $ 34,411 $ 384,128 $ 1,649,641 Debt — 69,540 46,099 146,011 9,407 — 271,057 Total liabilities 50,873 75,093 46,223 162,746 19,938 4,082 358,955 Non-controlling interests in equity of consolidated subsidiaries 899 7,692 — 113,514 1,714 584 124,403 Total equity 392,659 139,718 40,014 323,776 14,473 380,046 1,290,686 Total liabilities and equity $ 443,532 $ 214,811 $ 86,237 $ 486,522 $ 34,411 $ 384,128 $ 1,649,641 December 31, 2014 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Total assets $ 308,957 $ 212,699 $ 117,298 $ 721,266 $ 30,605 $ 13,915 $ 1,404,740 Debt — 76,024 61,154 446,272 9,417 — 592,867 Total liabilities 50,282 81,903 61,434 470,710 19,499 7,415 691,243 Non-controlling interests in equity of consolidated subsidiaries — 7,319 — 91,118 628 — 99,065 Total equity 258,675 130,796 55,864 250,556 11,106 6,500 713,497 Total liabilities and equity $ 308,957 $ 212,699 $ 117,298 $ 721,266 $ 30,605 $ 13,915 $ 1,404,740 December 31, 2014 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Property, plant and equipment and leasing equipment, net Africa $ 47,945 $ — $ — $ — $ — $ — $ 47,945 Asia 119,232 40,637 — — — — 159,869 Europe 105,762 137,981 — — — — 243,743 North America 13,335 — — 251,407 19,862 — 284,604 South America 599 — — — — — 599 Total property, plant and equipment and leasing equipment, net $ 286,873 $ 178,618 $ — $ 251,407 $ 19,862 $ — $ 736,760 |
Long-lived Assets by Geographic Areas | December 31, 2014 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Property, plant and equipment and leasing equipment, net Africa $ 47,945 $ — $ — $ — $ — $ — $ 47,945 Asia 119,232 40,637 — — — — 159,869 Europe 105,762 137,981 — — — — 243,743 North America 13,335 — — 251,407 19,862 — 284,604 South America 599 — — — — — 599 Total property, plant and equipment and leasing equipment, net $ 286,873 $ 178,618 $ — $ 251,407 $ 19,862 $ — $ 736,760 December 31, 2015 Equipment Leasing Infrastructure Aviation Leasing Offshore Energy Shipping Containers Jefferson Terminal Railroad Corporate Total Property, plant and equipment and leasing equipment, net Africa $ 56,927 $ — $ — $ — $ — $ — $ 56,927 Asia 189,364 39,138 — — — — 228,502 Europe 130,632 135,442 — — — — 266,074 North America 37,950 — — 317,766 24,692 — 380,408 South America 4,448 — — — — — 4,448 Total property, plant and equipment and leasing equipment, net $ 419,321 $ 174,580 $ — $ 317,766 $ 24,692 $ — $ 936,359 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculation of basic and diluted EPS is presented below (in thousands, except share and per share data). Year Ended December 31, 2015 2014 2013 Net Income (loss) Attributable to Shareholders $ (11,826 ) $ 7,780 $ 24,821 Weighted Average Shares Outstanding - Basic 67,039,439 53,502,873 53,502,873 Weighted Average Shares Outstanding - Diluted 67,039,439 53,502,873 53,502,873 Basic and Diluted EPS $ (0.18 ) $ 0.15 $ 0.46 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum future annual revenues contracted to be received under existing operating leases of equipment at December 31, 2015 are as follows: Year ending December 31, 2016 $ 59,111 2017 44,623 2018 32,054 2019 16,877 2020 7,206 Thereafter 1,452 $ 161,323 Two of the Company’s subsidiaries are lessees under various operating and capital leases. Total rent expense for operating leases was $3,717 , $1,556 , and $0 in years ended December 31, 2015 , December 31, 2014 , and December 31, 2013 , respectively. As of December 31, 2015 , minimum future rental payments under these leases are as follows: December 31, 2015 2016 $ 6,724 2017 5,853 2018 5,259 2019 4,853 2020 4,176 Thereafter 76,967 $ 103,832 |
Schedule of Future Minimum Lease Payments for Capital Leases | At December 31, 2015 , future minimum lease payments to be received under finance leases for the remainder of the lease terms are as follows: Offshore Energy Shipping Containers Total 2016 $ 2,013 $ 25,680 $ 27,693 2017 2,008 51,308 53,316 2018 2,008 5,344 7,352 2019 2,008 — 2,008 2020 2,013 — 2,013 Thereafter 9,987 — 9,987 Total $ 20,037 $ 82,332 $ 102,369 Two of the Company’s subsidiaries are lessees under various operating and capital leases. Total rent expense for operating leases was $3,717 , $1,556 , and $0 in years ended December 31, 2015 , December 31, 2014 , and December 31, 2013 , respectively. As of December 31, 2015 , minimum future rental payments under these leases are as follows: December 31, 2015 2016 $ 6,724 2017 5,853 2018 5,259 2019 4,853 2020 4,176 Thereafter 76,967 $ 103,832 |
QUARTERLY FINANCIAL INFORMATI44
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table unaudited summary information of the Company's quarterly operations. Quarter Ended Year Ended December 31 March 31 June 30 September 30 December 31 2015 Total revenues 33,973 33,564 35,233 33,798 136,568 Total expenses 33,226 40,194 43,475 44,786 161,681 Total other income (expense) 1,425 1,626 (7,664 ) 1,681 (2,932 ) (Loss) Income before income taxes 2,172 (5,004 ) (15,906 ) (9,307 ) (28,045 ) Provision for income taxes 230 266 150 (60 ) 586 Net (loss) income 1,942 (5,270 ) (16,056 ) (9,247 ) (28,631 ) Net loss attributable to non-controlling interests in consolidated subsidiaries (3,506 ) (4,433 ) (4,318 ) (4,548 ) (16,805 ) Net (loss) income attributable to shareholders 5,448 (837 ) (11,738 ) (4,699 ) (11,826 ) (Loss) Earnings per Share: Basic 0.10 (0.01 ) (0.16 ) (0.06 ) (0.18 ) Diluted 0.10 (0.01 ) (0.16 ) (0.06 ) (0.18 ) Weighted Average Shares Outstanding: Basic 53,502,873 62,879,023 75,718,183 75,718,183 67,039,439 Diluted 53,502,873 62,879,023 75,718,183 75,718,183 67,039,439 Quarter Ended Year Ended December 31 March 31 June 30 September 30 December 31 2014 Total revenues 7,696 10,735 16,080 23,419 57,930 Total expenses 7,496 15,302 17,733 27,482 68,013 Total other income 1,561 3,779 3,755 4,780 13,875 (Loss) Income before income taxes 1,761 (788 ) 2,102 717 3,792 Provision for income taxes 159 399 156 160 874 Net (loss) income 1,602 (1,187 ) 1,946 557 2,918 Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 176 165 (2,085 ) (3,118 ) (4,862 ) Net (loss) income attributable to shareholders 1,426 (1,352 ) 4,031 3,675 7,780 (Loss) Earnings per Share: Basic 0.03 (0.03 ) 0.08 0.07 0.15 Diluted 0.03 (0.03 ) 0.08 0.07 0.15 Weighted Average Shares Outstanding: Basic 53,502,873 53,502,873 53,502,873 53,502,873 53,502,873 Diluted 53,502,873 53,502,873 53,502,873 53,502,873 53,502,873 |
ORGANIZATION (Details)
ORGANIZATION (Details) | Jun. 15, 2015shares | May. 20, 2015$ / sharesshares | May. 31, 2015shares | Dec. 31, 2015segment | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Number of reportable segments | segment | 5 | ||||
Number of primary businesses | segment | 2 | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Common stock shares issued (in shares) | 53,502,873 | ||||
IPO | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Common stock shares issued (in shares) | 20,000,000 | ||||
Common stock price (in dollars per share) | $ / shares | $ 17 | ||||
Over-Allotment Option | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Common stock shares issued (in shares) | 2,200,000 | ||||
Onshore Fund | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Beneficial owners percentage of ownership | 89.97% | ||||
Offshore Fund | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Beneficial owners percentage of ownership | 9.98% | ||||
Master GP | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Partner ownership percentage | 0.05% |
SUMMARY OF SIGNIFICANT ACCOUN46
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($)derivative_instrument$ / shares | Sep. 30, 2015$ / shares | Dec. 31, 2015USD ($)customerrenewal_optionderivative_instrumentreporting_unitportfolio | Dec. 31, 2014USD ($)customerportfolio | Dec. 31, 2013USD ($)customer | |
Restricted Cash | |||||
Restricted cash | $ 21,610,000 | $ 21,610,000 | $ 21,084,000 | ||
Capitalized Interest | |||||
Capitalized interest | 2,128,000 | 3,534,000 | $ 0 | ||
Repairs and Maintenance [Abstract] | |||||
Repair and maintenance costs | 3,643,000 | 235,000 | 712,000 | ||
Goodwill | |||||
Goodwill | 116,584,000 | $ 116,584,000 | 116,584,000 | ||
Number of reporting units subject to impairment assessment | reporting_unit | 2 | ||||
Goodwill impairment | 0 | $ 0 | 0 | ||
Deferred Financing Costs | |||||
Unamortized deferred financing costs | 4,836,000 | 4,836,000 | 4,919,000 | ||
Amortization expense | $ 1,469,000 | $ 576,000 | 125,000 | ||
Revenue Recognition | |||||
Number of shipping container portfolios subject to finance leases | portfolio | 2 | 2,000 | |||
Provision for Doubtful Accounts | |||||
Provision for doubtful accounts | 392,000 | $ 392,000 | $ 111,000 | ||
Bad debt expense | 676,000 | 281,000 | 0 | ||
Comprehensive Income (Loss) | |||||
Reclassification adjustments impacting accumulated other comprehensive income | 131,000 | 171,000 | $ 98,000 | ||
Derivative Financial Instruments | |||||
Derivative liability | 0 | 0 | 0 | ||
Estimated net gains/losses reclassified from AOCI into earnings within next 12 months | $ (5,000) | (5,000) | |||
Distributions and Dividends | |||||
Cash dividends declared (in dollars per share) | $ / shares | $ 0.33 | $ 0.15 | |||
Other Assets | |||||
Derivative Financial Instruments | |||||
Derivative assets | $ 101,000 | $ 101,000 | $ 232,000 | ||
Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Number of derivatives | derivative_instrument | 1 | 1 | |||
Not Designated as Hedging Instrument | |||||
Derivative Financial Instruments | |||||
Number of derivatives | derivative_instrument | 1 | 1 | |||
One Major Revenue Customer | Customer Concentration Risk | Sales Revenue | |||||
Concentration of Credit Risk | |||||
Concentration risk percentage | 21.00% | ||||
One Major Revenue Customer | Customer Concentration Risk | Sales Revenue | Reportable Subsegments | Equipment Leasing | Offshore Energy | Operating Segments | |||||
Concentration of Credit Risk | |||||
Number of customers | customer | 1 | ||||
One Major Revenue Customer | Customer Concentration Risk | Sales Revenue | Reportable Subsegments | Infrastructure | Jefferson Terminal | Operating Segments | |||||
Concentration of Credit Risk | |||||
Number of customers | customer | 1 | ||||
Three Major Revenue Customers | Customer Concentration Risk | Sales Revenue | |||||
Concentration of Credit Risk | |||||
Concentration risk percentage | 39.00% | 70.00% | |||
Three Major Revenue Customers | Customer Concentration Risk | Sales Revenue | Reportable Subsegments | Equipment Leasing | Offshore Energy | Operating Segments | |||||
Concentration of Credit Risk | |||||
Number of customers | customer | 1 | 1 | |||
Three Major Revenue Customers | Customer Concentration Risk | Sales Revenue | Reportable Subsegments | Equipment Leasing | Aviation Leasing | Operating Segments | |||||
Concentration of Credit Risk | |||||
Number of customers | customer | 1 | 1 | |||
Three Major Revenue Customers | Customer Concentration Risk | Sales Revenue | Reportable Subsegments | Equipment Leasing | Shipping Containers | Operating Segments | |||||
Concentration of Credit Risk | |||||
Number of customers | customer | 1 | 1 | |||
Two Major Accounts Receivable Customers | Customer Concentration Risk | Accounts Receivable | Reportable Subsegments | Equipment Leasing | Offshore Energy | Operating Segments | |||||
Concentration of Credit Risk | |||||
Number of customers | customer | 2 | ||||
One Major Accounts Receivable Customer | Customer Concentration Risk | Accounts Receivable | |||||
Concentration of Credit Risk | |||||
Concentration risk percentage | 11.70% | ||||
One Major Accounts Receivable Customer | Customer Concentration Risk | Accounts Receivable | Reportable Subsegments | Equipment Leasing | Offshore Energy | Operating Segments | |||||
Concentration of Credit Risk | |||||
Number of customers | customer | 1 | ||||
Major Accounts Receivable Customer, Customer One | Customer Concentration Risk | Accounts Receivable | |||||
Concentration of Credit Risk | |||||
Concentration risk percentage | 27.10% | ||||
Major Accounts Receivable Customer, Customer Two | Customer Concentration Risk | Accounts Receivable | |||||
Concentration of Credit Risk | |||||
Concentration risk percentage | 25.40% | ||||
Customer Relationships | |||||
Intangibles and amortization | |||||
Number of renewal options | renewal_option | 2 | ||||
Renewal term | 1 year | ||||
Minimum | |||||
Property, Plant and Equipment [Abstract] | |||||
Amortization period of capitalized repairs and maintenance costs | 30 months | ||||
Intangibles and amortization | |||||
Amortization over remaining lease terms | 6 months | ||||
Minimum | Off-Market Favorable Lease | |||||
Intangibles and amortization | |||||
Amortization over remaining lease terms | 6 months | ||||
Minimum | Customer Relationships | |||||
Intangibles and amortization | |||||
Useful life of intangible assets | 5 years | ||||
Maximum | |||||
Property, Plant and Equipment [Abstract] | |||||
Amortization period of capitalized repairs and maintenance costs | 60 months | ||||
Intangibles and amortization | |||||
Amortization over remaining lease terms | 52 months | ||||
Maximum | Off-Market Favorable Lease | |||||
Intangibles and amortization | |||||
Amortization over remaining lease terms | 52 months | ||||
Maximum | Customer Relationships | |||||
Intangibles and amortization | |||||
Useful life of intangible assets | 10 years | ||||
Passenger aircraft | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 25 years | ||||
Percentage of manufacturer price | 15.00% | ||||
Aircraft engines | Minimum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 2 years | ||||
Aircraft engines | Maximum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 6 years | ||||
Offshore energy vessels | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 25 years | ||||
Percentage of new build cost | 20.00% | ||||
Railcars and locomotives | Minimum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 40 years | ||||
Railcars and locomotives | Maximum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 50 years | ||||
Track and track related assets | Minimum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 15 years | ||||
Track and track related assets | Maximum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 50 years | ||||
Buildings and site improvements | Minimum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 20 years | ||||
Buildings and site improvements | Maximum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 30 years | ||||
Railroad equipment | Minimum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 3 years | ||||
Railroad equipment | Maximum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 15 years | ||||
Crude oil terminal machinery and equipment | Minimum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 15 years | ||||
Crude oil terminal machinery and equipment | Maximum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 25 years | ||||
Vehicles | Minimum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 5 years | ||||
Vehicles | Maximum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 7 years | ||||
Furniture and fixtures | Minimum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 3 years | ||||
Furniture and fixtures | Maximum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 6 years | ||||
Computer hardware and software | Minimum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 3 years | ||||
Computer hardware and software | Maximum | |||||
Property, Plant and Equipment [Abstract] | |||||
Useful life | 5 years | ||||
Co-venturer | |||||
Variable Interest Entities | |||||
Subsidiary loan to VIE partner for equity contribution | $ 3,725,000 | ||||
Subsidiaries | Co-venturer | |||||
Variable Interest Entities | |||||
Subsidiary loan to VIE partner for equity contribution | $ 3,725,000 | $ 3,725,000 | |||
Jefferson Terminal | Bonds payable | Series 2010 Bonds | |||||
Tendered Bonds | |||||
Debt face amount | 300,000,000 | 300,000,000 | |||
MT6015 | |||||
Variable Interest Entities | |||||
Total assets | $ 7,533,000 | 7,533,000 | $ 7,450,000 | ||
MT6015 | MT6015 | |||||
Variable Interest Entities | |||||
Vessel purchase commitment | $ 75,000,000 | ||||
MT6015 | Third-Party Owner | |||||
Variable Interest Entities | |||||
Interest held in VIE, as a percentage | 50.00% | ||||
MT6015 | Subsidiaries | |||||
Variable Interest Entities | |||||
Interest held in VIE, as a percentage | 50.00% | ||||
Goodwill | |||||
Goodwill | |||||
Hypothetical decline in fair value of reporting unit, no result in goodwill impairment | 5.00% |
ACQUISITIONS - CMQR Additional
ACQUISITIONS - CMQR Additional Information (Details) $ in Thousands | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)mi | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Business Acquisition [Line Items] | |||||
Acquisition and transaction expenses | $ 5,683 | $ 11,450 | $ 260 | ||
Track and track related assets | Minimum | |||||
Business Acquisition [Line Items] | |||||
Useful life | 15 years | ||||
Track and track related assets | Maximum | |||||
Business Acquisition [Line Items] | |||||
Useful life | 50 years | ||||
Railroad equipment | Minimum | |||||
Business Acquisition [Line Items] | |||||
Useful life | 3 years | ||||
Railroad equipment | Maximum | |||||
Business Acquisition [Line Items] | |||||
Useful life | 15 years | ||||
Vehicles | Minimum | |||||
Business Acquisition [Line Items] | |||||
Useful life | 5 years | ||||
Vehicles | Maximum | |||||
Business Acquisition [Line Items] | |||||
Useful life | 7 years | ||||
Railcars and locomotives | Minimum | |||||
Business Acquisition [Line Items] | |||||
Useful life | 40 years | ||||
Railcars and locomotives | Maximum | |||||
Business Acquisition [Line Items] | |||||
Useful life | 50 years | ||||
CMQR | |||||
Business Acquisition [Line Items] | |||||
Aggregate purchase price | $ 15,200 | ||||
Assumed liabilities | $ 3,166 | ||||
Miles of rail track | mi | 500 | ||||
Increase in assumed fixed assets | $ 679 | ||||
Increase to assumed employee liabilities | 232 | ||||
Increase to assumed environmental liabilities | 680 | ||||
Increase of assumed goodwill | 233 | ||||
Increase in depreciation expense | 30 | ||||
CMQR | Operating Expense | |||||
Business Acquisition [Line Items] | |||||
Acquisition and transaction expenses | $ 392 | ||||
CMQR | Building | |||||
Business Acquisition [Line Items] | |||||
Useful life | 4 years | ||||
CMQR | Track and track related assets | Minimum | |||||
Business Acquisition [Line Items] | |||||
Useful life | 2 years | ||||
CMQR | Track and track related assets | Maximum | |||||
Business Acquisition [Line Items] | |||||
Useful life | 5 years | ||||
CMQR | Railroad equipment | Minimum | |||||
Business Acquisition [Line Items] | |||||
Useful life | 4 years | ||||
CMQR | Railroad equipment | Maximum | |||||
Business Acquisition [Line Items] | |||||
Useful life | 6 years | ||||
CMQR | Vehicles | |||||
Business Acquisition [Line Items] | |||||
Useful life | 2 years | ||||
CMQR | Railcars and locomotives | |||||
Business Acquisition [Line Items] | |||||
Useful life | 5 years |
ACQUISITIONS - Jefferson Termin
ACQUISITIONS - Jefferson Terminal Additional Information (Details) - USD ($) | Aug. 27, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Transaction related costs | $ 5,683,000 | $ 11,450,000 | $ 260,000 | |
Jefferson Terminal | ||||
Business Acquisition [Line Items] | ||||
Aggregate purchase price | $ 608,300,000 | |||
Assumed liabilities | 522,522,000 | |||
Equity consideration | 38,200,000 | |||
Percent interest acquired | 60.00% | |||
Remaining non-controlling interest | 40.00% | |||
Loan obtained through acquisition | 100,000,000 | |||
Decrease in assumed fixed assets | $ 947,000 | |||
Increase of assumed intangible assets | 128,000 | |||
Increase of assumed goodwill | 1,358,000 | |||
Increase in assumed accounts payable and accrued liabilities | 390,000 | |||
Measurement period adjustments for goodwill and estimated liabilities assumed | $ 149,000 | |||
Jefferson Terminal | Retaining Shareholders | ||||
Business Acquisition [Line Items] | ||||
Remaining non-controlling interest | 20.00% | |||
Jefferson Terminal | Private Equity Fund | ||||
Business Acquisition [Line Items] | ||||
Remaining non-controlling interest | 20.00% | |||
Jefferson Terminal | Subsidiaries | ||||
Business Acquisition [Line Items] | ||||
Long-term debt | $ 97,600,000 | |||
Goodwill expected to be tax-deductible | $ 45,000,000 |
ACQUISITIONS - Fair Values Assi
ACQUISITIONS - Fair Values Assigned to Acquired Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Aug. 27, 2014 | Jun. 30, 2014 | |
CMQR | |||
Assets: | |||
Restricted cash | $ 0 | ||
Construction in progress | 0 | ||
Prepaids and other deposits | 103 | ||
Tendered bonds | 0 | ||
Customer lists and customer contracts | 225 | ||
Goodwill additions | $ 593 | ||
Total assets | 15,224 | ||
Liabilities: | |||
Employee-related liabilities | (1,119) | ||
Environmental remediation liabilities | (1,333) | ||
Real estate taxes | (714) | ||
Accrued expenses | 0 | ||
Other liabilities | 0 | ||
Total liabilities | (3,166) | ||
Net assets acquired | 12,058 | ||
CMQR | Term loan | |||
Liabilities: | |||
Long-term debt | 0 | ||
CMQR | Bonds payable | |||
Liabilities: | |||
Long-term debt | 0 | ||
CMQR | Note payable | |||
Liabilities: | |||
Long-term debt | 0 | ||
CMQR | Land and site improvements | |||
Assets: | |||
Property, plant and equipment | 5,484 | ||
CMQR | Track | |||
Assets: | |||
Property, plant and equipment | 4,952 | ||
CMQR | Buildings and improvements | |||
Assets: | |||
Property, plant and equipment | 136 | ||
CMQR | Crude oil terminal machinery and equipment | |||
Assets: | |||
Property, plant and equipment | 0 | ||
CMQR | Railroad equipment | |||
Assets: | |||
Property, plant and equipment | 713 | ||
CMQR | Furniture and fixtures | |||
Assets: | |||
Property, plant and equipment | 0 | ||
CMQR | Computer hardware and software | |||
Assets: | |||
Property, plant and equipment | 0 | ||
CMQR | Turnout and other track materials | |||
Assets: | |||
Property, plant and equipment | 1,415 | ||
CMQR | Vehicles | |||
Assets: | |||
Property, plant and equipment | 320 | ||
CMQR | Railcars and locomotives | |||
Assets: | |||
Property, plant and equipment | $ 1,283 | ||
Jefferson Terminal | |||
Assets: | |||
Restricted cash | $ 190,811 | ||
Construction in progress | 85,276 | ||
Prepaids and other deposits | 6,102 | ||
Tendered bonds | 115,000 | ||
Customer lists and customer contracts | 35,513 | ||
Goodwill additions | $ 115,991 | ||
Total assets | 608,300 | ||
Liabilities: | |||
Employee-related liabilities | 0 | ||
Environmental remediation liabilities | 0 | ||
Real estate taxes | 0 | ||
Accrued expenses | (56,540) | ||
Other liabilities | (1,902) | ||
Total liabilities | (522,522) | ||
Net assets acquired | 85,778 | ||
Jefferson Terminal | Term loan | |||
Liabilities: | |||
Long-term debt | (93,995) | ||
Jefferson Terminal | Bonds payable | |||
Liabilities: | |||
Long-term debt | (348,788) | ||
Jefferson Terminal | Note payable | |||
Liabilities: | |||
Long-term debt | (21,297) | ||
Jefferson Terminal | Land and site improvements | |||
Assets: | |||
Property, plant and equipment | 9,573 | ||
Jefferson Terminal | Buildings and improvements | |||
Assets: | |||
Property, plant and equipment | 2,139 | ||
Jefferson Terminal | Crude oil terminal machinery and equipment | |||
Assets: | |||
Property, plant and equipment | 47,286 | ||
Jefferson Terminal | Furniture and fixtures | |||
Assets: | |||
Property, plant and equipment | 317 | ||
Jefferson Terminal | Computer hardware and software | |||
Assets: | |||
Property, plant and equipment | 34 | ||
Jefferson Terminal | Vehicles | |||
Assets: | |||
Property, plant and equipment | $ 258 |
ACQUISITIONS - Supplemental Pro
ACQUISITIONS - Supplemental Pro Forma Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
CMQR | ||
Business Acquisition [Line Items] | ||
Revenues | $ 63,528 | $ 46,100 |
Pre-tax net income (loss) | 1,497 | (20,830) |
Jefferson Terminal | ||
Business Acquisition [Line Items] | ||
Revenues | 60,577 | 19,530 |
Pre-tax net income (loss) | $ (46,906) | $ (1,543) |
ACQUSIITIONS - Supplemental Pro
ACQUSIITIONS - Supplemental Pro Forma, Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 33,798 | $ 35,233 | $ 33,564 | $ 33,973 | $ 23,419 | $ 16,080 | $ 10,735 | $ 7,696 | $ 136,568 | $ 57,930 | $ 19,530 |
Loss before income taxes | $ (9,307) | $ (15,906) | $ (5,004) | $ 2,172 | $ 717 | $ 2,102 | $ (788) | $ 1,761 | (28,045) | 3,792 | 25,279 |
Acquisition and transaction expenses | $ 5,683 | 11,450 | $ 260 | ||||||||
CMQR | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | 9,969 | ||||||||||
Loss before income taxes | (11,957) | ||||||||||
CMQR | Acquisition and Transaction Expenses | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquisition and transaction expenses | 5,646 | ||||||||||
Jefferson Terminal | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | 2,652 | ||||||||||
Loss before income taxes | (15,768) | ||||||||||
Jefferson Terminal | Acquisition and Transaction Expenses | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquisition and transaction expenses | $ 5,494 |
LEASING EQUIPMENT, NET (Details
LEASING EQUIPMENT, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Leasing equipment, net | $ 636,681 | $ 509,379 |
Equipment Leasing | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Leasing equipment: | 681,212 | 524,885 |
Less: Accumulated depreciation | (44,531) | (15,506) |
Leasing equipment, net | 636,681 | 509,379 |
Reportable Subsegments | Equipment Leasing | Operating Segments | Aviation Leasing | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Leasing equipment: | 452,602 | 298,204 |
Less: Accumulated depreciation | (33,281) | (11,331) |
Leasing equipment, net | 419,321 | 286,873 |
Reportable Subsegments | Equipment Leasing | Operating Segments | Offshore Energy | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Leasing equipment: | 184,284 | 182,355 |
Less: Accumulated depreciation | (9,704) | (3,737) |
Leasing equipment, net | 174,580 | 178,618 |
Reportable Subsegments | Equipment Leasing | Operating Segments | Jefferson Terminal | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Leasing equipment: | 44,326 | 44,326 |
Less: Accumulated depreciation | (1,546) | (438) |
Leasing equipment, net | $ 42,780 | $ 43,888 |
LEASING EQUIPMENT, NET - Additi
LEASING EQUIPMENT, NET - Additional Information (Details) - Equipment Leasing $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)aircraftcommercial_jet_engine | Dec. 31, 2014USD ($)aircrafttank_railcaraircraft_engine | Dec. 31, 2013USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Commercial jet engines acquired | commercial_jet_engine | 24 | ||
Number of aircraft acquired | aircraft | 5 | 14 | |
Commercial jet engines sold | commercial_jet_engine | 9 | ||
Number of aircraft engines acquired | aircraft_engine | 9 | ||
Number of tank railcars acquired | tank_railcar | 300 | ||
Number of aircraft engines sold | aircraft_engine | 5 | ||
Number of aircraft sold | aircraft | 2 | ||
Depreciation | $ | $ 30,624 | $ 12,683 | $ 3,909 |
FINANCE LEASES, NET - Summary (
FINANCE LEASES, NET - Summary (Details) - Equipment Leasing - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leased Assets [Line Items] | ||
Finance leases | $ 102,369 | $ 131,537 |
Unearned revenue | (19,848) | (28,724) |
Finance leases, net | 82,521 | 102,813 |
Reportable Subsegments | Operating Segments | Offshore Energy | ||
Capital Leased Assets [Line Items] | ||
Finance leases | 20,037 | 22,045 |
Unearned revenue | (9,915) | (11,580) |
Finance leases, net | 10,122 | 10,465 |
Reportable Subsegments | Operating Segments | Shipping Containers | ||
Capital Leased Assets [Line Items] | ||
Finance leases | 82,332 | 109,492 |
Unearned revenue | (9,933) | (17,144) |
Finance leases, net | $ 72,399 | $ 92,348 |
FINANCE LEASES, NET - Future Mi
FINANCE LEASES, NET - Future Minimum Payments Receivable (Details) - Equipment Leasing $ in Thousands | Dec. 31, 2015USD ($) |
Capital Leased Assets [Line Items] | |
2,016 | $ 27,693 |
2,017 | 53,316 |
2,018 | 7,352 |
2,019 | 2,008 |
2,020 | 2,013 |
Thereafter | 9,987 |
Total | 102,369 |
Reportable Subsegments | Operating Segments | Offshore Energy | |
Capital Leased Assets [Line Items] | |
2,016 | 2,013 |
2,017 | 2,008 |
2,018 | 2,008 |
2,019 | 2,008 |
2,020 | 2,013 |
Thereafter | 9,987 |
Total | 20,037 |
Reportable Subsegments | Operating Segments | Shipping Containers | |
Capital Leased Assets [Line Items] | |
2,016 | 25,680 |
2,017 | 51,308 |
2,018 | 5,344 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total | $ 82,332 |
FINANCE LEASES, NET - Additiona
FINANCE LEASES, NET - Additional Information (Details) shipping_container in Thousands | Mar. 09, 2016shipping_container |
Subsequent Event | |
Subsequent Event [Line Items] | |
Number of shipping containers to sell per agreement | 39 |
PROPERTY, PLANT AND EQUIPMENT57
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 299,678 | $ 227,381 |
Infrastructure | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 310,064 | 229,488 |
Less: accumulated depreciation | (13,215) | (2,107) |
Property, plant and equipment, net | 299,678 | 227,381 |
Infrastructure | Land and site improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 19,492 | 15,057 |
Infrastructure | Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 55,927 | 145,716 |
Infrastructure | Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,750 | 2,575 |
Infrastructure | Crude oil terminal machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 210,857 | 50,627 |
Infrastructure | Track and track related assets | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 17,159 | 12,022 |
Infrastructure | Railroad equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,050 | 1,268 |
Infrastructure | Railcars and locomotives | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,720 | 1,293 |
Infrastructure | Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 152 | 34 |
Infrastructure | Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 410 | 317 |
Infrastructure | Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 547 | 579 |
Infrastructure | Spare parts | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,829 | |
Infrastructure | Railroad | Reportable Subsegments | Operating Segments | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 27,599 | 20,824 |
Less: accumulated depreciation | (2,907) | (962) |
Property, plant and equipment, net | 24,692 | 19,862 |
Infrastructure | Railroad | Reportable Subsegments | Operating Segments | Land and site improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,478 | 5,484 |
Infrastructure | Railroad | Reportable Subsegments | Operating Segments | Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 893 | 0 |
Infrastructure | Railroad | Reportable Subsegments | Operating Segments | Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 557 | 436 |
Infrastructure | Railroad | Reportable Subsegments | Operating Segments | Crude oil terminal machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 0 | 0 |
Infrastructure | Railroad | Reportable Subsegments | Operating Segments | Track and track related assets | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 17,159 | 12,022 |
Infrastructure | Railroad | Reportable Subsegments | Operating Segments | Railroad equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,050 | 1,268 |
Infrastructure | Railroad | Reportable Subsegments | Operating Segments | Railcars and locomotives | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,720 | 1,293 |
Infrastructure | Railroad | Reportable Subsegments | Operating Segments | Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 118 | 0 |
Infrastructure | Railroad | Reportable Subsegments | Operating Segments | Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 121 | 0 |
Infrastructure | Railroad | Reportable Subsegments | Operating Segments | Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 503 | 321 |
Infrastructure | Railroad | Reportable Subsegments | Operating Segments | Spare parts | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 0 | |
Infrastructure | Jefferson Terminal | Reportable Subsegments | Operating Segments | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 282,465 | 208,664 |
Less: accumulated depreciation | (10,308) | (1,145) |
Property, plant and equipment, net | 274,986 | 207,519 |
Infrastructure | Jefferson Terminal | Reportable Subsegments | Operating Segments | Land and site improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,014 | 9,573 |
Infrastructure | Jefferson Terminal | Reportable Subsegments | Operating Segments | Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 55,034 | 145,716 |
Infrastructure | Jefferson Terminal | Reportable Subsegments | Operating Segments | Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,193 | 2,139 |
Infrastructure | Jefferson Terminal | Reportable Subsegments | Operating Segments | Crude oil terminal machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 210,857 | 50,627 |
Infrastructure | Jefferson Terminal | Reportable Subsegments | Operating Segments | Track and track related assets | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 0 | 0 |
Infrastructure | Jefferson Terminal | Reportable Subsegments | Operating Segments | Railroad equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 0 | 0 |
Infrastructure | Jefferson Terminal | Reportable Subsegments | Operating Segments | Railcars and locomotives | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 0 | 0 |
Infrastructure | Jefferson Terminal | Reportable Subsegments | Operating Segments | Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 34 | 34 |
Infrastructure | Jefferson Terminal | Reportable Subsegments | Operating Segments | Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 289 | 317 |
Infrastructure | Jefferson Terminal | Reportable Subsegments | Operating Segments | Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 44 | $ 258 |
Infrastructure | Jefferson Terminal | Reportable Subsegments | Operating Segments | Spare parts | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,829 |
PROPERTY, PLANT AND EQUIPMENT58
PROPERTY, PLANT AND EQUIPMENT, NET - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment acquired | $ 84,298 | $ 70,302 | |
Disposals of railroad equipment | 893 | ||
Depreciation expense | $ 11,099 | 2,107 | $ 0 |
CMQR | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment acquired | 14,303 | ||
Jefferson Terminal | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment acquired | $ 144,883 |
INVESTMENT IN UNCONSOLIDATED 59
INVESTMENT IN UNCONSOLIDATED ENTITY - Ownership Interest and Carrying Values (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2012 | Apr. 30, 2012 | Apr. 26, 2012 |
Schedule of Equity Method Investments [Line Items] | ||||||
Carrying Value | $ 10,675 | $ 21,569 | ||||
PJW 3000 LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 16.67% | 16.67% | ||||
Carrying Value | $ 0 | 0 | $ 0 | |||
Intermodal Finance I, Ltd | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 51.00% | 51.00% | ||||
Carrying Value | $ 10,675 | $ 21,569 | $ 32,744 |
INVESTMENT IN UNCONSOLIDATED 60
INVESTMENT IN UNCONSOLIDATED ENTITY - PJW 3000 LLC (Details) - USD ($) $ in Thousands | Nov. 26, 2013 | Apr. 26, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ||||||
Cash proceeds | $ 0 | $ 0 | $ 22,000 | |||
Finance leases, net | 82,521 | 102,813 | ||||
Gain on sale of unconsolidated entity | $ 0 | $ 0 | $ 6,144 | |||
PJW 3000 LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 16.67% | 16.67% | ||||
Aggregate purchase price | $ 19,635 | |||||
Investment premium | $ 3,000 | |||||
Premium amortization period | 28 years 6 months | |||||
Sale price of investment interest | $ 26,500 | |||||
Cash proceeds | 22,000 | |||||
Finance leases, net | $ 4,500 | |||||
Note receivable term | 1 year | |||||
Gain on sale of unconsolidated entity | $ 6,144 |
INVESTMENT IN UNCONSOLIDATED 61
INVESTMENT IN UNCONSOLIDATED ENTITY - Intermodal Finance I, Ltd. (Details) shipping_container in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)shipping_containercustomer | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2012 | |
Schedule of Equity Method Investments [Line Items] | ||||
Impairment expense | $ 20,604 | $ 0 | $ 0 | |
Intermodal Finance I, Ltd | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 51.00% | 51.00% | ||
Number of customers | customer | 6 | |||
Impairment charge | $ 20,604 | |||
Impairment expense | $ 10,508 | |||
Containers | Intermodal Finance I, Ltd | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of shipping containers | shipping_container | 59 | |||
Shipping Containers Subject to Multiple Operating Leases | Containers | Intermodal Finance I, Ltd | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Shipping containers subject to multiple operating leases | shipping_container | 37 |
INVESTMENT IN UNCONSOLIDATED 62
INVESTMENT IN UNCONSOLIDATED ENTITY - Summary Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | |||
Total revenues | $ 16,022 | $ 20,331 | $ 56,480 |
Expenses | |||
Operating expenses | 992 | 1,527 | 6,055 |
General and administrative | 810 | 807 | 1,157 |
Depreciation and amortization | 3,659 | 2,416 | 8,157 |
Interest expense | 3,488 | 5,022 | 11,075 |
Impairment expense | 20,604 | 0 | 0 |
Total expenses | 29,553 | 9,772 | 26,444 |
Gain on early termination of finance lease | 0 | 917 | 1,052 |
Other income | 247 | 45 | 30 |
Loss on debt extinguishment | 0 | (119) | 0 |
(Loss) gain on disposal of equipment | (766) | 0 | 15 |
Total other income (expense) | (519) | 843 | 1,097 |
Net income (loss) | (14,050) | 11,402 | 31,133 |
Other comprehensive income | 0 | 0 | 431 |
Comprehensive income (loss) | (14,050) | 11,402 | 31,564 |
Company's equity in (loss) earnings, net of amortization of $95 in the year ended December 31, 2013 | (6,956) | 6,093 | 10,325 |
Amortization | $ 95 | ||
Assets | |||
Cash and cash equivalents | 4,796 | 5,214 | |
Restricted cash | 2,117 | 2,320 | |
Accounts receivable | 1,153 | 1,051 | |
Leasing assets, net of accumulated depreciation of $7,305 and $4,449, respectively | 47,735 | 74,045 | |
Finance leases, net | 34,261 | 62,393 | |
Deferred costs, net of accumulated amortization of $864 and $602, respectively | 1,060 | 1,524 | |
Other assets | 31 | 8 | |
Total assets | 91,153 | 146,555 | |
Liabilities | |||
Accounts payable and accrued liabilities | 154 | 157 | |
Syndication liabilities | 3,201 | 5,152 | |
Debt | 84,051 | 120,303 | |
Other liabilities | 458 | 383 | |
Total liabilities | 87,864 | 125,995 | |
Members’ Equity | |||
Total members’ equity | 3,289 | 20,560 | |
Total liabilities and members’ equity | 91,153 | 146,555 | |
Investment in and advances to unconsolidated entity | 10,675 | 21,569 | |
Accumulated depreciation | 7,305 | 4,449 | |
Accumulated amortization of deferred costs | $ 864 | $ 602 |
INTANGIBLE ASSETS AND LIABILI63
INTANGIBLE ASSETS AND LIABILITIES, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Intangible assets: | ||
Total intangible assets, net | $ 44,129 | $ 52,169 |
Intangible liabilities: | ||
Acquired unfavorable lease intangibles | 1,171 | 261 |
Accumulated amortization | (151) | (24) |
Total acquired unfavorable lease intangibles, net | 1,020 | 237 |
Off-Market Favorable Lease | ||
Intangible assets: | ||
Acquired finite-lived intangibles | 22,881 | 20,435 |
Accumulated amortization | (9,697) | (2,796) |
Total | 13,184 | 17,639 |
Customer Relationships | ||
Intangible assets: | ||
Acquired finite-lived intangibles | 35,738 | 35,738 |
Accumulated amortization | (4,793) | (1,208) |
Total | 30,945 | 34,530 |
Reportable Subsegments | Operating Segments | Equipment Leasing | Aviation Leasing | ||
Intangible assets: | ||
Total intangible assets, net | 13,184 | 17,639 |
Intangible liabilities: | ||
Acquired unfavorable lease intangibles | 1,171 | 261 |
Accumulated amortization | (151) | (24) |
Total acquired unfavorable lease intangibles, net | 1,020 | 237 |
Reportable Subsegments | Operating Segments | Equipment Leasing | Aviation Leasing | Off-Market Favorable Lease | ||
Intangible assets: | ||
Acquired finite-lived intangibles | 22,881 | 20,435 |
Accumulated amortization | (9,697) | (2,796) |
Total | 13,184 | 17,639 |
Reportable Subsegments | Operating Segments | Equipment Leasing | Aviation Leasing | Customer Relationships | ||
Intangible assets: | ||
Acquired finite-lived intangibles | 0 | 0 |
Accumulated amortization | 0 | 0 |
Total | 0 | 0 |
Reportable Subsegments | Operating Segments | Infrastructure | Jefferson Terminal | ||
Intangible assets: | ||
Total intangible assets, net | 30,795 | 34,333 |
Intangible liabilities: | ||
Acquired unfavorable lease intangibles | 0 | 0 |
Accumulated amortization | 0 | 0 |
Total acquired unfavorable lease intangibles, net | 0 | 0 |
Reportable Subsegments | Operating Segments | Infrastructure | Jefferson Terminal | Off-Market Favorable Lease | ||
Intangible assets: | ||
Acquired finite-lived intangibles | 0 | 0 |
Accumulated amortization | 0 | 0 |
Total | 0 | 0 |
Reportable Subsegments | Operating Segments | Infrastructure | Jefferson Terminal | Customer Relationships | ||
Intangible assets: | ||
Acquired finite-lived intangibles | 35,513 | 35,513 |
Accumulated amortization | (4,718) | (1,180) |
Total | 30,795 | 34,333 |
Reportable Subsegments | Operating Segments | Infrastructure | Railroad | ||
Intangible assets: | ||
Total intangible assets, net | 150 | 197 |
Intangible liabilities: | ||
Acquired unfavorable lease intangibles | 0 | 0 |
Accumulated amortization | 0 | 0 |
Total acquired unfavorable lease intangibles, net | 0 | 0 |
Reportable Subsegments | Operating Segments | Infrastructure | Railroad | Off-Market Favorable Lease | ||
Intangible assets: | ||
Acquired finite-lived intangibles | 0 | 0 |
Accumulated amortization | 0 | 0 |
Total | 0 | 0 |
Reportable Subsegments | Operating Segments | Infrastructure | Railroad | Customer Relationships | ||
Intangible assets: | ||
Acquired finite-lived intangibles | 225 | 225 |
Accumulated amortization | (75) | (28) |
Total | $ 150 | $ 197 |
INTANGIBLE ASSETS AND LIABILI64
INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets and liabilities | $ 10,359 | $ 3,902 | $ 0 |
Equipment Leasing Revenues | Lease Agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of lease intangible assets and liabilities | 6,774 | 2,694 | 0 |
Depreciation and Amortization | Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 3,585 | $ 1,208 | $ 0 |
INTANGIBLE ASSETS AND LIABILI65
INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | $ 9,273 |
2,017 | 6,757 |
2,018 | 5,941 |
2,019 | 4,530 |
2,020 | 3,580 |
Thereafter | 13,028 |
Total | $ 43,109 |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Debt | $ 271,057 | $ 592,867 |
Total debt due within one year | 24,791 | 23,915 |
Loans payable | ||
Debt Instrument [Line Items] | ||
Debt | 221,444 | 243,759 |
Loans payable | Container Loan 1 | ||
Debt Instrument [Line Items] | ||
Debt | 34,761 | 42,040 |
Loans payable | Container Loan 2 | ||
Debt Instrument [Line Items] | ||
Debt | 11,338 | 19,115 |
Loans payable | FTAI Pride Credit Agreement | ||
Debt Instrument [Line Items] | ||
Debt | 67,188 | 73,438 |
Loans payable | CMQR Credit Agreement | ||
Debt Instrument [Line Items] | ||
Debt | 9,407 | 9,416 |
Loans payable | Jefferson Terminal Credit Agreement | ||
Debt Instrument [Line Items] | ||
Debt | 98,750 | 99,750 |
Bonds payable | ||
Debt Instrument [Line Items] | ||
Debt | 47,261 | 346,521 |
Unamortized premium | 1,751 | |
Bonds payable | Series 2010 Bonds | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 298,000 |
Bonds payable | Series 2012 Bonds | ||
Debt Instrument [Line Items] | ||
Debt | 47,261 | 48,521 |
Unamortized premium | 1,751 | 1,791 |
Note payable | ||
Debt Instrument [Line Items] | ||
Debt | 2,352 | 2,587 |
Note payable | Note payable to non-controlling interest | ||
Debt Instrument [Line Items] | ||
Debt | $ 2,352 | $ 2,587 |
DEBT - Container Loan 1 (Detail
DEBT - Container Loan 1 (Details) - Loans payable - Container Loan 1 - USD ($) $ in Thousands | Dec. 27, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 17, 2013 |
Debt Instrument [Line Items] | |||||
Debt default interest rate | 2.00% | ||||
Interest Rate Swap | |||||
Debt Instrument [Line Items] | |||||
Percentage of debt hedged by interest rate derivatives | 70.00% | ||||
Interest Rate Swap | Designated as Hedging Instrument | |||||
Debt Instrument [Line Items] | |||||
Notional amount of interest rate swap | $ 39,194 | ||||
Derivative assets | $ 97 | $ 214 | |||
Interest Rate Swap | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate | 0.681% | ||||
Subsidiaries | |||||
Debt Instrument [Line Items] | |||||
Debt face amount | $ 55,991 | ||||
Average interest rate | 4.38% | 4.00% | 4.34% | ||
Subsidiaries | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.75% | ||||
Effective interest rate | 4.08% | 3.90% | |||
Subsidiaries | Federal Funds Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.50% | ||||
Subsidiaries | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.75% |
DEBT - Container Loan 2 (Detail
DEBT - Container Loan 2 (Details) - Loans payable - Container Loan 2 - USD ($) $ in Thousands | Sep. 20, 2013 | Aug. 15, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||||
Debt default interest rate | 2.50% | ||||
Interest Rate Cap | |||||
Debt Instrument [Line Items] | |||||
Percentage of debt hedged by interest rate derivatives | 50.00% | ||||
Lease term | 5 years | ||||
Interest Rate Cap | Not Designated as Hedging Instrument | |||||
Debt Instrument [Line Items] | |||||
Notional amount of interest rate swap | $ 2,554 | ||||
Derivative assets | $ 4 | $ 18 | |||
LIBOR | Interest Rate Cap | |||||
Debt Instrument [Line Items] | |||||
Cap interest rate | 2.50% | ||||
Subsidiaries | |||||
Debt Instrument [Line Items] | |||||
Debt face amount | $ 21,548 | ||||
Average interest rate | 3.67% | 3.59% | 3.54% | ||
Subsidiaries | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.25% | ||||
Effective interest rate | 3.66% | 3.49% |
DEBT - FTAI Pride Agreement (De
DEBT - FTAI Pride Agreement (Details) - Loans payable - FTAI Pride Credit Agreement - Subsidiaries | Sep. 15, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Debt face amount | $ 75,000,000 | ||
Periodic payments | $ 1,562,000 | ||
Fixed charges coverage ratio (not less than) | 1.15 | ||
Covenant evaluation period | 12 months | ||
LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 4.50% | ||
Effective interest rate | 5.02% | 4.74% |
DEBT - CMQR Credit Agreement (D
DEBT - CMQR Credit Agreement (Details) - Loans payable - CMQR Credit Agreement | Sep. 18, 2014USD ($) | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Debt face amount | $ 10,000,000 | |||
Average interest rate | 2.92% | 2.95% | ||
Callable debt | $ 12,000,000 | |||
Fixed charges coverage ratio (not less than) | 1.30 | |||
Covenant evaluation period | 12 months | |||
LIBOR | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.50% | |||
LIBOR | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 4.50% | |||
Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.50% | |||
Base Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.50% | |||
Canadian Fixed Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.50% | |||
Canadian Fixed Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 4.50% |
DEBT - Jefferson Terminal Credi
DEBT - Jefferson Terminal Credit Agreement (Details) - USD ($) | Aug. 27, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||||
Capitalized interest | $ 2,128,000 | $ 3,534,000 | $ 0 | ||
Loans payable | Jefferson Terminal Credit Agreement | Subsidiaries | |||||
Debt Instrument [Line Items] | |||||
Debt face amount | $ 100,000,000 | ||||
Periodic payments | $ 250,000 | ||||
Exit fee | $ 2,753,000 | ||||
Effective interest rate | 9.50% | 9.00% | |||
Debt interest expense | $ 10,910,000 | $ 3,703,000 | |||
Capitalized interest | $ 2,128,000 | $ 3,534,000 | |||
Loans payable | Jefferson Terminal Credit Agreement | Subsidiaries | Minimum | |||||
Debt Instrument [Line Items] | |||||
Prepayment premium percentage | 1.00% | ||||
Loans payable | Jefferson Terminal Credit Agreement | Subsidiaries | Maximum | |||||
Debt Instrument [Line Items] | |||||
Prepayment premium percentage | 3.00% | ||||
Loans payable | Jefferson Terminal Credit Agreement | Subsidiaries | Eurodollar | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 8.00% | ||||
Loans payable | Jefferson Terminal Credit Agreement | Subsidiaries | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 7.00% | ||||
Loans payable | Jefferson Terminal Credit Agreement | Subsidiaries | Forecast | |||||
Debt Instrument [Line Items] | |||||
Periodic payments | $ 1,250,000 |
DEBT - Bonds Payable, Additiona
DEBT - Bonds Payable, Additional Information(Details) | Aug. 01, 2012USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Aug. 27, 2014USD ($) | Dec. 01, 2010 |
Debt Instrument [Line Items] | |||||
Tendered bonds | $ 298,000,000 | $ 0 | |||
Debt | 592,867,000 | 271,057,000 | |||
Jefferson Terminal | |||||
Debt Instrument [Line Items] | |||||
Fair value of bonds at acquisition | $ 115,000,000 | ||||
Bonds payable | |||||
Debt Instrument [Line Items] | |||||
Unamortized premium | 1,751,000 | ||||
Debt | 346,521,000 | 47,261,000 | |||
Bonds payable | Series 2010 Bonds | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | 2,000,000 | ||||
Repayments of bonds | 298,000,000 | ||||
Debt | 298,000,000 | 0 | |||
Bonds payable | Series 2010 Bonds | Jefferson Terminal | |||||
Debt Instrument [Line Items] | |||||
Debt face amount | 300,000,000 | ||||
Interest rate | 0.60% | ||||
Bonds payable | Series 2012 Bonds | |||||
Debt Instrument [Line Items] | |||||
Unamortized premium | $ 1,791,000 | 1,751,000 | |||
Service coverage ratio | 1.25 | ||||
Debt | $ 48,521,000 | $ 47,261,000 | |||
Bonds payable | Series 2012 Bonds | Jefferson Terminal | |||||
Debt Instrument [Line Items] | |||||
Fair value of bonds at acquisition | 48,554,000 | ||||
Unamortized premium | $ 1,823,000 | ||||
Bonds payable | Series 2012 Bonds | Jefferson Terminal | |||||
Debt Instrument [Line Items] | |||||
Debt face amount | $ 46,875,000 | ||||
Period of interest reserve | 6 months | ||||
Interest rate | 8.25% |
DEBT - Note Payable to Non-Cont
DEBT - Note Payable to Non-Controlling Interest, Additional Information (Details) - Note payable - Note payable to non-controlling interest $ in Thousands | 1 Months Ended |
May. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |
Partner ownership percentage | 85.00% |
Remaining non-controlling interest | 15.00% |
Subsidiaries | |
Debt Instrument [Line Items] | |
Debt face amount | $ 18,275 |
Interest rate | 5.00% |
Owner | Subsidiaries | |
Debt Instrument [Line Items] | |
Debt face amount | $ 3,225 |
DEBT - Schedule of Principal Re
DEBT - Schedule of Principal Repayments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 24,791 |
2,017 | 50,419 |
2,018 | 103,463 |
2,019 | 50,511 |
2,020 | 2,382 |
Thereafter | 37,740 |
Total | 269,306 |
Bonds payable | |
Debt Instrument [Line Items] | |
2,016 | 1,320 |
2,017 | 1,425 |
2,018 | 1,545 |
2,019 | 1,670 |
2,020 | 1,810 |
Thereafter | 37,740 |
Total | 45,510 |
Unamortized premium | 1,751 |
Loans payable | |
Debt Instrument [Line Items] | |
2,016 | 22,900 |
2,017 | 48,591 |
2,018 | 101,515 |
2,019 | 48,438 |
2,020 | 0 |
Thereafter | 0 |
Total | 221,444 |
Notes Payable, Other Payables [Member] | |
Debt Instrument [Line Items] | |
2,016 | 571 |
2,017 | 403 |
2,018 | 403 |
2,019 | 403 |
2,020 | 572 |
Thereafter | 0 |
Total | $ 2,352 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Total | $ 403,414 | $ 43,441 |
Market | ||
Assets: | ||
Cash and cash equivalents | 381,703 | 22,125 |
Restricted cash | 21,610 | 21,084 |
Income | ||
Assets: | ||
Derivative assets | 101 | 232 |
Level 1 | ||
Assets: | ||
Total | 403,313 | 43,209 |
Level 1 | Market | ||
Assets: | ||
Cash and cash equivalents | 381,703 | 22,125 |
Restricted cash | 21,610 | 21,084 |
Level 1 | Income | ||
Assets: | ||
Derivative assets | 0 | 0 |
Level 2 | ||
Assets: | ||
Total | 101 | 232 |
Level 2 | Market | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Level 2 | Income | ||
Assets: | ||
Derivative assets | 101 | 232 |
Level 3 | ||
Assets: | ||
Total | 0 | 0 |
Level 3 | Market | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Level 3 | Income | ||
Assets: | ||
Derivative assets | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities measured at fair value on a recurring basis | $ 0 | $ 0 | |
Impairment charges | 0 | 0 | $ 0 |
Series 2012 Bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of bonds payable | 49,268,000 | ||
Level 2 | Series 2012 Bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of bonds payable | 49,268,000 | ||
Level 2 | Loans payable | Container Loan 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of bonds payable | 34,758,000 | 42,515,000 | |
Level 2 | Loans payable | Container Loan 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of bonds payable | 11,359,000 | $ 19,129,000 | |
Terminal Site Property | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Note receivable | $ 14,869,000 | ||
Loans receivable interest rate | 10.00% | ||
Co-venturer | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Note receivable | $ 3,725,000 | ||
Loans receivable interest rate | 12.00% | 12.00% |
REVENUES - Components of Revenu
REVENUES - Components of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||||||||||
Total revenues | $ 33,798 | $ 35,233 | $ 33,564 | $ 33,973 | $ 23,419 | $ 16,080 | $ 10,735 | $ 7,696 | $ 136,568 | $ 57,930 | $ 19,530 |
Equipment Leasing | |||||||||||
Revenues | |||||||||||
Lease income | 64,883 | 27,681 | 9,284 | ||||||||
Maintenance revenue | 17,286 | 5,964 | 2,242 | ||||||||
Finance lease income | 8,747 | 10,013 | 7,781 | ||||||||
Other revenue | 1,827 | 326 | 223 | ||||||||
Total revenues | 92,743 | 43,984 | 19,530 | ||||||||
Infrastructure | |||||||||||
Revenues | |||||||||||
Lease income | 4,620 | 1,325 | |||||||||
Rail revenues | 25,550 | 9,969 | |||||||||
Terminal services revenues | 13,655 | 2,652 | |||||||||
Total revenues | 43,825 | 13,946 | 0 | ||||||||
Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | |||||||||||
Revenues | |||||||||||
Lease income | 42,924 | 14,991 | 4,282 | ||||||||
Maintenance revenue | 17,286 | 5,964 | 2,242 | ||||||||
Finance lease income | 0 | 0 | 0 | ||||||||
Other revenue | 1,120 | 3 | 121 | ||||||||
Total revenues | 61,330 | 20,958 | 6,645 | ||||||||
Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | |||||||||||
Revenues | |||||||||||
Lease income | 21,959 | 12,690 | 5,002 | ||||||||
Maintenance revenue | 0 | 0 | 0 | ||||||||
Finance lease income | 1,665 | 1,716 | 262 | ||||||||
Other revenue | 607 | 224 | |||||||||
Total revenues | 24,231 | 14,630 | 5,264 | ||||||||
Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | |||||||||||
Revenues | |||||||||||
Lease income | 0 | 0 | 0 | ||||||||
Maintenance revenue | 0 | 0 | 0 | ||||||||
Finance lease income | 7,082 | 8,297 | 7,519 | ||||||||
Other revenue | 100 | 99 | 102 | ||||||||
Total revenues | 7,182 | 8,396 | 7,621 | ||||||||
Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | |||||||||||
Revenues | |||||||||||
Lease income | 4,620 | 1,325 | |||||||||
Rail revenues | 0 | 0 | |||||||||
Terminal services revenues | 13,655 | 2,652 | |||||||||
Total revenues | 18,275 | 3,977 | 0 | ||||||||
Operating Segments | Reportable Subsegments | Infrastructure | Railroad | |||||||||||
Revenues | |||||||||||
Lease income | 0 | 0 | |||||||||
Rail revenues | 25,550 | 9,969 | |||||||||
Terminal services revenues | 0 | 0 | |||||||||
Total revenues | $ 25,550 | $ 9,969 | $ 0 |
REVENUES - Minimum Future Annua
REVENUES - Minimum Future Annual Revenues (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Revenue Disclosure [Abstract] | |
2,016 | $ 59,111 |
2,017 | 44,623 |
2,018 | 32,054 |
2,019 | 16,877 |
2,020 | 7,206 |
Thereafter | 1,452 |
Total future minimum payments receivable | $ 161,323 |
EQUITY-BASED COMPENSATION - Add
EQUITY-BASED COMPENSATION - Additional Information (Details) $ / shares in Units, $ in Thousands | Aug. 27, 2014USD ($) | Jun. 30, 2015director$ / sharesshares | Dec. 31, 2015USD ($)performance_conditionshares | Dec. 31, 2014shares |
Restricted Shares | Employees of a subsidiary | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity based compensation restricted shares granted (in shares) | 1,300,000 | |||
Forfeiture rate | 0.00% | 0.00% | ||
Common Units | Employees of a subsidiary | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity based compensation restricted shares granted (in shares) | 1,400,000 | |||
Grant date fair value | $ | $ 1,688 | |||
Forfeiture rate | 0.00% | |||
Units nonvested (in shares) | 733 | 1,300 | ||
Units vested (in shares) | 617 | |||
Fair value of units vested | $ | $ 765 | |||
Common Units | Employees of a subsidiary | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award term | 16 months | |||
Common Units | Employees of a subsidiary | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award term | 36 months | |||
Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | 30,000,000 | |||
Number of Independent Directors | director | 3 | |||
Incentive Plan | Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate stock options issued (in shares) | 15,000 | |||
Grant date fair value (in dollars per share) | $ / shares | $ 24 | |||
Incentive Plan | Stock Options | Director 1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate stock options issued (in shares) | 5,000 | |||
Expiration period | 10 years | |||
Incentive Plan | Stock Options | Director 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate stock options issued (in shares) | 5,000 | |||
Incentive Plan | Stock Options | Director 3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate stock options issued (in shares) | 5,000 | |||
Award Expiring August 2017 | Restricted Shares | Employees of a subsidiary | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity based compensation restricted shares granted (in shares) | 1,250,000 | |||
Vesting period | 3 years | |||
Number of performance conditions | performance_condition | 3 | |||
Grant date fair value | $ | $ 23,879 | |||
Performance condition that remains probable, percentage | 50.00% | |||
Award Expiring August 2017 | Restricted Shares | Employees of a subsidiary | Tranche 1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Number of performance conditions | performance_condition | 1 | |||
Award Expiring August 2017 | Restricted Shares | Employees of a subsidiary | Tranche 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Award Expiring August 2017 | Restricted Shares | Employees of a subsidiary | Tranche 3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Award Expiring August 2018 | Restricted Shares | Employees of a subsidiary | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Grant date fair value | $ | $ 800 |
EQUITY-BASED COMPENSATION - Ass
EQUITY-BASED COMPENSATION - Assumptions Used to Estimate Fair Value Using Black-Scholes Model (Details) - Incentive Plan - Stock Options | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 28.00% |
Risk free interest rate | 2.40% |
Expected dividend yield | 6.50% |
Expected term | 5 years |
EQUITY-BASED COMPENSATION - Sum
EQUITY-BASED COMPENSATION - Summary of Stock Option Activity (Details) - Incentive Plan - Stock Options $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Options | |
Stock options outstanding, beginning balance (in shares) | 0 |
Granted (in shares) | 15,000 |
Exercised (in shares) | 0 |
Forfeited and canceled (in shares) | 0 |
Stock options outstanding, ending balance (in shares) | 15,000 |
Stock options exercisable, ending balance (in shares) | 15,000 |
Weighted-Average Exercise Price (per share) | |
Granted (in dollars per share) | $ / shares | $ 16.98 |
Stock options outstanding (in dollars per share) | $ / shares | 16.98 |
Stock options exercisable (in dollars per share) | $ / shares | $ 16.98 |
Weighted Average Remaining Contractual Term (in years) | |
Outstanding (in years) | 9 years 5 months |
Exercisable (in years) | 9 years 5 months |
Aggregate intrinsic value of stock options outstanding | $ | $ 0 |
Aggregate intrinsic value of stock options exercisable | $ | $ 0 |
EQUITY-BASED COMPENSATION - Exp
EQUITY-BASED COMPENSATION - Expenses Related to Stock-Based Compensation Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 4,662,000 | $ 1,265,000 | $ 0 |
Remaining expense to be recognized, if all vesting conditions are met | 20,464,000 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 24,000 | ||
Remaining expense to be recognized, if all vesting conditions are met | 0 | ||
Restricted Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 3,432,000 | 1,137,000 | |
Remaining expense to be recognized, if all vesting conditions are met | 20,110,000 | ||
Common Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 1,206,000 | $ 128,000 | |
Remaining expense to be recognized, if all vesting conditions are met | $ 354,000 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||||||||||
Federal | $ 86 | $ 700 | $ 0 | ||||||||
State and local | 45 | 15 | 0 | ||||||||
Foreign | 222 | 0 | 0 | ||||||||
Total current provision | 353 | 715 | 0 | ||||||||
Deferred: | |||||||||||
Federal | (79) | 158 | 0 | ||||||||
State and local | 0 | 1 | 0 | ||||||||
Foreign | 312 | 0 | 0 | ||||||||
Total deferred provision | 233 | 159 | 0 | ||||||||
Total provision for income taxes | $ (60) | $ 150 | $ 266 | $ 230 | $ 160 | $ 156 | $ 399 | $ 159 | $ 586 | $ 874 | $ 0 |
INCOME TAXES - Provision for In
INCOME TAXES - Provision for Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. federal tax at statutory rate | 35.00% | 35.00% | 35.00% |
Income not subject to tax | 25.20% | (241.20%) | (35.00%) |
State and local taxes | (0.20%) | 0.40% | |
Foreign taxes | (1.90%) | 0.00% | |
Other | (0.20%) | 0.00% | |
Change in valuation allowance | (60.00%) | 228.80% | |
Provision for income taxes | (2.10%) | 23.00% | 0.00% |
INCOME TAXES - Components of De
INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | |||
Net operating loss carryforwards | $ 24,234 | $ 6,144 | |
Accrued expenses | 1,767 | 1,934 | |
Interest expense | 4,038 | 1,033 | |
Other | 2,712 | 451 | |
Total deferred tax assets | 32,751 | 9,562 | |
Less valuation allowance | (24,786) | (8,675) | $ 0 |
Net deferred tax assets | 7,965 | 887 | |
Deferred tax liabilities: | |||
Fixed assets | 8,357 | 1,046 | |
Net deferred tax liabilities | $ (392) | $ (159) |
INCOME TAXES INCOME TAXES - Cha
INCOME TAXES INCOME TAXES - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation Allowance [Roll Forward] | ||
Valuation allowance at beginning of period | $ 8,675 | $ 0 |
Increase to valuation allowance attributable to: | ||
Current year loss | 16,111 | 8,675 |
Valuation allowance at end of period | $ 24,786 | $ 8,675 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Valuation allowance | $ 24,786 | $ 8,675 | $ 0 |
Subsidiaries | U.S. Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 62,014 | 13,000 | |
Subsidiaries | State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 60,646 | 12,300 | |
Canada Revenue Agency | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 6,672 | $ 4,000 | |
Revenue Commissioners, Ireland | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 900 |
MANAGEMENT AGREEMENT AND AFFI88
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Apr. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||||||||||||
Management fees and incentive allocation to affiliate | $ 15,018,000 | $ 5,463,000 | $ 2,211,000 | ||||||||||
Termination fee period preceding termination | 12 months | ||||||||||||
Net income (loss) attributable to non-controlling interest | $ (4,548,000) | $ (4,318,000) | $ (4,433,000) | $ (3,506,000) | $ (3,118,000) | $ (2,085,000) | $ 165,000 | $ 176,000 | $ (16,805,000) | $ (4,862,000) | 458,000 | ||
Minimum | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fee percentage with capital commitment of at least $100 million | 1.25% | ||||||||||||
Maximum | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fee percentage with capital commitment of less than $100 million | 1.50% | ||||||||||||
Maximum administrative fees entitled | $ 1,000,000 | ||||||||||||
Master GP | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Cumulative preferred return payable, percentage | 8.00% | ||||||||||||
Jefferson Terminal | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Non-controlling interest ownership percentage | 20.00% | 20.00% | 20.00% | 20.00% | 20.00% | ||||||||
Non-controlling interest by private equity fund | $ 71,321,000 | $ 54,273,000 | $ 71,321,000 | $ 71,321,000 | $ 54,273,000 | ||||||||
Net income (loss) attributable to non-controlling interest | (7,950,000) | (3,068,000) | |||||||||||
Amounts payable to vendor | 4,708,000 | 14,025,000 | $ 4,708,000 | 4,708,000 | 14,025,000 | ||||||||
Manager | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percent of shares sold in offering | 10.00% | ||||||||||||
Gross capital raised by fair market value percentage | 10.00% | ||||||||||||
Manager | Pre-IPO Management Fees | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees and incentive allocation to affiliate | 3,873,000 | 5,463,000 | $ 2,211,000 | ||||||||||
Manager | Management fees | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees and incentive allocation to affiliate | 11,145,000 | ||||||||||||
Management fee percentage rate | 1.50% | ||||||||||||
Management fee payable | 1,506,000 | 3,626,000 | $ 1,506,000 | 1,506,000 | 3,626,000 | ||||||||
Due from related party | 0 | 335,000 | 0 | 0 | 335,000 | ||||||||
Manager | General and Administrative Expense | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees and incentive allocation to affiliate | 4,119,000 | ||||||||||||
Manager | Acquisition and Transaction Expenses | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees and incentive allocation to affiliate | 2,181,000 | ||||||||||||
Manager | Amount Due Excluding Management Fees | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fee payable | 994,000 | $ 160,000 | 994,000 | 994,000 | $ 160,000 | ||||||||
Master GP | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Incentive distribution percentage | 10.00% | ||||||||||||
Cumulative preferred return payable, percentage | 8.00% | ||||||||||||
Master GP | Income Incentive Allocation | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fee payable | 0 | $ 0 | 0 | ||||||||||
Master GP | Income Incentive Allocation | Threshold 1 | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Income incentive allocation, percentage | 0.00% | ||||||||||||
Return rate | 2.00% | ||||||||||||
Annualized return rate | 8.00% | ||||||||||||
Master GP | Income Incentive Allocation | Threshold 2 | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Income incentive allocation, percentage | 100.00% | ||||||||||||
Master GP | Income Incentive Allocation | Threshold 2 | Minimum | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Return rate | 2.00% | ||||||||||||
Master GP | Income Incentive Allocation | Threshold 2 | Maximum | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Return rate | 2.2223% | ||||||||||||
Master GP | Income Incentive Allocation | Threshold 3 | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Income incentive allocation, percentage | 10.00% | ||||||||||||
Master GP | Income Incentive Allocation | Threshold 3 | Maximum | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Return rate | 2.2223% | ||||||||||||
Master GP | Capital gains incentive allocation | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fee payable | $ 0 | $ 0 | $ 0 | ||||||||||
Capital gains incentive allocation percentage | 10.00% |
SEGMENT INFORMATION - Statement
SEGMENT INFORMATION - Statement of Income by Segment (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($)segment | Dec. 31, 2013USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of reportable segments | segment | 5 | ||||||||||
Number of additional reportable segments | segment | 2 | ||||||||||
Revenues | |||||||||||
Total revenues | $ 33,798 | $ 35,233 | $ 33,564 | $ 33,973 | $ 23,419 | $ 16,080 | $ 10,735 | $ 7,696 | $ 136,568 | $ 57,930 | $ 19,530 |
Expenses | |||||||||||
Operating expenses | 68,793 | 27,223 | 3,157 | ||||||||
General and administrative | 7,568 | 2,007 | 805 | ||||||||
Acquisition and transaction expenses | 5,683 | 11,450 | 260 | ||||||||
Management fees and incentive allocation to affiliate | 15,018 | 5,463 | 2,211 | ||||||||
Depreciation and amortization | 45,308 | 15,998 | 3,909 | ||||||||
Interest expense | 19,311 | 5,872 | 2,816 | ||||||||
Total expenses | 44,786 | 43,475 | 40,194 | 33,226 | 27,482 | 17,733 | 15,302 | 7,496 | 161,681 | 68,013 | 13,158 |
Other income (expense) | |||||||||||
Equity in (loss) earnings of unconsolidated entities | (6,956) | 6,093 | 10,325 | ||||||||
Gain (loss) on sale of equipment | 3,419 | 7,576 | 2,415 | ||||||||
Gain on sale of unconsolidated entity | 0 | 0 | 6,144 | ||||||||
Interest income | 579 | 186 | 23 | ||||||||
Other income (expense) | 26 | 20 | 0 | ||||||||
Total other income (expense) | 1,681 | (7,664) | 1,626 | 1,425 | 4,780 | 3,755 | 3,779 | 1,561 | (2,932) | 13,875 | 18,907 |
(Loss) Income before income taxes | (9,307) | (15,906) | (5,004) | 2,172 | 717 | 2,102 | (788) | 1,761 | (28,045) | 3,792 | 25,279 |
Provision (benefit) for income taxes | (60) | 150 | 266 | 230 | 160 | 156 | 399 | 159 | 586 | 874 | 0 |
Net (loss) income | (9,247) | (16,056) | (5,270) | 1,942 | 557 | 1,946 | (1,187) | 1,602 | (28,631) | 2,918 | 25,279 |
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries | (4,548) | (4,318) | (4,433) | (3,506) | (3,118) | (2,085) | 165 | 176 | (16,805) | (4,862) | 458 |
Net (loss) income attributable to shareholders | $ (4,699) | $ (11,738) | $ (837) | $ 5,448 | $ 3,675 | $ 4,031 | $ (1,352) | $ 1,426 | (11,826) | 7,780 | 24,821 |
Equipment Leasing | |||||||||||
Revenues | |||||||||||
Total revenues | 92,743 | 43,984 | 19,530 | ||||||||
Infrastructure | |||||||||||
Revenues | |||||||||||
Total revenues | 43,825 | 13,946 | 0 | ||||||||
Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | |||||||||||
Revenues | |||||||||||
Total revenues | 61,330 | 20,958 | 6,645 | ||||||||
Expenses | |||||||||||
Operating expenses | 2,820 | 1,713 | 2,191 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Acquisition and transaction expenses | 0 | 0 | 0 | ||||||||
Management fees and incentive allocation to affiliate | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 23,549 | 9,445 | 2,972 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Total expenses | 26,369 | 11,158 | 5,163 | ||||||||
Other income (expense) | |||||||||||
Equity in (loss) earnings of unconsolidated entities | 0 | 0 | 0 | ||||||||
Gain (loss) on sale of equipment | 3,053 | 7,576 | 2,415 | ||||||||
Gain on sale of unconsolidated entity | 0 | ||||||||||
Interest income | 11 | 26 | 23 | ||||||||
Other income (expense) | 0 | 0 | |||||||||
Total other income (expense) | 3,064 | 7,602 | 2,438 | ||||||||
(Loss) Income before income taxes | 38,025 | 17,402 | 3,920 | ||||||||
Provision (benefit) for income taxes | 668 | 490 | 0 | ||||||||
Net (loss) income | 37,357 | 16,912 | 3,920 | ||||||||
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries | 21 | 0 | 0 | ||||||||
Net (loss) income attributable to shareholders | 37,336 | 16,912 | 3,920 | ||||||||
Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | |||||||||||
Revenues | |||||||||||
Total revenues | 24,231 | 14,630 | 5,264 | ||||||||
Expenses | |||||||||||
Operating expenses | 4,650 | 1,054 | 450 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Acquisition and transaction expenses | 0 | 0 | 0 | ||||||||
Management fees and incentive allocation to affiliate | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 5,967 | 2,801 | 937 | ||||||||
Interest expense | 3,794 | 1,248 | 104 | ||||||||
Total expenses | 14,411 | 5,103 | 1,491 | ||||||||
Other income (expense) | |||||||||||
Equity in (loss) earnings of unconsolidated entities | 0 | 0 | 2,700 | ||||||||
Gain (loss) on sale of equipment | 0 | 0 | 0 | ||||||||
Gain on sale of unconsolidated entity | 6,144 | ||||||||||
Interest income | 483 | 160 | 0 | ||||||||
Other income (expense) | 0 | 0 | |||||||||
Total other income (expense) | 483 | 160 | 8,844 | ||||||||
(Loss) Income before income taxes | 10,303 | 9,687 | 12,617 | ||||||||
Provision (benefit) for income taxes | 0 | 0 | 0 | ||||||||
Net (loss) income | 10,303 | 9,687 | 12,617 | ||||||||
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries | 676 | 704 | 458 | ||||||||
Net (loss) income attributable to shareholders | 9,627 | 8,983 | 12,159 | ||||||||
Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | |||||||||||
Revenues | |||||||||||
Total revenues | 7,182 | 8,396 | 7,621 | ||||||||
Expenses | |||||||||||
Operating expenses | 350 | 257 | 516 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Acquisition and transaction expenses | 0 | 0 | 0 | ||||||||
Management fees and incentive allocation to affiliate | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Interest expense | 2,393 | 2,840 | 2,699 | ||||||||
Total expenses | 2,743 | 3,097 | 3,215 | ||||||||
Other income (expense) | |||||||||||
Equity in (loss) earnings of unconsolidated entities | (6,956) | 6,093 | 7,625 | ||||||||
Gain (loss) on sale of equipment | 0 | 0 | 0 | ||||||||
Gain on sale of unconsolidated entity | 0 | ||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Other income (expense) | (14) | (26) | |||||||||
Total other income (expense) | (6,970) | 6,067 | 7,625 | ||||||||
(Loss) Income before income taxes | (2,531) | 11,366 | 12,031 | ||||||||
Provision (benefit) for income taxes | (127) | 100 | 0 | ||||||||
Net (loss) income | (2,404) | 11,266 | 12,031 | ||||||||
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to shareholders | (2,404) | 11,266 | 12,031 | ||||||||
Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | |||||||||||
Revenues | |||||||||||
Total revenues | 18,275 | 3,977 | 0 | ||||||||
Expenses | |||||||||||
Operating expenses | 33,154 | 9,095 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Acquisition and transaction expenses | 0 | 5,494 | 0 | ||||||||
Management fees and incentive allocation to affiliate | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 13,897 | 2,763 | 0 | ||||||||
Interest expense | 12,546 | 1,552 | 0 | ||||||||
Total expenses | 59,597 | 18,904 | 0 | ||||||||
Other income (expense) | |||||||||||
Equity in (loss) earnings of unconsolidated entities | 0 | 0 | 0 | ||||||||
Gain (loss) on sale of equipment | (199) | 0 | 0 | ||||||||
Gain on sale of unconsolidated entity | 0 | ||||||||||
Interest income | 85 | 0 | 0 | ||||||||
Other income (expense) | 40 | 46 | |||||||||
Total other income (expense) | (74) | 46 | 0 | ||||||||
(Loss) Income before income taxes | (41,396) | (14,881) | 0 | ||||||||
Provision (benefit) for income taxes | 41 | 284 | 0 | ||||||||
Net (loss) income | (41,437) | (15,165) | 0 | ||||||||
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries | (17,376) | (5,566) | 0 | ||||||||
Net (loss) income attributable to shareholders | (24,061) | (9,599) | 0 | ||||||||
Operating Segments | Reportable Subsegments | Infrastructure | Railroad | |||||||||||
Revenues | |||||||||||
Total revenues | 25,550 | 9,969 | 0 | ||||||||
Expenses | |||||||||||
Operating expenses | 27,819 | 15,104 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Acquisition and transaction expenses | 0 | 5,646 | 0 | ||||||||
Management fees and incentive allocation to affiliate | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 1,895 | 989 | 0 | ||||||||
Interest expense | 578 | 187 | 0 | ||||||||
Total expenses | 30,292 | 21,926 | 0 | ||||||||
Other income (expense) | |||||||||||
Equity in (loss) earnings of unconsolidated entities | 0 | 0 | 0 | ||||||||
Gain (loss) on sale of equipment | 565 | 0 | 0 | ||||||||
Gain on sale of unconsolidated entity | 0 | ||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Other income (expense) | 0 | 0 | |||||||||
Total other income (expense) | 565 | 0 | 0 | ||||||||
(Loss) Income before income taxes | (4,177) | (11,957) | 0 | ||||||||
Provision (benefit) for income taxes | 0 | 0 | 0 | ||||||||
Net (loss) income | (4,177) | (11,957) | 0 | ||||||||
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries | (121) | 0 | 0 | ||||||||
Net (loss) income attributable to shareholders | (4,056) | (11,957) | 0 | ||||||||
Corporate | |||||||||||
Revenues | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Expenses | |||||||||||
Operating expenses | 0 | 0 | 0 | ||||||||
General and administrative | 7,568 | 2,007 | 805 | ||||||||
Acquisition and transaction expenses | 5,683 | 310 | 260 | ||||||||
Management fees and incentive allocation to affiliate | 15,018 | 5,463 | 2,211 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 45 | 13 | ||||||||
Total expenses | 28,269 | 7,825 | 3,289 | ||||||||
Other income (expense) | |||||||||||
Equity in (loss) earnings of unconsolidated entities | 0 | 0 | 0 | ||||||||
Gain (loss) on sale of equipment | 0 | 0 | 0 | ||||||||
Gain on sale of unconsolidated entity | 0 | ||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Other income (expense) | 0 | 0 | |||||||||
Total other income (expense) | 0 | 0 | 0 | ||||||||
(Loss) Income before income taxes | (28,269) | (7,825) | (3,289) | ||||||||
Provision (benefit) for income taxes | 4 | 0 | 0 | ||||||||
Net (loss) income | (28,273) | (7,825) | (3,289) | ||||||||
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries | (5) | 0 | 0 | ||||||||
Net (loss) income attributable to shareholders | $ (28,268) | $ (7,825) | $ (3,289) |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Adjusted Net Income to Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Adjusted Net Income (Loss) | $ 7,787 | $ 20,657 | $ 25,081 | ||||||||
Add: Non-controlling share of adjustments to Adjusted Net Income | 1,333 | 525 | 0 | ||||||||
Equity in (loss) earnings of unconsolidated entities | (6,956) | 6,093 | 10,325 | ||||||||
Add: Cash payments for income taxes | 507 | 274 | 0 | ||||||||
Less: Incentive allocations | 0 | 0 | 0 | ||||||||
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities | (3,552) | (6,155) | (10,325) | ||||||||
Less: Asset impairment charges | 0 | 0 | 0 | ||||||||
Less: Changes in fair value of non-hedge derivative instruments | (14) | (25) | 0 | ||||||||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | 0 | 0 | 0 | ||||||||
Less: Acquisition and transaction expenses | (5,683) | (11,450) | (260) | ||||||||
Less: Equity-based compensation expense | (4,662) | (1,265) | 0 | ||||||||
Less: Provision for income taxes | $ 60 | $ (150) | $ (266) | $ (230) | $ (160) | $ (156) | $ (399) | $ (159) | (586) | (874) | 0 |
Net (loss) income attributable to shareholders | $ (4,699) | $ (11,738) | $ (837) | $ 5,448 | $ 3,675 | $ 4,031 | $ (1,352) | $ 1,426 | (11,826) | 7,780 | 24,821 |
Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted Net Income (Loss) | 37,777 | 17,136 | 3,920 | ||||||||
Equity in (loss) earnings of unconsolidated entities | 0 | 0 | 0 | ||||||||
Less: Acquisition and transaction expenses | 0 | 0 | 0 | ||||||||
Less: Provision for income taxes | (668) | (490) | 0 | ||||||||
Net (loss) income attributable to shareholders | 37,336 | 16,912 | 3,920 | ||||||||
Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted Net Income (Loss) | 9,627 | 8,976 | 12,159 | ||||||||
Equity in (loss) earnings of unconsolidated entities | 0 | 0 | 2,700 | ||||||||
Less: Acquisition and transaction expenses | 0 | 0 | 0 | ||||||||
Less: Provision for income taxes | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to shareholders | 9,627 | 8,983 | 12,159 | ||||||||
Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted Net Income (Loss) | 7,991 | 11,453 | 12,031 | ||||||||
Equity in (loss) earnings of unconsolidated entities | (6,956) | 6,093 | 7,625 | ||||||||
Less: Acquisition and transaction expenses | 0 | 0 | 0 | ||||||||
Less: Provision for income taxes | 127 | (100) | 0 | ||||||||
Net (loss) income attributable to shareholders | (2,404) | 11,266 | 12,031 | ||||||||
Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted Net Income (Loss) | (22,153) | (3,209) | |||||||||
Equity in (loss) earnings of unconsolidated entities | 0 | 0 | 0 | ||||||||
Less: Acquisition and transaction expenses | 0 | (5,494) | 0 | ||||||||
Less: Provision for income taxes | (41) | (284) | 0 | ||||||||
Net (loss) income attributable to shareholders | (24,061) | (9,599) | 0 | ||||||||
Operating Segments | Reportable Subsegments | Infrastructure | Railroad | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted Net Income (Loss) | (2,898) | (6,183) | |||||||||
Equity in (loss) earnings of unconsolidated entities | 0 | 0 | 0 | ||||||||
Less: Acquisition and transaction expenses | 0 | (5,646) | 0 | ||||||||
Less: Provision for income taxes | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to shareholders | (4,056) | (11,957) | 0 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted Net Income (Loss) | (22,557) | (7,516) | (3,029) | ||||||||
Equity in (loss) earnings of unconsolidated entities | 0 | 0 | 0 | ||||||||
Less: Acquisition and transaction expenses | (5,683) | (310) | (260) | ||||||||
Less: Provision for income taxes | (4) | 0 | 0 | ||||||||
Net (loss) income attributable to shareholders | $ (28,268) | $ (7,825) | $ (3,289) |
SEGMENT INFORMATION - Summary o
SEGMENT INFORMATION - Summary of Geographic Sources of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 33,798 | $ 35,233 | $ 33,564 | $ 33,973 | $ 23,419 | $ 16,080 | $ 10,735 | $ 7,696 | $ 136,568 | $ 57,930 | $ 19,530 |
Equipment Leasing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 92,743 | 43,984 | 19,530 | ||||||||
Infrastructure | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 43,825 | 13,946 | 0 | ||||||||
Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 61,330 | 20,958 | 6,645 | ||||||||
Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 24,231 | 14,630 | 5,264 | ||||||||
Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 7,182 | 8,396 | 7,621 | ||||||||
Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 18,275 | 3,977 | 0 | ||||||||
Operating Segments | Reportable Subsegments | Infrastructure | Railroad | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 25,550 | 9,969 | 0 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 10,969 | 7,818 | 654 | ||||||||
Africa | Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 10,969 | 7,818 | 654 | ||||||||
Africa | Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Africa | Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Africa | Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Africa | Operating Segments | Reportable Subsegments | Infrastructure | Railroad | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Africa | Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 39,960 | 16,753 | 13,381 | ||||||||
Asia | Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 27,168 | 3,246 | 1,714 | ||||||||
Asia | Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 7,483 | 7,483 | 5,002 | ||||||||
Asia | Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 5,309 | 6,024 | 6,665 | ||||||||
Asia | Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Asia | Operating Segments | Reportable Subsegments | Infrastructure | Railroad | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Asia | Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 35,079 | 13,672 | 3,319 | ||||||||
Europe | Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 20,008 | 8,240 | 3,319 | ||||||||
Europe | Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 15,071 | 5,432 | 0 | ||||||||
Europe | Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Europe | Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Europe | Operating Segments | Reportable Subsegments | Infrastructure | Railroad | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Europe | Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 49,679 | 19,594 | 2,176 | ||||||||
North America | Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,304 | 1,561 | 958 | ||||||||
North America | Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,677 | 1,715 | 262 | ||||||||
North America | Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,873 | 2,372 | 956 | ||||||||
North America | Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 18,275 | 3,977 | 0 | ||||||||
North America | Operating Segments | Reportable Subsegments | Infrastructure | Railroad | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 25,550 | 9,969 | 0 | ||||||||
North America | Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | $ 0 | ||||||||
South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 881 | 93 | |||||||||
South America | Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 881 | 93 | |||||||||
South America | Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | |||||||||
South America | Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | |||||||||
South America | Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | |||||||||
South America | Operating Segments | Reportable Subsegments | Infrastructure | Railroad | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | |||||||||
South America | Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 0 | $ 0 |
SEGMENT INFORMATION - Balance S
SEGMENT INFORMATION - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Total assets | $ 1,649,641 | $ 1,404,740 | |
Debt | 271,057 | 592,867 | |
Total liabilities | 358,955 | 691,243 | |
Non-controlling interest in equity of consolidated subsidiaries | 124,403 | 99,065 | |
Total equity | 1,290,686 | 713,497 | $ 195,884 |
Total liabilities and equity | 1,649,641 | 1,404,740 | |
Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | |||
Segment Reporting Information [Line Items] | |||
Total assets | 443,532 | 308,957 | |
Debt | 0 | 0 | |
Total liabilities | 50,873 | 50,282 | |
Non-controlling interest in equity of consolidated subsidiaries | 899 | 0 | |
Total equity | 392,659 | 258,675 | |
Total liabilities and equity | 443,532 | 308,957 | |
Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | |||
Segment Reporting Information [Line Items] | |||
Total assets | 214,811 | 212,699 | |
Debt | 69,540 | 76,024 | |
Total liabilities | 75,093 | 81,903 | |
Non-controlling interest in equity of consolidated subsidiaries | 7,692 | 7,319 | |
Total equity | 139,718 | 130,796 | |
Total liabilities and equity | 214,811 | 212,699 | |
Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | |||
Segment Reporting Information [Line Items] | |||
Total assets | 86,237 | 117,298 | |
Debt | 46,099 | 61,154 | |
Total liabilities | 46,223 | 61,434 | |
Non-controlling interest in equity of consolidated subsidiaries | 0 | 0 | |
Total equity | 40,014 | 55,864 | |
Total liabilities and equity | 86,237 | 117,298 | |
Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | |||
Segment Reporting Information [Line Items] | |||
Total assets | 486,522 | 721,266 | |
Debt | 146,011 | 446,272 | |
Total liabilities | 162,746 | 470,710 | |
Non-controlling interest in equity of consolidated subsidiaries | 113,514 | 91,118 | |
Total equity | 323,776 | 250,556 | |
Total liabilities and equity | 486,522 | 721,266 | |
Operating Segments | Reportable Subsegments | Infrastructure | Railroad | |||
Segment Reporting Information [Line Items] | |||
Total assets | 34,411 | 30,605 | |
Debt | 9,407 | 9,417 | |
Total liabilities | 19,938 | 19,499 | |
Non-controlling interest in equity of consolidated subsidiaries | 1,714 | 628 | |
Total equity | 14,473 | 11,106 | |
Total liabilities and equity | 34,411 | 30,605 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total assets | 384,128 | 13,915 | |
Debt | 0 | 0 | |
Total liabilities | 4,082 | 7,415 | |
Non-controlling interest in equity of consolidated subsidiaries | 584 | 0 | |
Total equity | 380,046 | 6,500 | |
Total liabilities and equity | $ 384,128 | $ 13,915 |
SEGMENT INFORMATION - Location
SEGMENT INFORMATION - Location of Long-Lived Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | $ 636,681 | $ 509,379 |
Equipment Leasing | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 636,681 | 509,379 |
Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 419,321 | 286,873 |
Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 174,580 | 178,618 |
Operating Segments | Reportable Subsegments | Equipment Leasing | Jefferson Terminal | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 42,780 | 43,888 |
Property, Plant and Equipment | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 936,359 | 736,760 |
Property, Plant and Equipment | Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 419,321 | 286,873 |
Property, Plant and Equipment | Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 174,580 | 178,618 |
Property, Plant and Equipment | Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 317,766 | 251,407 |
Property, Plant and Equipment | Operating Segments | Reportable Subsegments | Infrastructure | Railroad | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 24,692 | 19,862 |
Property, Plant and Equipment | Corporate | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Africa | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 56,927 | 47,945 |
Property, Plant and Equipment | Africa | Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 56,927 | 47,945 |
Property, Plant and Equipment | Africa | Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Africa | Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Africa | Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Africa | Operating Segments | Reportable Subsegments | Infrastructure | Railroad | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Africa | Corporate | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Asia | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 228,502 | 159,869 |
Property, Plant and Equipment | Asia | Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 189,364 | 119,232 |
Property, Plant and Equipment | Asia | Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 39,138 | 40,637 |
Property, Plant and Equipment | Asia | Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Asia | Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Asia | Operating Segments | Reportable Subsegments | Infrastructure | Railroad | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Asia | Corporate | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Europe | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 266,074 | 243,743 |
Property, Plant and Equipment | Europe | Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 130,632 | 105,762 |
Property, Plant and Equipment | Europe | Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 135,442 | 137,981 |
Property, Plant and Equipment | Europe | Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Europe | Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Europe | Operating Segments | Reportable Subsegments | Infrastructure | Railroad | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | Europe | Corporate | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | North America | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 380,408 | 284,604 |
Property, Plant and Equipment | North America | Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 37,950 | 13,335 |
Property, Plant and Equipment | North America | Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | North America | Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | North America | Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 317,766 | 251,407 |
Property, Plant and Equipment | North America | Operating Segments | Reportable Subsegments | Infrastructure | Railroad | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 24,692 | 19,862 |
Property, Plant and Equipment | North America | Corporate | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | South America | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 4,448 | 599 |
Property, Plant and Equipment | South America | Operating Segments | Reportable Subsegments | Equipment Leasing | Aviation Leasing | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 4,448 | 599 |
Property, Plant and Equipment | South America | Operating Segments | Reportable Subsegments | Equipment Leasing | Offshore Energy | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | South America | Operating Segments | Reportable Subsegments | Equipment Leasing | Shipping Containers | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | South America | Operating Segments | Reportable Subsegments | Infrastructure | Jefferson Terminal | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | South America | Operating Segments | Reportable Subsegments | Infrastructure | Railroad | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | 0 | 0 |
Property, Plant and Equipment | South America | Corporate | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment and equipment held for lease, net | $ 0 | $ 0 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net (loss) income attributable to shareholders | $ (4,699) | $ (11,738) | $ (837) | $ 5,448 | $ 3,675 | $ 4,031 | $ (1,352) | $ 1,426 | $ (11,826) | $ 7,780 | $ 24,821 |
Weighted Average Shares Outstanding - Basic (in shares) | 75,718,183 | 75,718,183 | 62,879,023 | 53,502,873 | 53,502,873 | 53,502,873 | 53,502,873 | 53,502,873 | 67,039,439 | 53,502,873 | 53,502,873 |
Weighted Average Shares Outstanding - Diluted (in shares) | 75,718,183 | 75,718,183 | 62,879,023 | 53,502,873 | 53,502,873 | 53,502,873 | 53,502,873 | 53,502,873 | 67,039,439 | 53,502,873 | 53,502,873 |
Basic and Diluted EPS (in dollars per share) | $ (0.18) | $ 0.15 | $ 0.46 | ||||||||
Antidilutive shares excluded from the calculation of diluted EPS (in shares) | 1,507 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)subsidiary | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Variable Interest Entity [Line Items] | |||
Minimum loss contingency range possible | $ 0 | ||
Maximum loss contingency range possible | $ 3,978,000 | ||
Number of subsidiaries | subsidiary | 2 | ||
Rent expense for operating leases | $ 3,717,000 | $ 1,556,000 | $ 0 |
MT6015 | |||
Variable Interest Entity [Line Items] | |||
Equity contribution obligation | $ 11,925,000 |
COMMITMENTS AND CONTINGENCIES96
COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 6,724 |
2,017 | 5,853 |
2,018 | 5,259 |
2,019 | 4,853 |
2,020 | 4,176 |
Thereafter | 76,967 |
Total future minimum payments due | $ 103,832 |
QUARTERLY FINANCIAL INFORMATI97
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 33,798 | $ 35,233 | $ 33,564 | $ 33,973 | $ 23,419 | $ 16,080 | $ 10,735 | $ 7,696 | $ 136,568 | $ 57,930 | $ 19,530 |
Costs and Expenses | 44,786 | 43,475 | 40,194 | 33,226 | 27,482 | 17,733 | 15,302 | 7,496 | 161,681 | 68,013 | 13,158 |
Total other income (expense) | 1,681 | (7,664) | 1,626 | 1,425 | 4,780 | 3,755 | 3,779 | 1,561 | (2,932) | 13,875 | 18,907 |
(Loss) Income before income taxes | (9,307) | (15,906) | (5,004) | 2,172 | 717 | 2,102 | (788) | 1,761 | (28,045) | 3,792 | 25,279 |
Provision for income taxes | (60) | 150 | 266 | 230 | 160 | 156 | 399 | 159 | 586 | 874 | 0 |
Net (loss) income | (9,247) | (16,056) | (5,270) | 1,942 | 557 | 1,946 | (1,187) | 1,602 | (28,631) | 2,918 | 25,279 |
Net income (loss) attributable to non-controlling interest | (4,548) | (4,318) | (4,433) | (3,506) | (3,118) | (2,085) | 165 | 176 | (16,805) | (4,862) | 458 |
Net (loss) income attributable to shareholders | $ (4,699) | $ (11,738) | $ (837) | $ 5,448 | $ 3,675 | $ 4,031 | $ (1,352) | $ 1,426 | $ (11,826) | $ 7,780 | $ 24,821 |
(Loss) Earnings per Share: | |||||||||||
Basic (in dollars per share) | $ (0.06) | $ (0.16) | $ (0.01) | $ 0.10 | $ 0.07 | $ 0.08 | $ (0.03) | $ 0.03 | $ (0.18) | $ 0.15 | |
Diluted (in dollars per share) | $ (0.06) | $ (0.16) | $ (0.01) | $ 0.10 | $ 0.07 | $ 0.08 | $ (0.03) | $ 0.03 | $ (0.18) | $ 0.15 | |
Weighted Average Shares Outstanding: | |||||||||||
Basic (in shares) | 75,718,183 | 75,718,183 | 62,879,023 | 53,502,873 | 53,502,873 | 53,502,873 | 53,502,873 | 53,502,873 | 67,039,439 | 53,502,873 | 53,502,873 |
Diluted (in shares) | 75,718,183 | 75,718,183 | 62,879,023 | 53,502,873 | 53,502,873 | 53,502,873 | 53,502,873 | 53,502,873 | 67,039,439 | 53,502,873 | 53,502,873 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, shipping_container in Thousands | Mar. 09, 2016shipping_container | Mar. 01, 2016$ / shares | Dec. 31, 2015$ / shares | Sep. 30, 2015$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 11, 2016USD ($) |
Subsequent Event [Line Items] | |||||||||
Common stock dividends declared (in dollars per share) | $ / shares | $ 0.33 | $ 0.15 | |||||||
Proceeds from sale of leasing equipment | $ 13,625,000 | $ 31,597,000 | $ 8,434,000 | ||||||
Forecast | |||||||||
Subsequent Event [Line Items] | |||||||||
Proceeds from sale of leasing equipment | $ 25,000,000 | ||||||||
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shipping containers to sell per agreement | shipping_container | 39 | ||||||||
Subsequent Event | Bonds payable | Dock and Wharf Facility Revenue Bonds, Series 2016 | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt face amount | $ 144,200,000 | ||||||||
Subsequent Event | Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Common stock dividends declared (in dollars per share) | $ / shares | $ 0.33 |