Cover page
Cover page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 25, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-37386 | ||
Entity Registrant Name | Fortress Transportation & Infrastructure Investors LLC | ||
Entity Central Index Key | 0001590364 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 32-0434238 | ||
Entity Address, Address Line One | 1345 Avenue of the Americas, 45th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10105 | ||
City Area Code | 212 | ||
Local Phone Number | 798-6100 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.3 | ||
Entity Common Stock, Shares Outstanding | 84,992,977 | ||
Documents Incorporated by Reference | Portions of the registrant's definitive proxy statement for the registrant's 2020 annual meeting, to be filed within 120 days after the close of the registrant's fiscal year, are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Class A common shares, $0.01 par value per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Class A common shares, $0.01 par value per share | ||
Trading Symbol | FTAI | ||
Security Exchange Name | NYSE | ||
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares | ||
Trading Symbol | FTAI PR A | ||
Security Exchange Name | NYSE | ||
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares | ||
Trading Symbol | FTAI PR B | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 226,512 | $ 99,601 |
Restricted cash | 16,005 | 21,236 |
Accounts receivable, net | 49,470 | 46,414 |
Leasing equipment, net | 1,707,059 | 1,432,210 |
Operating lease right-of-use assets, net | 37,466 | |
Finance leases, net | 8,315 | 18,623 |
Property, plant, and equipment, net | 732,109 | 662,019 |
Investments | 180,550 | 40,560 |
Intangible assets, net | 27,692 | 38,498 |
Goodwill | 122,639 | 115,990 |
Other assets | 129,105 | 106,883 |
Assets of discontinued operations | 0 | 56,744 |
Total assets | 3,236,922 | 2,638,778 |
Liabilities | ||
Accounts payable and accrued liabilities | 144,855 | 100,668 |
Debt, net | 1,420,928 | 1,215,108 |
Maintenance deposits | 208,944 | 158,163 |
Security deposits | 45,252 | 38,539 |
Operating lease liabilities | 36,968 | |
Other liabilities | 41,118 | 37,055 |
Liabilities of discontinued operations | 0 | 35,463 |
Total liabilities | 1,898,065 | 1,584,996 |
Commitments and contingencies | ||
Equity | ||
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 84,917,448 and 84,050,889 shares issued and outstanding as of December 31, 2019 and 2018, respectively) | 849 | 840 |
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 8,050,000 and 0 shares issued and outstanding as of December 31, 2019 and 2018, respectively) | 81 | 0 |
Additional paid in capital | 1,110,122 | 1,029,376 |
Retained earnings (accumulated deficit) | 190,453 | (32,817) |
Accumulated other comprehensive income | 372 | 0 |
Shareholders' equity | 1,301,877 | 997,399 |
Non-controlling interest in equity of consolidated subsidiaries | 36,980 | 56,383 |
Total equity | 1,338,857 | 1,053,782 |
Total liabilities and equity | $ 3,236,922 | $ 2,638,778 |
Common stock, par value (usd 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) | 84,917,448 | 84,050,889 |
Common stock, shares outstanding (in shares) | 84,917,448 | 84,050,889 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, shares issued (in shares) | 8,050,000 | 0 |
Preferred stock, shares outstanding (in shares) | 8,050,000 | 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd 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) | 84,917,448 | 84,050,889 |
Common stock, shares outstanding (in shares) | 84,917,448 | 84,050,889 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, shares issued (in shares) | 8,050,000 | 0 |
Preferred stock, shares outstanding (in shares) | 8,050,000 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Total revenues | $ 578,774 | $ 342,112 | $ 185,052 |
Expenses | |||
Operating expenses | 288,036 | 136,570 | 62,419 |
General and administrative | 20,441 | 17,126 | 14,570 |
Acquisition and transaction expenses | 17,623 | 6,968 | 7,306 |
Management fees and incentive allocation to affiliate | 36,059 | 15,726 | 15,732 |
Depreciation and amortization | 169,023 | 133,908 | 86,073 |
Interest expense | 95,585 | 56,845 | 37,798 |
Total expenses | 626,767 | 367,143 | 223,898 |
Other income (expense) | |||
Equity in losses of unconsolidated entities | (2,375) | (1,008) | (1,601) |
Gain on sale of assets, net | 203,250 | 3,911 | 18,593 |
Loss on extinguishment of debt | 0 | 0 | (2,456) |
Asset impairment | (4,726) | 0 | 0 |
Interest income | 531 | 488 | 688 |
Other income | 3,445 | 3,983 | 3,073 |
Total other income | 200,125 | 7,374 | 18,297 |
Income (loss) from continuing operations before income taxes | 152,132 | (17,657) | (20,549) |
Provision for income taxes | 17,810 | 2,449 | 1,954 |
Net income (loss) from continuing operations | 134,322 | (20,106) | (22,503) |
Net income (loss) from discontinued operations, net of income taxes | 73,462 | 4,402 | (737) |
Net income (loss) | 207,784 | (15,704) | (23,240) |
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries: | |||
Continuing operations | (17,571) | (21,925) | (23,304) |
Discontinued operations | 247 | 339 | (70) |
Dividends on preferred shares | 1,838 | 0 | 0 |
Net income attributable to shareholders | $ 223,270 | $ 5,882 | $ 134 |
Basic | |||
Continuing operations (usd per share) | $ 1.74 | $ 0.02 | $ 0.01 |
Discontinued operations (usd per share) | 0.85 | 0.05 | (0.01) |
Diluted | |||
Continuing operations (usd per share) | 1.74 | 0.02 | 0.01 |
Discontinued operations (usd per share) | $ 0.85 | $ 0.05 | $ (0.01) |
Weighted Average Shares Outstanding: | |||
Basic (in shares) | 85,992,019 | 83,654,068 | 75,766,811 |
Diluted (in shares) | 86,029,363 | 83,664,833 | 75,766,811 |
Equipment leasing revenues | |||
Revenues | |||
Total revenues | $ 349,322 | $ 253,039 | $ 170,000 |
Infrastructure | |||
Revenues | |||
Total revenues | $ 229,452 | $ 89,073 | $ 15,052 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 207,784 | $ (15,704) | $ (23,240) | |
Other comprehensive income (loss): | ||||
Other comprehensive income related to equity method investees, net | [1] | 372 | 0 | 0 |
Available-for-sale securities: | ||||
Unrealized gain in available-for-sale securities | 0 | 0 | 4,276 | |
Reclassification of gains included in net income | 0 | 0 | (11,406) | |
Comprehensive income (loss) | 208,156 | (15,704) | (30,370) | |
Comprehensive (loss) income attributable to non-controlling interest: | ||||
Continuing operations | (17,571) | (21,925) | (23,304) | |
Discontinued operations | 247 | 339 | (70) | |
Comprehensive income (loss) attributable to shareholders | 225,480 | $ 5,882 | $ (6,996) | |
Cash flow hedge tax | $ 99 | |||
[1] | Net of deferred tax expense of $99 for the year ended December 31, 2019. |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Shares | Preferred Shares | Additional Paid In Capital | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive Income | Non-Controlling Interest in Equity of Consolidated Subsidiaries |
Beginning balance at Dec. 31, 2016 | $ 1,165,680 | $ 758 | $ 1,084,757 | $ (38,833) | $ 7,130 | $ 111,868 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Net income (loss) | (23,240) | 134 | (23,374) | ||||
Other comprehensive income (loss) | (7,130) | (7,130) | |||||
Comprehensive income (loss) | (30,370) | 134 | (7,130) | (23,374) | |||
Capital contributions | 1,296 | 1,296 | |||||
Capital distributions | (254) | (254) | |||||
Transfer of non-controlling interest | (2,798) | (2,798) | |||||
Settlement of equity-based compensation | (74) | (74) | |||||
Issuance of shares | 310 | 310 | |||||
Dividends declared - common shares | (100,058) | (100,058) | |||||
Equity-based compensation | 1,343 | 0 | 1,343 | ||||
Ending balance at Dec. 31, 2017 | 1,035,075 | 758 | 985,009 | (38,699) | 0 | 88,007 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Net income (loss) | (15,704) | 5,882 | (21,586) | ||||
Comprehensive income (loss) | (15,704) | 5,882 | (21,586) | ||||
Purchase of non-controlling interest | 7,225 | ||||||
Purchase of non-controlling interest | (3,705) | (10,930) | |||||
Issuance of shares | 147,799 | 82 | 147,717 | ||||
Dividends declared - common shares | (110,584) | (110,584) | |||||
Equity-based compensation | 901 | 9 | 892 | ||||
Ending balance at Dec. 31, 2018 | 1,053,782 | 840 | $ 0 | 1,029,376 | (32,817) | 0 | 56,383 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Net income (loss) | 207,784 | 225,108 | (17,324) | ||||
Other comprehensive income (loss) | 372 | 372 | |||||
Comprehensive income (loss) | 208,156 | 225,108 | 372 | (17,324) | |||
Purchase of non-controlling interest | (10,483) | (10,483) | |||||
Issuance of shares | 393 | 9 | 384 | ||||
Conversion of participating securities | (8) | (8) | |||||
Dividends declared - common shares | (113,541) | (113,541) | |||||
Issuance of preferred shares | 193,992 | 81 | 193,911 | ||||
Dividends declared - preferred shares | (1,838) | (1,838) | |||||
Equity-based compensation | 8,404 | 8,404 | |||||
Ending balance at Dec. 31, 2019 | $ 1,338,857 | $ 849 | $ 81 | $ 1,110,122 | $ 190,453 | $ 372 | $ 36,980 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 207,784 | $ (15,704) | $ (23,240) |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Equity in losses of unconsolidated entities | 2,375 | 1,008 | 1,601 |
Gain on sale of subsidiaries | (198,764) | 0 | 0 |
Gain on sale of assets, net | (81,954) | (3,911) | (18,281) |
Security deposits and maintenance claims included in earnings | (20,385) | (6,323) | (60) |
Loss on extinguishment of debt | 0 | 0 | 2,456 |
Equity-based compensation | 8,404 | 901 | 1,343 |
Depreciation and amortization | 171,225 | 136,354 | 88,110 |
Gain on settlement of liabilities | 0 | 0 | (1,093) |
Asset impairment | 4,726 | 0 | 0 |
Change in current and deferred income taxes | 14,495 | 649 | 227 |
Change in fair value of non-hedge derivatives | 4,555 | (5,523) | (1,022) |
Amortization of lease intangibles and incentives | 30,162 | 26,659 | 8,306 |
Amortization of deferred financing costs | 8,333 | 5,430 | 4,202 |
Bad debt expense | 3,986 | 1,771 | 701 |
Other | 827 | (4) | 732 |
Change in: | |||
Accounts receivable | (22,622) | (23,340) | (12,001) |
Other assets | (17,890) | (26,212) | 6,475 |
Accounts payable and accrued liabilities | 31,543 | 30,471 | 10,266 |
Management fees payable to affiliate | 19,080 | 1,820 | 899 |
Other liabilities | (14,837) | 9,651 | (1,124) |
Net cash provided by operating activities | 151,043 | 133,697 | 68,497 |
Cash flows from investing activities: | |||
Investment in notes receivable | 0 | (912) | 0 |
Investment in unconsolidated entities and available for sale securities | (13,500) | (1,115) | (30,309) |
Principal collections on finance leases | 13,398 | 1,981 | 473 |
Acquisition of leasing equipment | (568,569) | (497,988) | (425,769) |
Acquisition of property, plant and equipment | (331,171) | (229,963) | (116,031) |
Acquisition of lease intangibles | 606 | (11,396) | (10,149) |
Acquisition of remaining interest in JV investment | (28,828) | 0 | 0 |
Purchase deposit for aircraft and aircraft engines | (1,000) | (10,150) | (12,299) |
Proceeds from sale of subsidiaries | 183,819 | 0 | 0 |
Proceeds from sale of leasing equipment | 248,454 | 44,062 | 91,130 |
Proceeds from sale of available-for-sale securities | 0 | 0 | 30,238 |
Proceeds from sale of property, plant and equipment | 0 | 23 | 51 |
Proceeds from deposit on sale of leasing equipment | 0 | 240 | 400 |
Return of deposit on sale of leasing equipment | 0 | (400) | 0 |
Return of capital distributions from unconsolidated entities | 1,555 | 2,085 | 0 |
Net cash used in investing activities | (495,236) | (703,533) | (472,265) |
Cash flows from financing activities: | |||
Proceeds from debt | 788,829 | 750,980 | 567,191 |
Repayment of debt | (405,131) | (218,819) | (125,223) |
Payment of deferred financing costs | (34,218) | (3,055) | (3,377) |
Receipt of security deposits | 7,887 | 9,264 | 7,290 |
Return of security deposits | (368) | (1,775) | (3,231) |
Receipt of maintenance deposits | 65,279 | 53,645 | 27,049 |
Release of maintenance deposits | (26,940) | (25,582) | (6,270) |
Proceeds from issuance of common shares, net of underwriter's discount | 0 | 148,318 | 0 |
Common shares issuance costs | 0 | (820) | 0 |
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs | 193,992 | 0 | 0 |
Capital contributions from non-controlling interests | 0 | 0 | 35 |
Capital distributions to non-controlling interests | 0 | 0 | (254) |
Settlement of equity-based compensation | (8,078) | 0 | (74) |
Purchase of non-controlling interest shares | 0 | (3,705) | 0 |
Cash dividends - common shares | (113,541) | (110,584) | (100,058) |
Cash dividends - preferred shares | (1,838) | 0 | 0 |
Net cash provided by financing activities | 465,873 | 597,867 | 363,078 |
Net increase (decrease) in cash and cash equivalents and restricted cash | 121,680 | 28,031 | (40,690) |
Cash and cash equivalents and restricted cash, beginning of period | 120,837 | 92,806 | 133,496 |
Cash and cash equivalents and restricted cash, end of period | 242,517 | 120,837 | 92,806 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 83,164 | 43,636 | 25,068 |
Cash paid for taxes | 1,072 | 721 | 1,726 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Proceeds from borrowings of debt | 0 | 511 | 108,339 |
Repayment and settlement of debt | (24,250) | 0 | (102,352) |
Acquisition of leasing equipment | (24,530) | (14,263) | (35,332) |
Acquisition of property, plant and equipment | (47,520) | (17,587) | (37,281) |
Investment in Long Ridge JV | 155,589 | 0 | 0 |
Settled and assumed security deposits | (239) | 3,793 | 3,312 |
Settlement of equity based compensation | (2,405) | 0 | 0 |
Billed, assumed and settled maintenance deposits | 15,117 | 24,518 | 37,292 |
Deferred financing costs | (1,161) | (4,500) | (8,802) |
Non-cash contribution of non-controlling interest | 0 | 0 | 1,261 |
Equity compensation to non-controlling interest | 0 | 892 | 1,343 |
Change in fair value of cash flow hedge | 372 | 0 | 0 |
Noncash Transfer of Noncontrolling Interest | 0 | 7,225 | (2,798) |
Issuance of common shares | $ 385 | $ 301 | $ 0 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Fortress Transportation and Infrastructure Investors LLC (“we”, “us”, “our” or the “Company”) is a Delaware limited liability company which, through its subsidiary, Fortress Worldwide Transportation and Infrastructure General Partnership (the “Partnership”), owns and leases aviation equipment and also owns and operates (i) a multi-modal crude oil and refined products terminal in Beaumont, Texas (“Jefferson Terminal”), (ii) a deep-water port located along the Delaware River with an underground storage cavern and multiple industrial development opportunities (“Repauno”) and (iii) an equity method investment in a multi-modal terminal located along the Ohio River with multiple industrial development opportunities, including a power plant under construction (“Long Ridge”). Additionally, we own and lease offshore energy equipment and shipping containers. We have three reportable segments, (i) Aviation Leasing, (ii) Jefferson Terminal and (iii) Ports and Terminals, which operate in two primary businesses, Equipment Leasing and Infrastructure (see Note 17). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
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 both our accounts and those of our subsidiaries. Principles of Consolidation —We consolidate all entities in which we have a controlling interest and in which we have control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. We use the equity method of accounting for investments in entities in which we exercise significant influence but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities. 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, we encounter 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 we operate which could adversely impact the pricing of our services 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 our leasing equipment or operating assets. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. Through our subsidiaries, we also conduct operations outside of the United States; such international operations are subject to the same risks as those associated with our 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. We do not have significant exposure to foreign currency risk as all of our leasing arrangements, terminal services revenue and the majority of freight rail revenue are denominated in U.S. dollars. 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. Delaware River Partners LLC During 2016, through Delaware River Partners LLC (“DRP”), a consolidated subsidiary, we purchased the assets of Repauno, which consisted primarily of land, a storage cavern, and riparian rights for the acquired land, site improvements and rights. Currently there are no operational processes that could be applied to these assets that would result in outputs without significant green field development. We currently hold an approximately 98% economic interest, which includes the additional 8% economic interest we purchased from non-controlling interest holders in DRP for $4.5 million in April 2019, and a 100% voting interest in DRP. DRP is solely reliant on us to finance its activities and therefore is a VIE. We concluded that we are the primary beneficiary and, accordingly, DRP has been presented on a consolidated basis in the accompanying financial statements. Cash and Cash Equivalents —We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. Restricted Cash —Restricted cash consists of prepaid interest and principal pursuant to the requirements of certain of our debt agreements (see Note 9) and other qualifying constructions projects at Jefferson Terminal. Available-For-Sale Securities —We consider listed equity securities as available-for-sale securities recorded at fair value with unrealized gains (losses) recorded in other comprehensive income (loss) and realized gains (losses) recorded in earnings. Our basis on which the cost of the security sold or the amount reclassified out of other comprehensive income into earnings is determined using specific identification. We realized a gain of $11.4 million on the sale of available-for-sale securities during the year ended December 31, 2017, recorded in Gain on sale of assets, net in our Consolidated Statements of Operations. We did not hold any available-for-sale securities as of December 31, 2019 or 2018. Inventory —Commodities inventory is carried at the lower of cost or net realizable value on our balance sheet. Commodities are removed from inventory based on the average cost at the time of sale. We had commodities inventory of $5.6 million and $10.4 million as of December 31, 2019 and 2018, respectively. We record our inventory as a component of Other assets in the Consolidated Balance Sheets. 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: Asset Range of Estimated Useful Lives Residual Value Estimates Aircraft 25 years from date of manufacture Generally 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 10% of new build cost Railcars 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 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. We review our depreciation policies on a regular basis to determine whether changes have taken place that would suggest that a change in our depreciation policies, useful lives of our 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. Our 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. We capitalize the costs associated with the drydockings and amortize them on a straight-line basis over the period between drydockings, usually between 30 and 60 months. In accounting for leasing equipment, we make 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, we rely upon observable market data for the same or similar types of equipment and, in the case of aviation equipment, our own estimates with respect to a lessee’s anticipated utilization of the aircraft or engine. When we acquire leasing equipment subject to an in-place lease, determining the fair value of the in-place lease requires us 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. We have a working interest in various natural gas reserves located in southeastern Ohio. Our interest in this natural gas joint venture is consolidated on a proportionate basis in accordance with Accounting Standards Codification (“ASC”) Topic 932 Extractive Activities – Oil and Gas. We follow the successful efforts method of accounting for costs incurred in oil and gas producing activities. Capitalized costs are amortized using the unit-of-production method based on total proved reserves. Capitalized Interest —The interest cost associated with major development, construction projects and tax exempt bonds 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. We capitalized interest of $11.9 million, $10.7 million and $2.6 million during the years ended December 31, 2019, 2018 and 2017, respectively. Repairs and Maintenance —Repair and maintenance costs that do not extend the lives of the assets are expensed as incurred. Our repairs and maintenance expense was $5.0 million, $8.3 million and $4.7 million during the years ended December 31, 2019, 2018 and 2017, respectively, and are included in Operating expenses in the Consolidated Statements of Operations. Impairment of Long-Lived Assets —We perform a recoverability assessment of each of our 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, we measure 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 —Our 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 aircraft, the lessee is responsible for performing all maintenance and is generally required to make maintenance payments to us 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, we 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. We record the portion of maintenance payments paid by the lessee that are expected to be reimbursed as maintenance deposit liabilities in the Consolidated Balance Sheets. Reimbursements made to the lessee upon the receipt of evidence of qualifying maintenance work are recorded against the maintenance deposit liability. In certain acquired leases, we or the lessee 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. When the lessee is required to return the aircraft in an improved maintenance condition, we record a maintenance right asset, as a component of other assets, for the estimated value of the end-of-life maintenance payment at acquisition. We recognize payments received as end-of-lease compensation adjustments, within lease revenue or as a reduction to the maintenance right asset, when payment is received or collectability is assured. In the event we are required to make payments at the end of the lease for redelivery conditions, amounts are accrued as additional maintenance liability and expensed when we are 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 acquisition of Jefferson Terminal. The carrying amount of goodwill was approximately $122.6 million and $116.0 million as of December 31, 2019 and 2018, respectively. The increase relates to our purchase of the remaining 50% interest in JGP Energy Partners LLC (“JGP”). See Note 7 for additional details. We review 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, we review 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, 2019 or 2018. 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 our 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. We estimate the fair value of the reporting units using an income approach, specifically a discounted cash flow analysis. This analysis requires us to make significant assumptions and estimates about the extent and timing of future cash flows (including forecasted revenue growth rates and EBITDA margins), capital expenditures and discount rates. The estimates and assumptions used consider historical performance if indicative of future performance, and are consistent with the assumptions used in determining future profit plans for the reporting units. We also utilize market valuation models and other financial ratios, which require us to make certain assumptions and estimates regarding the applicability of those models to our assets and businesses. Although we believe the estimates of fair value are reasonable, the determination of certain valuation inputs is subject to management’s judgment. Changes in these inputs, including as a result of events beyond our control, could materially affect the results of the impairment review. If the forecasted cash flows of 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 could be adversely impacted, potentially leading to an impairment in the future that could materially affect our operating results. Specifically, as it relates to the Jefferson Terminal segment, forecasted revenue is dependent on the ramp up of volumes under current contracts and the acquisition of additional storage contracts for the heavy and light crude and refined products during 2020 subject to obtaining rail capacity for crude, permits for pipeline and movements in future oil spreads. Jefferson Terminal was designed to reach a storage capacity of 21.7 million barrels, and 4.4 million of storage, or approximately 20.3% of capacity, is currently operational. If our strategy changes from planned capacity downward due to an inability to source contracts or expand volumes, the fair value of the reporting units would be negatively affected, which could lead to an impairment. The expansion of refineries in the Beaumont/Port Arthur area, as well as growing crude oil production in the U.S. and Canada, are expected to result in increased demand for storage on the U.S. Gulf Coast. Other assumptions utilized in our annual impairment analysis that are significant in determination of the fair value of the reporting unit include the discount rate utilized in our discounted cash flow analysis of 13.5% and our terminal growth rate of 2%. Furthermore, development of both inbound and outbound pipelines to and from the Jefferson Terminal over the next year to two years will affect our forecasted growth and therefore our estimated fair value. We continue to expect the Jefferson Terminal segment to generate positive Adjusted EBITDA during 2020. Although certain of our anticipated contracts or expected volumes from existing contracts for Jefferson Terminal have been delayed, we continue to believe our projected revenues are achievable and have not yet modified those projections based on ongoing negotiations with our customers and discussions with major pipeline companies. Further delays in executing these contracts or achieving our projections could adversely affect the fair value of the reporting unit. However, due to strengthening macroeconomic conditions such as increased oil prices and projected increasing spreads between Western Canadian Crude and Western Texas Intermediate, we remain positive for the outlook of Jefferson Terminal’s earnings potential. There were no impairments of goodwill for the years ended December 31, 2019, 2018, and 2017. Intangibles and amortization —Intangibles include the value of acquired favorable and unfavorable leases and existing customer relationships acquired in connection with the acquisition of Jefferson Terminal. In accounting for acquired leasing equipment, we make estimates about the fair value of the acquired leases. In determining the fair value of these leases, we make assumptions regarding the current fair values of leases for identical or similar equipment in order to determine if the acquired 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 collectively had a weighted-average remaining amortization period of approximately 24 months as of December 31, 2019, and are 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 to 10 years, no estimated residual value, and amortization is recorded as a component of Depreciation and amortization in the Consolidated Statements of Operations. The weighted-average remaining amortization period was approximately 56 months as of December 31, 2019. 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 $18.1 million and $14.5 million as of December 31, 2019 and 2018, respectively, are included in Debt, net in the Consolidated Balance Sheets. We also have unamortized deferred revolver fees related to our revolving debt of $1.7 million and $1.5 million as of December 31, 2019 and 2018, respectively, which are included in Other assets in the Consolidated Balance Sheets. Amortization expense was $8.1 million, $5.1 million and $3.9 million for the years ended December 31, 2019, 2018 and 2017, respectively, and is included in Interest expense in the Consolidated Statements of Operations. Discontinued Operations — A disposal of an entity or component of an entity is reported in discontinued operations if the disposal represents a strategic shift that has or will have a material impact on our operations and financial results. See Note 3 for additional information related to our discontinued operations. Equipment Leasing Revenues Operating Leases — We lease 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. Generally, under our aircraft lease and engine agreements, the lessee is required to make periodic maintenance payments calculated based on the lessee’s utilization of the leased asset. Typically, under our aircraft lease agreements, the lessee is responsible for maintenance, repairs and other operating expenses throughout the term of the lease. These periodic maintenance payments accumulate over the term of the lease to fund major maintenance events, and we are contractually obligated to return maintenance payments to the lessee up to the amount paid by the lessee. In the event the total cost of maintenance events over the term of a lease is less than the cumulative maintenance payments, we are not required to return any unused or excess maintenance payments to the lessee. Maintenance payments received for which we expect to repay to the lessee are presented as Maintenance Deposits in our Consolidated Balance Sheets. All excess maintenance payments received that we do not expect to repay to the lessee are recorded as Maintenance revenues. Estimates in recognizing revenue include mean time between removal, projected costs for engine maintenance and forecasted utilization of aircraft which are affected by historical usage patterns and overall industry, market and economic conditions. Significant changes to these estimates could have a material effect on the amount of revenue recognized in the period. Finance Leases —From time to time we enter into finance lease arrangements that include a lessee obligation to purchase the leased equipment at the end of the lease term, include a bargain purchase option, or provides for minimum lease payments with a present value that equals or exceeds substantially all of the fair value of the leased equipment at the date of lease inception. Net investment in finance lease represents the minimum lease payments due from lessee, 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 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. Infrastructure Revenues Terminal Services Revenues —Terminal services are provided to customers for the receipt and redelivery of various commodities. These revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time. Lease Income —Lease income consists of rental income from tenants for storage space. Lease income is recognized on a straight-line basis over the terms of the relevant lease agreement. Crude Marketing Revenues —Crude marketing revenues consist of marketing revenue related to Canadian crude oil. The revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time. Other Revenue —Other revenue primarily consists of revenue related to the handling, storage and sale of raw materials. Other revenue consists of two performance obligations: handling and storage of raw materials. The revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time. Payment terms for Infrastructure Revenues are generally short term in nature. Leasing Arrangements —At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized in Operating lease right-of-use assets, net and Operating lease liabilities in our Consolidated Balance Sheets, respectively. Finance lease ROU assets are recognized in Property, plant and equipment, net and lease liabilities are recognized in Other liabilities in our Consolidated Balance Sheets. All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. The finance lease ROU assets are subsequently amortized using the straight-line method. Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs. We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets, and lease liabilities and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred. Concentration of Credit Risk —We are subject to concentrations of credit risk with respect to amounts due from customers on our finance leases and operating leases. We attempt to limit our credit risk by performing ongoing credit evaluations. We earned approximately 19% and 16% of our revenue from one customer in the Jefferson Terminal segment during the years ended December 31, 2019 and 2018, respectively. There were no customers that accounted for 10% of our revenue during the year ended December 31, 2017. Accounts receivable from one customer in the Jefferson Terminal segment represented 16% of total accounts receivable, net as of December 31, 2019. Accounts receivable from two customers in the Jefferson Terminal segment each represented 17% and 15% of total accounts receivable, net as of December 31, 2018. We maintain cash and restricted cash balances, which generally exceed federally insured limits, and subject us to credit risk, in high credit quality financial institutions. We monitor the financial condition of these institutions and have not experienced any losses associated with these accounts. Provision for Doubtful Accounts —We determine the provision for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis. The provision for doubtful accounts was $1.3 million and $1.1 million as of December 31, 2019 and 2018, respectively. Bad debt expense was $3.8 million, $1.6 million and $0.6 million for the years ended December 31, 2019, 2018 and 2017, 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, dispositions 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. Our comprehensive income (loss) represents net income (loss), as presented in the Consolidated Statements of Operations, adjusted for fair value changes related to |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONSIn December 2019, we completed the sale of substantially all of our railroad business (“CMQR”), which was previously reported as our Railroad segment. Under ASC 205-20, this disposition met the criteria to be reported as discontinued operations. Accordingly, the assets, liabilities and results of operations of CMQR have been reported as discontinued operations for all periods presented. We sold CMQR for $130 million and recognized a gain on sale of approximately $77 million. The following table presents the carrying value of significant classes of assets and liabilities of discontinued operations as of December 31, 2018: Assets Accounts receivable, net $ 7,375 Property, plant and equipment, net 46,834 Intangible assets, net 15 Goodwill 594 Other assets 1,926 Total assets $ 56,744 Liabilities Accounts payable and accrued liabilities $ 11,520 Debt, net 22,239 Other liabilities 1,704 Total liabilities $ 35,463 The following table presents the significant components of net income (loss) from discontinued operations: Year Ended December 31, 2019 2018 2017 Revenues Total revenues $ 39,071 $ 37,766 $ 32,607 Expenses Operating expense 32,815 30,944 29,966 Acquisition and transaction expenses 5,526 — — Depreciation and amortization 2,202 2,446 2,037 Interest expense 1,458 1,009 1,029 Total expenses 42,001 34,399 33,032 Gain (loss) on sale of assets, net 77,468 — (312) Other expense — (42) — Other income (expense) 77,468 (42) (312) Income (loss) before income taxes 74,538 3,325 (737) Provision for (benefit from) income taxes 1,076 (1,077) — Net income (loss) 73,462 4,402 (737) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 247 339 (70) Net income (loss) attributable to shareholders $ 73,215 $ 4,063 $ (667) The following table presents the significant non-cash items and capital expenditures from discontinued operations: Year Ended December 31, 2019 2018 2017 Operating activities: Depreciation and amortization $ 2,202 $ 2,446 $ 2,037 Amortization of deferred financing costs 256 282 275 Share-based compensation expense 3,114 184 730 Investing activities: Purchases of property, plant and equipment $ (6,949) $ (8,461) $ (12,060) |
LEASING EQUIPMENT, NET
LEASING EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASING EQUIPMENT, NET | LEASING EQUIPMENT, NET Leasing equipment, net is summarized as follows: December 31, 2019 2018 Leasing equipment $ 2,019,773 $ 1,672,156 Less: Accumulated depreciation (312,714) (239,946) Leasing equipment, net $ 1,707,059 $ 1,432,210 The following table presents information related to our acquisitions and dispositions of aviation leasing equipment: Year Ended December 31, 2019 2018 2017 Acquisitions: Aircraft 31 29 25 Engines 31 34 58 Dispositions: Aircraft 5 1 3 Engines 58 13 14 Gain on sale of leasing equipment $ 81,954 $ 3,911 $ 7,188 Depreciation expense for leasing equipment is summarized as follows: Year Ended December 31, 2019 2018 2017 Depreciation expense for leasing equipment $ 137,004 $ 110,012 $ 69,331 |
FINANCE LEASES, NET
FINANCE LEASES, NET | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
FINANCE LEASES, NET | FINANCE LEASES, NET Finance leases, net are summarized as follows: December 31, 2019 2018 Finance leases $ 12,388 $ 28,476 Unearned revenue (4,073) (9,853) Finance leases, net $ 8,315 $ 18,623 During 2019, sales-type leases expired for three of our airframes. Additionally, we received insurance proceeds for one of our vessels which was on nonaccrual status due to a casualty event. The insurance proceeds were in excess of the book value of the finance lease, which was written down to zero, and we recognized a gain of approximately $1.0 million which is included in Other income in the Consolidated Statements of Operations. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Land, site improvements and rights $ 51,901 $ 69,352 Construction in progress (1) 211,110 253,176 Buildings and improvements 3,783 9,209 Terminal machinery and equipment 519,603 349,227 Proved oil and gas properties — 20,099 Track and track related assets 2,208 5,214 Railroad equipment 4,823 4,111 Computer hardware and software 4,325 3,639 Furniture and fixtures 2,322 456 Vehicles 450 649 800,525 715,132 Less: Accumulated depreciation (69,935) (54,632) Spare parts 1,519 1,519 Property, plant and equipment, net $ 732,109 $ 662,019 ______________________________________________________________________________________ (1) Includes unproved oil and gas properties of $0 (net of the Long Ridge Transaction, as defined in Note 7) and $59,930 as of December 31, 2019 and 2018, respectively. We added property, plant and equipment of $85.4 million (net of the Long Ridge Transaction, as defined in Note 7) and $232.9 million during the years ended December 31, 2019 and 2018, respectively, which primarily consists of terminal machinery and equipment placed in service or under development at Jefferson Terminal and Repauno. Depreciation expense for property, plant and equipment is summarized as follows: Year Ended December 31, 2019 2018 2017 Depreciation expense for property, plant and equipment: Continuing operations $ 28,466 $ 20,343 $ 13,189 Discontinued operations 2,187 2,401 1,992 Total $ 30,653 $ 22,744 $ 15,181 |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS | INVESTMENTS The following table presents the ownership interests and carrying values of our investments: Carrying Value Investment Ownership Percentage December 31, 2019 December 31, 2018 Advanced Engine Repair JV Equity method 25% $ 24,652 $ 12,981 JGP Energy Partners LLC Equity method at December 31, 2018 100% and 50% as of December 31, 2019 and 2018, respectively — 25,461 Intermodal Finance I, Ltd. Equity method 51% 501 2,118 Long Ridge Terminal LLC Equity method 50% 155,397 — $ 180,550 $ 40,560 We did not recognize any other-than-temporary impairments for the year ended December 31, 2019. Equity Method Investments The following table presents our proportionate share of equity in earnings (losses): Year Ended December 31, 2019 2018 2017 Advanced Engine Repair JV $ (1,829) $ (743) $ (1,276) JGP Energy Partners LLC (292) (574) (322) Intermodal Finance I, Ltd. (62) 309 (3) Long Ridge Terminal LLC (192) — — Total $ (2,375) $ (1,008) $ (1,601) Long Ridge Terminal LLC In December 2019, Ohio River Shareholder LLC (“ORP”) contributed its equity interests in Long Ridge into Long Ridge Terminal LLC and sold a 49.9% interest (the “Long Ridge Transaction”) for $150 million in cash, plus an earn out. We no longer have a controlling interest in Long Ridge but still maintain significant influence through our retained interest and, therefore, now account for this investment in accordance with the equity method. Following the sale we deconsolidated ORP, which held the assets of Long Ridge. Advanced Engine Repair JV In 2016, we invested $15.0 million for a 25% interest in an advanced engine repair joint venture. We focus on developing new costs savings programs for engine repairs. We exercise significant influence over this investment and account for this investment as an equity method investment. In August 2019, we expanded the scope of our joint venture and invested an additional $13.5 million and maintained a 25% interest. JGP Energy Partners LLC In 2016, we initiated activities in a 50% non-controlling interest in JGP, a joint venture. JGP was governed by a designated operating committee selected by the members in proportion to their equity interests. JGP was solely reliant on its members to finance its activities and therefore was a VIE. Initially, we concluded that we were not the primary beneficiary of JGP as the members shared equally in the risks and rewards and decision making authority of the entity and, therefore, we did not consolidate JGP and instead accounted for this investment in accordance with the equity method. In December 2019, we purchased the remaining 50% interest in JGP from the JV partner for a purchase price of approximately $30 million, consolidated JGP and no longer account for this as an equity method investment. Intermodal Finance I, Ltd. In 2012, we acquired a 51% non-controlling interest in Intermodal Finance I, Ltd. (“Intermodal”), a joint venture. Intermodal is governed by a board of directors, and its shareholders have voting rights through their equity interests. As such, Intermodal is not within the scope of ASC 810-20 and should be evaluated for consolidation under the voting interest model. Due to the existence of substantive participating rights of the 49% equity investor, including the joint approval of material operating and capital decisions, such as material contracts and capital expenditures consistent with ASC 810-10-25-11, we do not have unilateral rights over this investment and, therefore, we do not consolidate Intermodal but account for this investment in accordance with the equity method. We do not have a variable interest in this investment as none of the criteria of ASC 810-10-15-14 were met. As of December 31, 2019, Intermodal owns a portfolio of approximately 3,000 shipping containers subject to multiple operating leases. The tables below present summarized financial information for our equity method investments: December 31, Balance Sheet 2019 2018 Assets Cash and cash equivalents $ 16,812 $ 7,981 Restricted cash 30,917 46 Accounts receivable, net 12,219 1,044 Leasing equipment, net 2,546 3,483 Finance leases, net — 1,479 Property, plant, and equipment, net 390,416 50,402 Intangible assets, net 123,638 45,000 Goodwill 89,294 — Other assets 6,667 487 Total assets $ 672,509 $ 109,922 Liabilities Accounts payable and accrued liabilities $ 37,437 $ 2,529 Debt, net 186,953 14,364 Other liabilities 530 41 Total liabilities 224,920 16,934 Equity Shareholders’ equity 465,461 102,959 Accumulated deficit (17,872) (9,971) Total equity 447,589 92,988 Total liabilities and equity $ 672,509 $ 109,922 Year Ended December 31, Income Statement 2019 2018 2017 Revenue $ 8,887 $ 9,435 $ 4,569 Total revenue 8,887 9,435 4,569 Expenses Research and development cost 6,323 2,134 4,073 Operating expenses 7,669 8,435 4,371 General and administrative 1,550 1,437 1,588 Management fees and incentive allocation to affiliate 142 400 1,022 Depreciation and amortization 2,351 2,158 2,099 Interest expense 285 937 1,261 Total expenses 18,320 15,501 14,414 Other income 734 2,070 3,667 Loss before income taxes (8,699) (3,996) (6,178) Provision for income taxes — — — Net loss $ (8,699) $ (3,996) $ (6,178) |
INTANGIBLE ASSETS AND LIABILITI
INTANGIBLE ASSETS AND LIABILITIES, NET | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets and Liabilities Disclosure [Abstract] | |
INTANGIBLE ASSETS AND LIABILITIES, NET | INTANGIBLE ASSETS AND LIABILITIES, NET Our intangible assets and liabilities, net are summarized as follows: December 31, 2019 Aviation Leasing Jefferson Terminal Total Intangible assets Acquired favorable lease intangibles $ 49,762 $ — $ 49,762 Less: Accumulated amortization (38,652) — (38,652) Acquired favorable lease intangibles, net 11,110 — 11,110 Customer relationships — 35,513 35,513 Less: Accumulated amortization — (18,931) (18,931) Acquired customer relationships, net — 16,582 16,582 Total intangible assets, net $ 11,110 $ 16,582 $ 27,692 Intangible liabilities Acquired unfavorable lease intangibles $ 5,170 $ — $ 5,170 Less: Accumulated amortization (3,014) — (3,014) Acquired unfavorable lease intangibles, net $ 2,156 $ — $ 2,156 December 31, 2018 Aviation Leasing Jefferson Terminal Total Intangible assets Acquired favorable lease intangibles $ 48,143 $ — $ 48,143 Less: Accumulated amortization (29,780) — (29,780) Acquired favorable lease intangibles, net 18,363 — 18,363 Customer relationships — 35,513 35,513 Less: Accumulated amortization — (15,378) (15,378) Acquired customer relationships, net — 20,135 20,135 Total intangible assets, net $ 18,363 $ 20,135 $ 38,498 Intangible liabilities Acquired unfavorable lease intangibles $ 3,736 $ — $ 3,736 Less: Accumulated amortization (2,114) — (2,114) Acquired unfavorable lease intangibles, net $ 1,622 $ — $ 1,622 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 as follows: Classification in Consolidated Statements of Operations Year Ended December 31, 2019 2018 2017 Lease intangibles Equipment leasing revenues $ 7,181 $ 8,588 $ 4,716 Customer relationships: Depreciation and amortization Continuing operations 3,553 3,553 3,553 Discontinued operations 15 45 45 Total $ 10,749 $ 12,186 $ 8,314 As of December 31, 2019, estimated net annual amortization of intangibles is as follows: 2020 $ 7,982 2021 6,611 2022 4,833 2023 3,733 2024 2,377 Thereafter — Total $ 25,536 |
DEBT, NET
DEBT, NET | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
DEBT, NET | DEBT, NET Our debt, net is summarized as follows: December 31, 2019 December 31, 2018 Outstanding Borrowings Stated Interest Rate Maturity Date Outstanding Borrowings Loans payable FTAI Pride Credit Agreement (1) $ 36,009 LIBOR + 4.50% 9/16/2020 $ 47,743 Jefferson Revolver (2) 50,000 (i) Base Rate + 1.50%; or (ii) Base Rate + 2.50% (Eurodollar) 3/7/2021 49,805 DRP Revolver (3) 25,000 (i) Base Rate + 1.50%; or (ii) Base Rate + 2.50% (Eurodollar) 11/5/2021 — Revolving Credit Facility (2) — (i) Base Rate + 2.00%; or (ii) Adjusted Eurodollar Rate + 3.00% 1/31/2022 100,000 Total loans payable 111,009 197,548 Bonds payable Series 2012 Bonds (4) 41,059 8.25% 7/1/2032 42,797 Series 2016 Bonds (5) 144,200 7.25% 2/1/2036 144,200 Senior Notes due 2022 (6) 697,814 6.75% 3/15/2022 549,405 Senior Notes due 2025 (7) 444,957 6.50% 10/1/2025 295,642 Total bonds payable 1,328,030 1,032,044 Debt 1,439,039 1,229,592 Less: Debt issuance costs (18,111) (14,484) Total debt, net $ 1,420,928 $ 1,215,108 Total debt due within one year $ 182,019 $ 49,413 ______________________________________________________________________________________ (1) Secured on a first priority basis by the offshore vessel. (2) Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (3) Requires a quarterly commitment fee at a rate of 0.875% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (4) Includes unamortized premium of $1,509 and $1,577 as of December 31, 2019 and 2018, respectively. (5) These bonds have a stated maturity of February 1, 2036 but are subject to mandatory tender for purchase at par, by our subsidiary, on February 13, 2020 if they have not been repurchased from proceeds of a remarketing of the bonds or redeemed prior to such date. (6) Includes unamortized discount of $5,429 and $5,154, respectively, and an unamortized premium of $3,243 and $4,559, respectively, as of December 31, 2019 and 2018. (7) Includes unamortized discount of $5,043 and $4,358 as of December 31, 2019 and 2018, respectively. DRP Revolver —On November 5, 2018, our subsidiary entered into a revolving credit facility (the “DRP Revolver”) that provides for revolving loans in the aggregate amount of $25 million. The DRP Revolver is secured by the capital stock of certain of our direct subsidiaries as defined in the related credit agreement. In the event of a credit agreement default by our subsidiary, including bankruptcy or insolvency, financial covenant default, or the failure to make a capital call under the relevant agreement, we have agreed to contribute capital to satisfy up to 120% of the aggregate outstanding obligations. Jefferson Revolver —On December 20, 2018, our subsidiary entered into an amendment to the Jefferson Revolver which temporarily increased the aggregate revolving commitments by $25 million from $50 million to $75 million. In July 2019, we repaid $23 million, and the aggregate revolving commitment reverted back to $50 million on August 1, 2019. In the event of a credit agreement default by our subsidiary, including bankruptcy or insolvency, financial covenant default, or the failure to make a capital call under the relevant agreement, we have agreed to contribute capital to satisfy up to 120% of the aggregate outstanding obligations. Senior Notes due 2022 — On February 8, 2019, we issued an additional $150 million of Senior Notes (“2022 Notes”) at an offering price of 98.5% of the principal amount plus accrued interest from September 15, 2018. Revolving Credit Facility —On February 8, 2019, we entered into an amendment to the Revolving Credit Facility which, among other things, (i) increased the aggregate revolving commitments by $125 million from $125 million to $250 million, (ii) extended the maturity date of the revolving loans and commitments to January 31, 2022 and (iii) made certain modifications to the financial covenants, including an increase in the maximum ratio of debt to total equity from 1.65:1.00 to 2.00:1.00. On August 6, 2019, we entered into another amendment to the Revolving Credit Facility which, among other things, makes certain modifications to the financial covenants, including an increase in the maximum ratio of debt to total equity from 2.00:1.00 to 3.00:1.00. LREG Credit Agreement — On February 15, 2019, Long Ridge Energy Generation LLC and two other subsidiaries (collectively, “Co-Borrowers”) entered into certain credit agreements establishing (i) a $445 million construction loan and term loan, (ii) a $154 million letter of credit facility and (iii) a $143 million construction loan and term loan, all of which will be used for the purposes of funding the development, construction and completion of the power plant at Long Ridge. The borrowings under these agreements are secured by the assets of the Co-Borrowers, are not guaranteed by the Company and are non-recourse to the Company. This debt was deconsolidated as a result of the Long Ridge Transaction. See Note 7 for additional detail. Senior Notes due 2025 — On May 21, 2019, we issued an additional $150 million of Senior Notes (“2025 Notes”) at an offering price of 99.125% of the principal amount plus accrued interest from April 1, 2019. FTAI Pride Credit Agreement — On September 30, 2019, our subsidiary entered into an amendment to the FTAI Pride Credit Agreement which extended the maturity date to September 16, 2020. We fully extinguished certain debt of $100.0 million and recognized a loss on extinguishment of debt of $2.5 million during the year ended December 31, 2017. We did not fully extinguish any debt in 2019 or 2018. We were in compliance with all debt covenants as of December 31, 2019. As of December 31, 2019, scheduled principal repayments under our debt agreements for the next five years and thereafter are summarized as follows: 2020 2021 2022 2023 2024 Thereafter Total FTAI Pride Credit Agreement $ 36,009 $ — $ — $ — $ — $ — $ 36,009 Jefferson Revolver — 50,000 — — — — 50,000 DRP Revolver — 25,000 — — — — 25,000 Revolving Credit Facility — — — — — — — Series 2012 Bonds 1,810 1,960 2,120 2,295 2,485 28,880 39,550 Series 2016 Bonds 144,200 — — — — — 144,200 Senior Notes due 2022 — — 700,000 — — — 700,000 Senior Notes due 2025 — — — — — 450,000 450,000 Total principal payments on loans and bonds payable $ 182,019 $ 76,960 $ 702,120 $ 2,295 $ 2,485 $ 478,880 $ 1,444,759 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2019 | |
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 us to develop our 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 our financial assets measured at fair value on a recurring basis by level within the fair value hierarchy. Assets 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, 2019 December 31, 2019 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 226,512 $ 226,512 $ — $ — Market Restricted cash 16,005 16,005 — — Market Derivative assets 181 — — 181 Income Total assets $ 242,698 $ 242,517 $ — $ 181 Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2018 December 31, 2018 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 99,601 $ 99,601 $ — $ — Market Restricted cash 21,236 21,236 — — Market Derivative assets 7,470 — — 7,470 Income Total assets $ 128,307 $ 120,837 $ — $ 7,470 Liabilities Derivative liabilities $ (925) $ — $ — $ (925) Income Our 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. 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. Except as discussed below, our financial instruments other than cash and cash equivalents, restricted cash consist principally of accounts receivable, accounts payable and accrued liabilities, loans payable, 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. The fair value of our bonds and notes payable reported as debt, net in the Consolidated Balance Sheets are presented in the table below: December 31, 2019 2018 Series 2012 Bonds (1) $ 41,450 $ 42,633 Series 2016 Bonds (1) 145,143 149,582 Senior Notes due 2022 731,451 551,144 Senior Notes due 2025 475,884 283,965 ______________________________________________________________________________________ (1) Fair value is based upon market prices for similar municipal securities. The fair value of all other items reported as debt, net in the Consolidated Balance Sheet approximate their carrying values due to their bearing market rates of interest, and are classified as Level 2 within the fair value hierarchy. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Commodity Derivatives Depending on market conditions, we source crude oil from producers in Canada, arranging logistics to Jefferson Terminal and marketing crude oil to third parties. These crude oil forward purchase and sales contracts are not designated in hedging relationships. The following table presents information related to our outstanding derivative contracts: Notional Amount Fair Value of Assets (1) Fair Value of Liabilities (1) Term December 31, 2019 Crude oil forwards (BBL) 150 $ 181 $ — 1 to 2 months December 31, 2018 Crude oil forwards (BBL) 3,225 $ 7,470 $ (925) 1 to 12 months ______________________________________________________________________________________ (1) Included in Other assets and Other liabilities, respectively, in our Consolidated Balance Sheets. The following table presents a summary of the changes in fair value for all Level 3 derivatives: Year Ended December 31, 2019 2018 2017 Beginning Balance $ 6,545 $ 1,022 $ — Net unrealized gains (losses) recognized in earnings (6,364) 5,523 1,022 Purchases 314 8,473 1,011 Sales (674) (178) (10) Settlements 360 (8,295) (1,001) Ending Balance $ 181 $ 6,545 $ 1,022 There were no transfers into or out of Level 3 during the periods presented. |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES We disaggregate our revenue from contracts with customers by products and services provided for each of our segments, as we believe it best depicts the nature, amount, timing and uncertainty of our revenue. Revenues attributed to our Equipment Leasing business unit are within the scope of ASC 840 prior to January 1, 2019 and ASC 842 after January 1, 2019, while revenues attributed to our Infrastructure business unit are within the scope of ASC 606, unless otherwise noted. Under the provisions of ASC 842, we have elected to exclude sales and other similar taxes from lease payments in arrangements where we are a lessor. Year Ended December 31, 2019 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Equipment leasing revenues Lease income $ 197,305 $ — $ — $ 9,796 $ 207,101 Maintenance revenue 134,914 — — — 134,914 Finance lease income 2,648 — — — 2,648 Other revenue 1,808 — — 2,851 4,659 Total equipment leasing revenues 336,675 — — 12,647 349,322 Infrastructure revenues Lease income — 2,306 1,056 — 3,362 Terminal services revenues — 35,908 7,057 — 42,965 Crude marketing revenues — 166,134 — — 166,134 Other revenue — — 14,074 2,917 16,991 Total infrastructure revenues — 204,348 22,187 2,917 229,452 Total revenues $ 336,675 $ 204,348 $ 22,187 $ 15,564 $ 578,774 Year Ended December 31, 2018 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Equipment leasing revenues Lease income $ 151,531 $ — $ — $ 5,659 $ 157,190 Maintenance revenue 89,870 — — — 89,870 Finance lease income 1,895 — — 1,454 3,349 Other revenue 974 — — 1,656 2,630 Total equipment leasing revenues 244,270 — — 8,769 253,039 Infrastructure revenues Lease income — 272 1,462 — 1,734 Terminal services revenues — 10,108 — — 10,108 Crude marketing revenues — 60,518 — — 60,518 Other revenue — 87 15,982 644 16,713 Total infrastructure revenues — 70,985 17,444 644 89,073 Total revenues $ 244,270 $ 70,985 $ 17,444 $ 9,413 $ 342,112 Year Ended December 31, 2017 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Equipment leasing revenues Lease income $ 91,103 $ — $ — $ 8,433 $ 99,536 Maintenance revenue 65,651 — — — 65,651 Finance lease income — — — 1,536 1,536 Other revenue 39 — — 3,238 3,277 Total equipment leasing revenues 156,793 — — 13,207 170,000 Infrastructure revenues Lease income — — 1,111 — 1,111 Terminal services revenues — 10,229 — — 10,229 Other revenue — — 3,712 — 3,712 Total infrastructure revenues — 10,229 4,823 — 15,052 Total revenues $ 156,793 $ 10,229 $ 4,823 $ 13,207 $ 185,052 Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases across several market sectors as of December 31, 2019: Operating leases Finance leases 2020 $ 183,004 $ 1,611 2021 121,447 1,291 2022 78,808 897 2023 48,705 274 2024 33,352 — Thereafter 14,815 — Total $ 480,131 $ 4,073 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASES | LEASES We have commitments as lessees under lease agreements primarily for real estate, equipment and vehicles. Our leases have remaining lease terms ranging from approximately 2 years to 46 years. The following table presents lease related costs for the year ended December 31, 2019: Operating lease expense $ 5,857 Short-term lease expense 3,605 Variable lease expense 3,263 Sublease income (1,032) Lease expense from continuing operations 11,693 Finance lease expense 304 Operating lease expense 3,705 Lease expense from discontinued operations 4,009 Total lease expense $ 15,702 The following table presents information related to our operating leases as of and for the year ended December 31, 2019: Right-of-use assets, net $ 37,466 Lease liabilities $ 36,968 Weighted average remaining lease term 41.9 years Weighted average incremental borrowing rate 7.4 % Cash paid for amounts included in the measurement of operating lease liabilities Continuing operations $ 4,882 Discontinued operations $ 3,595 The following table presents future minimum lease payments under non-cancellable operating leases as of December 31, 2019: 2020 $ 3,308 2021 3,379 2022 3,250 2023 3,194 2024 2,963 Thereafter 105,754 Total undiscounted lease payments 121,848 Less: Imputed interest 84,880 Total lease liabilities $ 36,968 During the year ended December 31, 2019, we entered into lease agreements for real estate and office equipment that had a ROU asset value of approximately $3.5 million and lease terms ranging from 5 years to 46 years at commencement. |
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
EQUITY-BASED COMPENSATION | EQUITY-BASED COMPENSATION In 2015, we 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 us, each as determined by the Compensation Committee of the Board of Directors. As of December 31, 2019, the Incentive Plan provides for the issuance of up to 29.9 million shares. We account for equity-based compensation expense in accordance with ASC 718 Compensation-Stock Compensation and is reported within operating expenses and general and administrative in the Consolidated Statements of Operations. The following table presents our stock-based compensation expense: Year Ended December 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met 2019 2018 2017 Stock options $ — $ 9 $ — $ — Restricted shares 1,054 359 318 1,088 Common units 455 349 295 754 Total - continuing operations $ 1,509 $ 717 $ 613 $ 1,842 Common units - discontinued operations $ 3,114 $ 184 $ 730 The following tables present information for our stock options, restricted shares and common units: Stock Options Restricted Shares Common Units Options Weighted Average Exercise Price Shares Weighted Average Issuance Price Units Weighted Average Issuance Price Outstanding as of 851,342 $ 18.20 49,766 $ 19.87 1,009,598 $ 1.16 Granted 1,262,362 15.94 113,121 13.26 1,110,000 0.60 Less: exercised / vested — 58,662 14.65 1,162,930 0.27 Less: forfeited and canceled — — — Outstanding as of 2,113,704 104,225 956,668 Stock Options Restricted Shares Common Units As of December 31, 2019: Weighted average exercise / issuance price (per share) $ 16.85 $ 14.23 $ 1.18 Aggregate intrinsic value (in thousands) $ 5,684 $ 1,483 $ 1,130 Weighted average remaining contractual term (in years) 9.1 0.9 0.9 Stock Options In connection with our equity offerings in 2019 and 2018 (see Note 18 for details), we granted options to the Manager related to common shares. The fair value of these options were recorded as an increase in equity with an offsetting reduction of capital proceeds received. The following table presents information related to the options issued in 2019 and 2018: November 2019 September 2019 December 2018 January 2018 Number of options 686,978 575,384 126,342 700,000 Fair value ($ millions) $ 1.1 $ 0.7 $ 0.2 $ 1.9 Expected volatility The expected stock volatility is based on an assessment of the volatility of our publicly traded common shares 21.89 % 21.45 % 18.71 % 27.73 % 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. 1.67 % 1.45 % 2.98 % 2.52 % Expected dividend yield The expected dividend yield is based on management’s current expected dividend rate. 6.58 % 8.02 % 6.81 % 5.45 % Expected term Expected term used represents the period of time the options granted are expected to be outstanding. 10 years 10 years 10 years 10 years Restricted Shares In June 2019, we issued 113,121 restricted shares of our subsidiary that had a grant date fair value of $1.5 million, of which 25,138 shares vested during the period of issuance. The remaining shares vest over three years, subject to continued employment, and the compensation expense is recognized ratably over the vesting periods. In May 2017, we issued 31,340 restricted shares of our subsidiary that had a grant date fair value of $0.5 million. The shares vest over four years, subject to continued employment, and the compensation expense is recognized ratably over the vesting periods. The fair value of the above awards was based on the fair value of the operating subsidiary on each grant date, 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 date. Common Units We issued 1,110,000, 670,000 and 505,050 common units of our subsidiary during the years ended December 31, 2019, 2018 and 2017, respectively, that had grant date fair values of $3.4 million, $0.7 million and $0.5 million, respectively, and vest over three years. These awards are subject to continued employment and compensation expense is recognized ratably over the vesting periods. The fair value was based on the fair value of the operating subsidiary on the grant date, which is estimated using a discounted cash flow analysis that 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 date. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The current and deferred components of the income tax provision included in the Consolidated Statements of Operations are as follows: Year Ended December 31, 2019 2018 2017 Current: Federal $ 55 $ 75 $ 1,551 State and local 423 250 145 Foreign 188 63 76 Total current provision 666 388 1,772 Deferred: Federal 12,937 1,528 215 State and local (638) 621 5 Foreign 4,845 (88) (38) Total deferred provision 17,144 2,061 182 Provision for (benefit from) income taxes: Continuing operations 17,810 2,449 1,954 Discontinued operations 1,076 (1,077) — Total $ 18,886 $ 1,372 $ 1,954 We are taxed as a flow-through entity for U.S. income tax purposes and our taxable income or loss generated is the responsibility of our owners. Taxable income or loss generated by our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business. The difference between our reported total provision for income taxes and the U.S. federal statutory rate of 21% is as follows: Year Ended December 31, 2019 2018 2017 U.S. federal tax at statutory rate 21.0 % 21.0 % 35.0 % Income not subject to tax at statutory rate (21.7) % 121.9 % 98.2 % State and local taxes (0.1) % (6.1) % (0.5) % Foreign taxes 2.7 % 7.7 % (0.2) % Branch profit tax — % (0.5) % (2.6) % Change in tax rates — % — % (6.9) % Other (0.6) % (0.2) % 1.0 % Change in valuation allowance 7.0 % (153.3) % (133.2) % Provision for income taxes 8.3 % (9.5) % (9.2) % Significant components of our deferred tax assets and liabilities are as follows: December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 74,555 $ 64,034 Accrued expenses 1,252 1,241 Interest expense 25,306 19,380 Operating lease liabilities 6,104 — Other 2,041 1,233 Total deferred tax assets 109,258 85,888 Less valuation allowance (79,176) (68,294) Net deferred tax assets 30,082 17,594 Deferred tax liabilities: Investment in partnerships (22,250) — Fixed assets and goodwill (21,592) (19,117) Operating lease right-of-use assets (6,032) — Net deferred tax liabilities $ (19,792) $ (1,523) Current and deferred tax assets and liabilities are reported net in Other assets or Other liabilities in the Consolidated Balance Sheets. 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. We have analyzed our deferred tax assets and have 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, 2019 and 2018 of $79.2 million and $68.3 million, respectively, related to certain deductible temporary differences and net operating loss carryforwards. A summary of the changes in the valuation allowance is as follows: December 31, 2019 2018 Valuation allowance at beginning of period $ 68,294 $ 45,624 Change due to current year losses 19,330 22,670 Change due to current year releases (8,448) — Valuation allowance at end of period $ 79,176 $ 68,294 As of December 31, 2019, certain of our corporate subsidiaries had U.S. federal net operating loss carryforwards of approximately $295.0 million that are available to offset future taxable income. If not utilized, $169.0 million of these carryforwards will begin to expire in the year 2034, with $126.0 million of these carryforwards having no expiration date. As of December 31, 2019, we also had net operating loss carryforwards for Irish income tax purposes of $76.5 million, which can be carried forward indefinitely against future business income, and $0.9 million of net operating loss carryforwards for Malaysian income tax purposes, which will begin to expire in the year 2025. The utilization of the net operating loss carryforwards to reduce future income taxes will depend on the relevant corporate subsidiary's ability to generate sufficient taxable income prior to the expiration of the carryforward period, if any. In addition, the maximum annual use of net operating loss carryforwards may be limited after certain changes in stock ownership. The TCJA significantly revises the U.S. corporate income tax regime by, among other things, lowering corporate income tax rates. We have accounted for the effects of the TCJA for the year ended December 31, 2017 which relates to the re-measurement of deferred tax assets and liabilities due to the reduction in the corporate income tax rate. Due to the significant portion of our income that is not subject to entity level tax and the presence of a significant valuation allowance, the effects of the TCJA have had a minimal impact on the income tax provision for the year ended December 31, 2017. |
MANAGEMENT AGREEMENT AND AFFILI
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS | The Manager is paid annual fees in exchange for advising us on various aspects of our business, formulating our investment strategies, arranging for the acquisition and disposition of assets, arranging for financing, monitoring performance, and managing our 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 our behalf, including the costs of legal, accounting and other administrative activities. In May 2015, in connection with our IPO, we entered into the Management Agreement which replaced our then-existing management agreement as a private fund. Additionally, we have entered into certain incentive allocation arrangements with Master GP, which owns approximately 0.05% of the Partnership and is the general partner of the Partnership. 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 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 our 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 our 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. One of our subsidiaries 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 our net equity capital (excluding non-controlling interests) at the end of the two most recently completed calendar quarters, does not exceed 2% for such quarter (8% 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% but does not exceed 2.2223% for such quarter; and (3) 10% 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. Capital Gains Incentive Allocation is calculated and distributable in arrears as of the end of each calendar year and is equal to 10% of our pro rata share of cumulative realized gains from the date of the IPO through the end of the applicable calendar year, net of our 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. The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation: Year Ended December 31, 2019 2018 2017 Management fees $ 14,828 $ 15,319 $ 15,218 Income incentive allocation — — — Capital gains incentive allocation 21,231 407 514 Total $ 36,059 $ 15,726 $ 15,732 We pay all of our operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The expenses required to be paid by us include, but are not limited to, issuance and transaction costs incident to the acquisition, disposition and financing of our assets, legal and auditing fees and expenses, the compensation and expenses of our independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness of ours (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings of ours, costs and expenses incurred in contracting with third parties (including affiliates of the Manager), the costs of printing and mailing proxies and reports to our shareholders, costs incurred by the Manager or its affiliates for travel on our behalf, costs associated with any computer software or hardware that is used by us, costs to obtain liability insurance to indemnify our directors and officers and the compensation and expenses of our transfer agent. We 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; we will not reimburse the Manager for these expenses. The following table summarizes our reimbursements to the Manager: Year Ended December 31, 2019 2018 2017 Classification in the Consolidated Statements of Operations: General and administrative expenses $ 11,017 $ 9,910 $ 8,064 Acquisition and transaction expenses 3,399 6,653 6,295 Total $ 14,416 $ 16,563 $ 14,359 If we terminate the Management Agreement, we 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 our 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 our common shares or other equity securities (including securities issued as consideration in an acquisition), we 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 our 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. The following table summarizes amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets: December 31, 2019 2018 Accrued management fees $ 1,410 $ 1,263 Other payables 21,992 3,965 As of December 31, 2019 and 2018, no amounts were recorded as a receivable from the Manager. Other Affiliate Transactions As of December 31, 2019 and 2018, an affiliate of our Manager 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, 2019 and 2018 was $33.7 million and $51.1 million, respectively. The following table presents the amount of this non-controlling interest share of net loss: Year Ended December 31, 2019 2018 2017 Non-controlling interest share of net loss $ 17,357 $ 13,436 $ 8,662 In connection with the Capital Call Agreement related to the Series 2016 Bonds, we entered into a Fee and Support Agreement with an affiliate of our Manager. The Fee and Support Agreement provides that the affiliate of the Manager is compensated for its guarantee of a portion of the obligations under the Standby Bond Purchase Agreement. This affiliate of the Manager received fees of $1.7 million, which will be amortized as interest expense to the earlier of the redemption date or February 13, 2020. On June 21, 2018, we, through a wholly owned subsidiary, completed a private offering with several third parties (the “Holders”) to tender their approximately 20% stake in Jefferson Terminal. We increased our majority interest in Jefferson Terminal in exchange for Class B Units of another wholly owned subsidiary, which provide the right to convert such Class B Units to a fixed amount of our shares, equivalent to approximately 1.9 million shares, at a Holder’s request. We have the option to satisfy any exchange request by delivering either common shares or cash. The Holders are entitled to receive distributions equivalent to the distributions paid to our shareholders. This transaction resulted in a purchase of non-controlling interest shares. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Our reportable segments represent strategic business units comprised of investments in different types of transportation and infrastructure assets. We have three reportable segments which operate in the Equipment Leasing and Infrastructure businesses across several market sectors. Our reportable segments are (i) Aviation Leasing, (ii) Jefferson Terminal and (iii) Ports and Terminals. The Aviation Leasing segment consists of aircraft and aircraft engines held for lease and are typically held long-term. The Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal and other related assets. The Ports and Terminals segment consists of Repauno, which is a 1,630 acre deep-water port located along the Delaware River with an underground storage cavern and multiple industrial development opportunities, and an equity method investment in Long Ridge, which is a 1,660 acre multi-modal port located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant under construction. In December 2019, we completed the sale of substantially all of our railroad business, which was formerly reported as our Railroad segment. Under ASC 205-20, this disposition met the criteria to be reported as discontinued operations and the assets, liabilities and results of operations have been presented as discontinued operations for all periods presented. Corporate and Other primarily consists of debt, unallocated company level general and administrative expenses, and management fees. Additionally, Corporate and Other includes (i) offshore energy related assets, which consist of vessels and equipment that support offshore oil and gas drilling and production which are typically subject to long-term operating leases, (ii) an investment in an unconsolidated entity engaged in the acquisition and leasing of shipping containers (on both an operating lease and finance lease basis) and (iii) railroad assets retained after the December 2019 sale, which consists of equipment that support a railcar cleaning business. During 2019, we updated our segment performance measure from Adjusted Net Income to Adjusted EBITDA (see definition below) as this is the primary performance measure that our Chief Operating Decision Maker (“CODM”) utilizes to assess operational performance, as well as make resource and allocation decisions. In connection with the change in our performance measure, in accordance with ASC 280, we also assessed our reportable segments. We determined that our Offshore Energy and Shipping Containers segments no longer met the requirement as reportable segments. In addition, with the December 2019 sale of substantially all of our railroad business, the Railroad segment no longer met the requirement as a reportable segment. Accordingly, we have presented these operating segments, along with Corporate results, within Corporate and Other effective in 2019. All prior periods have been restated for historical comparison across segments. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (Note 2); however, financial information presented by segment includes the impact of intercompany eliminations. We evaluate investment performance for each reportable segment primarily based on net income attributable to shareholders and Adjusted EBITDA. Adjusted EBITDA is defined as net income (loss) attributable to shareholders from continuing operations, adjusted (a) to exclude the impact of provision for (benefit from) 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, depreciation and amortization expense, and interest expense, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA. We believe that net income (loss) attributable to shareholders, as defined by GAAP, is the most appropriate earnings measurement with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to shareholders as determined in accordance with GAAP. The following tables set forth certain information for each reportable segment: I. For the Year Ended December 31, 2019 Year Ended December 31, 2019 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Revenues Equipment leasing revenues $ 336,675 $ — $ — $ 12,647 $ 349,322 Infrastructure revenues — 204,348 22,187 2,917 229,452 Total revenues 336,675 204,348 22,187 15,564 578,774 Expenses Operating expenses 14,132 231,506 24,854 17,544 288,036 General and administrative — — — 20,441 20,441 Acquisition and transaction expenses 518 — 5,008 12,097 17,623 Management fees and incentive allocation to affiliate — — — 36,059 36,059 Depreciation and amortization 128,990 22,873 9,849 7,311 169,023 Interest expense — 16,189 1,712 77,684 95,585 Total expenses 143,640 270,568 41,423 171,136 626,767 Other income (expense) Equity in losses of unconsolidated entities (1,829) (292) (192) (62) (2,375) Gain on sale of assets, net 81,954 4,636 116,660 — 203,250 Asset impairment — — (4,726) — (4,726) Interest income 104 118 289 20 531 Other income — 634 1,809 1,002 3,445 Total other income 80,229 5,096 113,840 960 200,125 Income (loss) from continuing operations before income taxes 273,264 (61,124) 94,604 (154,612) 152,132 Provision for income taxes 2,826 284 14,700 — 17,810 Net income (loss) from continuing operations 270,438 (61,408) 79,904 (154,612) 134,322 Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries — (17,356) (215) — (17,571) Dividends on preferred shares — — — 1,838 1,838 Net income (loss) attributable to shareholders from continuing operations $ 270,438 $ (44,052) $ 80,119 $ (156,450) $ 150,055 The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders from continuing operations: Year Ended December 31, 2019 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Adjusted EBITDA $ 432,934 $ (6,160) $ 114,760 $ (38,126) $ 503,408 Add: Non-controlling share of Adjusted EBITDA 9,859 Add: Equity in losses of unconsolidated entities (2,375) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 1,387 Less: Interest expense (95,585) Less: Depreciation and amortization expense (199,185) Less: Incentive allocations (21,231) Less: Asset impairment charges (4,726) Less: Changes in fair value of non-hedge derivative instruments (4,555) Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (17,623) Less: Equity-based compensation expense (1,509) Less: Provision for income taxes (17,810) Net income attributable to shareholders from continuing operations $ 150,055 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Year Ended December 31, 2019 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Revenues Africa $ 14,542 $ — $ — $ — $ 14,542 Asia 119,289 — — 12,647 131,936 Europe 157,942 — — — 157,942 North America 36,391 204,348 22,187 2,917 265,843 South America 8,511 — — — 8,511 Total revenues $ 336,675 $ 204,348 $ 22,187 $ 15,564 $ 578,774 II. For the Year Ended December 31, 2018 Year Ended December 31, 2018 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Revenues Equipment leasing revenues $ 244,270 $ — $ — $ 8,769 $ 253,039 Infrastructure revenues — 70,985 17,444 644 89,073 Total revenues 244,270 70,985 17,444 9,413 342,112 Expenses Operating expenses 9,149 94,622 18,312 14,487 136,570 General and administrative — — — 17,126 17,126 Acquisition and transaction expenses 315 — — 6,653 6,968 Management fees and incentive allocation to affiliate — — — 15,726 15,726 Depreciation and amortization 102,419 19,745 5,139 6,605 133,908 Interest expense — 15,513 649 40,683 56,845 Total expenses 111,883 129,880 24,100 101,280 367,143 Other income (expense) Equity in (losses) earnings of unconsolidated entities (743) (574) — 309 (1,008) Gain on sale of assets, net 3,911 — — — 3,911 Interest income 202 270 — 16 488 Other income — 3,983 — — 3,983 Total other income 3,370 3,679 — 325 7,374 Income (loss) from continuing operations before income taxes 135,757 (55,216) (6,656) (91,542) (17,657) Provision for (benefit from) income taxes 2,280 261 1 (93) 2,449 Net income (loss) from continuing operations 133,477 (55,477) (6,657) (91,449) (20,106) Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries (24) (21,801) (100) — (21,925) Dividends on preferred shares — — — — — Net income (loss) attributable to shareholders from continuing operations $ 133,501 $ (33,676) $ (6,557) $ (91,449) $ 1,819 The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders from continuing operations: Year Ended December 31, 2018 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Adjusted EBITDA $ 265,002 $ (11,645) $ (615) $ (36,870) $ 215,872 Add: Non-controlling share of Adjusted EBITDA 9,744 Add: Equity in losses of unconsolidated entities (1,008) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (359) Less: Interest expense (56,845) Less: Depreciation and amortization expense (160,567) Less: Incentive allocations (407) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments 5,523 Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (6,968) Less: Equity-based compensation expense (717) Less: Provision for income taxes (2,449) Net income attributable to shareholders from continuing operations $ 1,819 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Year Ended December 31, 2018 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Revenues Africa $ 10,053 $ — $ — $ — $ 10,053 Asia 78,374 — — 7,315 85,689 Europe 121,546 — — — 121,546 North America 30,701 70,985 17,444 2,098 121,228 South America 3,596 — — — 3,596 Total revenues $ 244,270 $ 70,985 $ 17,444 $ 9,413 $ 342,112 III. For the Year Ended December 31, 2017 Year Ended December 31, 2017 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Revenues Equipment leasing revenues $ 156,793 $ — $ — $ 13,207 $ 170,000 Infrastructure revenues — 10,229 4,823 — 15,052 Total revenues 156,793 10,229 4,823 13,207 185,052 Expenses Operating expenses 6,247 31,213 9,117 15,842 62,419 General and administrative — — — 14,570 14,570 Acquisition and transaction expenses 441 — — 6,865 7,306 Management fees and incentive allocation to affiliate — — — 15,732 15,732 Depreciation and amortization 61,795 16,193 1,658 6,427 86,073 Interest expense — 13,568 1,088 23,142 37,798 Total expenses 68,483 60,974 11,863 82,578 223,898 Other income (expense) Equity in losses of unconsolidated entities (1,276) (321) — (4) (1,601) Gain on sale of assets, net 7,188 — — 11,405 18,593 Loss on extinguishment of debt — — — (2,456) (2,456) Interest income 297 376 — 15 688 Other income — 1,980 — 1,093 3,073 Total other income 6,209 2,035 — 10,053 18,297 Income (loss) from continuing operations before income taxes 94,519 (48,710) (7,040) (59,318) (20,549) Provision for (benefit from) income taxes 1,966 42 — (54) 1,954 Net income (loss) from continuing operations 92,553 (48,752) (7,040) (59,264) (22,503) Less: Net income (loss) from continuing operations attributable to non-controlling interests in consolidated subsidiaries 697 (22,991) (484) (526) (23,304) Dividends on preferred shares — — — — — Net income (loss) attributable to shareholders from continuing operations $ 91,856 $ (25,761) $ (6,556) $ (58,738) $ 801 The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders from continuing operations: Year Ended December 31, 2017 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Adjusted EBITDA $ 163,828 $ (8,413) $ (3,515) $ (18,277) $ 133,623 Add: Non-controlling share of Adjusted EBITDA 12,535 Add: Equity in losses of unconsolidated entities (1,601) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 243 Less: Interest expense (37,798) Less: Depreciation and amortization expense (94,380) Less: Incentive allocations (514) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments 1,022 Less: Losses on the modification or extinguishment of debt and capital lease obligations (2,456) Less: Acquisition and transaction expenses (7,306) Less: Equity-based compensation expense (613) Less: Provision for income taxes (1,954) Net income attributable to shareholders from continuing operations $ 801 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Year Ended December 31, 2017 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Revenues Africa $ 9,993 $ — $ — $ — $ 9,993 Asia 45,794 — — 6,074 51,868 Europe 84,023 — — 5,597 89,620 North America 16,278 10,229 4,823 1,536 32,866 South America 705 — — — 705 Total revenues $ 156,793 $ 10,229 $ 4,823 $ 13,207 $ 185,052 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 and leasing equipment, net: December 31, 2019 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Total assets $ 1,694,837 $ 781,422 $ 366,402 $ 394,261 $ 3,236,922 Debt, net — 233,077 25,000 1,162,851 1,420,928 Total liabilities 285,099 324,509 63,930 1,224,527 1,898,065 Non-controlling interests in equity of consolidated subsidiaries — 35,671 785 524 36,980 Total equity 1,409,738 456,913 302,472 (830,266) 1,338,857 Total liabilities and equity $ 1,694,837 $ 781,422 $ 366,402 $ 394,261 $ 3,236,922 December 31, 2019 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Property, plant and equipment and leasing equipment, net Africa $ 43,348 $ — $ — $ — $ 43,348 Asia 487,913 — — 37,548 525,461 Europe 647,029 — — — 647,029 North America 311,185 560,059 200,319 123,067 1,194,630 South America 28,700 — — — 28,700 Total property, plant and equipment and leasing equipment, net $ 1,518,175 $ 560,059 $ 200,319 $ 160,615 $ 2,439,168 December 31, 2018 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total (1) Total assets $ 1,367,074 $ 670,682 $ 277,160 $ 267,118 $ 2,582,034 Debt, net — 234,862 — 980,246 1,215,108 Total liabilities 234,449 288,256 16,615 1,010,213 1,549,533 Non-controlling interests in equity of consolidated subsidiaries — 52,058 544 523 53,125 Total equity 1,132,625 382,426 260,545 (743,095) 1,032,501 Total liabilities and equity $ 1,367,074 $ 670,682 $ 277,160 $ 267,118 $ 2,582,034 ______________________________________________________________________________________ (1) Excludes assets, liabilities and equity from discontinued operations. December 31, 2018 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Property, plant and equipment and leasing equipment, net Africa $ 47,353 $ — $ — $ — $ 47,353 Asia 383,648 — — 34,667 418,315 Europe 592,670 — — 121,950 714,620 North America 177,962 433,404 263,747 4,323 879,436 South America 34,505 — — — 34,505 Total property, plant and equipment and leasing equipment, net $ 1,236,138 $ 433,404 $ 263,747 $ 160,940 $ 2,094,229 |
EARNINGS PER SHARE AND EQUITY
EARNINGS PER SHARE AND EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE AND EQUITY | EARNINGS PER SHARE AND EQUITY Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to shareholders by the weighted average number of shares of common stock outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders 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 calculation of basic and diluted EPS is presented below. Year Ended December 31, (in thousands, except share and per share data) 2019 2018 2017 Net income (loss) from continuing operations $ 134,322 $ (20,106) $ (22,503) Net income (loss) from discontinued operations, net of income taxes 73,462 4,402 (737) Net income (loss) 207,784 (15,704) (23,240) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries: Continuing operations (17,571) (21,925) (23,304) Discontinued operations 247 339 (70) Dividends on preferred shares 1,838 — — Net income attributable to shareholders $ 223,270 $ 5,882 $ 134 Weighted average shares outstanding: Basic 85,992,019 83,654,068 75,766,811 Diluted 86,029,363 83,664,833 75,766,811 Basic EPS: Continuing operations $ 1.74 $ 0.02 $ 0.01 Discontinued operations $ 0.85 $ 0.05 $ (0.01) Diluted EPS: Continuing operations $ 1.74 $ 0.02 $ 0.01 Discontinued operations $ 0.85 $ 0.05 $ (0.01) The calculation of Diluted EPS excludes 150,981, 57,069 and 438 shares for the years ended December 31, 2019, 2018 and 2017, respectively, because the impact would be anti-dilutive. Certain holders of Class B Units (see Note 16) converted 1,134,806 Class B Units in exchange for 840,434 common shares during the year December 31, 2019. We issued 26,125 common shares to certain directors as compensation during the year December 31, 2019. Preferred Shares In September 2019, in a public offering, we issued 3,450,000 shares of 8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares (“Series A Preferred Shares”), par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds of approximately $82.9 million. In November 2019, in a public offering, we issued 4,600,000 shares of 8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares (“Series B Preferred Shares”), par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds of approximately $111.1 million. See Note 14 for information related to options issued to the Manager in connection with these offerings. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
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 our offshore energy business, a lessee did not fulfill their obligation under their charter arrangement, therefore we are pursuing rights afforded to us under the charter and the range of potential losses against the obligation is $0.0 million to $3.3 million. Our maximum exposure under other arrangements is unknown as no additional claims have been made. We believe the risk of loss in connection with such arrangements is remote.We have also entered into an arrangement with our non-controlling interest holder of Repauno, whereby the non-controlling interest holder may receive additional payments contingent upon the achievement of certain service conditions, not to exceed $15.0 million. We will account for such amounts when and if such service conditions are achieved. |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table presents unaudited summary information for our quarterly operations: 2019 Quarter Ended Year Ended December 31 (in thousands except share and per share data) March 31 June 30 September 30 December 31 Total revenues $ 114,894 $ 149,848 $ 152,700 $ 161,332 $ 578,774 Total expenses 123,403 164,798 169,430 169,136 626,767 Total other (expense) income (1,178) 27,630 37,338 136,335 200,125 (Loss) income from continuing operations before income taxes (9,687) 12,680 20,608 128,531 152,132 Provision for (benefit from) income taxes 267 (2,328) 872 18,999 17,810 Net (loss) income from continuing operations (9,954) 15,008 19,736 109,532 134,322 Net income from discontinued operations, net of income taxes 158 785 940 71,579 73,462 Net (loss) income (9,796) 15,793 20,676 181,111 207,784 Net (loss) income attributable to non-controlling interests in consolidated subsidiaries: Continuing operations (3,360) (4,580) (5,111) (4,520) (17,571) Discontinued operations (56) 41 116 146 247 Dividends on preferred shares — — — 1,838 1,838 Net (loss) income attributable to shareholders $ (6,380) $ 20,332 $ 25,671 $ 183,647 $ 223,270 (Loss) earnings per share: Basic Continuing operations $ (0.07) $ 0.23 $ 0.29 $ 1.30 $ 1.74 Discontinued operations $ 0.00 $ 0.01 $ 0.01 $ 0.83 $ 0.85 Diluted Continuing operations $ (0.07) $ 0.23 $ 0.29 $ 1.30 $ 1.74 Discontinued operations $ 0.00 $ 0.01 $ 0.01 $ 0.83 $ 0.85 Weighted Average Shares Outstanding: Basic 85,986,453 85,987,769 85,996,067 85,997,619 85,992,019 Diluted 85,986,453 85,989,029 86,005,604 86,090,207 86,029,363 2018 Quarter Ended Year Ended December 31 (in thousands except share and per share data) March 31 June 30 September 30 December 31 Total revenues $ 57,797 $ 63,191 $ 92,472 $ 128,652 $ 342,112 Total expenses 69,772 75,342 91,685 130,344 367,143 Total other income 431 5,983 621 339 7,374 (Loss) income from continuing operations before income taxes (11,544) (6,168) 1,408 (1,353) (17,657) Provision for income taxes 495 534 551 869 2,449 Net (loss) income from continuing operations (12,039) (6,702) 857 (2,222) (20,106) Net income (loss) from discontinued operations, net of income taxes 2,706 253 (134) 1,577 4,402 Net (loss) income (9,333) (6,449) 723 (645) (15,704) Net (loss) income attributable to non-controlling interests in consolidated subsidiaries Continuing operations (8,967) (7,339) (3,829) (1,790) (21,925) Discontinued operations 206 51 (26) 108 339 Dividends on preferred shares — — — — — Net (loss) income attributable to shareholders $ (572) $ 839 $ 4,578 $ 1,037 $ 5,882 (Loss) earnings per share: Basic Continuing operations $ (0.04) $ 0.01 $ 0.06 $ (0.01) $ 0.02 Discontinued operations $ 0.03 $ 0.00 $ (0.01) $ 0.02 $ 0.05 Diluted Continuing operations $ (0.04) $ 0.01 $ 0.06 $ (0.01) $ 0.02 Discontinued operations $ 0.03 $ 0.00 $ (0.01) $ 0.02 $ 0.05 Weighted Average Shares Outstanding: Basic 81,534,454 83,160,037 84,708,071 85,065,125 83,654,068 Diluted 81,534,454 83,160,047 84,709,656 85,068,966 83,664,833 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In January 2020, we issued 11,991 common shares to certain directors as compensation. Certain holders of Class B Units converted 85,794 Class B Units in exchange for 63,538 common shares during the first quarter of 2020. Series 2020 Bonds On February 11, 2020, our subsidiary (“Jefferson”) issued Series 2020 Bonds in an aggregate principal amount of approximately $264.0 million. The Series 2020 Bonds are designated as $184.9 million of Series 2020A Dock and Wharf Facility Revenue Bonds (the “Series 2020A Bonds”), and $79.1 million of Series 2020B Taxable Facility Revenue Bonds (the “Taxable Series 2020B Bonds”). The Series 2020A Bonds maturing on January 1, 2035 ($53.5 million aggregate principal amount) bear interest at a fixed rate of 3.625%. The Series 2020A Bonds maturing on January 1, 2050 ($131.4 million aggregate principal amount) bear interest at a fixed rate of 4.00%. The Taxable Series 2020B Bonds will mature on January 1, 2025 and bear interest at a fixed rate of 6.00%. Jefferson used a portion of the net proceeds from this offering to refund, redeem and defease the Series 2012 Bonds, Series 2016 Bonds and Jefferson Revolver, and intends to use a portion of the net proceeds to pay for or reimburse the cost of development, construction and acquisition of certain facilities, to fund certain reserve and funded interest accounts related to the Series 2020 Bonds, and to pay for or reimburse certain costs of issuance of the Series 2020 Bonds. Dividends On February 27, 2020, our Board of Directors declared a cash dividend on our common shares and eligible participating securities of $0.33 per share for the quarter ended December 31, 2019, payable on March 24, 2020 to the holders of record on March 13, 2020. Additionally, on February 27, 2020, our Board of Directors declared cash dividends on the Series A Preferred Shares and Series B Preferred Shares of $0.52 and $0.60 per share, respectively, for the quarter ended December 31, 2019, payable on March 16, 2020 to the holders of record on March 9, 2020. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | We consolidate all entities in which we have a controlling interest and in which we have control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. We use the equity method of accounting for investments in entities in which we exercise significant influence but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities. |
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, we encounter 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 we operate which could adversely impact the pricing of our services 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 our leasing equipment or operating assets. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. Through our subsidiaries, we also conduct operations outside of the United States; such international operations are subject to the same risks as those associated with our 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. We do not have significant exposure to foreign currency risk as all of our leasing arrangements, terminal services revenue and the majority of freight rail revenue are denominated in U.S. dollars. |
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. |
Cash and Cash Equivalents | We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. |
Available-For-Sale Securities | We consider listed equity securities as available-for-sale securities recorded at fair value with unrealized gains (losses) recorded in other comprehensive income (loss) and realized gains (losses) recorded in earnings. Our basis on which the cost of the security sold or the amount reclassified out of other comprehensive income into earnings is determined using specific identification. |
Inventory | Commodities inventory is carried at the lower of cost or net realizable value on our balance sheet. Commodities are removed from inventory based on the average cost at the time of sale. |
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: Asset Range of Estimated Useful Lives Residual Value Estimates Aircraft 25 years from date of manufacture Generally 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 10% of new build cost Railcars 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 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. We review our depreciation policies on a regular basis to determine whether changes have taken place that would suggest that a change in our depreciation policies, useful lives of our 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. Our 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. We capitalize the costs associated with the drydockings and amortize them on a straight-line basis over the period between drydockings, usually between 30 and 60 months. In accounting for leasing equipment, we make 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, we rely upon observable market data for the same or similar types of equipment and, in the case of aviation equipment, our own estimates with respect to a lessee’s anticipated utilization of the aircraft or engine. When we acquire leasing equipment subject to an in-place lease, determining the fair value of the in-place lease requires us 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, construction projects and tax exempt bonds 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. |
Impairment of Long-Lived Assets | We perform a recoverability assessment of each of our 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, we measure 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 | Our 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. |
Goodwill | Goodwill includes the excess of the purchase price over the fair value of the net tangible and intangible assets associated with the acquisition of Jefferson Terminal. The carrying amount of goodwill was approximately $122.6 million and $116.0 million as of December 31, 2019 and 2018, respectively. The increase relates to our purchase of the remaining 50% interest in JGP Energy Partners LLC (“JGP”). See Note 7 for additional details.We review 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, we review 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, 2019 or 2018. 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 our 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. We estimate the fair value of the reporting units using an income approach, specifically a discounted cash flow analysis. This analysis requires us to make significant assumptions and estimates about the extent and timing of future cash flows (including forecasted revenue growth rates and EBITDA margins), capital expenditures and discount rates. The estimates and assumptions used consider historical performance if indicative of future performance, and are consistent with the assumptions used in determining future profit plans for the reporting units. We also utilize market valuation models and other financial ratios, which require us to make certain assumptions and estimates regarding the applicability of those models to our assets and businesses. |
Intangibles and amortization | Intangibles include the value of acquired favorable and unfavorable leases and existing customer relationships acquired in connection with the acquisition of Jefferson Terminal. In accounting for acquired leasing equipment, we make estimates about the fair value of the acquired leases. In determining the fair value of these leases, we make assumptions regarding the current fair values of leases for identical or similar equipment in order to determine if the acquired 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. |
Equipment Leasing Revenues | Operating Leases — We lease 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. Generally, under our aircraft lease and engine agreements, the lessee is required to make periodic maintenance payments calculated based on the lessee’s utilization of the leased asset. Typically, under our aircraft lease agreements, the lessee is responsible for maintenance, repairs and other operating expenses throughout the term of the lease. These periodic maintenance payments accumulate over the term of the lease to fund major maintenance events, and we are contractually obligated to return maintenance payments to the lessee up to the amount paid by the lessee. In the event the total cost of maintenance events over the term of a lease is less than the cumulative maintenance payments, we are not required to return any unused or excess maintenance payments to the lessee. Maintenance payments received for which we expect to repay to the lessee are presented as Maintenance Deposits in our Consolidated Balance Sheets. All excess maintenance payments received that we do not expect to repay to the lessee are recorded as Maintenance revenues. Estimates in recognizing revenue include mean time between removal, projected costs for engine maintenance and forecasted utilization of aircraft which are affected by historical usage patterns and overall industry, market and economic conditions. Significant changes to these estimates could have a material effect on the amount of revenue recognized in the period. Finance Leases —From time to time we enter into finance lease arrangements that include a lessee obligation to purchase the leased equipment at the end of the lease term, include a bargain purchase option, or provides for minimum lease payments with a present value that equals or exceeds substantially all of the fair value of the leased equipment at the date of lease inception. Net investment in finance lease represents the minimum lease payments due from lessee, 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 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. |
Infrastructure Revenues | Infrastructure Revenues Terminal Services Revenues —Terminal services are provided to customers for the receipt and redelivery of various commodities. These revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time. Lease Income —Lease income consists of rental income from tenants for storage space. Lease income is recognized on a straight-line basis over the terms of the relevant lease agreement. Crude Marketing Revenues —Crude marketing revenues consist of marketing revenue related to Canadian crude oil. The revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time. Other Revenue —Other revenue primarily consists of revenue related to the handling, storage and sale of raw materials. Other revenue consists of two performance obligations: handling and storage of raw materials. The revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time. Payment terms for Infrastructure Revenues are generally short term in nature. Leasing Arrangements —At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized in Operating lease right-of-use assets, net and Operating lease liabilities in our Consolidated Balance Sheets, respectively. Finance lease ROU assets are recognized in Property, plant and equipment, net and lease liabilities are recognized in Other liabilities in our Consolidated Balance Sheets. All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. The finance lease ROU assets are subsequently amortized using the straight-line method. Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs. We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets, and lease liabilities and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred. |
Concentration of Credit Risk | We are subject to concentrations of credit risk with respect to amounts due from customers on our finance leases and operating leases. We attempt to limit our credit risk by performing ongoing credit evaluations. |
Provision for Doubtful Accounts | We determine the provision for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis. |
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. Our comprehensive income (loss) represents net income (loss), as presented in the Consolidated Statements of Operations, adjusted for fair value changes related to the available-for-sale securities and other comprehensive income related to our equity method investees. |
Derivative Financial Instruments | Electricity Derivatives — Through our equity method investment in Long Ridge, we enter into derivative contracts as part of a risk management program to mitigate price risk associated with certain electricity price exposures. We primarily use swap derivative contracts, which are agreements to buy or sell a quantity of electricity at a predetermined future date and at a predetermined price. Cash Flow Hedges Certain of these derivative instruments are designated and qualify as cash flow hedges. The derivative's gain or loss is reported as Other comprehensive income related to equity method investees in our Consolidated Statements of Comprehensive Income (Loss) and recorded in Accumulated other comprehensive income in our Consolidated Balance Sheets. The gain or loss is subsequently reclassified into the income statement line item that is impacted by the forecasted transaction when the forecasted transaction affects net earnings in our equity method investment. Derivatives Not Designated as Hedging Instruments Certain of these derivative instruments are not designated as hedging instruments for accounting purposes. The change in fair value of these contracts is recognized in Other income (expense) in the Consolidated Statements of Operations. The cash flow impact of derivative contracts that are not designated as hedging instruments is recognized in Change in fair value of non-hedge derivatives in our Consolidated Statements of Cash Flows. Commodity Derivatives — We also enter into short-term and long-term crude forward contracts. Gains and losses related to our crude sales and purchase derivatives are recorded on a gross basis and are included in Crude marketing revenues and Operating expenses, respectively, in our Consolidated Statements of Operations. See Note 11 for additional details. The cash flow impact of these derivatives is recognized in Change in fair value of non-hedge derivatives in our Consolidated Statements of Cash Flows. All of our outstanding derivatives are not used for speculative purposes. We record all derivative assets and liabilities on a gross basis at fair value and are included in Other assets and Other liabilities, respectively, in our Consolidated Balance Sheets. |
Foreign Currency | Our 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 our income earned by our corporate subsidiaries is subject to U.S. federal and state income taxation, taxed at prevailing rates. The remainder of our income is allocated directly to our partners and is not subject to a corporate level of taxation. Certain subsidiaries of ours are subject to income tax in the foreign countries in which they conduct business. We account 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. We file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and in certain foreign jurisdictions. The income tax returns filed by us and our subsidiaries are subject to examination by the U.S. federal, state and foreign tax authorities. We recognize 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. |
Recent Accounting Pronouncements and Unadopted Accounting Pronouncements | In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (and subsequently issued ASU 2018-01, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01, collectively, “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. On January 1, 2019, we adopted ASU 2016-02 using the modified retrospective approach. We utilized the effective date transition method and accordingly are not required to adjust our comparative period financial information for effects of ASU 2016-02. We adopted the package of practical expedients which permits us not to reassess under the new standard our prior conclusions about lease identification (including land easements), lease classification and initial direct costs. The adoption of ASU 2016-02 resulted in the recognition of ROU assets and lease liabilities of approximately $46 million in our Consolidated Balance Sheets as of January 1, 2019. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, which improves the financial reporting of hedging relationships to better represent the economic results of an entity’s risk management activities in its financial statements and make certain improvements to simplify the application of the hedge accounting guidance. The amendments will make more financial and nonfinancial hedging strategies eligible for hedge accounting, amend the presentation and disclosure requirements and change how entities assess effectiveness. Entities are required to apply the amendments as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period after adoption. On January 1, 2019, we adopted this standard and it did not have an impact on our consolidated financial statements as we did not have any hedging relationships prior to adoption. In June 2018, the FASB, issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The new guidance expands the scope of ASC 718 to include share-based payments granted to nonemployees in exchange for goods or services used or consumed in an entity’s own operations and supersedes the guidance in ASC 505-50. On January 1, 2019, we adopted this standard and it did not have an impact on our consolidated financial statements. Unadopted Accounting Pronouncements — In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) . For assets held at amortized cost basis, ASU 2016-13 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however this ASU requires that credit losses be presented as an allowance rather than as a write-down. This ASU affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We do not expect adoption to have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”) . ASU 2017-04 addresses concerns over the cost and complexity of the two-step goodwill impairment test by removing the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment. ASU 2017-01 will be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We do not expect adoption to have an impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The guidance is effective for all entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, and early adoption is permitted. We do not expect adoption to have a material impact on our consolidated financial statements or disclosures. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 and early adoption is permitted. We are currently assessing the impact this guidance will have on our consolidated financial statements. |
Fair Value Measurement | 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 us to develop our 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. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table presents the carrying value of significant classes of assets and liabilities of discontinued operations as of December 31, 2018: Assets Accounts receivable, net $ 7,375 Property, plant and equipment, net 46,834 Intangible assets, net 15 Goodwill 594 Other assets 1,926 Total assets $ 56,744 Liabilities Accounts payable and accrued liabilities $ 11,520 Debt, net 22,239 Other liabilities 1,704 Total liabilities $ 35,463 The following table presents the significant components of net income (loss) from discontinued operations: Year Ended December 31, 2019 2018 2017 Revenues Total revenues $ 39,071 $ 37,766 $ 32,607 Expenses Operating expense 32,815 30,944 29,966 Acquisition and transaction expenses 5,526 — — Depreciation and amortization 2,202 2,446 2,037 Interest expense 1,458 1,009 1,029 Total expenses 42,001 34,399 33,032 Gain (loss) on sale of assets, net 77,468 — (312) Other expense — (42) — Other income (expense) 77,468 (42) (312) Income (loss) before income taxes 74,538 3,325 (737) Provision for (benefit from) income taxes 1,076 (1,077) — Net income (loss) 73,462 4,402 (737) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 247 339 (70) Net income (loss) attributable to shareholders $ 73,215 $ 4,063 $ (667) The following table presents the significant non-cash items and capital expenditures from discontinued operations: Year Ended December 31, 2019 2018 2017 Operating activities: Depreciation and amortization $ 2,202 $ 2,446 $ 2,037 Amortization of deferred financing costs 256 282 275 Share-based compensation expense 3,114 184 730 Investing activities: Purchases of property, plant and equipment $ (6,949) $ (8,461) $ (12,060) |
LEASING EQUIPMENT, NET (Tables)
LEASING EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessor, Operating Lease, Carrying Value of Assets Subject to Leases | Leasing equipment, net is summarized as follows: December 31, 2019 2018 Leasing equipment $ 2,019,773 $ 1,672,156 Less: Accumulated depreciation (312,714) (239,946) Leasing equipment, net $ 1,707,059 $ 1,432,210 |
Lessor, Acquisition and Disposition of Leasing Equipment | The following table presents information related to our acquisitions and dispositions of aviation leasing equipment: Year Ended December 31, 2019 2018 2017 Acquisitions: Aircraft 31 29 25 Engines 31 34 58 Dispositions: Aircraft 5 1 3 Engines 58 13 14 Gain on sale of leasing equipment $ 81,954 $ 3,911 $ 7,188 |
Operating Lease, Lease Income | Depreciation expense for leasing equipment is summarized as follows: Year Ended December 31, 2019 2018 2017 Depreciation expense for leasing equipment $ 137,004 $ 110,012 $ 69,331 |
FINANCE LEASES, NET (Tables)
FINANCE LEASES, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Direct Financing Lease, Lease Income | Finance leases, net are summarized as follows: December 31, 2019 2018 Finance leases $ 12,388 $ 28,476 Unearned revenue (4,073) (9,853) Finance leases, net $ 8,315 $ 18,623 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment, net is summarized as follows: December 31, 2019 2018 Land, site improvements and rights $ 51,901 $ 69,352 Construction in progress (1) 211,110 253,176 Buildings and improvements 3,783 9,209 Terminal machinery and equipment 519,603 349,227 Proved oil and gas properties — 20,099 Track and track related assets 2,208 5,214 Railroad equipment 4,823 4,111 Computer hardware and software 4,325 3,639 Furniture and fixtures 2,322 456 Vehicles 450 649 800,525 715,132 Less: Accumulated depreciation (69,935) (54,632) Spare parts 1,519 1,519 Property, plant and equipment, net $ 732,109 $ 662,019 ______________________________________________________________________________________ (1) Includes unproved oil and gas properties of $0 (net of the Long Ridge Transaction, as defined in Note 7) and $59,930 as of December 31, 2019 and 2018, respectively. |
Depreciation | Depreciation expense for property, plant and equipment is summarized as follows: Year Ended December 31, 2019 2018 2017 Depreciation expense for property, plant and equipment: Continuing operations $ 28,466 $ 20,343 $ 13,189 Discontinued operations 2,187 2,401 1,992 Total $ 30,653 $ 22,744 $ 15,181 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | The following table presents the ownership interests and carrying values of our investments: Carrying Value Investment Ownership Percentage December 31, 2019 December 31, 2018 Advanced Engine Repair JV Equity method 25% $ 24,652 $ 12,981 JGP Energy Partners LLC Equity method at December 31, 2018 100% and 50% as of December 31, 2019 and 2018, respectively — 25,461 Intermodal Finance I, Ltd. Equity method 51% 501 2,118 Long Ridge Terminal LLC Equity method 50% 155,397 — $ 180,550 $ 40,560 The following table presents our proportionate share of equity in earnings (losses): Year Ended December 31, 2019 2018 2017 Advanced Engine Repair JV $ (1,829) $ (743) $ (1,276) JGP Energy Partners LLC (292) (574) (322) Intermodal Finance I, Ltd. (62) 309 (3) Long Ridge Terminal LLC (192) — — Total $ (2,375) $ (1,008) $ (1,601) |
Equity Method Investments Financial Information | The tables below present summarized financial information for our equity method investments: December 31, Balance Sheet 2019 2018 Assets Cash and cash equivalents $ 16,812 $ 7,981 Restricted cash 30,917 46 Accounts receivable, net 12,219 1,044 Leasing equipment, net 2,546 3,483 Finance leases, net — 1,479 Property, plant, and equipment, net 390,416 50,402 Intangible assets, net 123,638 45,000 Goodwill 89,294 — Other assets 6,667 487 Total assets $ 672,509 $ 109,922 Liabilities Accounts payable and accrued liabilities $ 37,437 $ 2,529 Debt, net 186,953 14,364 Other liabilities 530 41 Total liabilities 224,920 16,934 Equity Shareholders’ equity 465,461 102,959 Accumulated deficit (17,872) (9,971) Total equity 447,589 92,988 Total liabilities and equity $ 672,509 $ 109,922 Year Ended December 31, Income Statement 2019 2018 2017 Revenue $ 8,887 $ 9,435 $ 4,569 Total revenue 8,887 9,435 4,569 Expenses Research and development cost 6,323 2,134 4,073 Operating expenses 7,669 8,435 4,371 General and administrative 1,550 1,437 1,588 Management fees and incentive allocation to affiliate 142 400 1,022 Depreciation and amortization 2,351 2,158 2,099 Interest expense 285 937 1,261 Total expenses 18,320 15,501 14,414 Other income 734 2,070 3,667 Loss before income taxes (8,699) (3,996) (6,178) Provision for income taxes — — — Net loss $ (8,699) $ (3,996) $ (6,178) |
INTANGIBLE ASSETS AND LIABILI_2
INTANGIBLE ASSETS AND LIABILITIES, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets and Liabilities Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets and Liabilities | Our intangible assets and liabilities, net are summarized as follows: December 31, 2019 Aviation Leasing Jefferson Terminal Total Intangible assets Acquired favorable lease intangibles $ 49,762 $ — $ 49,762 Less: Accumulated amortization (38,652) — (38,652) Acquired favorable lease intangibles, net 11,110 — 11,110 Customer relationships — 35,513 35,513 Less: Accumulated amortization — (18,931) (18,931) Acquired customer relationships, net — 16,582 16,582 Total intangible assets, net $ 11,110 $ 16,582 $ 27,692 Intangible liabilities Acquired unfavorable lease intangibles $ 5,170 $ — $ 5,170 Less: Accumulated amortization (3,014) — (3,014) Acquired unfavorable lease intangibles, net $ 2,156 $ — $ 2,156 December 31, 2018 Aviation Leasing Jefferson Terminal Total Intangible assets Acquired favorable lease intangibles $ 48,143 $ — $ 48,143 Less: Accumulated amortization (29,780) — (29,780) Acquired favorable lease intangibles, net 18,363 — 18,363 Customer relationships — 35,513 35,513 Less: Accumulated amortization — (15,378) (15,378) Acquired customer relationships, net — 20,135 20,135 Total intangible assets, net $ 18,363 $ 20,135 $ 38,498 Intangible liabilities Acquired unfavorable lease intangibles $ 3,736 $ — $ 3,736 Less: Accumulated amortization (2,114) — (2,114) Acquired unfavorable lease intangibles, net $ 1,622 $ — $ 1,622 |
Schedule of Amortization of Intangibles | Amortization of intangible assets and liabilities is recorded as follows: Classification in Consolidated Statements of Operations Year Ended December 31, 2019 2018 2017 Lease intangibles Equipment leasing revenues $ 7,181 $ 8,588 $ 4,716 Customer relationships: Depreciation and amortization Continuing operations 3,553 3,553 3,553 Discontinued operations 15 45 45 Total $ 10,749 $ 12,186 $ 8,314 |
Schedule of Net Annual Amortization of Intangibles | As of December 31, 2019, estimated net annual amortization of intangibles is as follows: 2020 $ 7,982 2021 6,611 2022 4,833 2023 3,733 2024 2,377 Thereafter — Total $ 25,536 |
DEBT, NET (Tables)
DEBT, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Our debt, net is summarized as follows: December 31, 2019 December 31, 2018 Outstanding Borrowings Stated Interest Rate Maturity Date Outstanding Borrowings Loans payable FTAI Pride Credit Agreement (1) $ 36,009 LIBOR + 4.50% 9/16/2020 $ 47,743 Jefferson Revolver (2) 50,000 (i) Base Rate + 1.50%; or (ii) Base Rate + 2.50% (Eurodollar) 3/7/2021 49,805 DRP Revolver (3) 25,000 (i) Base Rate + 1.50%; or (ii) Base Rate + 2.50% (Eurodollar) 11/5/2021 — Revolving Credit Facility (2) — (i) Base Rate + 2.00%; or (ii) Adjusted Eurodollar Rate + 3.00% 1/31/2022 100,000 Total loans payable 111,009 197,548 Bonds payable Series 2012 Bonds (4) 41,059 8.25% 7/1/2032 42,797 Series 2016 Bonds (5) 144,200 7.25% 2/1/2036 144,200 Senior Notes due 2022 (6) 697,814 6.75% 3/15/2022 549,405 Senior Notes due 2025 (7) 444,957 6.50% 10/1/2025 295,642 Total bonds payable 1,328,030 1,032,044 Debt 1,439,039 1,229,592 Less: Debt issuance costs (18,111) (14,484) Total debt, net $ 1,420,928 $ 1,215,108 Total debt due within one year $ 182,019 $ 49,413 ______________________________________________________________________________________ (1) Secured on a first priority basis by the offshore vessel. (2) Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (3) Requires a quarterly commitment fee at a rate of 0.875% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (4) Includes unamortized premium of $1,509 and $1,577 as of December 31, 2019 and 2018, respectively. (5) These bonds have a stated maturity of February 1, 2036 but are subject to mandatory tender for purchase at par, by our subsidiary, on February 13, 2020 if they have not been repurchased from proceeds of a remarketing of the bonds or redeemed prior to such date. (6) Includes unamortized discount of $5,429 and $5,154, respectively, and an unamortized premium of $3,243 and $4,559, respectively, as of December 31, 2019 and 2018. (7) Includes unamortized discount of $5,043 and $4,358 as of December 31, 2019 and 2018, respectively. |
Schedule of Maturities of Long-term Debt | As of December 31, 2019, scheduled principal repayments under our debt agreements for the next five years and thereafter are summarized as follows: 2020 2021 2022 2023 2024 Thereafter Total FTAI Pride Credit Agreement $ 36,009 $ — $ — $ — $ — $ — $ 36,009 Jefferson Revolver — 50,000 — — — — 50,000 DRP Revolver — 25,000 — — — — 25,000 Revolving Credit Facility — — — — — — — Series 2012 Bonds 1,810 1,960 2,120 2,295 2,485 28,880 39,550 Series 2016 Bonds 144,200 — — — — — 144,200 Senior Notes due 2022 — — 700,000 — — — 700,000 Senior Notes due 2025 — — — — — 450,000 450,000 Total principal payments on loans and bonds payable $ 182,019 $ 76,960 $ 702,120 $ 2,295 $ 2,485 $ 478,880 $ 1,444,759 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following tables set forth our financial assets measured at fair value on a recurring basis by level within the fair value hierarchy. Assets 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, 2019 December 31, 2019 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 226,512 $ 226,512 $ — $ — Market Restricted cash 16,005 16,005 — — Market Derivative assets 181 — — 181 Income Total assets $ 242,698 $ 242,517 $ — $ 181 Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2018 December 31, 2018 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 99,601 $ 99,601 $ — $ — Market Restricted cash 21,236 21,236 — — Market Derivative assets 7,470 — — 7,470 Income Total assets $ 128,307 $ 120,837 $ — $ 7,470 Liabilities Derivative liabilities $ (925) $ — $ — $ (925) Income |
Fair Value, by Balance Sheet Grouping | The fair value of our bonds and notes payable reported as debt, net in the Consolidated Balance Sheets are presented in the table below: December 31, 2019 2018 Series 2012 Bonds (1) $ 41,450 $ 42,633 Series 2016 Bonds (1) 145,143 149,582 Senior Notes due 2022 731,451 551,144 Senior Notes due 2025 475,884 283,965 ______________________________________________________________________________________ (1) Fair value is based upon market prices for similar municipal securities. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table presents information related to our outstanding derivative contracts: Notional Amount Fair Value of Assets (1) Fair Value of Liabilities (1) Term December 31, 2019 Crude oil forwards (BBL) 150 $ 181 $ — 1 to 2 months December 31, 2018 Crude oil forwards (BBL) 3,225 $ 7,470 $ (925) 1 to 12 months ______________________________________________________________________________________ (1) Included in Other assets and Other liabilities, respectively, in our Consolidated Balance Sheets. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents a summary of the changes in fair value for all Level 3 derivatives: Year Ended December 31, 2019 2018 2017 Beginning Balance $ 6,545 $ 1,022 $ — Net unrealized gains (losses) recognized in earnings (6,364) 5,523 1,022 Purchases 314 8,473 1,011 Sales (674) (178) (10) Settlements 360 (8,295) (1,001) Ending Balance $ 181 $ 6,545 $ 1,022 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Year Ended December 31, 2019 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Equipment leasing revenues Lease income $ 197,305 $ — $ — $ 9,796 $ 207,101 Maintenance revenue 134,914 — — — 134,914 Finance lease income 2,648 — — — 2,648 Other revenue 1,808 — — 2,851 4,659 Total equipment leasing revenues 336,675 — — 12,647 349,322 Infrastructure revenues Lease income — 2,306 1,056 — 3,362 Terminal services revenues — 35,908 7,057 — 42,965 Crude marketing revenues — 166,134 — — 166,134 Other revenue — — 14,074 2,917 16,991 Total infrastructure revenues — 204,348 22,187 2,917 229,452 Total revenues $ 336,675 $ 204,348 $ 22,187 $ 15,564 $ 578,774 Year Ended December 31, 2018 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Equipment leasing revenues Lease income $ 151,531 $ — $ — $ 5,659 $ 157,190 Maintenance revenue 89,870 — — — 89,870 Finance lease income 1,895 — — 1,454 3,349 Other revenue 974 — — 1,656 2,630 Total equipment leasing revenues 244,270 — — 8,769 253,039 Infrastructure revenues Lease income — 272 1,462 — 1,734 Terminal services revenues — 10,108 — — 10,108 Crude marketing revenues — 60,518 — — 60,518 Other revenue — 87 15,982 644 16,713 Total infrastructure revenues — 70,985 17,444 644 89,073 Total revenues $ 244,270 $ 70,985 $ 17,444 $ 9,413 $ 342,112 Year Ended December 31, 2017 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Equipment leasing revenues Lease income $ 91,103 $ — $ — $ 8,433 $ 99,536 Maintenance revenue 65,651 — — — 65,651 Finance lease income — — — 1,536 1,536 Other revenue 39 — — 3,238 3,277 Total equipment leasing revenues 156,793 — — 13,207 170,000 Infrastructure revenues Lease income — — 1,111 — 1,111 Terminal services revenues — 10,229 — — 10,229 Other revenue — — 3,712 — 3,712 Total infrastructure revenues — 10,229 4,823 — 15,052 Total revenues $ 156,793 $ 10,229 $ 4,823 $ 13,207 $ 185,052 |
Lessor, Operating Lease, Payments to be Received, Maturity | Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases across several market sectors as of December 31, 2019: Operating leases Finance leases 2020 $ 183,004 $ 1,611 2021 121,447 1,291 2022 78,808 897 2023 48,705 274 2024 33,352 — Thereafter 14,815 — Total $ 480,131 $ 4,073 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases across several market sectors as of December 31, 2019: Operating leases Finance leases 2020 $ 183,004 $ 1,611 2021 121,447 1,291 2022 78,808 897 2023 48,705 274 2024 33,352 — Thereafter 14,815 — Total $ 480,131 $ 4,073 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The following table presents lease related costs for the year ended December 31, 2019: Operating lease expense $ 5,857 Short-term lease expense 3,605 Variable lease expense 3,263 Sublease income (1,032) Lease expense from continuing operations 11,693 Finance lease expense 304 Operating lease expense 3,705 Lease expense from discontinued operations 4,009 Total lease expense $ 15,702 |
Supplemental Information Related to Leases | The following table presents information related to our operating leases as of and for the year ended December 31, 2019: Right-of-use assets, net $ 37,466 Lease liabilities $ 36,968 Weighted average remaining lease term 41.9 years Weighted average incremental borrowing rate 7.4 % Cash paid for amounts included in the measurement of operating lease liabilities Continuing operations $ 4,882 Discontinued operations $ 3,595 |
Lessee, Operating Lease, Liability, Maturity | The following table presents future minimum lease payments under non-cancellable operating leases as of December 31, 2019: 2020 $ 3,308 2021 3,379 2022 3,250 2023 3,194 2024 2,963 Thereafter 105,754 Total undiscounted lease payments 121,848 Less: Imputed interest 84,880 Total lease liabilities $ 36,968 |
EQUITY-BASED COMPENSATION (Tabl
EQUITY-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Arrangements | The following table presents our stock-based compensation expense: Year Ended December 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met 2019 2018 2017 Stock options $ — $ 9 $ — $ — Restricted shares 1,054 359 318 1,088 Common units 455 349 295 754 Total - continuing operations $ 1,509 $ 717 $ 613 $ 1,842 Common units - discontinued operations $ 3,114 $ 184 $ 730 The following tables present information for our stock options, restricted shares and common units: Stock Options Restricted Shares Common Units Options Weighted Average Exercise Price Shares Weighted Average Issuance Price Units Weighted Average Issuance Price Outstanding as of 851,342 $ 18.20 49,766 $ 19.87 1,009,598 $ 1.16 Granted 1,262,362 15.94 113,121 13.26 1,110,000 0.60 Less: exercised / vested — 58,662 14.65 1,162,930 0.27 Less: forfeited and canceled — — — Outstanding as of 2,113,704 104,225 956,668 Stock Options Restricted Shares Common Units As of December 31, 2019: Weighted average exercise / issuance price (per share) $ 16.85 $ 14.23 $ 1.18 Aggregate intrinsic value (in thousands) $ 5,684 $ 1,483 $ 1,130 Weighted average remaining contractual term (in years) 9.1 0.9 0.9 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of these options were recorded as an increase in equity with an offsetting reduction of capital proceeds received. The following table presents information related to the options issued in 2019 and 2018: November 2019 September 2019 December 2018 January 2018 Number of options 686,978 575,384 126,342 700,000 Fair value ($ millions) $ 1.1 $ 0.7 $ 0.2 $ 1.9 Expected volatility The expected stock volatility is based on an assessment of the volatility of our publicly traded common shares 21.89 % 21.45 % 18.71 % 27.73 % 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. 1.67 % 1.45 % 2.98 % 2.52 % Expected dividend yield The expected dividend yield is based on management’s current expected dividend rate. 6.58 % 8.02 % 6.81 % 5.45 % Expected term Expected term used represents the period of time the options granted are expected to be outstanding. 10 years 10 years 10 years 10 years |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | The current and deferred components of the income tax provision included in the Consolidated Statements of Operations are as follows: Year Ended December 31, 2019 2018 2017 Current: Federal $ 55 $ 75 $ 1,551 State and local 423 250 145 Foreign 188 63 76 Total current provision 666 388 1,772 Deferred: Federal 12,937 1,528 215 State and local (638) 621 5 Foreign 4,845 (88) (38) Total deferred provision 17,144 2,061 182 Provision for (benefit from) income taxes: Continuing operations 17,810 2,449 1,954 Discontinued operations 1,076 (1,077) — Total $ 18,886 $ 1,372 $ 1,954 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between our reported total provision for income taxes and the U.S. federal statutory rate of 21% is as follows: Year Ended December 31, 2019 2018 2017 U.S. federal tax at statutory rate 21.0 % 21.0 % 35.0 % Income not subject to tax at statutory rate (21.7) % 121.9 % 98.2 % State and local taxes (0.1) % (6.1) % (0.5) % Foreign taxes 2.7 % 7.7 % (0.2) % Branch profit tax — % (0.5) % (2.6) % Change in tax rates — % — % (6.9) % Other (0.6) % (0.2) % 1.0 % Change in valuation allowance 7.0 % (153.3) % (133.2) % Provision for income taxes 8.3 % (9.5) % (9.2) % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows: December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 74,555 $ 64,034 Accrued expenses 1,252 1,241 Interest expense 25,306 19,380 Operating lease liabilities 6,104 — Other 2,041 1,233 Total deferred tax assets 109,258 85,888 Less valuation allowance (79,176) (68,294) Net deferred tax assets 30,082 17,594 Deferred tax liabilities: Investment in partnerships (22,250) — Fixed assets and goodwill (21,592) (19,117) Operating lease right-of-use assets (6,032) — Net deferred tax liabilities $ (19,792) $ (1,523) |
Summary of Valuation Allowance | A summary of the changes in the valuation allowance is as follows: December 31, 2019 2018 Valuation allowance at beginning of period $ 68,294 $ 45,624 Change due to current year losses 19,330 22,670 Change due to current year releases (8,448) — Valuation allowance at end of period $ 79,176 $ 68,294 |
MANAGEMENT AGREEMENT AND AFFI_2
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Management fees, income incentive allocation and capital gains incentive allocation | The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation: Year Ended December 31, 2019 2018 2017 Management fees $ 14,828 $ 15,319 $ 15,218 Income incentive allocation — — — Capital gains incentive allocation 21,231 407 514 Total $ 36,059 $ 15,726 $ 15,732 |
Reimbursement to Manager | The following table summarizes our reimbursements to the Manager: Year Ended December 31, 2019 2018 2017 Classification in the Consolidated Statements of Operations: General and administrative expenses $ 11,017 $ 9,910 $ 8,064 Acquisition and transaction expenses 3,399 6,653 6,295 Total $ 14,416 $ 16,563 $ 14,359 |
Amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets | The following table summarizes amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets: December 31, 2019 2018 Accrued management fees $ 1,410 $ 1,263 Other payables 21,992 3,965 |
Non-controlling interest share of net loss | The following table presents the amount of this non-controlling interest share of net loss: Year Ended December 31, 2019 2018 2017 Non-controlling interest share of net loss $ 17,357 $ 13,436 $ 8,662 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year Ended December 31, 2019 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Revenues Equipment leasing revenues $ 336,675 $ — $ — $ 12,647 $ 349,322 Infrastructure revenues — 204,348 22,187 2,917 229,452 Total revenues 336,675 204,348 22,187 15,564 578,774 Expenses Operating expenses 14,132 231,506 24,854 17,544 288,036 General and administrative — — — 20,441 20,441 Acquisition and transaction expenses 518 — 5,008 12,097 17,623 Management fees and incentive allocation to affiliate — — — 36,059 36,059 Depreciation and amortization 128,990 22,873 9,849 7,311 169,023 Interest expense — 16,189 1,712 77,684 95,585 Total expenses 143,640 270,568 41,423 171,136 626,767 Other income (expense) Equity in losses of unconsolidated entities (1,829) (292) (192) (62) (2,375) Gain on sale of assets, net 81,954 4,636 116,660 — 203,250 Asset impairment — — (4,726) — (4,726) Interest income 104 118 289 20 531 Other income — 634 1,809 1,002 3,445 Total other income 80,229 5,096 113,840 960 200,125 Income (loss) from continuing operations before income taxes 273,264 (61,124) 94,604 (154,612) 152,132 Provision for income taxes 2,826 284 14,700 — 17,810 Net income (loss) from continuing operations 270,438 (61,408) 79,904 (154,612) 134,322 Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries — (17,356) (215) — (17,571) Dividends on preferred shares — — — 1,838 1,838 Net income (loss) attributable to shareholders from continuing operations $ 270,438 $ (44,052) $ 80,119 $ (156,450) $ 150,055 Year Ended December 31, 2018 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Revenues Equipment leasing revenues $ 244,270 $ — $ — $ 8,769 $ 253,039 Infrastructure revenues — 70,985 17,444 644 89,073 Total revenues 244,270 70,985 17,444 9,413 342,112 Expenses Operating expenses 9,149 94,622 18,312 14,487 136,570 General and administrative — — — 17,126 17,126 Acquisition and transaction expenses 315 — — 6,653 6,968 Management fees and incentive allocation to affiliate — — — 15,726 15,726 Depreciation and amortization 102,419 19,745 5,139 6,605 133,908 Interest expense — 15,513 649 40,683 56,845 Total expenses 111,883 129,880 24,100 101,280 367,143 Other income (expense) Equity in (losses) earnings of unconsolidated entities (743) (574) — 309 (1,008) Gain on sale of assets, net 3,911 — — — 3,911 Interest income 202 270 — 16 488 Other income — 3,983 — — 3,983 Total other income 3,370 3,679 — 325 7,374 Income (loss) from continuing operations before income taxes 135,757 (55,216) (6,656) (91,542) (17,657) Provision for (benefit from) income taxes 2,280 261 1 (93) 2,449 Net income (loss) from continuing operations 133,477 (55,477) (6,657) (91,449) (20,106) Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries (24) (21,801) (100) — (21,925) Dividends on preferred shares — — — — — Net income (loss) attributable to shareholders from continuing operations $ 133,501 $ (33,676) $ (6,557) $ (91,449) $ 1,819 Year Ended December 31, 2017 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Revenues Equipment leasing revenues $ 156,793 $ — $ — $ 13,207 $ 170,000 Infrastructure revenues — 10,229 4,823 — 15,052 Total revenues 156,793 10,229 4,823 13,207 185,052 Expenses Operating expenses 6,247 31,213 9,117 15,842 62,419 General and administrative — — — 14,570 14,570 Acquisition and transaction expenses 441 — — 6,865 7,306 Management fees and incentive allocation to affiliate — — — 15,732 15,732 Depreciation and amortization 61,795 16,193 1,658 6,427 86,073 Interest expense — 13,568 1,088 23,142 37,798 Total expenses 68,483 60,974 11,863 82,578 223,898 Other income (expense) Equity in losses of unconsolidated entities (1,276) (321) — (4) (1,601) Gain on sale of assets, net 7,188 — — 11,405 18,593 Loss on extinguishment of debt — — — (2,456) (2,456) Interest income 297 376 — 15 688 Other income — 1,980 — 1,093 3,073 Total other income 6,209 2,035 — 10,053 18,297 Income (loss) from continuing operations before income taxes 94,519 (48,710) (7,040) (59,318) (20,549) Provision for (benefit from) income taxes 1,966 42 — (54) 1,954 Net income (loss) from continuing operations 92,553 (48,752) (7,040) (59,264) (22,503) Less: Net income (loss) from continuing operations attributable to non-controlling interests in consolidated subsidiaries 697 (22,991) (484) (526) (23,304) Dividends on preferred shares — — — — — Net income (loss) attributable to shareholders from continuing operations $ 91,856 $ (25,761) $ (6,556) $ (58,738) $ 801 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders from continuing operations: Year Ended December 31, 2019 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Adjusted EBITDA $ 432,934 $ (6,160) $ 114,760 $ (38,126) $ 503,408 Add: Non-controlling share of Adjusted EBITDA 9,859 Add: Equity in losses of unconsolidated entities (2,375) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 1,387 Less: Interest expense (95,585) Less: Depreciation and amortization expense (199,185) Less: Incentive allocations (21,231) Less: Asset impairment charges (4,726) Less: Changes in fair value of non-hedge derivative instruments (4,555) Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (17,623) Less: Equity-based compensation expense (1,509) Less: Provision for income taxes (17,810) Net income attributable to shareholders from continuing operations $ 150,055 The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders from continuing operations: Year Ended December 31, 2018 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Adjusted EBITDA $ 265,002 $ (11,645) $ (615) $ (36,870) $ 215,872 Add: Non-controlling share of Adjusted EBITDA 9,744 Add: Equity in losses of unconsolidated entities (1,008) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (359) Less: Interest expense (56,845) Less: Depreciation and amortization expense (160,567) Less: Incentive allocations (407) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments 5,523 Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (6,968) Less: Equity-based compensation expense (717) Less: Provision for income taxes (2,449) Net income attributable to shareholders from continuing operations $ 1,819 The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders from continuing operations: Year Ended December 31, 2017 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Adjusted EBITDA $ 163,828 $ (8,413) $ (3,515) $ (18,277) $ 133,623 Add: Non-controlling share of Adjusted EBITDA 12,535 Add: Equity in losses of unconsolidated entities (1,601) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 243 Less: Interest expense (37,798) Less: Depreciation and amortization expense (94,380) Less: Incentive allocations (514) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments 1,022 Less: Losses on the modification or extinguishment of debt and capital lease obligations (2,456) Less: Acquisition and transaction expenses (7,306) Less: Equity-based compensation expense (613) Less: Provision for income taxes (1,954) Net income attributable to shareholders from continuing operations $ 801 |
Revenue from External Customers by Geographic Areas | Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Year Ended December 31, 2019 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Revenues Africa $ 14,542 $ — $ — $ — $ 14,542 Asia 119,289 — — 12,647 131,936 Europe 157,942 — — — 157,942 North America 36,391 204,348 22,187 2,917 265,843 South America 8,511 — — — 8,511 Total revenues $ 336,675 $ 204,348 $ 22,187 $ 15,564 $ 578,774 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Year Ended December 31, 2018 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Revenues Africa $ 10,053 $ — $ — $ — $ 10,053 Asia 78,374 — — 7,315 85,689 Europe 121,546 — — — 121,546 North America 30,701 70,985 17,444 2,098 121,228 South America 3,596 — — — 3,596 Total revenues $ 244,270 $ 70,985 $ 17,444 $ 9,413 $ 342,112 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Year Ended December 31, 2017 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Revenues Africa $ 9,993 $ — $ — $ — $ 9,993 Asia 45,794 — — 6,074 51,868 Europe 84,023 — — 5,597 89,620 North America 16,278 10,229 4,823 1,536 32,866 South America 705 — — — 705 Total revenues $ 156,793 $ 10,229 $ 4,823 $ 13,207 $ 185,052 |
Long-lived Assets by Geographic Areas | The following tables sets forth summarized balance sheet information and the geographic location of property, plant and equipment and leasing equipment, net: December 31, 2019 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Total assets $ 1,694,837 $ 781,422 $ 366,402 $ 394,261 $ 3,236,922 Debt, net — 233,077 25,000 1,162,851 1,420,928 Total liabilities 285,099 324,509 63,930 1,224,527 1,898,065 Non-controlling interests in equity of consolidated subsidiaries — 35,671 785 524 36,980 Total equity 1,409,738 456,913 302,472 (830,266) 1,338,857 Total liabilities and equity $ 1,694,837 $ 781,422 $ 366,402 $ 394,261 $ 3,236,922 December 31, 2019 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Property, plant and equipment and leasing equipment, net Africa $ 43,348 $ — $ — $ — $ 43,348 Asia 487,913 — — 37,548 525,461 Europe 647,029 — — — 647,029 North America 311,185 560,059 200,319 123,067 1,194,630 South America 28,700 — — — 28,700 Total property, plant and equipment and leasing equipment, net $ 1,518,175 $ 560,059 $ 200,319 $ 160,615 $ 2,439,168 December 31, 2018 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total (1) Total assets $ 1,367,074 $ 670,682 $ 277,160 $ 267,118 $ 2,582,034 Debt, net — 234,862 — 980,246 1,215,108 Total liabilities 234,449 288,256 16,615 1,010,213 1,549,533 Non-controlling interests in equity of consolidated subsidiaries — 52,058 544 523 53,125 Total equity 1,132,625 382,426 260,545 (743,095) 1,032,501 Total liabilities and equity $ 1,367,074 $ 670,682 $ 277,160 $ 267,118 $ 2,582,034 ______________________________________________________________________________________ (1) Excludes assets, liabilities and equity from discontinued operations. December 31, 2018 Equipment Leasing Infrastructure Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total Property, plant and equipment and leasing equipment, net Africa $ 47,353 $ — $ — $ — $ 47,353 Asia 383,648 — — 34,667 418,315 Europe 592,670 — — 121,950 714,620 North America 177,962 433,404 263,747 4,323 879,436 South America 34,505 — — — 34,505 Total property, plant and equipment and leasing equipment, net $ 1,236,138 $ 433,404 $ 263,747 $ 160,940 $ 2,094,229 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculation of basic and diluted EPS is presented below. Year Ended December 31, (in thousands, except share and per share data) 2019 2018 2017 Net income (loss) from continuing operations $ 134,322 $ (20,106) $ (22,503) Net income (loss) from discontinued operations, net of income taxes 73,462 4,402 (737) Net income (loss) 207,784 (15,704) (23,240) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries: Continuing operations (17,571) (21,925) (23,304) Discontinued operations 247 339 (70) Dividends on preferred shares 1,838 — — Net income attributable to shareholders $ 223,270 $ 5,882 $ 134 Weighted average shares outstanding: Basic 85,992,019 83,654,068 75,766,811 Diluted 86,029,363 83,664,833 75,766,811 Basic EPS: Continuing operations $ 1.74 $ 0.02 $ 0.01 Discontinued operations $ 0.85 $ 0.05 $ (0.01) Diluted EPS: Continuing operations $ 1.74 $ 0.02 $ 0.01 Discontinued operations $ 0.85 $ 0.05 $ (0.01) |
QUARTERLY FINANCIAL INFORMATI_2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table presents unaudited summary information for our quarterly operations: 2019 Quarter Ended Year Ended December 31 (in thousands except share and per share data) March 31 June 30 September 30 December 31 Total revenues $ 114,894 $ 149,848 $ 152,700 $ 161,332 $ 578,774 Total expenses 123,403 164,798 169,430 169,136 626,767 Total other (expense) income (1,178) 27,630 37,338 136,335 200,125 (Loss) income from continuing operations before income taxes (9,687) 12,680 20,608 128,531 152,132 Provision for (benefit from) income taxes 267 (2,328) 872 18,999 17,810 Net (loss) income from continuing operations (9,954) 15,008 19,736 109,532 134,322 Net income from discontinued operations, net of income taxes 158 785 940 71,579 73,462 Net (loss) income (9,796) 15,793 20,676 181,111 207,784 Net (loss) income attributable to non-controlling interests in consolidated subsidiaries: Continuing operations (3,360) (4,580) (5,111) (4,520) (17,571) Discontinued operations (56) 41 116 146 247 Dividends on preferred shares — — — 1,838 1,838 Net (loss) income attributable to shareholders $ (6,380) $ 20,332 $ 25,671 $ 183,647 $ 223,270 (Loss) earnings per share: Basic Continuing operations $ (0.07) $ 0.23 $ 0.29 $ 1.30 $ 1.74 Discontinued operations $ 0.00 $ 0.01 $ 0.01 $ 0.83 $ 0.85 Diluted Continuing operations $ (0.07) $ 0.23 $ 0.29 $ 1.30 $ 1.74 Discontinued operations $ 0.00 $ 0.01 $ 0.01 $ 0.83 $ 0.85 Weighted Average Shares Outstanding: Basic 85,986,453 85,987,769 85,996,067 85,997,619 85,992,019 Diluted 85,986,453 85,989,029 86,005,604 86,090,207 86,029,363 2018 Quarter Ended Year Ended December 31 (in thousands except share and per share data) March 31 June 30 September 30 December 31 Total revenues $ 57,797 $ 63,191 $ 92,472 $ 128,652 $ 342,112 Total expenses 69,772 75,342 91,685 130,344 367,143 Total other income 431 5,983 621 339 7,374 (Loss) income from continuing operations before income taxes (11,544) (6,168) 1,408 (1,353) (17,657) Provision for income taxes 495 534 551 869 2,449 Net (loss) income from continuing operations (12,039) (6,702) 857 (2,222) (20,106) Net income (loss) from discontinued operations, net of income taxes 2,706 253 (134) 1,577 4,402 Net (loss) income (9,333) (6,449) 723 (645) (15,704) Net (loss) income attributable to non-controlling interests in consolidated subsidiaries Continuing operations (8,967) (7,339) (3,829) (1,790) (21,925) Discontinued operations 206 51 (26) 108 339 Dividends on preferred shares — — — — — Net (loss) income attributable to shareholders $ (572) $ 839 $ 4,578 $ 1,037 $ 5,882 (Loss) earnings per share: Basic Continuing operations $ (0.04) $ 0.01 $ 0.06 $ (0.01) $ 0.02 Discontinued operations $ 0.03 $ 0.00 $ (0.01) $ 0.02 $ 0.05 Diluted Continuing operations $ (0.04) $ 0.01 $ 0.06 $ (0.01) $ 0.02 Discontinued operations $ 0.03 $ 0.00 $ (0.01) $ 0.02 $ 0.05 Weighted Average Shares Outstanding: Basic 81,534,454 83,160,037 84,708,071 85,065,125 83,654,068 Diluted 81,534,454 83,160,047 84,709,656 85,068,966 83,664,833 |
ORGANIZATION (Details)
ORGANIZATION (Details) - number_of_segment | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of reportable segments | 3 | |
Number of primary businesses | 2 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, MMBbls in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2019USD ($) | Dec. 31, 2019USD ($)$ / sharesMMBbls | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2019USD ($)$ / sharesMMBbls | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2016 | |
Accounting Policies [Line Items] | ||||||||
Realized gain on sale of available for sale securities | $ 11,400,000 | |||||||
Interest paid, capitalized | $ 11,900,000 | $ 10,700,000 | 2,600,000 | |||||
Cost of property repairs and maintenance | 5,000,000 | 8,300,000 | 4,700,000 | |||||
Goodwill | $ 122,639,000 | $ 115,990,000 | $ 122,639,000 | 115,990,000 | ||||
Number of barrels for storage capacity | MMBbls | 21.7 | 21.7 | ||||||
Barrels for storage capacity in operation | MMBbls | 4.4 | 4.4 | ||||||
Storage capacity In operation percentage | 20.30% | 20.30% | ||||||
Goodwill, impairment loss | $ 0 | 0 | 0 | |||||
Debt issuance cost | $ 18,111,000 | 14,484,000 | 18,111,000 | 14,484,000 | ||||
Amortization | 8,100,000 | 5,100,000 | 3,900,000 | |||||
Provision for doubtful accounts | 1,300,000 | 1,100,000 | 1,300,000 | 1,100,000 | ||||
Bad debt expense | 3,986,000 | 1,771,000 | 701,000 | |||||
Maintenance right assets | 24,500,000 | 1,200,000 | 24,500,000 | 1,200,000 | ||||
Spare parts | $ 9,600,000 | $ 7,000,000 | $ 9,600,000 | $ 7,000,000 | ||||
Common stock dividends declared (in dollars per share) | $ / shares | $ 0.33 | $ 1.32 | $ 1.32 | $ 0.33 | ||||
Preferred stock dividends declared (in dollars per share) | $ / shares | $ 0.53 | |||||||
Operating lease right-of-use assets, net | $ 37,466,000 | $ 37,466,000 | ||||||
Operating lease liabilities | $ 36,968,000 | 36,968,000 | ||||||
Continuing Operations | ||||||||
Accounting Policies [Line Items] | ||||||||
Bad debt expense | $ 3,800,000 | $ 1,600,000 | $ 600,000 | |||||
JGP Energy Partners LLC | ||||||||
Accounting Policies [Line Items] | ||||||||
Ownership percentage | 100.00% | 50.00% | 100.00% | 50.00% | 50.00% | |||
Revolving Credit Facility | ||||||||
Accounting Policies [Line Items] | ||||||||
Debt issuance cost | $ 1,700,000 | $ 1,500,000 | $ 1,700,000 | $ 1,500,000 | ||||
Other Assets | ||||||||
Accounting Policies [Line Items] | ||||||||
Inventory, crude oil | 5,600,000 | 10,400,000 | 5,600,000 | 10,400,000 | ||||
Leasing equipment, purchase deposits | 1,200,000 | 10,200,000 | 1,200,000 | 10,200,000 | ||||
Lease incentive receivable | 45,300,000 | 51,000,000 | 45,300,000 | 51,000,000 | ||||
Prepaid expense | 4,100,000 | 8,200,000 | 4,100,000 | 8,200,000 | ||||
Capitalized costs, potential asset acquisitions | $ 200,000 | $ 7,500,000 | $ 200,000 | $ 7,500,000 | ||||
Customer Group One | Customer Concentration Risk | Sales Revenue, Segment | ||||||||
Accounting Policies [Line Items] | ||||||||
Concentration risk percentage | 19.00% | 16.00% | ||||||
Major Accounts Receivable Customer, Customer One | Customer Concentration Risk | Accounts Receivable | ||||||||
Accounting Policies [Line Items] | ||||||||
Concentration risk percentage | 16.00% | 17.00% | ||||||
Major Accounts Receivable Customer, Customer Two | Customer Concentration Risk | Accounts Receivable | ||||||||
Accounting Policies [Line Items] | ||||||||
Concentration risk percentage | 15.00% | |||||||
Variable Interest Entity, Primary Beneficiary | Delaware River Partners LLC | ||||||||
Accounting Policies [Line Items] | ||||||||
Ownership percentage | 98.00% | 98.00% | ||||||
Ownership of other party | 8.00% | |||||||
Payments to acquire businesses, gross | $ 4,500,000 | |||||||
Interest held in VIE | 100.00% | |||||||
Drydockings | Minimum | ||||||||
Accounting Policies [Line Items] | ||||||||
Useful life, property plant and equipment | 30 months | |||||||
Drydockings | Maximum | ||||||||
Accounting Policies [Line Items] | ||||||||
Useful life, property plant and equipment | 60 months | |||||||
Acquired Leases | ||||||||
Accounting Policies [Line Items] | ||||||||
Useful life, intangibles | 24 months | |||||||
Customer relationships | Minimum | ||||||||
Accounting Policies [Line Items] | ||||||||
Useful life, intangibles | 5 years | |||||||
Customer relationships | Maximum | ||||||||
Accounting Policies [Line Items] | ||||||||
Useful life, intangibles | 10 years | |||||||
Weighted average amortization period | 56 months | |||||||
Accounting Standards Update 2016-02 | ||||||||
Accounting Policies [Line Items] | ||||||||
Operating lease right-of-use assets, net | $ 46,000,000 | |||||||
Operating lease liabilities | $ 46,000,000 | |||||||
Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow | ||||||||
Accounting Policies [Line Items] | ||||||||
Alternative investment, measurement input | 0.135 | 0.135 | ||||||
Measurement Input, Growth Rate | Valuation Technique, Discounted Cash Flow | ||||||||
Accounting Policies [Line Items] | ||||||||
Alternative investment, measurement input | 0.02 | 0.02 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Aircraft | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 25 years |
Aircraft engines | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 2 years |
Aircraft engines | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 6 years |
Offshore energy vessels | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 25 years |
Railcars and locomotives | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 40 years |
Railcars and locomotives | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 50 years |
Track and track related assets | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 15 years |
Track and track related assets | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 50 years |
Buildings and site improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 20 years |
Buildings and site improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 30 years |
Railroad equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 3 years |
Railroad equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 15 years |
Crude oil terminal machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 15 years |
Crude oil terminal machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 25 years |
Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 5 years |
Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 7 years |
Furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 3 years |
Furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 6 years |
Computer hardware and software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 3 years |
Computer hardware and software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life, property plant and equipment | 5 years |
DISCONTINUED OPERATIONS (Narrat
DISCONTINUED OPERATIONS (Narrative) (Details) - CMQR - Discontinued Operations, Disposed of by Sale $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Consideration received for CMQR | $ 130 |
Realized gain on sale | $ 77 |
DISCONTINUED OPERATIONS (Assets
DISCONTINUED OPERATIONS (Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Total assets | $ 0 | $ 56,744 |
Liabilities | ||
Liabilities of discontinued operations | $ 0 | 35,463 |
Discontinued Operations, Disposed of by Sale | CMQR | ||
Assets | ||
Accounts receivable, net | 7,375 | |
Property, plant and equipment, net | 46,834 | |
Intangible assets, net | 15 | |
Goodwill | 594 | |
Other assets | 1,926 | |
Total assets | 56,744 | |
Liabilities | ||
Accounts payable and accrued liabilities | 11,520 | |
Debt, net | 22,239 | |
Other liabilities | 1,704 | |
Liabilities of discontinued operations | $ 35,463 |
DISCONTINUED OPERATIONS (Compon
DISCONTINUED OPERATIONS (Components of Net Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expenses | |||||||||||
Discontinued operations | $ 1,076 | $ (1,077) | $ 0 | ||||||||
Net income (loss) | $ 71,579 | $ 940 | $ 785 | $ 158 | $ 1,577 | $ (134) | $ 253 | $ 2,706 | 73,462 | 4,402 | (737) |
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ 146 | $ 116 | $ 41 | $ (56) | $ 108 | $ (26) | $ 51 | $ 206 | 247 | 339 | (70) |
Discontinued Operations, Disposed of by Sale | CMQR | |||||||||||
Revenues | |||||||||||
Total revenues | 39,071 | 37,766 | 32,607 | ||||||||
Expenses | |||||||||||
Operating expense | 32,815 | 30,944 | 29,966 | ||||||||
Acquisition and transaction expenses | 5,526 | 0 | 0 | ||||||||
Depreciation and amortization | 2,202 | 2,446 | 2,037 | ||||||||
Interest expense | 1,458 | 1,009 | 1,029 | ||||||||
Total expenses | 42,001 | 34,399 | 33,032 | ||||||||
Gain (loss) on sale of assets, net | 77,468 | 0 | (312) | ||||||||
Other expense | 0 | (42) | 0 | ||||||||
Other income (expense) | 77,468 | (42) | (312) | ||||||||
Income (loss) before income taxes | 74,538 | 3,325 | (737) | ||||||||
Discontinued operations | 1,076 | (1,077) | 0 | ||||||||
Net income (loss) | 73,462 | 4,402 | (737) | ||||||||
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 247 | 339 | (70) | ||||||||
Net income (loss) attributable to shareholders | $ 73,215 | $ 4,063 | $ (667) |
DISCONTINUED OPERATIONS (Signif
DISCONTINUED OPERATIONS (Significant Cash Flow Items) (Details) - Discontinued Operations, Disposed of by Sale - CMQR - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Depreciation and amortization | $ 2,202 | $ 2,446 | $ 2,037 |
Amortization of deferred financing costs | 256 | 282 | 275 |
Share-based compensation expense | 3,114 | 184 | 730 |
Investing activities: | |||
Purchases of property, plant and equipment | $ (6,949) | $ (8,461) | $ (12,060) |
LEASING EQUIPMENT, NET (Details
LEASING EQUIPMENT, NET (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)aircraftcommercial_jet_engines | Dec. 31, 2018USD ($)aircraftcommercial_jet_engines | Dec. 31, 2017USD ($)aircraftcommercial_jet_engines | |
Lessor, Lease, Description [Line Items] | |||
Leasing equipment | $ 800,525 | $ 715,132 | |
Less: Accumulated depreciation | (69,935) | (54,632) | |
Property, plant and equipment, net | 732,109 | 662,019 | |
Depreciation expense for leasing equipment | 30,653 | 22,744 | $ 15,181 |
Leasing equipment | 1,672,156 | ||
Less: Accumulated depreciation | (239,946) | ||
Leasing equipment, net | $ 1,707,059 | $ 1,432,210 | |
Acquisitions: | |||
Aircraft | aircraft | 31 | 29 | 25 |
Engines | commercial_jet_engines | 31 | 34 | 58 |
Dispositions: | |||
Aircraft | aircraft | 5 | 1 | 3 |
Engines | commercial_jet_engines | 58 | 13 | 14 |
Gain on sale of leasing equipment | $ 81,954 | $ 3,911 | $ 7,188 |
Depreciation expense for leasing equipment | $ 110,012 | $ 69,331 | |
Assets Leased to Others | |||
Lessor, Lease, Description [Line Items] | |||
Leasing equipment | 2,019,773 | ||
Less: Accumulated depreciation | (312,714) | ||
Property, plant and equipment, net | 1,707,059 | ||
Depreciation expense for leasing equipment | $ 137,004 |
FINANCE LEASES, NET (Details)
FINANCE LEASES, NET (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)airframe | Dec. 31, 2018USD ($) | |
Leases [Abstract] | ||
Finance leases | $ 12,388 | $ 28,476 |
Unearned revenue | (4,073) | (9,853) |
Finance leases, net | $ 8,315 | $ 18,623 |
Number of Airframes | airframe | 3 | |
Proceeds from insurance | $ 1,000 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 800,525,000 | $ 715,132,000 |
Less: Accumulated depreciation | (69,935,000) | (54,632,000) |
Property, plant and equipment, net | 732,109,000 | 662,019,000 |
Land, site improvements and rights | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 51,901,000 | 69,352,000 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 211,110,000 | 253,176,000 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,783,000 | 9,209,000 |
Terminal machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 519,603,000 | 349,227,000 |
Proved oil and gas properties | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 0 | 20,099,000 |
Track and track related assets | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,208,000 | 5,214,000 |
Railroad equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,823,000 | 4,111,000 |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,325,000 | 3,639,000 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,322,000 | 456,000 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 450,000 | 649,000 |
Spare parts | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,519,000 | 1,519,000 |
Unproved Oil and Gas Properties | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 0 | $ 59,930,000 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT, NET (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment acquired | $ 85.4 | $ 232.9 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT, NET (Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation expense for property, plant and equipment: | |||
Continuing operations | $ 28,466 | $ 20,343 | $ 13,189 |
Discontinued operations | 2,187 | 2,401 | 1,992 |
Total | $ 30,653 | $ 22,744 | $ 15,181 |
INVESTMENTS (Earnings or Losses
INVESTMENTS (Earnings or Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | $ (2,375) | $ (1,008) | $ (1,601) |
Advanced Engine Repair JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | (1,829) | (743) | (1,276) |
JGP Energy Partners LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | (292) | (574) | (322) |
Intermodal Finance I, Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | (62) | 309 | (3) |
Long Ridge Terminal LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | $ (192) | $ 0 | $ 0 |
INVESTMENTS (Narrative) (Detail
INVESTMENTS (Narrative) (Details) shipping_contrainer in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019USD ($)shipping_contrainer | Aug. 31, 2019USD ($) | Dec. 31, 2019USD ($)shipping_contrainer | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Carrying value of investment | $ 180,550 | $ 180,550 | $ 40,560 | |||
Long Ridge Terminal LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage sold | 49.90% | |||||
Proceeds from sale of equity investment | 150,000 | |||||
Carrying value of investment | $ 155,397 | $ 155,397 | 0 | |||
Ownership percentage | 50.00% | 50.00% | ||||
Advanced Engine Repair JV | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Carrying value of investment | $ 24,652 | $ 24,652 | 12,981 | $ 15,000 | ||
Ownership percentage | 25.00% | 25.00% | 25.00% | 25.00% | ||
Equity method investment contribution amount | $ 13,500 | |||||
JGP Energy Partners LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Carrying value of investment | $ 0 | $ 0 | $ 25,461 | |||
Ownership percentage | 100.00% | 100.00% | 50.00% | 50.00% | ||
Remaining ownership amount purchased | 50.00% | |||||
Payments to acquire investment | $ 30,000 | |||||
Intermodal Finance I, Ltd. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Carrying value of investment | $ 501 | $ 501 | $ 2,118 | |||
Ownership percentage | 51.00% | 51.00% | ||||
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_contrainer | 3 | 3 | ||||
FIG | Intermodal Finance I, Ltd. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 51.00% | |||||
Equity Investor | Intermodal Finance I, Ltd. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 49.00% |
INVESTMENTS (Equity Method Inve
INVESTMENTS (Equity Method Investment) (Details) - Advanced and JPG - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets | |||
Cash and cash equivalents | $ 16,812 | $ 7,981 | |
Restricted cash | 30,917 | 46 | |
Accounts receivable | 12,219 | 1,044 | |
Leasing equipment, net | 2,546 | 3,483 | |
Finance leases, net | 0 | 1,479 | |
Property, plants and equipment | 390,416 | 50,402 | |
Intangible asset | 123,638 | 45,000 | |
Goodwill | 89,294 | 0 | |
Other assets | 6,667 | 487 | |
Total assets | 672,509 | 109,922 | |
Liabilities | |||
Accounts payable and accrued liabilities | 37,437 | 2,529 | |
Debt, net | 186,953 | 14,364 | |
Other liabilities | 530 | 41 | |
Total liabilities | 224,920 | 16,934 | |
Equity | |||
Shareholders’ equity | 465,461 | 102,959 | |
Accumulated deficit | (17,872) | (9,971) | |
Total equity | 447,589 | 92,988 | |
Total liabilities and equity | 672,509 | 109,922 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||
Total revenue | 8,887 | 9,435 | $ 4,569 |
Research and development cost | 6,323 | 2,134 | 4,073 |
Operating expenses | 7,669 | 8,435 | 4,371 |
General and administrative | 1,550 | 1,437 | 1,588 |
Management fees and incentive allocation to affiliate | 142 | 400 | 1,022 |
Depreciation and amortization | 2,351 | 2,158 | 2,099 |
Interest expense | 285 | 937 | 1,261 |
Total expenses | 18,320 | 15,501 | 14,414 |
Other income | 734 | 2,070 | 3,667 |
Loss before income taxes | (8,699) | (3,996) | (6,178) |
Provision for income taxes | 0 | 0 | 0 |
Net loss | $ (8,699) | $ (3,996) | $ (6,178) |
INTANGIBLE ASSETS AND LIABILI_3
INTANGIBLE ASSETS AND LIABILITIES, NET (Summarized Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible assets | ||
Total intangible assets, net | $ 27,692 | $ 38,498 |
Intangible liabilities | ||
Acquired unfavorable lease intangibles | 5,170 | 3,736 |
Less: Accumulated amortization | (3,014) | (2,114) |
Acquired unfavorable lease intangibles, net | 2,156 | 1,622 |
Acquired favorable lease intangibles | ||
Intangible assets | ||
Acquired finite-lived intangibles | 49,762 | 48,143 |
Less: Accumulated amortization | (38,652) | (29,780) |
Total | 11,110 | 18,363 |
Customer relationships | ||
Intangible assets | ||
Acquired finite-lived intangibles | 35,513 | 35,513 |
Less: Accumulated amortization | (18,931) | (15,378) |
Total | 16,582 | 20,135 |
Aviation Leasing | ||
Intangible assets | ||
Total intangible assets, net | 11,110 | 18,363 |
Intangible liabilities | ||
Acquired unfavorable lease intangibles | 5,170 | 3,736 |
Less: Accumulated amortization | (3,014) | (2,114) |
Acquired unfavorable lease intangibles, net | 2,156 | 1,622 |
Aviation Leasing | Acquired favorable lease intangibles | ||
Intangible assets | ||
Acquired finite-lived intangibles | 49,762 | 48,143 |
Less: Accumulated amortization | (38,652) | (29,780) |
Total | 11,110 | 18,363 |
Aviation Leasing | Customer relationships | ||
Intangible assets | ||
Acquired finite-lived intangibles | 0 | 0 |
Less: Accumulated amortization | 0 | 0 |
Total | 0 | 0 |
Jefferson Terminal | ||
Intangible assets | ||
Total intangible assets, net | 16,582 | 20,135 |
Intangible liabilities | ||
Acquired unfavorable lease intangibles | 0 | 0 |
Less: Accumulated amortization | 0 | 0 |
Acquired unfavorable lease intangibles, net | 0 | 0 |
Jefferson Terminal | Acquired favorable lease intangibles | ||
Intangible assets | ||
Acquired finite-lived intangibles | 0 | 0 |
Less: Accumulated amortization | 0 | 0 |
Total | 0 | 0 |
Jefferson Terminal | Customer relationships | ||
Intangible assets | ||
Acquired finite-lived intangibles | 35,513 | 35,513 |
Less: Accumulated amortization | (18,931) | (15,378) |
Total | $ 16,582 | $ 20,135 |
INTANGIBLE ASSETS AND LIABILI_4
INTANGIBLE ASSETS AND LIABILITIES, NET (Intangible Liabilities Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Total | $ 10,749 | $ 12,186 | $ 8,314 |
Equipment leasing revenues | Lease intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of lease intangible assets and liabilities | 7,181 | 8,588 | 4,716 |
Depreciation and amortization | Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 3,553 | 3,553 | 3,553 |
Depreciation and amortization | Customer relationships | Discontinued operations | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 15 | $ 45 | $ 45 |
INTANGIBLE ASSETS AND LIABILI_5
INTANGIBLE ASSETS AND LIABILITIES, NET (Schedule of Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2020 | $ 7,982 |
2021 | 6,611 |
2022 | 4,833 |
2023 | 3,733 |
2024 | 2,377 |
Thereafter | 0 |
Total | $ 25,536 |
DEBT, NET (Schedule of Debt) (D
DEBT, NET (Schedule of Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Total debt, net | $ 1,420,928 | $ 1,215,108 |
Debt | 1,439,039 | 1,229,592 |
Less: Debt issuance costs | (18,111) | (14,484) |
Total debt due within one year | 182,019 | 49,413 |
FTAI Pride Credit Agreement | ||
Debt Instrument [Line Items] | ||
Total debt, net | 36,009 | |
DRP Revolver | ||
Debt Instrument [Line Items] | ||
Total debt, net | 25,000 | |
Series 2012 Bonds | ||
Debt Instrument [Line Items] | ||
Total debt, net | 39,550 | |
Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Total debt, net | 700,000 | |
Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Total debt, net | 450,000 | |
Loans Payable | ||
Debt Instrument [Line Items] | ||
Total debt, net | 111,009 | 197,548 |
Loans Payable | FTAI Pride Credit Agreement | ||
Debt Instrument [Line Items] | ||
Total debt, net | 36,009 | 47,743 |
Loans Payable | Jefferson Revolver | ||
Debt Instrument [Line Items] | ||
Total debt, net | $ 50,000 | 49,805 |
Commitment fee rate | 0.50% | |
Loans Payable | DRP Revolver | ||
Debt Instrument [Line Items] | ||
Total debt, net | $ 25,000 | 0 |
Commitment fee rate | 0.875% | |
Bonds payable | ||
Debt Instrument [Line Items] | ||
Total debt, net | $ 1,328,030 | 1,032,044 |
Bonds payable | Series 2012 Bonds | ||
Debt Instrument [Line Items] | ||
Total debt, net | $ 41,059 | 42,797 |
Stated rate | 8.25% | |
Unamortized premium | $ 1,509 | 1,577 |
Bonds payable | Series 2016 Bonds | ||
Debt Instrument [Line Items] | ||
Total debt, net | $ 144,200 | 144,200 |
Stated rate | 7.25% | |
Bonds payable | Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Total debt, net | $ 697,814 | 549,405 |
Stated rate | 6.75% | |
Unamortized premium | $ 3,243 | 4,559 |
Unamortized discount | 5,429 | 5,154 |
Bonds payable | Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Total debt, net | $ 444,957 | 295,642 |
Stated rate | 6.50% | |
Unamortized discount | $ 5,043 | 4,358 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Less: Debt issuance costs | (1,700) | (1,500) |
Revolving Credit Facility | Loans Payable | ||
Debt Instrument [Line Items] | ||
Total debt, net | $ 0 | $ 100,000 |
London Interbank Offered Rate (LIBOR) | Loans Payable | FTAI Pride Credit Agreement | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.50% | |
Base Rate | Loans Payable | Jefferson Revolver | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Base Rate | Loans Payable | DRP Revolver | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Base Rate | Revolving Credit Facility | Loans Payable | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Eurodollar | Loans Payable | Jefferson Revolver | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.50% | |
Eurodollar | Loans Payable | DRP Revolver | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.50% | |
Adjusted Eurodollar Rate | Revolving Credit Facility | Loans Payable | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.00% |
DEBT, NET (Narrative) (Details)
DEBT, NET (Narrative) (Details) - USD ($) | Aug. 06, 2019 | Feb. 08, 2019 | Feb. 07, 2019 | Dec. 20, 2018 | Jul. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 01, 2019 | May 21, 2019 | Feb. 15, 2019 | Dec. 19, 2018 | Nov. 05, 2018 |
Debt Instrument [Line Items] | |||||||||||||
Loss on extinguishment of debt | $ 0 | $ 0 | $ 2,456,000 | ||||||||||
DRP Revolver | Loans Payable | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, face amount | $ 25,000,000 | ||||||||||||
Senior Notes Due 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, face amount | $ 150,000,000 | ||||||||||||
Redemption price rate, condition one | 98.50% | ||||||||||||
Senior Notes due 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, face amount | $ 150,000,000 | ||||||||||||
Redemption price rate, condition one | 99.125% | ||||||||||||
FTAI Pride Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ 100,000,000 | ||||||||||||
Loss on extinguishment of debt | $ (2,500,000) | ||||||||||||
Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term line of credit | $ 125,000,000 | ||||||||||||
Conversion ratio | 300.00% | 200.00% | 165.00% | ||||||||||
Revolving Credit Facility | Jefferson Revolver | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, face amount | $ 50,000,000 | ||||||||||||
Increase of credit facility | $ 25,000,000 | ||||||||||||
Long-term line of credit | $ 75,000,000 | $ 50,000,000 | |||||||||||
Repayments of debt | $ 23,000,000 | ||||||||||||
Fixed charge coverage ratio | 120.00% | ||||||||||||
Amended Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Increase of credit facility | $ 125,000,000 | ||||||||||||
Long-term line of credit | $ 250,000,000 | ||||||||||||
Construction Loan and Term Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 445,000,000 | ||||||||||||
Letter of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 154,000,000 | ||||||||||||
Term Loan and Construction Loan - funding the development, construction and completion | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 143,000,000 |
DEBT, NET (Debt Maturities) (De
DEBT, NET (Debt Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total debt, net | $ 1,420,928 | $ 1,215,108 |
FTAI Pride Credit Agreement | ||
Debt Instrument [Line Items] | ||
2020 | 36,009 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total debt, net | 36,009 | |
Jefferson Revolver | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 50,000 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total debt, net | 50,000 | |
DRP Revolver | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 25,000 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total debt, net | 25,000 | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total debt, net | 0 | |
Series 2012 Bonds | ||
Debt Instrument [Line Items] | ||
2020 | 1,810 | |
2021 | 1,960 | |
2022 | 2,120 | |
2023 | 2,295 | |
2024 | 2,485 | |
Thereafter | 28,880 | |
Total debt, net | 39,550 | |
Series 2016 Bonds | ||
Debt Instrument [Line Items] | ||
2020 | 144,200 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total debt, net | 144,200 | |
Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 0 | |
2022 | 700,000 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total debt, net | 700,000 | |
Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 450,000 | |
Total debt, net | 450,000 | |
Total principal payments on loans and bonds payable | ||
Debt Instrument [Line Items] | ||
2020 | 182,019 | |
2021 | 76,960 | |
2022 | 702,120 | |
2023 | 2,295 | |
2024 | 2,485 | |
Thereafter | 478,880 | |
Total debt, net | $ 1,444,759 |
FAIR VALUE MEASUREMENTS (Financ
FAIR VALUE MEASUREMENTS (Financial Assets Measured at Fair Value on a Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Total assets | $ 242,698 | $ 128,307 |
Market | ||
Assets: | ||
Cash and cash equivalents | 226,512 | 99,601 |
Restricted cash | 16,005 | 21,236 |
Income | ||
Assets: | ||
Derivative assets | 181 | 7,470 |
Derivative liabilities | (925) | |
Level 1 | ||
Assets: | ||
Total assets | 242,517 | 120,837 |
Level 1 | Market | ||
Assets: | ||
Cash and cash equivalents | 226,512 | 99,601 |
Restricted cash | 16,005 | 21,236 |
Level 1 | Income | ||
Assets: | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | |
Level 2 | ||
Assets: | ||
Total assets | 0 | 0 |
Level 2 | Market | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Level 2 | Income | ||
Assets: | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | |
Level 3 | ||
Assets: | ||
Total assets | 181 | 7,470 |
Level 3 | Market | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Level 3 | Income | ||
Assets: | ||
Derivative assets | $ 181 | 7,470 |
Derivative liabilities | $ (925) |
FAIR VALUE MEASUREMENTS (Additi
FAIR VALUE MEASUREMENTS (Additional Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Series 2012 Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt payable | $ 41,450 | $ 42,633 |
Series 2016 Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt payable | 145,143 | 149,582 |
Senior Notes due 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt payable | 731,451 | 551,144 |
Senior Notes due 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt payable | $ 475,884 | $ 283,965 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of Derivative Instruments) (Details) - Crude oil forwards (BBL) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 150 | $ 3,225 |
Fair Value of Assets | 181 | 7,470 |
Fair Value of Liabilities | $ 0 | $ (925) |
Minimum | ||
Derivatives, Fair Value [Line Items] | ||
Term | 1 month | 1 month |
Maximum | ||
Derivatives, Fair Value [Line Items] | ||
Term | 2 months | 12 months |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS (Level 3 Rollforward) (Details) - Crude oil forwards (BBL) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | $ 6,545 | $ 1,022 | $ 0 |
Net unrealized gains (losses) recognized in earnings | (6,364) | 5,523 | 1,022 |
Purchases | 314 | 8,473 | 1,011 |
Sales | (674) | (178) | (10) |
Settlements | 360 | (8,295) | (1,001) |
Ending Balance | $ 181 | $ 6,545 | $ 1,022 |
REVENUES (Components of Revenue
REVENUES (Components of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 161,332 | $ 152,700 | $ 149,848 | $ 114,894 | $ 128,652 | $ 92,472 | $ 63,191 | $ 57,797 | $ 578,774 | $ 342,112 | $ 185,052 |
Total equipment leasing revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 349,322 | 253,039 | 170,000 | ||||||||
Total infrastructure revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 229,452 | 89,073 | 15,052 | ||||||||
Corporate and Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 15,564 | 9,413 | 13,207 | ||||||||
Corporate and Other | Lease income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 9,796 | 5,659 | 8,433 | ||||||||
Corporate and Other | Maintenance revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Corporate and Other | Finance lease income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 0 | 1,454 | 1,536 | ||||||||
Corporate and Other | Other revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 2,851 | 1,656 | 3,238 | ||||||||
Corporate and Other | Total equipment leasing revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 12,647 | 8,769 | 13,207 | ||||||||
Corporate and Other | Total infrastructure revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 2,917 | 644 | |||||||||
Equipment Leasing | Lease income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 207,101 | 157,190 | 99,536 | ||||||||
Equipment Leasing | Maintenance revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 134,914 | 89,870 | 65,651 | ||||||||
Equipment Leasing | Finance lease income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 2,648 | 3,349 | 1,536 | ||||||||
Equipment Leasing | Other revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 4,659 | 2,630 | 3,277 | ||||||||
Equipment Leasing | Total equipment leasing revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 349,322 | 253,039 | 170,000 | ||||||||
Infrastructure | Lease income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 3,362 | 1,734 | 1,111 | ||||||||
Infrastructure | Other revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 16,991 | 16,713 | 3,712 | ||||||||
Infrastructure | Terminal services revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 42,965 | 10,108 | 10,229 | ||||||||
Infrastructure | Crude marketing revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 166,134 | 60,518 | |||||||||
Infrastructure | Total infrastructure revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 229,452 | 89,073 | 15,052 | ||||||||
Aviation Leasing | Equipment Leasing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 336,675 | 244,270 | 156,793 | ||||||||
Aviation Leasing | Equipment Leasing | Lease income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 197,305 | 151,531 | 91,103 | ||||||||
Aviation Leasing | Equipment Leasing | Maintenance revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 134,914 | 89,870 | 65,651 | ||||||||
Aviation Leasing | Equipment Leasing | Finance lease income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 2,648 | 1,895 | 0 | ||||||||
Aviation Leasing | Equipment Leasing | Other revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 1,808 | 974 | 39 | ||||||||
Aviation Leasing | Equipment Leasing | Total equipment leasing revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 336,675 | 244,270 | 156,793 | ||||||||
Jefferson Terminal | Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 204,348 | 70,985 | 10,229 | ||||||||
Jefferson Terminal | Infrastructure | Lease income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 2,306 | 272 | 0 | ||||||||
Jefferson Terminal | Infrastructure | Other revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 0 | 87 | 0 | ||||||||
Jefferson Terminal | Infrastructure | Terminal services revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 35,908 | 10,108 | 10,229 | ||||||||
Jefferson Terminal | Infrastructure | Crude marketing revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 166,134 | 60,518 | |||||||||
Jefferson Terminal | Infrastructure | Total infrastructure revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 204,348 | 70,985 | 10,229 | ||||||||
Ports and Terminals | Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 22,187 | 17,444 | 4,823 | ||||||||
Ports and Terminals | Infrastructure | Lease income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 1,056 | 1,462 | 1,111 | ||||||||
Ports and Terminals | Infrastructure | Other revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 14,074 | 15,982 | 3,712 | ||||||||
Ports and Terminals | Infrastructure | Terminal services revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 7,057 | 0 | 0 | ||||||||
Ports and Terminals | Infrastructure | Crude marketing revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 0 | 0 | |||||||||
Ports and Terminals | Infrastructure | Total infrastructure revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 22,187 | $ 17,444 | $ 4,823 |
REVENUES (Lease Revenue) (Detai
REVENUES (Lease Revenue) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating leases | |
2020 | $ 183,004 |
2021 | 121,447 |
2022 | 78,808 |
2023 | 48,705 |
2024 | 33,352 |
Thereafter | 14,815 |
Total | 480,131 |
Finance leases | |
2020 | 1,611 |
2021 | 1,291 |
2022 | 897 |
2023 | 274 |
2024 | 0 |
Thereafter | 0 |
Total | $ 4,073 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating lease right-of-use assets, net | $ 37,466 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 2 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 46 years |
Real Estate and Office Equipment | |
Lessee, Lease, Description [Line Items] | |
Operating lease right-of-use assets, net | $ 3,500 |
Real Estate and Office Equipment | Minimum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 5 years |
Real Estate and Office Equipment | Maximum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 46 years |
LEASES (Lease Cost) (Details)
LEASES (Lease Cost) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 5,857 |
Short-term lease expense | 3,605 |
Variable lease expense | 3,263 |
Sublease income | (1,032) |
Lease expense from continuing operations | 11,693 |
Finance lease expense | 304 |
Operating lease expense | 3,705 |
Lease expense from discontinued operations | 4,009 |
Total lease expense | $ 15,702 |
LEASES (Supplemental Informatio
LEASES (Supplemental Information Related to Leases) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Right-of-use assets, net | $ 37,466 |
Lease liabilities | $ 36,968 |
Weighted average remaining lease term | 41 years 10 months 24 days |
Weighted average incremental borrowing rate | 7.40% |
Cash paid for amounts included in the measurement of operating lease liabilities | |
Continuing operations | $ 4,882 |
Discontinued operations | $ 3,595 |
LEASES (Future Payments) (Detai
LEASES (Future Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating leases | |
2020 | $ 3,308 |
2021 | 3,379 |
2022 | 3,250 |
2023 | 3,194 |
2024 | 2,963 |
Thereafter | 105,754 |
Total undiscounted lease payments | 121,848 |
Less: Imputed interest | 84,880 |
Total lease liabilities | $ 36,968 |
EQUITY-BASED COMPENSATION (Narr
EQUITY-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | May 31, 2017 | Nov. 30, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares other than options granted in period (in shares) | 113,121 | 31,340 | 113,121 | |||
Vested (in shares) | 25,138 | 58,662 | ||||
Grant date fair value | $ 1.5 | $ 0.5 | ||||
Vesting period | 3 years | 4 years | ||||
Common units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares other than options granted in period (in shares) | 1,110,000 | 670,000 | 505,050 | |||
Vested (in shares) | 1,162,930 | |||||
Shares other than options granted aggregate intrinsic value | $ 3.4 | $ 0.7 | $ 0.5 | |||
Award term | 3 years | |||||
Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized (in shares) | 29,900,000 |
EQUITY-BASED COMPENSATION (Expe
EQUITY-BASED COMPENSATION (Expenses Related to Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 1,509 | $ 717 | $ 613 |
Continuing Operations | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 1,509 | 717 | 613 |
Remaining expense to be recognized, if all vesting conditions are met | 1,842 | ||
Stock options | Continuing Operations | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 0 | 9 | 0 |
Remaining expense to be recognized, if all vesting conditions are met | 0 | ||
Restricted shares | Continuing Operations | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 1,054 | 359 | 318 |
Remaining expense to be recognized, if all vesting conditions are met | 1,088 | ||
Common units | Continuing Operations | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 455 | 349 | 295 |
Remaining expense to be recognized, if all vesting conditions are met | 754 | ||
Common Stock Units - Discontinued Operations | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 3,114 | $ 184 | $ 730 |
EQUITY-BASED COMPENSATION (Summ
EQUITY-BASED COMPENSATION (Summary of Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | May 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock options | |||||
Options | |||||
Stock options outstanding, beginning balance (in shares) | 851,342 | ||||
Granted (in shares) | 1,262,362 | ||||
Exercised (in shares) | 0 | ||||
Forfeited and canceled (in shares) | 0 | ||||
Stock options outstanding, ending balance (in shares) | 2,113,704 | 851,342 | |||
Weighted-Average Exercise Price (per share) | |||||
Stock options outstanding, beginning (in usd per share) | $ 18.20 | ||||
Granted (in dollars per share) | 15.94 | ||||
Stock options outstanding and exercisable (in usd per share) | $ 16.85 | $ 18.20 | |||
Aggregate Intrinsic Value | $ 5,684 | ||||
Weighted average remaining contractual term (in years) | 9 years 1 month 6 days | ||||
Restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||||
Beginning, Units outstanding (in shares) | 49,766 | ||||
Granted (in shares) | 113,121 | 31,340 | 113,121 | ||
Less: exercised / vested (in shares) | (25,138) | (58,662) | |||
Less: forfeited and canceled (in shares) | 0 | ||||
Ending, Units outstanding (in shares) | 104,225 | 49,766 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Beginning, weighted average exercise price (in dollars per share) | $ 19.87 | ||||
Granted (in dollars per share) | 13.26 | ||||
Less: exercised/vested (in dollars per share) | 14.65 | ||||
Weighted average exercise / issuance price (per share) | $ 14.23 | $ 19.87 | |||
Aggregate intrinsic value (in thousands) | $ 1,483 | ||||
Weighted average remaining contractual term (in years) | 10 months 24 days | ||||
Common units | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||||
Beginning, Units outstanding (in shares) | 1,009,598 | ||||
Granted (in shares) | 1,110,000 | 670,000 | 505,050 | ||
Less: exercised / vested (in shares) | (1,162,930) | ||||
Less: forfeited and canceled (in shares) | 0 | ||||
Ending, Units outstanding (in shares) | 956,668 | 1,009,598 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Beginning, weighted average exercise price (in dollars per share) | $ 1.16 | ||||
Granted (in dollars per share) | 0.60 | ||||
Less: exercised/vested (in dollars per share) | 0.27 | ||||
Weighted average exercise / issuance price (per share) | $ 1.18 | $ 1.16 | |||
Aggregate intrinsic value (in thousands) | $ 1,130 | ||||
Weighted average remaining contractual term (in years) | 10 months 24 days |
EQUITY-BASED COMPENSATION (Shar
EQUITY-BASED COMPENSATION (Shares Issued) (Details) - Stock options - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Jan. 31, 2018 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options (in shares) | 1,262,362 | ||||
Manager | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options (in shares) | 686,978 | 575,384 | 126,342 | 700,000 | |
Fair value ($ millions) | $ 1.1 | $ 0.7 | $ 0.2 | $ 1.9 | |
Expected volatility | 21.89% | 21.45% | 18.71% | 27.73% | |
Risk free interest rate | 1.67% | 1.45% | 2.98% | 2.52% | |
Expected dividend yield | 6.58% | 8.02% | 6.81% | 5.45% | |
Expected term | 10 years | 10 years | 10 years | 10 years |
INCOME TAXES (Components of Inc
INCOME TAXES (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||||||||||
Federal | $ 55 | $ 75 | $ 1,551 | ||||||||
State and local | 423 | 250 | 145 | ||||||||
Foreign | 188 | 63 | 76 | ||||||||
Total current provision | 666 | 388 | 1,772 | ||||||||
Deferred: | |||||||||||
Federal | 12,937 | 1,528 | 215 | ||||||||
State and local | (638) | 621 | 5 | ||||||||
Foreign | 4,845 | (88) | (38) | ||||||||
Total deferred provision | 17,144 | 2,061 | 182 | ||||||||
Provision for (benefit from) income taxes: | |||||||||||
Continuing operations | $ 18,999 | $ 872 | $ (2,328) | $ 267 | $ 869 | $ 551 | $ 534 | $ 495 | 17,810 | 2,449 | 1,954 |
Discontinued operations | 1,076 | (1,077) | 0 | ||||||||
Total | $ 18,886 | $ 1,372 | $ 1,954 |
INCOME TAXES (Provision for Inc
INCOME TAXES (Provision for Income Tax Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. federal tax at statutory rate | 21.00% | 21.00% | 35.00% |
Income not subject to tax at statutory rate | (21.70%) | 121.90% | 98.20% |
State and local taxes | (0.10%) | (6.10%) | (0.50%) |
Foreign taxes | 2.70% | 7.70% | (0.20%) |
Branch profit tax | 0.00% | (0.50%) | (2.60%) |
Change in tax rates | 0.00% | 0.00% | (6.90%) |
Other | (0.60%) | (0.20%) | 1.00% |
Change in valuation allowance | 7.00% | (153.30%) | (133.20%) |
Provision for income taxes | 8.30% | (9.50%) | (9.20%) |
INCOME TAXES (Components of Def
INCOME TAXES (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | |||
Net operating loss carryforwards | $ 74,555 | $ 64,034 | |
Accrued expenses | 1,252 | 1,241 | |
Interest expense | 25,306 | 19,380 | |
Operating lease liabilities | 6,104 | ||
Other | 2,041 | 1,233 | |
Total deferred tax assets | 109,258 | 85,888 | |
Less valuation allowance | (79,176) | (68,294) | $ (45,624) |
Net deferred tax assets | 30,082 | 17,594 | |
Deferred tax liabilities: | |||
Investment in partnerships | (22,250) | 0 | |
Fixed assets and goodwill | (21,592) | (19,117) | |
Operating lease right-of-use assets | (6,032) | ||
Net deferred tax liabilities | $ (19,792) | $ (1,523) |
INCOME TAXES (Changes in Valuat
INCOME TAXES (Changes in Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation Allowance [Roll Forward] | ||
Valuation allowance at beginning of period | $ 68,294 | $ 45,624 |
Change due to current year losses | 19,330 | 22,670 |
Change due to current year releases | (8,448) | 0 |
Valuation allowance at end of period | $ 79,176 | $ 68,294 |
INCOME TAXES (Additional Inform
INCOME TAXES (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal tax rate | 21.00% | 21.00% | 35.00% |
Valuation allowance | $ 79,176 | $ 68,294 | $ 45,624 |
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 900 | ||
Subsidiaries | U.S. Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 295,000 | ||
Revenue Commissioners, Ireland | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 76,500 | ||
Tax Year 2034 | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 169,000 | ||
No Expiration Date | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 126,000 |
MANAGEMENT AGREEMENT AND AFFI_3
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Details) - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
May 31, 2015 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 28, 2018 | Jun. 21, 2018 | |
Related Party Transaction [Line Items] | |||||||
Related party fees | $ 36,059,000 | $ 15,726,000 | $ 15,732,000 | ||||
Price for minority interest held in our aviation segment | $ 3,700,000 | ||||||
General Partner | |||||||
Related Party Transaction [Line Items] | |||||||
Ownership percentage by manager | 0.05% | ||||||
Related party fees | 36,059,000 | 15,726,000 | 15,732,000 | ||||
Manager | |||||||
Related Party Transaction [Line Items] | |||||||
Management fee percentage rate | 1.50% | ||||||
Related party fees | 14,416,000 | 16,563,000 | 14,359,000 | ||||
Due from affiliates | $ 0 | 0 | |||||
Fortress Worldwide Transportation and Infrastructure Master GP LLP | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive distribution percentage | 10.00% | 10.00% | |||||
Cumulative preferred return | 10.00% | ||||||
Accrued management fees | |||||||
Related Party Transaction [Line Items] | |||||||
Management fee payable | $ 1,410,000 | 1,263,000 | |||||
Other payables | |||||||
Related Party Transaction [Line Items] | |||||||
Management fee payable | 21,992,000 | 3,965,000 | |||||
Management fees | General Partner | |||||||
Related Party Transaction [Line Items] | |||||||
Related party fees | 14,828,000 | 15,319,000 | 15,218,000 | ||||
Income Incentive Allocation | General Partner | |||||||
Related Party Transaction [Line Items] | |||||||
Related party fees | 0 | 0 | 0 | ||||
Capital gains incentive allocation | General Partner | |||||||
Related Party Transaction [Line Items] | |||||||
Related party fees | 21,231,000 | 407,000 | 514,000 | ||||
General and administrative expense | Manager | |||||||
Related Party Transaction [Line Items] | |||||||
Related party fees | 11,017,000 | 9,910,000 | 8,064,000 | ||||
Acquisition and transaction expenses | Manager | |||||||
Related Party Transaction [Line Items] | |||||||
Related party fees | 3,399,000 | $ 6,653,000 | 6,295,000 | ||||
Bond Purchase Agreement Guarantee Fees | |||||||
Related Party Transaction [Line Items] | |||||||
Management fee | $ 1,700,000 | ||||||
Threshold 1 | Income Incentive Allocation | |||||||
Related Party Transaction [Line Items] | |||||||
Percent of pre-incentive allocation net income | 0.00% | ||||||
Quarterly percent of pre-incentive allocation net income | 2.00% | ||||||
Annual percent of pre-incentive allocation net income | 8.00% | ||||||
Threshold 2 | Income Incentive Allocation | |||||||
Related Party Transaction [Line Items] | |||||||
Percent of pre-incentive allocation net income | 100.00% | ||||||
Threshold 2 | Income Incentive Allocation | Minimum | |||||||
Related Party Transaction [Line Items] | |||||||
Quarterly percent of pre-incentive allocation net income | 2.00% | ||||||
Threshold 2 | Income Incentive Allocation | Maximum | |||||||
Related Party Transaction [Line Items] | |||||||
Quarterly percent of pre-incentive allocation net income | 2.2223% | ||||||
Threshold 3 | Income Incentive Allocation | |||||||
Related Party Transaction [Line Items] | |||||||
Percent of pre-incentive allocation net income | 10.00% | ||||||
Quarterly percent of pre-incentive allocation net income | 2.2223% | ||||||
Jefferson Terminal | Manager | |||||||
Related Party Transaction [Line Items] | |||||||
Non-controlling interest ownership percentage | 20.00% | 20.00% | 20.00% | ||||
Non-controlling interest by private equity fund | $ 33,700,000 | $ 51,100,000 | |||||
Net loss attributable to non-controlling interests in consolidated subsidiaries | $ 17,357,000 | $ 13,436,000 | $ 8,662,000 | ||||
Number of shares available to convert (in shares) | 1.9 |
SEGMENT INFORMATION (Narrative)
SEGMENT INFORMATION (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019anumber_of_segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | number_of_segment | 3 |
Repauno | |
Segment Reporting Information [Line Items] | |
Area of real estate | 1,630 |
Long Ridge Terminal LLC | |
Segment Reporting Information [Line Items] | |
Area of real estate | 1,660 |
SEGMENT INFORMATION (Statement
SEGMENT INFORMATION (Statement of Income by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||
Total revenues | $ 161,332 | $ 152,700 | $ 149,848 | $ 114,894 | $ 128,652 | $ 92,472 | $ 63,191 | $ 57,797 | $ 578,774 | $ 342,112 | $ 185,052 |
Expenses | |||||||||||
Operating expenses | 288,036 | 136,570 | 62,419 | ||||||||
General and administrative | 20,441 | 17,126 | 14,570 | ||||||||
Acquisition and transaction expenses | 17,623 | 6,968 | 7,306 | ||||||||
Related party fees | 36,059 | 15,726 | 15,732 | ||||||||
Depreciation and amortization | 169,023 | 133,908 | 86,073 | ||||||||
Interest expense | 95,585 | 56,845 | 37,798 | ||||||||
Total expenses | 169,136 | 169,430 | 164,798 | 123,403 | 130,344 | 91,685 | 75,342 | 69,772 | 626,767 | 367,143 | 223,898 |
Other income (expense) | |||||||||||
Equity in losses of unconsolidated entities | (2,375) | (1,008) | (1,601) | ||||||||
Gain on sale of equipment, net | 203,250 | 3,911 | 18,593 | ||||||||
Asset impairment | (4,726) | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | 0 | (2,456) | ||||||||
Interest income | 531 | 488 | 688 | ||||||||
Other income | 3,445 | 3,983 | 3,073 | ||||||||
Total other income | 136,335 | 37,338 | 27,630 | (1,178) | 339 | 621 | 5,983 | 431 | 200,125 | 7,374 | 18,297 |
Income (loss) from continuing operations before income taxes | 128,531 | 20,608 | 12,680 | (9,687) | (1,353) | 1,408 | (6,168) | (11,544) | 152,132 | (17,657) | (20,549) |
Provision for income taxes | 18,999 | 872 | (2,328) | 267 | 869 | 551 | 534 | 495 | 17,810 | 2,449 | 1,954 |
Net income (loss) from continuing operations | 109,532 | 19,736 | 15,008 | (9,954) | (2,222) | 857 | (6,702) | (12,039) | 134,322 | (20,106) | (22,503) |
Continuing operations | (4,520) | (5,111) | (4,580) | (3,360) | (1,790) | (3,829) | (7,339) | (8,967) | (17,571) | (21,925) | (23,304) |
Dividends on preferred shares | $ 1,838 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 1,838 | 0 | 0 |
Net income (loss) attributable to shareholders from continuing operations | 150,055 | 1,819 | 801 | ||||||||
Equipment Leasing | |||||||||||
Revenues | |||||||||||
Total revenues | 349,322 | 253,039 | 170,000 | ||||||||
Infrastructure | |||||||||||
Revenues | |||||||||||
Total revenues | 229,452 | 89,073 | 15,052 | ||||||||
Operating Segments | Equipment Leasing | Aviation Leasing | |||||||||||
Revenues | |||||||||||
Total revenues | 336,675 | 244,270 | 156,793 | ||||||||
Expenses | |||||||||||
Operating expenses | 14,132 | 9,149 | 6,247 | ||||||||
General and administrative | 0 | 0 | |||||||||
Acquisition and transaction expenses | 518 | 315 | 441 | ||||||||
Related party fees | 0 | 0 | |||||||||
Depreciation and amortization | 128,990 | 102,419 | 61,795 | ||||||||
Interest expense | 0 | 0 | |||||||||
Total expenses | 143,640 | 111,883 | 68,483 | ||||||||
Other income (expense) | |||||||||||
Equity in losses of unconsolidated entities | (1,829) | (743) | (1,276) | ||||||||
Gain on sale of equipment, net | 81,954 | 3,911 | 7,188 | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Interest income | 104 | 202 | 297 | ||||||||
Other income | 0 | 0 | |||||||||
Total other income | 80,229 | 3,370 | 6,209 | ||||||||
Income (loss) from continuing operations before income taxes | 273,264 | 135,757 | 94,519 | ||||||||
Provision for income taxes | 2,826 | 2,280 | 1,966 | ||||||||
Net income (loss) from continuing operations | 270,438 | 133,477 | 92,553 | ||||||||
Continuing operations | (24) | 697 | |||||||||
Net income (loss) attributable to shareholders from continuing operations | 270,438 | 133,501 | 91,856 | ||||||||
Operating Segments | Infrastructure | Jefferson Terminal | |||||||||||
Revenues | |||||||||||
Total revenues | 204,348 | 70,985 | 10,229 | ||||||||
Expenses | |||||||||||
Operating expenses | 231,506 | 94,622 | 31,213 | ||||||||
General and administrative | 0 | 0 | |||||||||
Acquisition and transaction expenses | 0 | 0 | |||||||||
Related party fees | 0 | 0 | |||||||||
Depreciation and amortization | 22,873 | 19,745 | 16,193 | ||||||||
Interest expense | 16,189 | 15,513 | 13,568 | ||||||||
Total expenses | 270,568 | 129,880 | 60,974 | ||||||||
Other income (expense) | |||||||||||
Equity in losses of unconsolidated entities | (292) | (574) | (321) | ||||||||
Gain on sale of equipment, net | 4,636 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Interest income | 118 | 270 | 376 | ||||||||
Other income | 634 | 3,983 | 1,980 | ||||||||
Total other income | 5,096 | 3,679 | 2,035 | ||||||||
Income (loss) from continuing operations before income taxes | (61,124) | (55,216) | (48,710) | ||||||||
Provision for income taxes | 284 | 261 | 42 | ||||||||
Net income (loss) from continuing operations | (61,408) | (55,477) | (48,752) | ||||||||
Continuing operations | (17,356) | (21,801) | (22,991) | ||||||||
Net income (loss) attributable to shareholders from continuing operations | (44,052) | (33,676) | (25,761) | ||||||||
Operating Segments | Infrastructure | Ports and Terminals | |||||||||||
Revenues | |||||||||||
Total revenues | 22,187 | 17,444 | 4,823 | ||||||||
Expenses | |||||||||||
Operating expenses | 24,854 | 18,312 | 9,117 | ||||||||
General and administrative | 0 | ||||||||||
Acquisition and transaction expenses | 5,008 | 0 | |||||||||
Related party fees | 0 | ||||||||||
Depreciation and amortization | 9,849 | 5,139 | 1,658 | ||||||||
Interest expense | 1,712 | 649 | 1,088 | ||||||||
Total expenses | 41,423 | 24,100 | 11,863 | ||||||||
Other income (expense) | |||||||||||
Equity in losses of unconsolidated entities | (192) | 0 | 0 | ||||||||
Gain on sale of equipment, net | 116,660 | 0 | 0 | ||||||||
Asset impairment | (4,726) | ||||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Interest income | 289 | 0 | 0 | ||||||||
Other income | 1,809 | 0 | 0 | ||||||||
Total other income | 113,840 | 0 | 0 | ||||||||
Income (loss) from continuing operations before income taxes | 94,604 | (6,656) | (7,040) | ||||||||
Provision for income taxes | 14,700 | 1 | 0 | ||||||||
Net income (loss) from continuing operations | 79,904 | (6,657) | (7,040) | ||||||||
Continuing operations | (215) | (100) | (484) | ||||||||
Net income (loss) attributable to shareholders from continuing operations | 80,119 | (6,557) | (6,556) | ||||||||
Corporate and Other | |||||||||||
Revenues | |||||||||||
Total revenues | 15,564 | 9,413 | 13,207 | ||||||||
Expenses | |||||||||||
Operating expenses | 17,544 | 14,487 | 15,842 | ||||||||
General and administrative | 20,441 | 17,126 | 14,570 | ||||||||
Acquisition and transaction expenses | 12,097 | 6,653 | 6,865 | ||||||||
Related party fees | 36,059 | 15,726 | 15,732 | ||||||||
Depreciation and amortization | 7,311 | 6,605 | 6,427 | ||||||||
Interest expense | 77,684 | 40,683 | 23,142 | ||||||||
Total expenses | 171,136 | 101,280 | 82,578 | ||||||||
Other income (expense) | |||||||||||
Equity in losses of unconsolidated entities | (62) | 309 | (4) | ||||||||
Gain on sale of equipment, net | 0 | 11,405 | |||||||||
Loss on extinguishment of debt | (2,456) | ||||||||||
Interest income | 20 | 16 | 15 | ||||||||
Other income | 1,002 | 0 | 1,093 | ||||||||
Total other income | 960 | 325 | 10,053 | ||||||||
Income (loss) from continuing operations before income taxes | (154,612) | (91,542) | (59,318) | ||||||||
Provision for income taxes | 0 | (93) | (54) | ||||||||
Net income (loss) from continuing operations | (154,612) | (91,449) | (59,264) | ||||||||
Continuing operations | (526) | ||||||||||
Dividends on preferred shares | 1,838 | ||||||||||
Net income (loss) attributable to shareholders from continuing operations | (156,450) | (91,449) | (58,738) | ||||||||
Corporate and Other | Equipment Leasing | |||||||||||
Revenues | |||||||||||
Total revenues | 12,647 | 8,769 | $ 13,207 | ||||||||
Corporate and Other | Infrastructure | |||||||||||
Revenues | |||||||||||
Total revenues | $ 2,917 | $ 644 |
SEGMENT INFORMATION (Reconcilia
SEGMENT INFORMATION (Reconciliation of Adjusted Net Income to Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | $ 503,408 | $ 215,872 | $ 133,623 | ||||||||
Add: Non-controlling share of Adjusted EBITDA | 9,859 | 9,744 | 12,535 | ||||||||
Equity in losses of unconsolidated entities | (2,375) | (1,008) | (1,601) | ||||||||
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities | 1,387 | (359) | 243 | ||||||||
Less: Interest expense | (95,585) | (56,845) | (37,798) | ||||||||
Less: Depreciation and amortization expense | (199,185) | (160,567) | (94,380) | ||||||||
Less: Incentive allocations | (21,231) | (407) | (514) | ||||||||
Less: Asset impairment charges | (4,726) | 0 | 0 | ||||||||
Less: Changes in fair value of non-hedge derivative instruments | (4,555) | 5,523 | 1,022 | ||||||||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | 0 | 0 | (2,456) | ||||||||
Less: Acquisition and transaction expenses | (17,623) | (6,968) | (7,306) | ||||||||
Less: Equity-based compensation expense | (1,509) | (717) | (613) | ||||||||
Less: Provision for income taxes | $ (18,999) | $ (872) | $ 2,328 | $ (267) | $ (869) | $ (551) | $ (534) | $ (495) | (17,810) | (2,449) | (1,954) |
Net income (loss) attributable to shareholders from continuing operations | 150,055 | 1,819 | 801 | ||||||||
Operating Segments | Equipment Leasing | Aviation Leasing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | 432,934 | 265,002 | 163,828 | ||||||||
Equity in losses of unconsolidated entities | (1,829) | (743) | (1,276) | ||||||||
Less: Interest expense | 0 | 0 | |||||||||
Less: Acquisition and transaction expenses | (518) | (315) | (441) | ||||||||
Less: Provision for income taxes | (2,826) | (2,280) | (1,966) | ||||||||
Net income (loss) attributable to shareholders from continuing operations | 270,438 | 133,501 | 91,856 | ||||||||
Operating Segments | Infrastructure | Jefferson Terminal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | (6,160) | (11,645) | (8,413) | ||||||||
Equity in losses of unconsolidated entities | (292) | (574) | (321) | ||||||||
Less: Interest expense | (16,189) | (15,513) | (13,568) | ||||||||
Less: Acquisition and transaction expenses | 0 | 0 | |||||||||
Less: Provision for income taxes | (284) | (261) | (42) | ||||||||
Net income (loss) attributable to shareholders from continuing operations | (44,052) | (33,676) | (25,761) | ||||||||
Operating Segments | Infrastructure | Ports and Terminals | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | 114,760 | (615) | (3,515) | ||||||||
Equity in losses of unconsolidated entities | (192) | 0 | 0 | ||||||||
Less: Interest expense | (1,712) | (649) | (1,088) | ||||||||
Less: Asset impairment charges | (4,726) | ||||||||||
Less: Acquisition and transaction expenses | (5,008) | 0 | |||||||||
Less: Provision for income taxes | (14,700) | (1) | 0 | ||||||||
Net income (loss) attributable to shareholders from continuing operations | 80,119 | (6,557) | (6,556) | ||||||||
Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | (38,126) | (36,870) | (18,277) | ||||||||
Equity in losses of unconsolidated entities | (62) | 309 | (4) | ||||||||
Less: Interest expense | (77,684) | (40,683) | (23,142) | ||||||||
Less: Acquisition and transaction expenses | (12,097) | (6,653) | (6,865) | ||||||||
Less: Provision for income taxes | 0 | 93 | 54 | ||||||||
Net income (loss) attributable to shareholders from continuing operations | $ (156,450) | $ (91,449) | $ (58,738) |
SEGMENT INFORMATION (Summary of
SEGMENT INFORMATION (Summary of Geographic Sources of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 161,332 | $ 152,700 | $ 149,848 | $ 114,894 | $ 128,652 | $ 92,472 | $ 63,191 | $ 57,797 | $ 578,774 | $ 342,112 | $ 185,052 |
Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 14,542 | 10,053 | 9,993 | ||||||||
Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 131,936 | 85,689 | 51,868 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 157,942 | 121,546 | 89,620 | ||||||||
North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 265,843 | 121,228 | 32,866 | ||||||||
South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 8,511 | 3,596 | 705 | ||||||||
Equipment Leasing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 349,322 | 253,039 | 170,000 | ||||||||
Infrastructure | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 229,452 | 89,073 | 15,052 | ||||||||
Operating Segments | Equipment Leasing | Aviation Leasing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 336,675 | 244,270 | 156,793 | ||||||||
Operating Segments | Equipment Leasing | Aviation Leasing | Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 14,542 | 10,053 | 9,993 | ||||||||
Operating Segments | Equipment Leasing | Aviation Leasing | Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 119,289 | 78,374 | 45,794 | ||||||||
Operating Segments | Equipment Leasing | Aviation Leasing | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 157,942 | 121,546 | 84,023 | ||||||||
Operating Segments | Equipment Leasing | Aviation Leasing | North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 36,391 | 30,701 | 16,278 | ||||||||
Operating Segments | Equipment Leasing | Aviation Leasing | South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 8,511 | 3,596 | 705 | ||||||||
Operating Segments | Infrastructure | Jefferson Terminal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 204,348 | 70,985 | 10,229 | ||||||||
Operating Segments | Infrastructure | Jefferson Terminal | Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Operating Segments | Infrastructure | Jefferson Terminal | Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Operating Segments | Infrastructure | Jefferson Terminal | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Operating Segments | Infrastructure | Jefferson Terminal | North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 204,348 | 70,985 | 10,229 | ||||||||
Operating Segments | Infrastructure | Jefferson Terminal | South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Operating Segments | Infrastructure | Ports and Terminals | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 22,187 | 17,444 | 4,823 | ||||||||
Operating Segments | Infrastructure | Ports and Terminals | Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Operating Segments | Infrastructure | Ports and Terminals | Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Operating Segments | Infrastructure | Ports and Terminals | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Operating Segments | Infrastructure | Ports and Terminals | North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 22,187 | 17,444 | 4,823 | ||||||||
Operating Segments | Infrastructure | Ports and Terminals | South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 15,564 | 9,413 | 13,207 | ||||||||
Corporate and Other | Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Corporate and Other | Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 12,647 | 7,315 | 6,074 | ||||||||
Corporate and Other | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 5,597 | ||||||||
Corporate and Other | North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,917 | 2,098 | 1,536 | ||||||||
Corporate and Other | South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Corporate and Other | Equipment Leasing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 12,647 | 8,769 | $ 13,207 | ||||||||
Corporate and Other | Infrastructure | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 2,917 | $ 644 |
SEGMENT INFORMATION (Balance Sh
SEGMENT INFORMATION (Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,236,922 | $ 2,638,778 |
Debt, net | 1,420,928 | 1,215,108 |
Total liabilities | 1,898,065 | 1,584,996 |
Non-controlling interest in equity of consolidated subsidiaries | 36,980 | 56,383 |
Total equity | 1,338,857 | 1,053,782 |
Total liabilities and equity | 3,236,922 | 2,638,778 |
Operating Segments | Equipment Leasing | Aviation Leasing | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,694,837 | 1,367,074 |
Debt, net | 0 | 0 |
Total liabilities | 285,099 | 234,449 |
Non-controlling interest in equity of consolidated subsidiaries | 0 | 0 |
Total equity | 1,409,738 | 1,132,625 |
Total liabilities and equity | 1,694,837 | 1,367,074 |
Operating Segments | Infrastructure | Jefferson Terminal | ||
Segment Reporting Information [Line Items] | ||
Total assets | 781,422 | 670,682 |
Debt, net | 233,077 | 234,862 |
Total liabilities | 324,509 | 288,256 |
Non-controlling interest in equity of consolidated subsidiaries | 35,671 | 52,058 |
Total equity | 456,913 | 382,426 |
Total liabilities and equity | 781,422 | 670,682 |
Operating Segments | Infrastructure | Ports and Terminals | ||
Segment Reporting Information [Line Items] | ||
Total assets | 366,402 | 277,160 |
Debt, net | 25,000 | 0 |
Total liabilities | 63,930 | 16,615 |
Non-controlling interest in equity of consolidated subsidiaries | 785 | 544 |
Total equity | 302,472 | 260,545 |
Total liabilities and equity | 366,402 | 277,160 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 394,261 | 267,118 |
Debt, net | 1,162,851 | 980,246 |
Total liabilities | 1,224,527 | 1,010,213 |
Non-controlling interest in equity of consolidated subsidiaries | 524 | 523 |
Total equity | (830,266) | (743,095) |
Total liabilities and equity | $ 394,261 | 267,118 |
Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,582,034 | |
Debt, net | 1,215,108 | |
Total liabilities | 1,549,533 | |
Non-controlling interest in equity of consolidated subsidiaries | 53,125 | |
Total equity | 1,032,501 | |
Total liabilities and equity | $ 2,582,034 |
SEGMENT INFORMATION (Location o
SEGMENT INFORMATION (Location of Long-Lived Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | $ 1,707,059 | $ 1,432,210 |
Property, plant and equipment and leasing equipment, net | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 2,439,168 | 2,094,229 |
Property, plant and equipment and leasing equipment, net | Africa | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 43,348 | 47,353 |
Property, plant and equipment and leasing equipment, net | Asia | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 525,461 | 418,315 |
Property, plant and equipment and leasing equipment, net | Europe | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 647,029 | 714,620 |
Property, plant and equipment and leasing equipment, net | North America | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 1,194,630 | 879,436 |
Property, plant and equipment and leasing equipment, net | South America | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 28,700 | 34,505 |
Operating Segments | Equipment Leasing | Aviation Leasing | Property, plant and equipment and leasing equipment, net | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 1,518,175 | 1,236,138 |
Operating Segments | Equipment Leasing | Aviation Leasing | Property, plant and equipment and leasing equipment, net | Africa | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 43,348 | 47,353 |
Operating Segments | Equipment Leasing | Aviation Leasing | Property, plant and equipment and leasing equipment, net | Asia | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 487,913 | 383,648 |
Operating Segments | Equipment Leasing | Aviation Leasing | Property, plant and equipment and leasing equipment, net | Europe | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 647,029 | 592,670 |
Operating Segments | Equipment Leasing | Aviation Leasing | Property, plant and equipment and leasing equipment, net | North America | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 311,185 | 177,962 |
Operating Segments | Equipment Leasing | Aviation Leasing | Property, plant and equipment and leasing equipment, net | South America | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 28,700 | 34,505 |
Operating Segments | Infrastructure | Jefferson Terminal | Property, plant and equipment and leasing equipment, net | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 560,059 | 433,404 |
Operating Segments | Infrastructure | Jefferson Terminal | Property, plant and equipment and leasing equipment, net | Africa | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 0 | 0 |
Operating Segments | Infrastructure | Jefferson Terminal | Property, plant and equipment and leasing equipment, net | Asia | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 0 | 0 |
Operating Segments | Infrastructure | Jefferson Terminal | Property, plant and equipment and leasing equipment, net | Europe | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 0 | 0 |
Operating Segments | Infrastructure | Jefferson Terminal | Property, plant and equipment and leasing equipment, net | North America | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 560,059 | 433,404 |
Operating Segments | Infrastructure | Jefferson Terminal | Property, plant and equipment and leasing equipment, net | South America | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 0 | 0 |
Operating Segments | Infrastructure | Ports and Terminals | Property, plant and equipment and leasing equipment, net | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 200,319 | 263,747 |
Operating Segments | Infrastructure | Ports and Terminals | Property, plant and equipment and leasing equipment, net | Africa | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 0 | 0 |
Operating Segments | Infrastructure | Ports and Terminals | Property, plant and equipment and leasing equipment, net | Asia | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 0 | 0 |
Operating Segments | Infrastructure | Ports and Terminals | Property, plant and equipment and leasing equipment, net | Europe | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 0 | 0 |
Operating Segments | Infrastructure | Ports and Terminals | Property, plant and equipment and leasing equipment, net | North America | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 200,319 | 263,747 |
Operating Segments | Infrastructure | Ports and Terminals | Property, plant and equipment and leasing equipment, net | South America | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 0 | 0 |
Corporate and Other | Property, plant and equipment and leasing equipment, net | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 160,615 | 160,940 |
Corporate and Other | Property, plant and equipment and leasing equipment, net | Africa | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 0 | 0 |
Corporate and Other | Property, plant and equipment and leasing equipment, net | Asia | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 37,548 | 34,667 |
Corporate and Other | Property, plant and equipment and leasing equipment, net | Europe | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 0 | 121,950 |
Corporate and Other | Property, plant and equipment and leasing equipment, net | North America | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | 123,067 | 4,323 |
Corporate and Other | Property, plant and equipment and leasing equipment, net | South America | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment and leasing equipment, net | $ 0 | $ 0 |
EARNINGS PER SHARE AND EQUITY (
EARNINGS PER SHARE AND EQUITY (EPS Schedule) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) from continuing operations | $ 109,532 | $ 19,736 | $ 15,008 | $ (9,954) | $ (2,222) | $ 857 | $ (6,702) | $ (12,039) | $ 134,322 | $ (20,106) | $ (22,503) |
Net income (loss) from discontinued operations, net of income taxes | 71,579 | 940 | 785 | 158 | 1,577 | (134) | 253 | 2,706 | 73,462 | 4,402 | (737) |
Net income (loss) | 181,111 | 20,676 | 15,793 | (9,796) | (645) | 723 | (6,449) | (9,333) | 207,784 | (15,704) | (23,240) |
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries: | |||||||||||
Continuing operations | (4,520) | (5,111) | (4,580) | (3,360) | (1,790) | (3,829) | (7,339) | (8,967) | (17,571) | (21,925) | (23,304) |
Discontinued operations | 146 | 116 | 41 | (56) | 108 | (26) | 51 | 206 | 247 | 339 | (70) |
Dividends on preferred shares | 1,838 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,838 | 0 | 0 |
Net income attributable to shareholders | $ 183,647 | $ 25,671 | $ 20,332 | $ (6,380) | $ 1,037 | $ 4,578 | $ 839 | $ (572) | $ 223,270 | $ 5,882 | $ 134 |
Basic (in shares) | 85,997,619 | 85,996,067 | 85,987,769 | 85,986,453 | 85,065,125 | 84,708,071 | 83,160,037 | 81,534,454 | 85,992,019 | 83,654,068 | 75,766,811 |
Diluted (in shares) | 86,090,207 | 86,005,604 | 85,989,029 | 85,986,453 | 85,068,966 | 84,709,656 | 83,160,047 | 81,534,454 | 86,029,363 | 83,664,833 | 75,766,811 |
Basic | |||||||||||
Continuing operations (usd per share) | $ 1.30 | $ 0.29 | $ 0.23 | $ (0.07) | $ (0.01) | $ 0.06 | $ 0.01 | $ (0.04) | $ 1.74 | $ 0.02 | $ 0.01 |
Discontinued operations (usd per share) | 0.83 | 0.01 | 0.01 | 0 | 0.02 | (0.01) | 0 | 0.03 | 0.85 | 0.05 | (0.01) |
Diluted | |||||||||||
Continuing operations (usd per share) | 1.30 | 0.29 | 0.23 | (0.07) | (0.01) | 0.06 | 0.01 | (0.04) | 1.74 | 0.02 | 0.01 |
Discontinued operations (usd per share) | $ 0.83 | $ 0.01 | $ 0.01 | $ 0 | $ 0.02 | $ (0.01) | $ 0 | $ 0.03 | $ 0.85 | $ 0.05 | $ (0.01) |
EARNINGS PER SHARE AND EQUITY_2
EARNINGS PER SHARE AND EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Line Items] | |||||
Antidilutive shares excluded from the calculation of diluted EPS (in shares) | 150,981 | 57,069 | 438 | ||
Shares issued (in shares) | 840,434 | ||||
Shares issued for service (in shares) | 26,125 | ||||
Preferred stock, shares issued (in shares) | 8,050,000 | 0 | |||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | |||
Proceeds from issuance of shares, net | $ 193,992 | $ 0 | $ 0 | ||
Capital Unit, Class B | |||||
Earnings Per Share [Line Items] | |||||
Shares converted (in shares) | 1,134,806 | ||||
Series A Preferred Stock | |||||
Earnings Per Share [Line Items] | |||||
Preferred stock, shares issued (in shares) | 4,600,000 | 3,450,000 | |||
Stated rate | 8.00% | 8.25% | |||
Preferred stock, liquidation preference per share | $ 25 | $ 25 | |||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | |||
Proceeds from issuance of shares, net | $ 111,100 | $ 82,900 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Minimum | |
Variable Interest Entity [Line Items] | |
Loss contingency, range of possible loss | $ 0 |
Maximum | |
Variable Interest Entity [Line Items] | |
Loss contingency, range of possible loss | 3.3 |
Repauno | |
Variable Interest Entity [Line Items] | |
Potential milestone payment | $ 15 |
QUARTERLY FINANCIAL INFORMATI_3
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 161,332 | $ 152,700 | $ 149,848 | $ 114,894 | $ 128,652 | $ 92,472 | $ 63,191 | $ 57,797 | $ 578,774 | $ 342,112 | $ 185,052 |
Total expenses | 169,136 | 169,430 | 164,798 | 123,403 | 130,344 | 91,685 | 75,342 | 69,772 | 626,767 | 367,143 | 223,898 |
Total other (expense) income | 136,335 | 37,338 | 27,630 | (1,178) | 339 | 621 | 5,983 | 431 | 200,125 | 7,374 | 18,297 |
Income (loss) from continuing operations before income taxes | 128,531 | 20,608 | 12,680 | (9,687) | (1,353) | 1,408 | (6,168) | (11,544) | 152,132 | (17,657) | (20,549) |
Provision for income taxes | 18,999 | 872 | (2,328) | 267 | 869 | 551 | 534 | 495 | 17,810 | 2,449 | 1,954 |
Net income (loss) from continuing operations | 109,532 | 19,736 | 15,008 | (9,954) | (2,222) | 857 | (6,702) | (12,039) | 134,322 | (20,106) | (22,503) |
Net income (loss) from discontinued operations, net of income taxes | 71,579 | 940 | 785 | 158 | 1,577 | (134) | 253 | 2,706 | 73,462 | 4,402 | (737) |
Net income (loss) | 181,111 | 20,676 | 15,793 | (9,796) | (645) | 723 | (6,449) | (9,333) | 207,784 | (15,704) | (23,240) |
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries: | |||||||||||
Continuing operations | (4,520) | (5,111) | (4,580) | (3,360) | (1,790) | (3,829) | (7,339) | (8,967) | (17,571) | (21,925) | (23,304) |
Discontinued operations | 146 | 116 | 41 | (56) | 108 | (26) | 51 | 206 | 247 | 339 | (70) |
Dividends on preferred shares | 1,838 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,838 | 0 | 0 |
Net income attributable to shareholders | $ 183,647 | $ 25,671 | $ 20,332 | $ (6,380) | $ 1,037 | $ 4,578 | $ 839 | $ (572) | $ 223,270 | $ 5,882 | $ 134 |
Basic | |||||||||||
Continuing operations (usd per share) | $ 1.30 | $ 0.29 | $ 0.23 | $ (0.07) | $ (0.01) | $ 0.06 | $ 0.01 | $ (0.04) | $ 1.74 | $ 0.02 | $ 0.01 |
Discontinued operations (usd per share) | 0.83 | 0.01 | 0.01 | 0 | 0.02 | (0.01) | 0 | 0.03 | 0.85 | 0.05 | (0.01) |
Diluted | |||||||||||
Continuing operations (usd per share) | 1.30 | 0.29 | 0.23 | (0.07) | (0.01) | 0.06 | 0.01 | (0.04) | 1.74 | 0.02 | 0.01 |
Discontinued operations (usd per share) | $ 0.83 | $ 0.01 | $ 0.01 | $ 0 | $ 0.02 | $ (0.01) | $ 0 | $ 0.03 | $ 0.85 | $ 0.05 | $ (0.01) |
Weighted Average Shares Outstanding: | |||||||||||
Basic (in shares) | 85,997,619 | 85,996,067 | 85,987,769 | 85,986,453 | 85,065,125 | 84,708,071 | 83,160,037 | 81,534,454 | 85,992,019 | 83,654,068 | 75,766,811 |
Diluted (in shares) | 86,090,207 | 86,005,604 | 85,989,029 | 85,986,453 | 85,068,966 | 84,709,656 | 83,160,047 | 81,534,454 | 86,029,363 | 83,664,833 | 75,766,811 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Feb. 27, 2020 | Jan. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 25, 2020 | Feb. 11, 2020 | Nov. 30, 2019 | Sep. 30, 2019 |
Subsequent Event [Line Items] | |||||||||||
Common stock dividends declared (in dollars per share) | $ 0.33 | $ 1.32 | $ 1.32 | $ 0.33 | |||||||
Series A Preferred Stock | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Stated rate | 8.00% | 8.25% | |||||||||
Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Shares issued (in shares) | 11,991 | ||||||||||
Subsequent Event | Series 2020 Bonds | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt, face amount | $ 264,000,000 | ||||||||||
Subsequent Event | Series 2020A Dock and Wharf Facility Revenue Bonds | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt, face amount | 184,900,000 | ||||||||||
Subsequent Event | Series 2020B Taxable Facility Revenue Bonds | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt, face amount | $ 79,100,000 | ||||||||||
Stated rate | 6.00% | ||||||||||
Subsequent Event | Series 2020A Maturing in 2035 | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt, face amount | $ 53,500,000 | ||||||||||
Stated rate | 3.625% | ||||||||||
Subsequent Event | Series 2020A Maturing in 2050 | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt, face amount | $ 131,400,000 | ||||||||||
Stated rate | 4.00% | ||||||||||
Subsequent Event | Common Shares | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Conversion of units, shares issued (in shares) | 63,538 | ||||||||||
Common stock dividends declared (in dollars per share) | $ 0.33 | ||||||||||
Subsequent Event | Capital Unit, Class B | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Shares converted (in shares) | 85,794 | ||||||||||
Subsequent Event | Series A Preferred Stock | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Common stock dividends declared (in dollars per share) | 0.52 | ||||||||||
Subsequent Event | Series B Preferred Stock | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Common stock dividends declared (in dollars per share) | $ 0.60 |