Document And Entity Information
Document And Entity Information - $ / shares | 3 Months Ended | ||
Mar. 31, 2018 | May 01, 2018 | Dec. 31, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q1 | ||
Entity Registrant Name | Macquarie Infrastructure Corp | ||
Entity Central Index Key | 1,289,790 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | MIC | ||
Entity Common Stock, Shares Outstanding | 85,084,344 | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Current assets: | |||
Cash and cash equivalents | $ 76,021 | $ 47,121 | |
Restricted cash | 26,622 | 24,963 | |
Accounts receivable, less allowance for doubtful accounts of $1,073 and $895, respectively | 153,419 | 158,152 | |
Inventories | 38,743 | 36,955 | |
Prepaid expenses | 13,086 | 14,685 | |
Fair value of derivative instruments | 13,398 | 11,965 | |
Other current assets | 17,254 | 13,804 | |
Total current assets | 338,543 | 307,645 | |
Property, equipment, land and leasehold improvements, net | 4,644,350 | 4,659,614 | |
Investment in unconsolidated business | 9,408 | 9,526 | |
Goodwill | 2,068,799 | 2,068,668 | |
Intangible assets, net | 902,933 | 914,098 | |
Fair value of derivative instruments | 30,799 | 24,455 | |
Other noncurrent assets | 30,465 | 24,945 | |
Total assets | 8,025,297 | 8,008,951 | |
Current liabilities: | |||
Due to Manager - related party | 7,550 | 5,577 | |
Accounts payable | 52,424 | 60,585 | |
Accrued expenses | 87,800 | 89,496 | |
Current portion of long-term debt | 51,208 | 50,835 | |
Fair value of derivative instruments | 974 | 1,710 | |
Other current liabilities | 51,266 | 47,762 | |
Total current liabilities | 251,222 | 255,965 | |
Long-term debt, net of current portion | 3,608,812 | 3,530,311 | |
Deferred income taxes | 644,143 | 632,070 | |
Fair value of derivative instruments | 2,449 | 4,668 | |
Tolling agreements - noncurrent | 50,651 | 52,595 | |
Other noncurrent liabilities | 184,344 | 182,639 | |
Total liabilities | 4,741,621 | 4,658,248 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock ($0.001 par value; 500,000,000 authorized; 84,902,562 shares issued and outstanding at March 31, 2018 and 84,733,957 shares issued and outstanding at December 31, 2017) | [1] | 85 | 85 |
Additional paid in capital | 1,728,712 | 1,840,033 | |
Accumulated other comprehensive loss | (31,357) | (29,993) | |
Retained earnings | 1,420,401 | 1,343,567 | |
Total stockholders’ equity | 3,117,841 | 3,153,692 | |
Noncontrolling interests | 165,835 | 197,011 | |
Total equity | 3,283,676 | 3,350,703 | |
Total liabilities and equity | $ 8,025,297 | $ 8,008,951 | |
[1] | The Company is authorized to issue 100,000,000 shares of preferred stock, par value $0.001 per share. At March 31, 2018 and December 31, 2017, no preferred stock were issued or outstanding. The Company had 100 shares of special stock issued and outstanding to its Manager at March 31, 2018 and December 31, 2017. |
CONSOLIDATED CONDENSED BALANCE3
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts receivable, allowance for doubtful accounts | $ 1,073 | $ 895 |
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 100,000,000 | 100,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Special stock, issued | 100 | 100 |
Special stock, outstanding | 100 | 100 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Shares, authorized | 500,000,000 | 500,000,000 |
Shares, issued | 84,902,562 | 84,733,957 |
Shares, outstanding | 84,902,562 | 84,733,957 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Revenue | ||||
Service revenue | $ 402,609 | $ 363,804 | ||
Product revenue | 98,947 | 87,653 | ||
Total revenue | 501,556 | 451,457 | ||
Costs and expenses | ||||
Cost of services | 187,470 | 154,706 | ||
Cost of product sales | 53,385 | 47,225 | ||
Selling, general and administrative | 86,957 | 76,952 | ||
Fees to Manager - related party | 12,928 | 18,223 | ||
Depreciation | 61,358 | 57,681 | ||
Amortization of intangibles | 17,216 | 17,693 | [1] | |
Total operating expenses | 419,314 | 372,480 | ||
Operating income | 82,242 | 78,977 | ||
Other income (expense) | ||||
Interest income | 80 | 34 | ||
Interest expense | [2] | (18,790) | (25,482) | |
Other income, net | 42 | 1,182 | ||
Net income before income taxes | 63,574 | 54,711 | ||
Provision for income taxes | (16,779) | (22,073) | ||
Net income | 46,795 | 32,638 | [1] | |
Less: net loss attributable to noncontrolling interests | (30,039) | (3,377) | ||
Net income attributable to MIC | $ 76,834 | $ 36,015 | ||
Basic income per share attributable to MIC | $ 0.91 | $ 0.44 | ||
Weighted average number of shares outstanding: basic | 84,821,453 | 82,138,168 | ||
Diluted income per share attributable to MIC | $ 0.88 | $ 0.44 | ||
Weighted average number of shares outstanding: diluted | 92,793,852 | 82,147,763 | ||
Cash dividends declared per share | $ 1 | $ 1.32 | ||
[1] | Conformed to current period presentation. See Note 2, “Basis of Presentation”, for Recently Issued Accounting Standards adopted during the quarter ended March 31, 2018. | |||
[2] | Interest expense includes gains on derivative instruments of $15.1 million and $954,000 for the quarters ended March 31, 2018 and 2017, respectively. |
CONSOLIDATED CONDENSED STATEME5
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest Expense [Member] | ||
Gains on derivative instruments | $ 15,100 | $ 954,000 |
CONSOLIDATED CONDENSED STATEME6
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Net income | $ 46,795 | $ 32,638 | [1] | |
Other comprehensive loss, net of taxes: | ||||
Translation adjustment | [2] | (1,364) | 0 | |
Other comprehensive loss | (1,364) | 0 | ||
Comprehensive income | 45,431 | 32,638 | ||
Less: comprehensive loss attributable to noncontrolling interests | (30,039) | (3,377) | ||
Comprehensive income attributable to MIC | $ 75,470 | $ 36,015 | ||
[1] | Conformed to current period presentation. See Note 2, “Basis of Presentation”, for Recently Issued Accounting Standards adopted during the quarter ended March 31, 2018. | |||
[2] | Translation adjustment is presented net of tax benefit of $523,000 for the quarter ended March 31, 2018. |
CONSOLIDATED CONDENSED STATEME7
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Translation adjustment, taxes | $ 523,000 |
CONSOLIDATED CONDENSED STATEME8
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | [1] | |
Operating activities | |||
Net income | $ 46,795 | $ 32,638 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of property and equipment | 61,358 | 57,681 | |
Amortization of intangible assets | 17,216 | 17,693 | |
Amortization of debt financing costs | 3,049 | 2,202 | |
Amortization of debt discount | 897 | 619 | |
Adjustments to derivative instruments | (10,732) | 1,972 | |
Fees to Manager- related party | 12,928 | 18,223 | |
Deferred taxes | 12,908 | 18,352 | |
Pension expense | 2,253 | 2,694 | |
Other non-cash expense (income), net | 563 | (1,354) | |
Changes in other assets and liabilities, net of acquisitions: | |||
Accounts receivable | 4,242 | 1,059 | |
Inventories | (2,141) | (3,718) | |
Prepaid expenses and other current assets | (1,798) | (7,559) | |
Due to Manager - related party | (68) | 11 | |
Accounts payable and accrued expenses | (5,945) | (12,382) | |
Income taxes payable | 1,559 | 1,341 | |
Other, net | 1,018 | (1,878) | |
Net cash provided by operating activities | 144,102 | 127,594 | |
Investing activities | |||
Acquisitions of businesses and investments, net of cash acquired | (11,433) | 0 | |
Purchases of property and equipment | (48,181) | (59,869) | |
Loan to project developer | (10,800) | (8,000) | |
Loan repayment from project developer | 5,217 | 0 | |
Other, net | 86 | 50 | |
Net cash used in investing activities | (65,111) | (67,819) | |
Financing activities | |||
Proceeds from long-term debt | 141,500 | 104,000 | |
Payment of long-term debt | (63,848) | (72,634) | |
Proceeds from the issuance of shares | 125 | 2,049 | |
Dividends paid to common stockholders | (122,259) | (107,714) | |
Contributions received from noncontrolling interests | 271 | 0 | |
Distributions paid to noncontrolling interests | (1,397) | (1,351) | |
Offering and equity raise costs paid | 0 | (69) | |
Debt financing costs paid | (2,595) | (435) | |
Payment of capital lease obligations | (22) | (21) | |
Net cash used in financing activities | (48,225) | (76,175) | |
Effect of exchange rate changes on cash and cash equivalents | (207) | 0 | |
Net change in cash, cash equivalents and restricted cash | 30,559 | (16,400) | |
Cash, cash equivalents and restricted cash, beginning of period | 72,084 | 61,257 | |
Cash, cash equivalents and restricted cash, end of period | 102,643 | 44,857 | |
Non-cash investing and financing activities: | |||
Accrued equity offering costs | 80 | 93 | |
Accrued financing costs | 233 | 0 | |
Accrued purchases of property and equipment | 19,038 | 25,598 | |
Issuance of shares to Manager | 10,887 | 18,462 | |
Conversion of convertible senior notes to shares | 6 | 17 | |
Distributions payable to noncontrolling interests | 33 | 29 | |
Taxes paid, net | 2,040 | 2,379 | |
Interest paid | $ 25,986 | $ 26,764 | |
[1] | Conformed to current period presentation. See Note 2, “Basis of Presentation”, for Recently Issued Accounting Standards adopted during the quarter ended March 31, 2018. |
CONSOLIDATED CONDENSED STATEME9
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Additional Information) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | ||
Cash and cash equivalents | $ 76,021 | $ 29,618 | ||
Restricted cash - current | 26,622 | 15,169 | ||
Restricted cash - non-current | [1] | 0 | 70 | |
Total of cash, cash equivalents and restricted cash shown in the consolidated condensed statement of cash flows | $ 102,643 | $ 44,857 | [2] | |
[1] | Restricted cash non-current is included in Other noncurrent assets in the consolidated condensed balance sheet. | |||
[2] | Conformed to current period presentation. See Note 2, “Basis of Presentation”, for Recently Issued Accounting Standards adopted during the quarter ended March 31, 2018. |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Macquarie Infrastructure Corporation (MIC) is a Delaware corporation formed on May 21, 2015. MIC’s predecessor, Macquarie Infrastructure Company LLC, was formed on April 13, 2004. Macquarie Infrastructure Corporation, both on an individual entity basis and together with its consolidated subsidiaries, is referred to in these financial statements as the “Company” or “MIC”. MIC is externally managed by Macquarie Infrastructure Management (USA) Inc. (the Manager), pursuant to the terms of a Management Services Agreement, that is subject to the oversight and supervision of the board of directors. The majority of the members of the Board of Directors, and each member of all Board Committees, is independent and has no affiliation with Macquarie. The Manager is a member of the Macquarie Group of companies comprising the Macquarie Group Limited and its subsidiaries and affiliates worldwide. Macquarie Group Limited is headquartered in Australia and is listed on the Australian Stock Exchange. The Company owns its businesses through its direct wholly-owned subsidiary MIC Ohana Corporation, the successor to Macquarie Infrastructure Company Inc. The Company owns and operates a diversified portfolio of businesses that provide services to other businesses, government agencies and individuals primarily in the U.S. The businesses it owns and operates are organized into four segments: • International-Matex Tank Terminals (IMTT): • Atlantic Aviation: • Contracted Power: • MIC Hawaii: |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2017 has been derived from audited financial statements but does not include all of the information and notes required by GAAP for complete financial statements. Certain reclassifications were made to the financial statements for the prior period to conform to current period presentation. The interim financial information contained herein should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 21, 2018. Operating results for the quarter ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 or for any future interim periods. The preparation of unaudited consolidated condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures related thereto at the date of the unaudited consolidated condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Management evaluates these estimates and assumptions on an ongoing basis. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited interim consolidated condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates The Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and variable-rate senior debt, are carried at cost, which approximates their fair value because of either the short-term maturity, or competitive interest rates assigned to these financial instruments. In February 2018, the FASB issued ASU No. 2018-02, Income Statement Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (AOCI) On January 26, 2017, the FASB issued ASU No. 2017-04, Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment On January 5, 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business On November 17, 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash On February 25, 2016, FASB issued ASU No. 2016-02, Leases (Topic 842) |
Implementation of ASU 2014-09
Implementation of ASU 2014-09 | 3 Months Ended |
Mar. 31, 2018 | |
Implementation of ASU 2014-09 [Abstract] | |
Implementation of ASU 2014-09 | 3. Implementation of ASU 2014-09 The Company recognizes revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The Company has revenue that is derived from long-term contracts and leases that can span several years. The Company accounts for revenue in accordance with ASC Topic 606, Revenue Leases Long-Term Contracted Revenue In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) • ASU 2015-14 (Issued August 2015) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date • ASU 2016-08 (Issued March 2016) Principal versus Agent Consideration (Reporting Revenue Gross versus Net) • ASU 2016-10 (Issued April 2016) Identifying Performance Obligations and Licensing • ASU 2016-12 (Issued May 2016) Narrow-Scope Improvements and Practical Expedients • ASU 2016-20 (Issued December 2016) Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers The Company adopted ASU 2014-09 during the first quarter of 2018 using the modified retrospective method. There was no adjustment to the beginning balance of retained earnings and the adoption of this ASU did not have a significant impact to the Company’s consolidated financial statements other than the additional required qualitative and quantitative disclosures. As part of the adoption, the Company has not elected to apply any practical expedients available under ASC Topic 606. IMTT Revenue from IMTT is generated from the following sources and recorded in service revenue. Lease Leases. Other terminal services Other Atlantic Aviation Revenue from Atlantic Aviation is recorded in service revenue. Services provided by Atlantic Aviation include: Fuel Hangar Other FBO services Other FBO services Contracted Power Bayonne Energy Center’s (BEC) revenue is derived from contracts that are accounted for as operating leases that do not have minimum lease payments. This revenue is recorded within product revenue as electricity is delivered. With respect to BEC’s contracted capacity, revenue is recognized as energy, capacity and ancillary services are sold to the off-taker under the third-party tolling agreements. The agreements are based on a fixed rate per megawatt (MW) of capacity and not subject to dispatch or utilization. A portion of the revenues under the tolling agreements are subject to annual price increases. Revenue under the tolling agreements is subject to availability of capacity (subject to a historical rolling average forced outage factor). Variable operating and major maintenance revenue under the tolling agreements is a function of net plant output and a negotiated rate, which is adjusted annually based on historical plant experience. With respect to BEC’s residual capacity, revenue is recognized as energy, capacity and ancillary services are sold into the New York Independent System Operator (NYISO) energy market. Revenue for such services is based on prevailing market rates at the time such services are sold. Volumes of energy and ancillary services sold are subject to BEC’s market based dispatch from NYISO. Owners of the wind and solar facilities sell substantially all of the electricity generated at a fixed price to primarily electric utility customers pursuant to long-term (typically 20 25 years) power purchase agreements (PPAs). Substantially all of the PPAs are accounted for as operating leases and have no minimum lease payments and all of the lease income under these leases is recorded within product revenue when the electricity is delivered. MIC Hawaii Revenue from Hawaii Gas is recorded in product revenue. Hawaii Gas recognizes revenue when products are delivered. Sales of gas to customers are billed on a monthly-cycle basis. Earned but unbilled revenue is accrued and included in accounts receivable and revenue based on the amount of gas that has been delivered but not billed to customers from the latest meter reading or billed delivery date to the end of an accounting period. The related costs are charged to expense. The other businesses within MIC Hawaii consist of primarily a mechanical contractor focused on designing and constructing energy efficient building infrastructure and controlling interests in renewable and distributed power facilities including two facilities on Oahu. Revenue generated by the mechanical contractor business is recognized from long-term construction contracts (commonly referred to as the percentage-of-completion method) and is recorded in service revenue. PPAs at the renewable facilities are accounted for as operating leases and the related lease income is recorded in product revenues when the electricity is delivered. |
Income per Share
Income per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Income per Share | 4. Income per Share Quarter Ended 2018 2017 Numerator: Net income attributable to MIC $ 76,834 $ 36,015 Interest expense attributable to 2.875% Convertible Senior Notes due July 2019, net of taxes 2,359 Interest expense attributable to 2.00% Convertible Senior Notes due October 2023, net of taxes 2,595 Diluted net income attributable to MIC $ 81,788 $ 36,015 Denominator: Weighted average number of shares outstanding: basic 84,821,453 82,138,168 Dilutive effect of restricted stock unit grants 9,435 9,595 Dilutive effect of 2.875% Convertible Senior Notes due July 2019 4,338,210 Dilutive effect of 2.00% Convertible Senior Notes due October 2023 3,624,754 Weighted average number of shares outstanding: diluted 92,793,852 82,147,763 Income per share: Basic income per share attributable to MIC $ 0.91 $ 0.44 Diluted income per share attributable to MIC $ 0.88 $ 0.44 The effect of potentially dilutive shares for the quarter ended March 31, 2018 is calculated assuming that (i) the restricted stock unit grants totaling 9,435 provided to the independent directors on May 17, 2017, which will vest during the second quarter of 2018, had been fully converted to shares on the grant date; and (ii) the 2.875% Convertible Senior Notes due July 2019 and the 2.00% Convertible Senior Notes due October 2023 had been fully converted into shares on the date of issuance. The effect of potentially dilutive shares for the quarter ended March 31, 2017 is calculated assuming that the restricted stock unit grants totaling 8,604 (net of forfeitures of 2,151 restricted stock unit grants forfeited on September 30, 2016) provided to the independent directors on May 18, 2016 and restricted stock units grants of 991 provided to a new independent director on November 1, 2016, which all vested during the second quarter of 2017, had been fully converted to shares on those grant dates. The 2.875% Convertible Senior Notes due July 2019 and the 2.00% Convertible Senior Notes due October 2023 were anti-dilutive for the quarter ended March 31, 2017. Quarter Ended 2018 2017 2.875% Convertible Senior Notes due July 2019 4,222,378 2.00% Convertible Senior Notes due October 2023 3,596,901 Total 7,819,279 |
Property, Equipment, Land and L
Property, Equipment, Land and Leasehold Improvements | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment, Land and Leasehold Improvements | 5. Property, Equipment, Land and Leasehold Improvements March 31, December 31, Land $ 339,133 $ 339,148 Easements 131 131 Buildings 41,885 41,776 Leasehold and land improvements 869,923 834,241 Machinery and equipment 4,128,484 4,092,624 Furniture and fixtures 40,205 39,386 Construction in progress 217,994 246,422 5,637,755 5,593,728 Less: accumulated depreciation (993,405 ) (934,114 ) Property, equipment, land and leasehold improvements, net $ 4,644,350 $ 4,659,614 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 6. Intangible Assets and Goodwill Intangible assets at March 31, 2018 and December 31, 2017 consisted of the following ($ in thousands): March 31, December 31, Contractual arrangements $ 995,506 $ 989,228 Non-compete agreements 14,014 14,014 Customer relationships 361,365 361,623 Leasehold rights 350 350 Trade names 16,091 16,091 Technology 8,760 8,760 1,396,086 1,390,066 Less: accumulated amortization (493,153 ) (475,968 ) Intangible assets, net $ 902,933 $ 914,098 The goodwill balance as of March 31, 2018 is comprised of the following ($ in thousands): Goodwill acquired in business combinations, net of disposals, at December 31, 2017 $ 2,193,478 Accumulated impairment charges (123,200 ) Other (1,610 ) Balance at December 31, 2017 2,068,668 Goodwill related to 2018 acquisition 121 Other 10 Balance at March 31, 2018 $ 2,068,799 The Company tests for goodwill impairment at the reporting unit level on an annual basis on October 1 st |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 7. Long-Term Debt At March 31, 2018 and December 31, 2017, the Company’s consolidated long-term debt balance comprised of the following ($ in thousands): March 31, December 31, IMTT $ 1,325,975 $ 1,318,975 Atlantic Aviation 662,000 648,000 Contracted Power 570,596 576,558 MIC Hawaii 212,899 199,282 MIC Corporate 923,368 873,477 Total 3,694,838 3,616,292 Current portion (51,208 ) (50,835 ) Long-term portion 3,643,630 3,565,457 Unamortized deferred financing costs (1) (34,818 ) (35,146 ) Long-term portion less unamortized debt discount and deferred financing costs $ 3,608,812 $ 3,530,311 (1) The weighted average remaining life of the deferred financing costs at March 31, 2018 was 5.4 years. At March 31, 2018, the total undrawn capacity on the revolving credit facilities was $954.5 million excluding letters of credits outstanding of $43.2 million. MIC Corporate Senior Secured Revolving Credit Facility On January 3, 2018, the Company completed the refinancing and upsizing of its senior secured revolving credit facility to $600.0 million and extended the maturity through January 3, 2022. During the quarter ended March 31, 2018, MIC borrowed $86.5 million for general corporate purposes and repaid $37.5 million on its revolving credit facility. At March 31, 2018, the outstanding balance on the senior secured revolving credit facility was $192.5 million resulting in an undrawn balance of $407.5 million. Through May 1, 2018, the Company repaid $38.0 million on the outstanding balance on its revolving credit facility. 2.875% Convertible Senior Notes due July 2019 At March 31, 2018 and December 31, 2017, the Company had $350.0 million aggregate principal outstanding on its five-year, 2.875% convertible senior notes due July 2019. At March 31, 2018, the fair value of these convertible senior notes was approximately $345.0 million. These convertible senior notes fall within Level 1 of the fair value hierarchy. On March 5, 2018, the Company increased the conversion rate to 12.4912 shares of common stock per $1,000 principal amount. The adjustment reflects the impact of dividends paid by the Company to holders of common stock. 2.00% Convertible Senior Notes due October 2023 At March 31, 2018 and December 31, 2017, the Company had $372.7 million and $371.4 million, respectively, outstanding on its seven year, 2.00% convertible senior notes due October 2023. At March 31, 2018, the fair value of the liability component of these convertible senior notes was approximately $340.0 million. These convertible senior notes fall within Level 1 of the fair value hierarchy. The 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in thousands): March 31, December 31, Liability Component: Principal $ 402,500 $ 402,500 Unamortized debt discount (21,578 ) (22,475 ) Long-term debt, net of unamortized debt discount 380,922 380,025 Unamortized deferred financing costs (8,267 ) (8,643 ) Net carrying amount $ 372,655 $ 371,382 Equity Component $ 26,748 $ 26,748 For the quarters ended March 31, 2018 and 2017, total interest expense recognized related to the 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in thousands): Quarter Ended 2018 2017 Contractual interest expense $ 2,012 $ 1,744 Amortization of debt discount 897 619 Amortization of deferred financing costs 376 381 Total interest expense $ 3,285 $ 2,744 IMTT At March 31, 2018 and December 31, 2017, IMTT had $217.0 million and $210.0 million outstanding on its revolving credit facilities, respectively. During the quarter ended March 31, 2018, IMTT borrowed $17.0 million and repaid $10.0 million on its USD revolving credit facility primarily for general corporate purposes. At March 31, 2018, the undrawn portion on its USD revolving credit facility and CAD revolving credit facility were $333.0 million and $50.0 million, respectively. At March 31, 2018, IMTT had $600.0 million of fixed rate senior notes outstanding. At March 31, 2018, the fair value of the senior notes was approximately $590.0 million. The senior notes fall within Level 1 of the fair value hierarchy. Atlantic Aviation At March 31, 2018 and December 31, 2017, Atlantic Aviation had $277.0 million and $258.0 million outstanding on its revolving credit facility, respectively. During the quarter ended March 31, 2018, Atlantic Aviation borrowed $19.0 million on its revolving credit facility primarily to fund an on-field consolidation of an FBO and for general corporate purposes. At March 31, 2018, the undrawn portion on its revolving credit facility was $73.0 million. Through May 1, 2018, Atlantic Aviation borrowed $14.0 million for general corporate purposes on its revolving credit facility. Contracted Power At March 31, 2018, Contracted Power had $185.4 million of fixed rate term loans outstanding. At March 31, 2018, the fair value of the term loans was approximately $210.0 million. The term loans fall within Level 2 of the fair value hierarchy. MIC Hawaii In February 2018, Hawaii Gas exercised the second of two one-year extensions related to its $80.0 million secured term loan facility and its $60.0 million revolving credit facility extending their respective maturities to February 2023. At March 31, 2018, Hawaii Gas had $14.0 million outstanding on its revolving credit facility. During the quarter ended March 31, 2018, Hawaii Gas borrowed $19.0 million and repaid $5.0 million on its revolving credit facility primarily for general corporate purposes. At March 31, 2018, the undrawn portion on its revolving credit facility was $46.0 million. Though May 1, 2018, Hawaii Gas borrowed $1.0 million for general corporate purposes on its revolving credit facility. At March 31, 2018, Hawaii Gas had $100.0 million of fixed rate senior notes outstanding. At March 31, 2018, the fair value of the senior notes was approximately $100.0 million. The senior notes fall within Level 1 of the fair value hierarchy. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 8. Derivative Instruments and Hedging Activities Interest Rate Contracts The Company and certain of its businesses have in place variable-rate debt. Management believes that it is prudent to limit the variability of a portion of the business’ interest payments. To meet this objective, the Company enters into interest rate agreements, primarily using interest rate swaps and from time to time using interest rate caps, to manage fluctuations in cash flows resulting from interest rate risk on a portion of its debt with a variable-rate component. Interest rate swaps change the variable-rate cash flow exposure on the debt obligations to fixed cash flows. Under the terms of the interest rate swaps, the Company receives variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed-rate debt for the portion of the debt that is swapped. At March 31, 2018, the Company had $3.7 billion of current and long-term debt, of which $1.4 billion was economically hedged with interest rate contracts, $1.6 billion was fixed rate debt and $692.4 million was unhedged. The Company does not use hedge accounting. All movements in the fair value of the interest rate derivatives are recorded directly through earnings. Commodity Price Hedges The risks associated with fluctuations in the prices that Hawaii Gas, a business within the MIC Hawaii reportable segment, pays for propane is principally a result of market forces reflecting changes in supply and demand for propane and other energy commodities. Hawaii Gas’ gross margin (revenue less cost of product sales excluding depreciation and amortization) is sensitive to changes in propane supply costs and Hawaii Gas may not always be able to pass through product cost increases fully or on a timely basis, particularly when product costs rise rapidly. In order to reduce the volatility of the business’ propane market price risk, Hawaii Gas has used and expects to continue to use over-the-counter commodity derivative instruments including price swaps. Hawaii Gas does not use commodity derivative instruments for speculative or trading purposes. Over-the-counter derivative commodity instruments used by Hawaii Gas to hedge forecasted purchases of propane are generally settled at expiration of the contract. Financial Statement Location Disclosure for Derivative Instruments The Company measures derivative instruments at fair value using the income approach which discounts the future net cash settlements expected under the derivative contracts to a present value. These valuations use primarily observable (level 2) inputs, including contractual terms, interest rates and yield curves observable at commonly quoted intervals. Assets (Liabilities) at Balance Sheet Location March 31, December 31, Fair value of derivative instruments current assets $ 13,398 $ 11,965 Fair value of derivative instruments noncurrent assets 30,799 24,455 Total derivative contracts assets $ 44,197 $ 36,420 Fair value of derivative instruments current liabilities $ (974 ) $ (1,710 ) Fair value of derivative instruments noncurrent liabilities (2,449 ) (4,668 ) Total derivative contracts liabilities $ (3,423 ) $ (6,378 ) Amount of Gain (Loss) Financial Statement Account 2018 2017 Interest expense interest rate caps $ 4,983 $ (133 ) Interest expense interest rate swaps 10,157 1,087 Cost of product sales commodity swaps (2,043 ) (3,984 ) Total $ 13,097 $ (3,030 ) All of the Company’s derivative instruments are collateralized by the assets of the respective businesses. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders’ Equity | 9. Stockholders’ Equity 2016 Omnibus Employee Incentive Plan On May 18, 2016, the Company adopted the 2016 Omnibus Employee Incentive Plan (Plan). The Plan provides for the issuance of equity awards covering up to 500,000 shares of common stock to attract, retain, and motivate employees, consultants and others who perform services for the Company and its subsidiaries. Under the Plan, the Compensation Committee determines the persons who will receive awards, the time at which they are granted and the terms of the awards. Type of awards include stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, cash-based awards and other stock-based awards. At March 31, 2018, there were no awards outstanding under this Plan. At the Market (ATM) Program On June 24, 2015, the Company entered into an equity distribution agreement providing for the sale by the Company, from time to time, of shares of its common stock having an aggregate gross offering price of up to $400.0 million in privately negotiated transactions and/or any other method permitted by law. Through March 31, 2018, the Company sold 188,592 shares of common stock pursuant to the agreement for net proceeds of $15.4 million (after commissions and fees). No shares of common stock were sold during the quarter ended March 31, 2018. Accumulated Other Comprehensive Loss Post-Retirement Translation (1) Total Balance at December 31, 2016 $ (16,805 ) $ (12,155 ) $ (28,960 ) Balance at March 31, 2017 $ (16,805 ) $ (12,155 ) $ (28,960 ) Balance at December 31, 2017 $ (20,456 ) $ (9,537 ) $ (29,993 ) Translation adjustment (1,364 ) (1,364 ) Balance at March 31, 2018 $ (20,456 ) $ (10,901 ) $ (31,357 ) (1) Translation adjustment is presented net of tax benefit of $523,000 for the quarter ended March 31, 2018. |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Reportable Segments | 10. Reportable Segments At March 31, 2018, the Company’s businesses consisted of four reportable segments: IMTT, Atlantic Aviation, Contracted Power and MIC Hawaii. IMTT IMTT provides bulk liquid storage, handling and other services in North America through seventeen terminals located in the United States, one terminal in Quebec, Canada and one partially owned terminal in Newfoundland, Canada. IMTT derives the majority of its revenue from storage and handling of petroleum products, various chemicals, renewable fuels, and vegetable and tropical oils. Based on storage capacity, IMTT operates one of the largest third-party bulk liquid terminals businesses in the United States. Revenue from IMTT is included in service revenue. Atlantic Aviation Atlantic Aviation derives the majority of its revenue from fuel delivery services and from other airport services, including de-icing and aircraft hangar rental. All of the revenue of Atlantic Aviation is generated at airports in the U.S. The business currently operates at 70 airports. Revenue from Atlantic Aviation is included in service revenue. Contracted Power At March 31, 2018, the Contracted Power business segment has controlling interests in seven utility-scale solar photovoltaic facilities, two wind facilities and 100% ownership of a gas-fired facility that are in operations in the United States. The wind and solar facilities that are operational at March 31, 2018 have an aggregate generating capacity of 345 megawatt (MW) of wholesale electricity to utilities. Revenue from the wind, solar and gas-fired power facilities are included in product revenue. These projects are held in LLCs, and are treated as partnerships for income tax purposes, with co-investors. The acquisition price on these projects can vary depending on, among other things, factors such as the size of the project, PPA terms, eligibility for tax incentives, debt package, operating cost structure and development stage. A completed project takes out all of the construction risk, testing and costs associated with construction contracts. The Company has certain rights to make decisions over the management and operations of these wind and solar facilities. The Company has determined that it is appropriate to consolidate these projects, with the co-investors’ interest reflected as Noncontrolling interests The Company owns 100% of BEC, a 512 MW gas-fired facility located in Bayonne, New Jersey, adjacent to IMTT’s Bayonne facility. BEC has tolling agreements with a creditworthy off-taker for 62.5% of its power generating capacity and power produced is delivered to New York City via a dedicated transmission cable under New York Harbor. The tolling agreements generate revenue whether or not the facility is in use for power production. In addition to revenue related to the tolling agreement and capacity payments from the grid operator, BEC generates an energy margin when the facility is dispatched. Revenue from BEC is accounted for as an operating lease that does not have minimum lease payments. All of the lease income under the lease is recorded within product revenue when natural gas transportation services are performed. MIC Hawaii MIC Hawaii comprises: Hawaii Gas, Hawaii’s only government-franchised gas utility and an unregulated liquefied petroleum gas distribution business providing gas and related services to commercial, residential and governmental customers; a mechanical contractor focused on designing and constructing energy efficient and related building infrastructure; and controlling interests in two solar facilities on Oahu. Revenue from Hawaii Gas and the solar facilities are recorded in product revenue (see above in Contracted Power for further discussion on revenue from PPAs). Revenue from the mechanical contractor business is recorded in service revenue. Revenue from the Hawaii Gas business is generated from the distribution and sales of synthetic natural gas (SNG), liquefied petroleum gas (LPG) and liquefied natural gas (LNG). Revenue is primarily a function of the volume of SNG, LPG and LNG consumed by customers and the price per British Thermal Unit or gallon charged to customers. Revenue levels, without organic growth, will generally track global commodity prices, namely petroleum and natural gas, as its products are derived from these commodities. All of the MIC business segments are managed separately and management has chosen to organize the Company around the distinct products and services offered. Selected information by segment is presented in the following tables. Revenue from external customers for the Company’s consolidated reportable segments were ($ in thousands): Quarter Ended March 31, 2018 IMTT Atlantic Contracted MIC Intersegment Total Service Revenue Terminal Services $ 25,995 $ $ $ $ $ 25,995 Lease 104,383 (1,231 ) 103,152 Fuel 177,464 177,464 Hangar 21,742 21,742 Construction 16,243 16,243 Other (1) 9,011 47,996 1,006 58,013 Total Service Revenue $ 139,389 $ 247,202 $ $ 17,249 $ (1,231 ) $ 402,609 Product Revenue Lease $ $ $ 31,635 $ 1,080 $ $ 32,715 Gas 59,759 59,759 Other 3,652 2,821 6,473 Total Product Revenue $ $ $ 35,287 $ 63,660 $ $ 98,947 Total Revenue $ 139,389 $ 247,202 $ 35,287 $ 80,909 $ (1,231 ) $ 501,556 Quarter Ended March 31, 2017 IMTT Atlantic Contracted MIC Intersegment Total Service Revenue Terminal Services $ 21,715 $ $ $ $ $ 21,715 Lease 107,794 (1,223 ) 106,571 Fuel 152,486 152,486 Hangar 17,856 17,856 Construction 13,165 13,165 Other (1) 9,308 42,411 292 52,011 Total Service Revenue $ 138,817 $ 212,753 $ $ 13,457 $ (1,223 ) $ 363,804 Product Revenue Lease $ $ $ 24,601 $ 658 $ $ 25,259 Gas 56,141 56,141 Other 3,469 2,784 6,253 Total Product Revenue $ $ $ 28,070 $ 59,583 $ $ 87,653 Total Revenue $ 138,817 $ 212,753 $ 28,070 $ 73,040 $ (1,223 ) $ 451,457 (1) See Note 3, “ Implementation of ASU 2014-09 In accordance with FASB ASC 280, Segment Reporting the most comparable GAAP measure EBITDA excluding non-cash items for the Company’s consolidated reportable segments is shown in the tables below ($ in thousands). Allocations of corporate expenses, intercompany fees and the tax effect have been excluded as they are eliminated in consolidation. Quarter Ended March 31, 2018 IMTT Atlantic Contracted MIC Total Net income $ 25,280 $ 32,967 $ 5,581 $ 2,211 $ 66,039 Interest expense, net 7,739 69 885 1,290 9,983 Provision for income taxes 9,686 12,111 950 805 23,552 Depreciation 29,371 13,630 14,420 3,773 61,194 Amortization of intangibles 3,878 11,849 1,107 382 17,216 Pension expense 2,080 5 127 2,212 Other non-cash expense (income) 94 312 (1,888 ) 6,199 4,717 EBITDA excluding non-cash items $ 78,128 $ 70,943 $ 21,055 $ 14,787 $ 184,913 Quarter Ended March 31, 2017 IMTT Atlantic Contracted MIC Total Net income (loss) $ 23,816 $ 21,826 $ (1,939 ) $ 4,873 $ 48,576 Interest expense, net 8,757 3,446 5,383 1,711 19,297 Provision for income taxes 16,548 14,550 27 3,379 34,504 Depreciation 28,760 11,589 14,233 3,099 57,681 Amortization of intangibles 2,760 13,444 1,107 382 17,693 Pension expense 2,416 5 273 2,694 Other non-cash expense (income) 68 62 (2,024 ) 5,571 3,677 EBITDA excluding non-cash items $ 83,125 $ 64,922 $ 16,787 $ 19,288 $ 184,122 Reconciliations of total reportable segments’ EBITDA excluding non-cash items to consolidated net income before income taxes were ($ in thousands): Quarter Ended 2018 2017 Total reportable segments EBITDA excluding non-cash items $ 184,913 $ 184,122 Interest income 80 34 Interest expense (18,790 ) (25,482 ) Depreciation (61,358 ) (57,681 ) Amortization of intangibles (17,216 ) (17,693 ) Selling, general and administrative expenses Corporate and Other (4,202 ) (3,995 ) Fees to Manager related party (12,928 ) (18,223 ) Pension expense (2,212 ) (2,694 ) Other expense, net (4,713 ) (3,677 ) Total consolidated net income before income taxes $ 63,574 $ 54,711 Capital expenditures, on a cash basis, for the Company’s reportable segments were ($ in thousands): Quarter Ended 2018 2017 IMTT $ 9,177 $ 15,263 Atlantic Aviation 18,707 19,245 Contracted Power 12,608 19,179 MIC Hawaii 5,947 6,115 Total capital expenditures of reportable segments 46,439 59,802 Corporate and other 1,742 67 Total consolidated capital expenditure $ 48,181 $ 59,869 Property, equipment, land and leasehold improvements, net, goodwill and total assets for the Company’s reportable segments and its reconciliation to consolidated total assets were ($ in thousands): Property, Equipment, Goodwill Total Assets March 31, December 31, March 31, December 31, March 31, December 31, IMTT $ 2,283,277 $ 2,305,440 $ 1,427,623 $ 1,427,863 $ 4,093,607 $ 4,109,448 Atlantic Aviation 566,813 559,597 496,140 495,769 1,721,053 1,710,535 Contracted Power 1,462,460 1,466,139 21,628 21,628 1,623,049 1,617,658 MIC Hawaii 300,313 302,220 123,408 123,408 534,560 532,144 Total assets of reportable segments $ 4,612,863 $ 4,633,396 $ 2,068,799 $ 2,068,668 $ 7,972,269 $ 7,969,785 Corporate and other 31,487 26,218 53,028 39,166 Total consolidated assets $ 4,644,350 $ 4,659,614 $ 2,068,799 $ 2,068,668 $ 8,025,297 $ 8,008,951 |
Long-Term Contracted Revenue
Long-Term Contracted Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Contractors [Abstract] | |
Long-Term Contracted Revenue | 11. Long-Term Contracted Revenue Long-term contracted revenue consists of revenue from future minimum lease revenue accounted in accordance with ASC 840, Leases Revenue Lease Contract Total 2018 remaining $ 242,881 $ 50,078 $ 292,959 2019 187,137 38,347 225,484 2020 109,153 31,129 140,282 2021 59,023 25,630 84,653 2022 44,151 22,319 66,470 2023 27,691 15,401 43,092 Thereafter 48,342 15,872 64,214 Total $ 718,378 $ 198,776 $ 917,154 The above table does not include the future minimum lease revenue from the Company’s Contracted Power and the renewable businesses within the MIC Hawaii reportable segments. The payments from these leases are considered variable as they are based on the output of the underlying assets (i.e. energy generated). In addition, the above table excludes contract revenue from the mechanical contractor business in the MIC Hawaii reportable segment. Revenue generated by the mechanical contractor business is recognized from long-term construction contracts (commonly referred to the percentage-of-completion method). At March 31, 2018, this business had a backlog of approximately $35.0 million of future contract revenue which primarily is expected to be recognized within one to two years. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions Management Services At March 31, 2018 and December 31, 2017, the Manager held 5,602,057 shares and 5,435,442 shares, respectively, of the Company. Pursuant to the terms of the Third Amended and Restated Management Services Agreement (Management Agreement), the Manager may sell these shares at any time. Under the Management Agreement, the Manager, at its option, may reinvest base management fees and performance fees, if any, in shares of the Company. Declared Period Covered $ per Record Date Payable Date Cash Paid to May 1, 2018 First quarter 2018 $ 1.00 May 14, 2018 May 17, 2018 (1) February 19, 2018 Fourth quarter 2017 1.44 March 5, 2018 March 8, 2018 $ 8,067 October 30, 2017 Third quarter 2017 1.42 November 13, 2017 November 16, 2017 7,484 August 1, 2017 Second quarter 2017 1.38 August 14, 2017 August 17, 2017 6,941 May 2, 2017 First quarter 2017 1.32 May 15, 2017 May 18, 2017 6,332 February 17, 2017 Fourth quarter 2016 1.31 March 3, 2017 March 8, 2017 6,080 (1) The amount of dividend payable to the Manager for the first quarter of 2018 will be determined on May 14, 2018, the record date. Under the Management Agreement, subject to the oversight and supervision of the Company’s board of directors, the Manager is responsible for and oversees the management of the Company’s operating businesses. In addition, the Manager has the right to appoint the Chairman of the Board of the Company, subject to minimum equity ownership, and to assign, or second, to the Company, two of its employees to serve as chief executive officer and chief financial officer of the Company and seconds or makes other personnel available as required. In accordance with the Management Agreement, the Manager is entitled to a monthly base management fee based primarily on the Company’s market capitalization, and potentially a quarterly performance fee based on total shareholder returns relative to a U.S. utilities index. Currently, the Manager has elected to reinvest the future base management fees and performance fees, if any, in new primary shares. For the quarters ended March 31, 2018 and 2017, the Company incurred base management fees of $12.9 million and $18.2 million, respectively. For the quarters ended March 31, 2018 and 2017, the Company did not incur any performance fees. Due to Manager-related party Period Base Management Performance Shares 2018 Activity: First quarter 2018 $ 12,928 $ 265,002 (1) 2017 Activities: Fourth quarter 2017 $ 16,778 $ 248,162 Third quarter 2017 17,954 240,674 Second quarter 2017 18,433 233,394 First quarter 2017 18,223 232,398 (1) The Manager elected to reinvest all of the monthly base management fees for the first quarter of 2018 in shares. The Company issued 265,002 shares for the quarter ended March 31, 2018, including 88,628 shares and 93,154 shares that were issued in April 2018 for the February and March 2018 monthly base management fee, respectively. The Manager is not entitled to any other compensation and all costs incurred by the Manager, including compensation of seconded staff, are paid by the Manager out of its base management fee. However, the Company is responsible for other direct costs including, but not limited to, expenses incurred in the administration or management of the Company and its subsidiaries, income taxes, audit and legal fees, acquisitions and dispositions and its compliance with applicable laws and regulations. During the quarters ended March 31, 2018 and 2017, the Manager charged the Company $268,000 and $289,000, respectively, for reimbursement of out-of-pocket expenses. The unpaid portion of the out-of-pocket expenses at the end of the reporting period is included in Due to Manager-related party Other Services The Company uses the resources of the Macquarie Group with respect to a range of advisory, procurement, insurance, hedging, lending and other services. Engagements involving members of the Macquarie Group are reviewed and approved by the Audit Committee of the Company’s board of directors. Macquarie Group affiliates are engaged on an arm’s length basis and frequently as a member of syndicate of providers whose other members establish the terms of the interaction. Advisory Services The Macquarie Group, and wholly-owned subsidiaries within the Macquarie Group, including Macquarie Bank Limited (MBL) and Macquarie Capital (USA) Inc. (MCUSA) have provided various advisory and other services and incurred expenses in connection with the Company’s equity raising activities, acquisitions and debt structuring for the Company and its businesses. Underwriting fees are recorded in stockholders’ equity as a direct cost of equity offerings. Advisory fees and out-of-pocket expenses relating to acquisitions are expensed as incurred. Debt arranging fees are deferred and amortized over the term of the credit facility. The Company entered into an equity distribution agreement with sales agents, including MCUSA, providing for the sale of shares of its common stock, par value $0.001 per share, from time to time having an aggregate gross offering price of up to $400.0 million. The equity distribution agreement also provides for sales of shares to any sales agent as principal for its own account at a price agreed upon at the time of the sale. For the quarters ended March 31, 2018 and 2017, the Company did not engage MCUSA for such activities. Long-Term Debt In January 2018, the Company completed the refinancing and upsizing of its senior secured revolving credit facility to $600.0 million from $410.0 million and extended the maturity through January 3, 2022. As part of the refinancing and upsizing, MIHI LLC’s $50.0 million commitment was replaced by a $40.0 million commitment from Macquarie Capital Funding LLC. As part of the closing, the Company paid Macquarie Capital Funding LLC $80,000 in closing fees. For the quarters ended March 31, 2018 and 2017, the Company incurred $4,000 and $34,000, respectively, in interest expense related to MIHI LLC’s portion of the MIC senior secured revolving credit facility, prior to the refinancing. For the quarter ended March 31, 2018, the Company incurred $107,000 in interest expense related to Macquarie Capital Funding LLC’s portion of the MIC senior secured revolving credit facility. Other Transaction Macquarie Energy North America Trading, Inc. (MENAT), an indirect subsidiary of Macquarie Group Limited, entered into contracts with IMTT to lease barrels of capacity. At March 31, 2017, MENAT leased 200,000 barrels of capacity from IMTT and recognized $613,000 in revenue during the quarter ended March 31, 2017. The contracts expired during the quarter ended June 30, 2017. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company expects to incur federal consolidated taxable income for the year ending December 31, 2018, which will be fully offset by the Company’s net operating loss (NOL) carryforwards. The Company believes that it will be able to utilize all of its federal prior year NOLs, which will begin to expire after 2029 and completely expire after 2035. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law and includes provisions that may have an impact on the Company’s federal taxable income. The most significant of these are 100% bonus depreciation on qualifying assets (which is scheduled to phase down ratably to 0% between 2023 and 2027) and a reduction in the federal corporate tax rate from 35% to 21%. In response to the Tax Cuts and Jobs Act, on December 22, 2017 the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), to provide guidance for companies that are not able to complete their accounting for the income tax effects of the Tax Cuts and Jobs Act in the period of enactment. The SEC Staff noted in SAB 118 that in these cases a company should continue to apply Topic 740, Income Taxes The Tax Cuts and Jobs Act also includes a new limitation on the deductibility of net interest expense that generally limits the deduction to 30% of “adjusted taxable income”. For years before 2022, adjusted taxable income is defined as taxable income computed without regard to certain items, including net business interest expense, the amount of any NOL deduction, tax depreciation and tax amortization. The Company does not expect to incur net interest expense that is greater than 30% of adjusted taxable income prior to 2022. |
Legal Proceedings and Contingen
Legal Proceedings and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Contingencies | 14. Legal Proceedings and Contingencies The Company and its subsidiaries are subject to legal proceedings arising in the ordinary course of business. In management’s opinion, the Company has adequate legal defenses and/or insurance coverage with respect to the eventuality of such actions, and does not believe the outcome of any pending legal proceedings will be material to the Company’s financial position or result of operations. Shareholder Derivative Suits On April 23, 2018, a complaint captioned City of Riviera Beach General Employees Retirement System v. Macquarie Infrastructure Corp., et al. Daniel Fajardo v. Macquarie Infrastructure Corporation, et al. City of Riviera Beach Fajardo |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events Dividend On May 1, 2018, the board of directors declared a dividend of $1.00 per share for the quarter ended March 31, 2018, which is expected to be paid on May 17, 2018 to holders of record on May 14, 2018. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of unaudited consolidated condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures related thereto at the date of the unaudited consolidated condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Management evaluates these estimates and assumptions on an ongoing basis. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited interim consolidated condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates |
Financial Instruments | Financial Instruments The Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and variable-rate senior debt, are carried at cost, which approximates their fair value because of either the short-term maturity, or competitive interest rates assigned to these financial instruments. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In February 2018, the FASB issued ASU No. 2018-02, Income Statement Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (AOCI) On January 26, 2017, the FASB issued ASU No. 2017-04, Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment On January 5, 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business On November 17, 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash On February 25, 2016, FASB issued ASU No. 2016-02, Leases (Topic 842) |
Income per Share (Tables)
Income per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Income per Share | Following is a reconciliation of the basic and diluted income per share computations ($ in thousands, except share and per share data): Quarter Ended 2018 2017 Numerator: Net income attributable to MIC $ 76,834 $ 36,015 Interest expense attributable to 2.875% Convertible Senior Notes due July 2019, net of taxes 2,359 Interest expense attributable to 2.00% Convertible Senior Notes due October 2023, net of taxes 2,595 Diluted net income attributable to MIC $ 81,788 $ 36,015 Denominator: Weighted average number of shares outstanding: basic 84,821,453 82,138,168 Dilutive effect of restricted stock unit grants 9,435 9,595 Dilutive effect of 2.875% Convertible Senior Notes due July 2019 4,338,210 Dilutive effect of 2.00% Convertible Senior Notes due October 2023 3,624,754 Weighted average number of shares outstanding: diluted 92,793,852 82,147,763 Income per share: Basic income per share attributable to MIC $ 0.91 $ 0.44 Diluted income per share attributable to MIC $ 0.88 $ 0.44 |
Schedule of Antidilutive Securities | The following represents the weighted average potential dilutive shares of common stock that were excluded from the diluted income per share calculation: Quarter Ended 2018 2017 2.875% Convertible Senior Notes due July 2019 4,222,378 2.00% Convertible Senior Notes due October 2023 3,596,901 Total 7,819,279 |
Property, Equipment, Land and27
Property, Equipment, Land and Leasehold Improvements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property, equipment, land and leasehold improvements at March 31, 2018 and December 31, 2017 consisted of the following ($ in thousands): March 31, December 31, Land $ 339,133 $ 339,148 Easements 131 131 Buildings 41,885 41,776 Leasehold and land improvements 869,923 834,241 Machinery and equipment 4,128,484 4,092,624 Furniture and fixtures 40,205 39,386 Construction in progress 217,994 246,422 5,637,755 5,593,728 Less: accumulated depreciation (993,405 ) (934,114 ) Property, equipment, land and leasehold improvements, net $ 4,644,350 $ 4,659,614 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets at March 31, 2018 and December 31, 2017 consisted of the following ($ in thousands): March 31, December 31, Contractual arrangements $ 995,506 $ 989,228 Non-compete agreements 14,014 14,014 Customer relationships 361,365 361,623 Leasehold rights 350 350 Trade names 16,091 16,091 Technology 8,760 8,760 1,396,086 1,390,066 Less: accumulated amortization (493,153 ) (475,968 ) Intangible assets, net $ 902,933 $ 914,098 |
Schedule of Goodwill | The goodwill balance as of March 31, 2018 is comprised of the following ($ in thousands): Goodwill acquired in business combinations, net of disposals, at December 31, 2017 $ 2,193,478 Accumulated impairment charges (123,200 ) Other (1,610 ) Balance at December 31, 2017 2,068,668 Goodwill related to 2018 acquisition 121 Other 10 Balance at March 31, 2018 $ 2,068,799 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | At March 31, 2018 and December 31, 2017, the Company’s consolidated long-term debt balance comprised of the following ($ in thousands): March 31, December 31, IMTT $ 1,325,975 $ 1,318,975 Atlantic Aviation 662,000 648,000 Contracted Power 570,596 576,558 MIC Hawaii 212,899 199,282 MIC Corporate 923,368 873,477 Total 3,694,838 3,616,292 Current portion (51,208 ) (50,835 ) Long-term portion 3,643,630 3,565,457 Unamortized deferred financing costs (1) (34,818 ) (35,146 ) Long-term portion less unamortized debt discount and deferred financing costs $ 3,608,812 $ 3,530,311 (1) The weighted average remaining life of the deferred financing costs at March 31, 2018 was 5.4 years. |
Convertible Debt | The 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in thousands): March 31, December 31, Liability Component: Principal $ 402,500 $ 402,500 Unamortized debt discount (21,578 ) (22,475 ) Long-term debt, net of unamortized debt discount 380,922 380,025 Unamortized deferred financing costs (8,267 ) (8,643 ) Net carrying amount $ 372,655 $ 371,382 Equity Component $ 26,748 $ 26,748 |
Schedule of Interest Expense Recognized | For the quarters ended March 31, 2018 and 2017, total interest expense recognized related to the 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in thousands): Quarter Ended 2018 2017 Contractual interest expense $ 2,012 $ 1,744 Amortization of debt discount 897 619 Amortization of deferred financing costs 376 381 Total interest expense $ 3,285 $ 2,744 |
Derivative Instruments and He30
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | Assets (Liabilities) at Balance Sheet Location March 31, December 31, Fair value of derivative instruments current assets $ 13,398 $ 11,965 Fair value of derivative instruments noncurrent assets 30,799 24,455 Total derivative contracts assets $ 44,197 $ 36,420 Fair value of derivative instruments current liabilities $ (974 ) $ (1,710 ) Fair value of derivative instruments noncurrent liabilities (2,449 ) (4,668 ) Total derivative contracts liabilities $ (3,423 ) $ (6,378 ) |
Schedule of Location of Hedging Activities | The Company’s hedging activities for the quarters ended March 31, 2018 and 2017 and the related location within the consolidated condensed statements of operations were ($ in thousands): Amount of Gain (Loss) Financial Statement Account 2018 2017 Interest expense interest rate caps $ 4,983 $ (133 ) Interest expense interest rate swaps 10,157 1,087 Cost of product sales commodity swaps (2,043 ) (3,984 ) Total $ 13,097 $ (3,030 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following represents the changes and balances to the components of accumulated other comprehensive loss for the quarters ended March 31, 2018 and 2017 ($ in thousands): Post-Retirement Translation (1) Total Balance at December 31, 2016 $ (16,805 ) $ (12,155 ) $ (28,960 ) Balance at March 31, 2017 $ (16,805 ) $ (12,155 ) $ (28,960 ) Balance at December 31, 2017 $ (20,456 ) $ (9,537 ) $ (29,993 ) Translation adjustment (1,364 ) (1,364 ) Balance at March 31, 2018 $ (20,456 ) $ (10,901 ) $ (31,357 ) (1) Translation adjustment is presented net of tax benefit of $523,000 for the quarter ended March 31, 2018. |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments | Revenue from external customers for the Company’s consolidated reportable segments were ($ in thousands): Quarter Ended March 31, 2018 IMTT Atlantic Contracted MIC Intersegment Total Service Revenue Terminal Services $ 25,995 $ $ $ $ $ 25,995 Lease 104,383 (1,231 ) 103,152 Fuel 177,464 177,464 Hangar 21,742 21,742 Construction 16,243 16,243 Other (1) 9,011 47,996 1,006 58,013 Total Service Revenue $ 139,389 $ 247,202 $ $ 17,249 $ (1,231 ) $ 402,609 Product Revenue Lease $ $ $ 31,635 $ 1,080 $ $ 32,715 Gas 59,759 59,759 Other 3,652 2,821 6,473 Total Product Revenue $ $ $ 35,287 $ 63,660 $ $ 98,947 Total Revenue $ 139,389 $ 247,202 $ 35,287 $ 80,909 $ (1,231 ) $ 501,556 Quarter Ended March 31, 2017 IMTT Atlantic Contracted MIC Intersegment Total Service Revenue Terminal Services $ 21,715 $ $ $ $ $ 21,715 Lease 107,794 (1,223 ) 106,571 Fuel 152,486 152,486 Hangar 17,856 17,856 Construction 13,165 13,165 Other (1) 9,308 42,411 292 52,011 Total Service Revenue $ 138,817 $ 212,753 $ $ 13,457 $ (1,223 ) $ 363,804 Product Revenue Lease $ $ $ 24,601 $ 658 $ $ 25,259 Gas 56,141 56,141 Other 3,469 2,784 6,253 Total Product Revenue $ $ $ 28,070 $ 59,583 $ $ 87,653 Total Revenue $ 138,817 $ 212,753 $ 28,070 $ 73,040 $ (1,223 ) $ 451,457 (1) See Note 3, “ Implementation of ASU 2014-09 |
Schedule of EBITDA for Reportable Segments | Allocations of corporate expenses, intercompany fees and the tax effect have been excluded as they are eliminated in consolidation. Quarter Ended March 31, 2018 IMTT Atlantic Contracted MIC Total Net income $ 25,280 $ 32,967 $ 5,581 $ 2,211 $ 66,039 Interest expense, net 7,739 69 885 1,290 9,983 Provision for income taxes 9,686 12,111 950 805 23,552 Depreciation 29,371 13,630 14,420 3,773 61,194 Amortization of intangibles 3,878 11,849 1,107 382 17,216 Pension expense 2,080 5 127 2,212 Other non-cash expense (income) 94 312 (1,888 ) 6,199 4,717 EBITDA excluding non-cash items $ 78,128 $ 70,943 $ 21,055 $ 14,787 $ 184,913 Quarter Ended March 31, 2017 IMTT Atlantic Contracted MIC Total Net income (loss) $ 23,816 $ 21,826 $ (1,939 ) $ 4,873 $ 48,576 Interest expense, net 8,757 3,446 5,383 1,711 19,297 Provision for income taxes 16,548 14,550 27 3,379 34,504 Depreciation 28,760 11,589 14,233 3,099 57,681 Amortization of intangibles 2,760 13,444 1,107 382 17,693 Pension expense 2,416 5 273 2,694 Other non-cash expense (income) 68 62 (2,024 ) 5,571 3,677 EBITDA excluding non-cash items $ 83,125 $ 64,922 $ 16,787 $ 19,288 $ 184,122 Reconciliations of total reportable segments’ EBITDA excluding non-cash items to consolidated net income before income taxes were ($ in thousands): Quarter Ended 2018 2017 Total reportable segments EBITDA excluding non-cash items $ 184,913 $ 184,122 Interest income 80 34 Interest expense (18,790 ) (25,482 ) Depreciation (61,358 ) (57,681 ) Amortization of intangibles (17,216 ) (17,693 ) Selling, general and administrative expenses Corporate and Other (4,202 ) (3,995 ) Fees to Manager related party (12,928 ) (18,223 ) Pension expense (2,212 ) (2,694 ) Other expense, net (4,713 ) (3,677 ) Total consolidated net income before income taxes $ 63,574 $ 54,711 |
Schedule of Capital Expenditures | Capital expenditures, on a cash basis, for the Company’s reportable segments were ($ in thousands): Quarter Ended 2018 2017 IMTT $ 9,177 $ 15,263 Atlantic Aviation 18,707 19,245 Contracted Power 12,608 19,179 MIC Hawaii 5,947 6,115 Total capital expenditures of reportable segments 46,439 59,802 Corporate and other 1,742 67 Total consolidated capital expenditure $ 48,181 $ 59,869 |
Schedule of Reconciliation of Assets of Reportable Segments | Property, equipment, land and leasehold improvements, net, goodwill and total assets for the Company’s reportable segments and its reconciliation to consolidated total assets were ($ in thousands): Property, Equipment, Goodwill Total Assets March 31, December 31, March 31, December 31, March 31, December 31, IMTT $ 2,283,277 $ 2,305,440 $ 1,427,623 $ 1,427,863 $ 4,093,607 $ 4,109,448 Atlantic Aviation 566,813 559,597 496,140 495,769 1,721,053 1,710,535 Contracted Power 1,462,460 1,466,139 21,628 21,628 1,623,049 1,617,658 MIC Hawaii 300,313 302,220 123,408 123,408 534,560 532,144 Total assets of reportable segments $ 4,612,863 $ 4,633,396 $ 2,068,799 $ 2,068,668 $ 7,972,269 $ 7,969,785 Corporate and other 31,487 26,218 53,028 39,166 Total consolidated assets $ 4,644,350 $ 4,659,614 $ 2,068,799 $ 2,068,668 $ 8,025,297 $ 8,008,951 |
Long-Term Contracted Revenue (T
Long-Term Contracted Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Contractors [Abstract] | |
Schedule of Financing Receivables, Minimum Payments | The following long-term contracted revenue were in existence at March 31, 2018 ($ in thousands): Lease Contract Total 2018 remaining $ 242,881 $ 50,078 $ 292,959 2019 187,137 38,347 225,484 2020 109,153 31,129 140,282 2021 59,023 25,630 84,653 2022 44,151 22,319 66,470 2023 27,691 15,401 43,092 Thereafter 48,342 15,872 64,214 Total $ 718,378 $ 198,776 $ 917,154 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Dividends Paid to Manager | Since January 1, 2017, the Company paid the Manager cash dividends on shares held for the following periods: Declared Period Covered $ per Record Date Payable Date Cash Paid to May 1, 2018 First quarter 2018 $ 1.00 May 14, 2018 May 17, 2018 (1) February 19, 2018 Fourth quarter 2017 1.44 March 5, 2018 March 8, 2018 $ 8,067 October 30, 2017 Third quarter 2017 1.42 November 13, 2017 November 16, 2017 7,484 August 1, 2017 Second quarter 2017 1.38 August 14, 2017 August 17, 2017 6,941 May 2, 2017 First quarter 2017 1.32 May 15, 2017 May 18, 2017 6,332 February 17, 2017 Fourth quarter 2016 1.31 March 3, 2017 March 8, 2017 6,080 (1) The amount of dividend payable to the Manager for the first quarter of 2018 will be determined on May 14, 2018, the record date. |
Schedule of Base Management Fees and Performance Fees | The unpaid portion of the base management fees and performance fees, if any, at the end of each reporting period is included in Due to Manager-related party Period Base Management Performance Shares 2018 Activity: First quarter 2018 $ 12,928 $ 265,002 (1) 2017 Activities: Fourth quarter 2017 $ 16,778 $ 248,162 Third quarter 2017 17,954 240,674 Second quarter 2017 18,433 233,394 First quarter 2017 18,223 232,398 (1) The Manager elected to reinvest all of the monthly base management fees for the first quarter of 2018 in shares. The Company issued 265,002 shares for the quarter ended March 31, 2018, including 88,628 shares and 93,154 shares that were issued in April 2018 for the February and March 2018 monthly base management fee, respectively. |
Organization and Description 35
Organization and Description of Business (Narrative) (Details) | Mar. 31, 2018Item |
Canada- IMTT [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of marine terminals | 2 |
United States- IMTT [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of marine terminals | 17 |
Atlantic Aviation [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of Airport Locations | 70 |
Implementation of ASU 2014-09 (
Implementation of ASU 2014-09 (Details Textual) | 3 Months Ended |
Mar. 31, 2018 | |
Maximum [Member] | International Matex Tank Terminals [Member] | |
Disaggregation of Revenue [Line Items] | |
Contract duration | 3 years |
Maximum [Member] | Contracted Power [Member] | |
Disaggregation of Revenue [Line Items] | |
Contract duration | 25 years |
Minimum [Member] | International Matex Tank Terminals [Member] | |
Disaggregation of Revenue [Line Items] | |
Contract duration | 1 year |
Minimum [Member] | Contracted Power [Member] | |
Disaggregation of Revenue [Line Items] | |
Contract duration | 20 years |
Income per Share (Narrative) (D
Income per Share (Narrative) (Details) - shares | 1 Months Ended | 3 Months Ended | |
Sep. 16, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | |
Class of Stock [Line Items] | |||
Restricted stock unit grants forfeited | 2,151 | ||
Restricted Stock Unit Grants May 18, 2016 [Member] | |||
Class of Stock [Line Items] | |||
Potentially dilutive shares | 8,604 | ||
Restricted Stock Unit Grants November 1, 2016 [Member] | |||
Class of Stock [Line Items] | |||
Potentially dilutive shares | 991 | ||
2.875% Convertible Senior Notes due July 2019 [Member] | MIC Corporate [Member] | Dilutive [Member] | |||
Class of Stock [Line Items] | |||
Interest rate | 2.875% | ||
Maturity | Jul. 31, 2019 | ||
2.875% Convertible Senior Notes due July 2019 [Member] | MIC Corporate [Member] | Anti-Dilutive [Member] | |||
Class of Stock [Line Items] | |||
Interest rate | 2.875% | ||
Maturity | Jul. 31, 2019 | ||
2.00% Convertible senior notes due October 2023 [Member] | MIC Corporate [Member] | Dilutive [Member] | |||
Class of Stock [Line Items] | |||
Interest rate | 2.00% | ||
Maturity | Oct. 31, 2023 | ||
2.00% Convertible senior notes due October 2023 [Member] | MIC Corporate [Member] | Anti-Dilutive [Member] | |||
Class of Stock [Line Items] | |||
Interest rate | 2.00% | ||
Maturity | Oct. 31, 2023 | ||
Restricted stock unit grants May 17, 2017 [Member] | |||
Class of Stock [Line Items] | |||
Potentially dilutive shares | 9,435 |
Income per Share (Schedule of R
Income per Share (Schedule of Reconciliation of the basic and diluted income (loss) per share computations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net income attributable to MIC | $ 76,834 | $ 36,015 |
Diluted net income attributable to MIC | $ 81,788 | $ 36,015 |
Denominator: | ||
Weighted average number of shares outstanding: basic | 84,821,453 | 82,138,168 |
Dilutive effect of restricted stock unit grants | 9,435 | 9,595 |
Weighted average number of shares outstanding: diluted | 92,793,852 | 82,147,763 |
Income per share: | ||
Basic income per share attributable to MIC | $ 0.91 | $ 0.44 |
Diluted income per share attributable to MIC | $ 0.88 | $ 0.44 |
2.875% Convertible Senior Notes July 2019 [Member] | ||
Numerator: | ||
Interest expense attributable to convertible senior notes, net of taxes | $ 2,359 | $ 0 |
Denominator: | ||
Dilutive effect of convertible senior notes | 4,338,210 | 0 |
2.00% Convertible Senior Notes October 2023 [Member] | ||
Numerator: | ||
Interest expense attributable to convertible senior notes, net of taxes | $ 2,595 | $ 0 |
Denominator: | ||
Dilutive effect of convertible senior notes | 3,624,754 | 0 |
Income per Share (Schedule of S
Income per Share (Schedule of Shares Excluded from Calculation) (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0 | 7,819,279 |
2.875% Convertible Senior Notes due July 2019 [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0 | 4,222,378 |
2.00% Convertible Senior Notes due October 2023 [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0 | 3,596,901 |
Property, Equipment, Land and40
Property, Equipment, Land and Leasehold Improvements (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 339,133 | $ 339,148 |
Easements | 131 | 131 |
Buildings | 41,885 | 41,776 |
Leasehold and land improvements | 869,923 | 834,241 |
Machinery and equipment | 4,128,484 | 4,092,624 |
Furniture and fixtures | 40,205 | 39,386 |
Construction in progress | 217,994 | 246,422 |
Property, Plant and Equipment, Gross, Total | 5,637,755 | 5,593,728 |
Less: accumulated depreciation | (993,405) | (934,114) |
Property, equipment, land and leasehold improvements, net | $ 4,644,350 | $ 4,659,614 |
Intangible Assets and Goodwil41
Intangible Assets and Goodwill (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Intangible Assets [Line Items] | ||
Contractual arrangements | $ 995,506 | $ 989,228 |
Non-compete agreements | 14,014 | 14,014 |
Customer relationships | 361,365 | 361,623 |
Leasehold rights | 350 | 350 |
Trade names | 16,091 | 16,091 |
Technology | 8,760 | 8,760 |
Intangible assets, gross | 1,396,086 | 1,390,066 |
Less: accumulated amortization | (493,153) | (475,968) |
Intangible assets, net | $ 902,933 | $ 914,098 |
Intangible Assets and Goodwil42
Intangible Assets and Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets [Abstract] | ||
Goodwill acquired in business combinations, net of disposals, at December 31, 2017 | $ 2,193,478 | |
Accumulated impairment charges | (123,200) | |
Balance at December 31, 2017 | $ 2,068,668 | |
Goodwill related to 2018 acquisition | 121 | |
Other | 10 | (1,610) |
Balance at March 31, 2018 | $ 2,068,799 | $ 2,068,668 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | May 01, 2018USD ($) | Mar. 05, 2018USD ($) | Feb. 28, 2018USD ($) | Jan. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt Disclosure [Line Items] | ||||||
Current and long-term debt | $ 3,694,838,000 | $ 3,616,292,000 | ||||
Letters of Credit | 43,200,000 | |||||
MIC Corporate [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Current and long-term debt | 923,368,000 | 873,477,000 | ||||
Atlantic Aviation [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Current and long-term debt | 662,000,000 | 648,000,000 | ||||
Hawaii Gas Business [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Maturity | Feb. 28, 2023 | |||||
IMTT [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Current and long-term debt | 1,325,975,000 | 1,318,975,000 | ||||
Contracted Power [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Current and long-term debt | 570,596,000 | 576,558,000 | ||||
Revolving Credit Facility [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Undrawn portion of line of credit | 954,500,000 | |||||
Revolving Credit Facility [Member] | MIC Hawaii [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Current and long-term debt | 14,000,000 | |||||
Revolving Credit Facility [Member] | MIC Corporate [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Current and long-term debt | 192,500,000 | |||||
Undrawn portion of line of credit | 407,500,000 | |||||
Borrowing capacity | $ 600,000,000 | 410,000,000 | ||||
Repayment of revolving credit facility | 37,500,000 | |||||
Borrowings of revolving credit facility | 86,500,000 | |||||
Maturity | Jan. 3, 2022 | |||||
Revolving Credit Facility [Member] | MIC Corporate [Member] | Subsequent Event [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Repayment of revolving credit facility | $ 38,000,000 | |||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Current and long-term debt | 277,000,000 | 258,000,000 | ||||
Undrawn portion of line of credit | 73,000,000 | |||||
Borrowings of revolving credit facility | 19,000,000 | |||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | Subsequent Event [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Borrowings of revolving credit facility | 14,000,000 | |||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Undrawn portion of line of credit | 46,000,000 | |||||
Borrowing capacity | $ 60,000,000 | |||||
Repayment of revolving credit facility | 5,000,000 | |||||
Borrowings of revolving credit facility | 19,000,000 | |||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | Subsequent Event [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Borrowings of revolving credit facility | $ 1,000,000 | |||||
Revolving Credit Facility [Member] | IMTT [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Current and long-term debt | 217,000,000 | 210,000,000 | ||||
Revolving Credit Facility [Member] | United States - IMTT [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Repayment of revolving credit facility | 10,000,000 | |||||
Borrowings of revolving credit facility | 17,000,000 | |||||
Revolving Credit Facility [Member] | United States- IMTT [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Undrawn portion of line of credit | 333,000,000 | |||||
Revolving Credit Facility [Member] | Canada- IMTT [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Undrawn portion of line of credit | 50,000,000 | |||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Borrowing capacity | $ 80,000,000 | |||||
Term Loan Facility [Member] | Contracted Power [Member] | Level 2 [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Fixed rate of long-term debt | 185,400,000 | |||||
Fair value of senior notes and term loan | 210,000,000 | |||||
Senior Notes [Member] | Hawaii Gas Business [Member] | Level 1 [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Fixed rate of long-term debt | 100,000,000 | |||||
Fair value of senior notes and term loan | 100,000,000 | |||||
Senior Notes [Member] | IMTT [Member] | Level 1 [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Fixed rate of long-term debt | 600,000,000 | |||||
Fair value of senior notes and term loan | 590,000,000 | |||||
2.875% Convertible Senior Notes due July 2019 [Member] | MIC Corporate [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Current and long-term debt | $ 350,000,000 | 350,000,000 | ||||
Debt instrument, term | 5 years | |||||
Conversion rate | 12.4912 | |||||
Face value of convertible senior notes | $ 1,000 | |||||
Interest Rate | 2.875% | |||||
Maturity | Jul. 31, 2019 | |||||
Fair value of Convertible senior notes | $ 345,000,000 | |||||
2.00% Convertible Senior Notes due October 2023 [Member] | MIC Corporate [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Current and long-term debt | $ 372,700,000 | $ 371,400,000 | ||||
Debt instrument, term | 7 years | |||||
Interest Rate | 2.00% | |||||
Maturity | Oct. 31, 2023 | |||||
Fair value of Convertible senior notes | $ 340,000,000 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | |||
Current and long-term Debt | $ 3,694,838 | $ 3,616,292 | |
Current portion | (51,208) | (50,835) | |
Long-term portion | 3,643,630 | 3,565,457 | |
Unamortized deferred financing costs | [1] | (34,818) | (35,146) |
Long-term portion less unamortized debt discount and deferred financing costs | $ 3,608,812 | 3,530,311 | |
Weighted Average Remaining Life Of Deferred Financing Costs | 5.4 years | ||
IMTT [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | $ 1,325,975 | 1,318,975 | |
Atlantic Aviation [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | 662,000 | 648,000 | |
Contracted Power [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | 570,596 | 576,558 | |
MIC Hawaii [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | 212,899 | 199,282 | |
MIC Corporate [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | $ 923,368 | $ 873,477 | |
[1] | The weighted average remaining life of the deferred financing costs at March 31, 2018 was 5.4 years. |
Long-Term Debt (Schedule of 2.0
Long-Term Debt (Schedule of 2.00% Convertible Senior Notes Due October 2023) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | ||
Long-term debt, net of unamortized debt discount | $ 3,694,838 | $ 3,616,292 | |
Unamortized deferred financing costs | [1] | (34,818) | (35,146) |
Net carrying amount | 3,608,812 | 3,530,311 | |
MIC Corporate [Member] | |||
Long-term debt, net of unamortized debt discount | 923,368 | 873,477 | |
MIC Corporate [Member] | 2.00% Convertible Senior Notes due October 2023 [Member] | |||
Principal | 402,500 | 402,500 | |
Unamortized debt discount | (21,578) | (22,475) | |
Long-term debt, net of unamortized debt discount | 380,922 | 380,025 | |
Unamortized deferred financing costs | (8,267) | (8,643) | |
Net carrying amount | 372,655 | 371,382 | |
Equity Component | $ 26,748 | $ 26,748 | |
[1] | The weighted average remaining life of the deferred financing costs at March 31, 2018 was 5.4 years. |
Long-Term Debt (Schedule of Tot
Long-Term Debt (Schedule of Total Interest Expense Recognized) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Debt Instrument [Line Items] | ||||
Amortization of debt discount | $ 897 | $ 619 | [1] | |
Amortization of deferred financing costs | 3,049 | 2,202 | [1] | |
Total interest expense | [2] | 18,790 | 25,482 | |
MIC Corporate [Member] | 2.00% Convertible Senior Notes due October 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 2,012 | 1,744 | ||
Amortization of debt discount | 897 | 619 | ||
Amortization of deferred financing costs | 376 | 381 | ||
Total interest expense | $ 3,285 | $ 2,744 | ||
[1] | Conformed to current period presentation. See Note 2, “Basis of Presentation”, for Recently Issued Accounting Standards adopted during the quarter ended March 31, 2018. | |||
[2] | Interest expense includes gains on derivative instruments of $15.1 million and $954,000 for the quarters ended March 31, 2018 and 2017, respectively. |
Derivative Instruments and He47
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Current and long-term debt | $ 3,694,838 | $ 3,616,292 |
Fixed rate debt | 1,600,000 | |
Unhedged debt | 692,400 | |
Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Debt economically hedged with interest rate contracts | $ 1,400,000 |
Derivative Instruments and He48
Derivative Instruments and Hedging Activities (Schedule of Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments - current assets | $ 13,398 | $ 11,965 |
Fair value of derivative instruments - noncurrent assets | 30,799 | 24,455 |
Total derivative contracts - assets | 44,197 | 36,420 |
Fair value of derivative instruments - current liabilities | (974) | (1,710) |
Fair value of derivative instruments - noncurrent liabilities | (2,449) | (4,668) |
Total derivative contracts - liabilities | $ (3,423) | $ (6,378) |
Derivative Instruments and He49
Derivative Instruments and Hedging Activities (Schedule of Location of Hedging Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Loss) gain on derivative instruments | $ 13,097 | $ (3,030) |
Interest Expense [Member] | Interest Rate Cap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Loss) gain on derivative instruments | 4,983 | (133) |
Interest Expense [Member] | Interest Rate Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Loss) gain on derivative instruments | 10,157 | 1,087 |
Cost of product sales [Member] | Commodity swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Loss) gain on derivative instruments | $ (2,043) | $ (3,984) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | May 18, 2016 | Jun. 24, 2015 | |
Omnibus Employee Incentive Plan 2016 [Member] | |||
Shares Activity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ||
At the Market [Member] | |||
Shares Activity [Line Items] | |||
Equity offering, shares | 188,592 | ||
Proceeds from equity offering | $ 15.4 | ||
At the Market [Member] | Maximum [Member] | |||
Shares Activity [Line Items] | |||
Aggregate gross offering price | $ 400 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 3,350,703 | ||
Translation adjustment | [1] | (1,364) | $ 0 |
Balance | 3,283,676 | ||
Translation adjustment, taxes | 523,000 | ||
Post-Retirement Benefit Plans, net of taxes | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (20,456) | (16,805) | |
Translation adjustment | 0 | ||
Balance | (20,456) | (16,805) | |
Translation Adjustment, net of taxes | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | [1] | (9,537) | (12,155) |
Translation adjustment | [1] | (1,364) | |
Balance | [1] | (10,901) | (12,155) |
Total Stockholders' Accumulated Other Comprehensive Loss, net of taxes | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (29,993) | (28,960) | |
Translation adjustment | (1,364) | ||
Balance | $ (31,357) | $ (28,960) | |
[1] | Translation adjustment is presented net of tax benefit of $523,000 for the quarter ended March 31, 2018. |
Reportable Segments (Narrative)
Reportable Segments (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018ItemMW | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 4 |
Canada- IMTT [Member] | |
Segment Reporting Information [Line Items] | |
Number of marine terminals | 2 |
Canada- IMTT [Member] | Quebec Marine Terminal [Member] | |
Segment Reporting Information [Line Items] | |
Number of marine terminals | 1 |
Canada- IMTT [Member] | Newfoundland Marine Terminal [Member] | Partially Owned [Member] | |
Segment Reporting Information [Line Items] | |
Number of marine terminals | 1 |
Atlantic Aviation [Member] | |
Segment Reporting Information [Line Items] | |
Number of Airport Locations | Item | 70 |
Contracted Power [Member] | |
Segment Reporting Information [Line Items] | |
Equity interest acquired | 100.00% |
Number of solar projects | 7 |
Number of wind power facilities | 2 |
United States- IMTT [Member] | |
Segment Reporting Information [Line Items] | |
Number of marine terminals | 17 |
MIC Hawaii [Member] | |
Segment Reporting Information [Line Items] | |
Number of solar projects | 2 |
Bayonne Energy Center [Member] | |
Segment Reporting Information [Line Items] | |
Electricity generating capacity | 512 |
Percentage of contracted tolling agreement | 62.50% |
Solar and Wind Power Facilities [Member] | Contracted Power [Member] | |
Segment Reporting Information [Line Items] | |
Electricity generating capacity | 345 |
Reportable Segments (Revenue fr
Reportable Segments (Revenue from external customers for the Company’s consolidated reportable segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Service Revenue | |||
Total Service Revenue | $ 402,609 | $ 363,804 | |
Product Revenue | |||
Total Product Revenue | 98,947 | 87,653 | |
Total Revenue | 501,556 | 451,457 | |
International Matex Tank Terminals [Member] | |||
Service Revenue | |||
Total Service Revenue | 139,389 | 138,817 | |
Product Revenue | |||
Total Product Revenue | 0 | 0 | |
Total Revenue | 139,389 | 138,817 | |
Atlantic Aviation [Member] | |||
Service Revenue | |||
Total Service Revenue | 247,202 | 212,753 | |
Product Revenue | |||
Total Product Revenue | 0 | 0 | |
Total Revenue | 247,202 | 212,753 | |
Contracted Power [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Product Revenue | |||
Total Product Revenue | 35,287 | 28,070 | |
Total Revenue | 35,287 | 28,070 | |
MIC Hawaii [Member] | |||
Service Revenue | |||
Total Service Revenue | 17,249 | 13,457 | |
Product Revenue | |||
Total Product Revenue | 63,660 | 59,583 | |
Total Revenue | 80,909 | 73,040 | |
Intersegment Revenue [Member] | |||
Service Revenue | |||
Total Service Revenue | (1,231) | (1,223) | |
Product Revenue | |||
Total Product Revenue | 0 | 0 | |
Total Revenue | (1,231) | (1,223) | |
Terminal Services [Member] | |||
Service Revenue | |||
Total Service Revenue | 25,995 | 21,715 | |
Terminal Services [Member] | International Matex Tank Terminals [Member] | |||
Service Revenue | |||
Total Service Revenue | 25,995 | 21,715 | |
Terminal Services [Member] | Atlantic Aviation [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Terminal Services [Member] | Contracted Power [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Terminal Services [Member] | MIC Hawaii [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Terminal Services [Member] | Intersegment Revenue [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Lease Related to Service [Member] | |||
Service Revenue | |||
Total Service Revenue | 103,152 | 106,571 | |
Lease Related to Service [Member] | International Matex Tank Terminals [Member] | |||
Service Revenue | |||
Total Service Revenue | 104,383 | 107,794 | |
Lease Related to Service [Member] | Atlantic Aviation [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Lease Related to Service [Member] | Contracted Power [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Lease Related to Service [Member] | MIC Hawaii [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Lease Related to Service [Member] | Intersegment Revenue [Member] | |||
Service Revenue | |||
Total Service Revenue | (1,231) | (1,223) | |
Lease Related to Product [Member] | |||
Product Revenue | |||
Total Product Revenue | 32,715 | 25,259 | |
Lease Related to Product [Member] | International Matex Tank Terminals [Member] | |||
Product Revenue | |||
Total Product Revenue | 0 | 0 | |
Lease Related to Product [Member] | Atlantic Aviation [Member] | |||
Product Revenue | |||
Total Product Revenue | 0 | 0 | |
Lease Related to Product [Member] | Contracted Power [Member] | |||
Product Revenue | |||
Total Product Revenue | 31,635 | 24,601 | |
Lease Related to Product [Member] | MIC Hawaii [Member] | |||
Product Revenue | |||
Total Product Revenue | 1,080 | 658 | |
Lease Related to Product [Member] | Intersegment Revenue [Member] | |||
Product Revenue | |||
Total Product Revenue | 0 | 0 | |
Fuel [Member] | |||
Service Revenue | |||
Total Service Revenue | 177,464 | 152,486 | |
Fuel [Member] | International Matex Tank Terminals [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Fuel [Member] | Atlantic Aviation [Member] | |||
Service Revenue | |||
Total Service Revenue | 177,464 | 152,486 | |
Fuel [Member] | Contracted Power [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Fuel [Member] | MIC Hawaii [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Fuel [Member] | Intersegment Revenue [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Hangar [Member] | |||
Service Revenue | |||
Total Service Revenue | 21,742 | 17,856 | |
Hangar [Member] | International Matex Tank Terminals [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Hangar [Member] | Atlantic Aviation [Member] | |||
Service Revenue | |||
Total Service Revenue | 21,742 | 17,856 | |
Hangar [Member] | Contracted Power [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Hangar [Member] | MIC Hawaii [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Hangar [Member] | Intersegment Revenue [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Construction [Member] | |||
Service Revenue | |||
Total Service Revenue | 16,243 | 13,165 | |
Construction [Member] | International Matex Tank Terminals [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Construction [Member] | Atlantic Aviation [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Construction [Member] | Contracted Power [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Construction [Member] | MIC Hawaii [Member] | |||
Service Revenue | |||
Total Service Revenue | 16,243 | 13,165 | |
Construction [Member] | Intersegment Revenue [Member] | |||
Service Revenue | |||
Total Service Revenue | 0 | 0 | |
Other [Member] | |||
Service Revenue | |||
Total Service Revenue | [1] | 58,013 | 52,011 |
Other [Member] | International Matex Tank Terminals [Member] | |||
Service Revenue | |||
Total Service Revenue | [1] | 9,011 | 9,308 |
Other [Member] | Atlantic Aviation [Member] | |||
Service Revenue | |||
Total Service Revenue | [1] | 47,996 | 42,411 |
Other [Member] | Contracted Power [Member] | |||
Service Revenue | |||
Total Service Revenue | [1] | 0 | 0 |
Other [Member] | MIC Hawaii [Member] | |||
Service Revenue | |||
Total Service Revenue | [1] | 1,006 | 292 |
Other [Member] | Intersegment Revenue [Member] | |||
Service Revenue | |||
Total Service Revenue | [1] | 0 | 0 |
Gas [Member] | |||
Product Revenue | |||
Total Product Revenue | 59,759 | 56,141 | |
Gas [Member] | International Matex Tank Terminals [Member] | |||
Product Revenue | |||
Total Product Revenue | 0 | 0 | |
Gas [Member] | Atlantic Aviation [Member] | |||
Product Revenue | |||
Total Product Revenue | 0 | 0 | |
Gas [Member] | Contracted Power [Member] | |||
Product Revenue | |||
Total Product Revenue | 0 | 0 | |
Gas [Member] | MIC Hawaii [Member] | |||
Product Revenue | |||
Total Product Revenue | 59,759 | 56,141 | |
Gas [Member] | Intersegment Revenue [Member] | |||
Product Revenue | |||
Total Product Revenue | 0 | 0 | |
Other [Member] | |||
Product Revenue | |||
Total Product Revenue | 6,473 | 6,253 | |
Other [Member] | International Matex Tank Terminals [Member] | |||
Product Revenue | |||
Total Product Revenue | 0 | 0 | |
Other [Member] | Atlantic Aviation [Member] | |||
Product Revenue | |||
Total Product Revenue | 0 | 0 | |
Other [Member] | Contracted Power [Member] | |||
Product Revenue | |||
Total Product Revenue | 3,652 | 3,469 | |
Other [Member] | MIC Hawaii [Member] | |||
Product Revenue | |||
Total Product Revenue | 2,821 | 2,784 | |
Other [Member] | Intersegment Revenue [Member] | |||
Product Revenue | |||
Total Product Revenue | $ 0 | $ 0 | |
[1] | See Note 3, “Implementation of ASU 2014-09”, for revenues disclosed in Other. |
Reportable Segments (Schedule o
Reportable Segments (Schedule of EBITDA for Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Segment Reporting Information [Line Items] | |||
Net income (loss) | $ 46,795 | $ 32,638 | [1] |
Provision for income taxes | 16,779 | 22,073 | |
Depreciation | 61,358 | 57,681 | [1] |
Amortization of intangibles | 17,216 | 17,693 | [1] |
Pension expense | 2,253 | 2,694 | [1] |
Other non-cash expense (income) | 563 | (1,354) | [1] |
Total Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net income (loss) | 66,039 | 48,576 | |
Interest expense, net | 9,983 | 19,297 | |
Provision for income taxes | 23,552 | 34,504 | |
Depreciation | 61,194 | 57,681 | |
Amortization of intangibles | 17,216 | 17,693 | |
Pension expense | 2,212 | 2,694 | |
Other non-cash expense (income) | 4,717 | 3,677 | |
EBITDA excluding non-cash items | 184,913 | 184,122 | |
IMTT [Member] | |||
Segment Reporting Information [Line Items] | |||
Net income (loss) | 25,280 | 23,816 | |
Interest expense, net | 7,739 | 8,757 | |
Provision for income taxes | 9,686 | 16,548 | |
Depreciation | 29,371 | 28,760 | |
Amortization of intangibles | 3,878 | 2,760 | |
Pension expense | 2,080 | 2,416 | |
Other non-cash expense (income) | 94 | 68 | |
EBITDA excluding non-cash items | 78,128 | 83,125 | |
Atlantic Aviation [Member] | |||
Segment Reporting Information [Line Items] | |||
Net income (loss) | 32,967 | 21,826 | |
Interest expense, net | 69 | 3,446 | |
Provision for income taxes | 12,111 | 14,550 | |
Depreciation | 13,630 | 11,589 | |
Amortization of intangibles | 11,849 | 13,444 | |
Pension expense | 5 | 5 | |
Other non-cash expense (income) | 312 | 62 | |
EBITDA excluding non-cash items | 70,943 | 64,922 | |
Contracted Power [Member] | |||
Segment Reporting Information [Line Items] | |||
Net income (loss) | 5,581 | (1,939) | |
Interest expense, net | 885 | 5,383 | |
Provision for income taxes | 950 | 27 | |
Depreciation | 14,420 | 14,233 | |
Amortization of intangibles | 1,107 | 1,107 | |
Pension expense | 0 | 0 | |
Other non-cash expense (income) | (1,888) | (2,024) | |
EBITDA excluding non-cash items | 21,055 | 16,787 | |
MIC Hawaii [Member] | |||
Segment Reporting Information [Line Items] | |||
Net income (loss) | 2,211 | 4,873 | |
Interest expense, net | 1,290 | 1,711 | |
Provision for income taxes | 805 | 3,379 | |
Depreciation | 3,773 | 3,099 | |
Amortization of intangibles | 382 | 382 | |
Pension expense | 127 | 273 | |
Other non-cash expense (income) | 6,199 | 5,571 | |
EBITDA excluding non-cash items | $ 14,787 | $ 19,288 | |
[1] | Conformed to current period presentation. See Note 2, “Basis of Presentation”, for Recently Issued Accounting Standards adopted during the quarter ended March 31, 2018. |
Reportable Segments (Schedule55
Reportable Segments (Schedule of Reconciliation of EBITDA for Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Segment Reporting Information [Line Items] | ||||
Interest income | $ 80 | $ 34 | ||
Interest expense | [1] | (18,790) | (25,482) | |
Depreciation | (61,358) | (57,681) | [2] | |
Amortization of intangibles | (17,216) | (17,693) | [2] | |
Selling, general and administrative expenses | (86,957) | (76,952) | ||
Fees to Manager - related party | (12,928) | (18,223) | ||
Pension expense | (2,253) | (2,694) | [2] | |
Other income (expense), net | 42 | 1,182 | ||
Total consolidated net income before income taxes | 63,574 | 54,711 | ||
Total Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total reportable segments EBITDA excluding non-cash items | 184,913 | 184,122 | ||
Depreciation | (61,194) | (57,681) | ||
Amortization of intangibles | (17,216) | (17,693) | ||
Pension expense | (2,212) | (2,694) | ||
Total Reportable Segments [Member] | Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Selling, general and administrative expenses | (4,202) | (3,995) | ||
Other income (expense), net | $ (4,713) | $ (3,677) | ||
[1] | Interest expense includes gains on derivative instruments of $15.1 million and $954,000 for the quarters ended March 31, 2018 and 2017, respectively. | |||
[2] | Conformed to current period presentation. See Note 2, “Basis of Presentation”, for Recently Issued Accounting Standards adopted during the quarter ended March 31, 2018. |
Reportable Segments (Schedule56
Reportable Segments (Schedule of Capital Expenditures) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 48,181 | $ 59,869 | [1] |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 1,742 | 67 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 46,439 | 59,802 | |
Operating Segments [Member] | IMTT [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 9,177 | 15,263 | |
Operating Segments [Member] | Atlantic Aviation [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 18,707 | 19,245 | |
Operating Segments [Member] | Contracted Power [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 12,608 | 19,179 | |
Operating Segments [Member] | MIC Hawaii [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 5,947 | $ 6,115 | |
[1] | Conformed to current period presentation. See Note 2, “Basis of Presentation”, for Recently Issued Accounting Standards adopted during the quarter ended March 31, 2018. |
Reportable Segments (Schedule57
Reportable Segments (Schedule of Assets of Reportable Segments) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | $ 4,644,350 | $ 4,659,614 |
Goodwill | 2,068,799 | 2,068,668 |
Total Assets | 8,025,297 | 8,008,951 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 4,612,863 | 4,633,396 |
Goodwill | 2,068,799 | 2,068,668 |
Total Assets | 7,972,269 | 7,969,785 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 31,487 | 26,218 |
Goodwill | 0 | 0 |
Total Assets | 53,028 | 39,166 |
IMTT [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 2,283,277 | 2,305,440 |
Goodwill | 1,427,623 | 1,427,863 |
IMTT [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 4,093,607 | 4,109,448 |
Atlantic Aviation [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 566,813 | 559,597 |
Goodwill | 496,140 | 495,769 |
Atlantic Aviation [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 1,721,053 | 1,710,535 |
Contracted Power [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 1,462,460 | 1,466,139 |
Goodwill | 21,628 | 21,628 |
Contracted Power [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 1,623,049 | 1,617,658 |
MIC Hawaii [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 300,313 | 302,220 |
Goodwill | 123,408 | 123,408 |
MIC Hawaii [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 534,560 | $ 532,144 |
Long-Term Contracted Revenue (N
Long-Term Contracted Revenue (Narrative) (Details) - Mechanical Contractor Business [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Contract Receivable, Due in Year Two | $ 35 |
Maximum [Member] | |
Revenue Recognition Term | 2 years |
Minimum [Member] | |
Revenue Recognition Term | 1 year |
Long-Term Contracted Revenue (D
Long-Term Contracted Revenue (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Lease revenue [Member] | |
Lease Revenue 2018 remaining | $ 242,881 |
Lease Revenue 2019 | 187,137 |
Lease Revenue 2020 | 109,153 |
Lease Revenue 2021 | 59,023 |
Lease Revenue 2022 | 44,151 |
Lease Revenue 2023 | 27,691 |
Thereafter | 48,342 |
Total | 718,378 |
Contract revenue [Member] | |
Contract Revenue 2018 remaining | 50,078 |
Contract Revenue 2019 | 38,347 |
Contract Revenue 2020 | 31,129 |
Contract Revenue 2021 | 25,630 |
Contract Revenue 2022 | 22,319 |
Contract Revenue 2023 | 15,401 |
Thereafter | 15,872 |
Total | 198,776 |
Total Long-Term Revenue [Member] | |
Total Long-Term Revenue 2018 remaining | 292,959 |
Total Long-Term Revenue 2019 | 225,484 |
Total Long-Term Revenue 2020 | 140,282 |
Total Long-Term Revenue 2021 | 84,653 |
Total Long-Term Revenue 2022 | 66,470 |
Total Long-Term Revenue 2023 | 43,092 |
Thereafter | 64,214 |
Total | $ 917,154 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 1 Months Ended | 3 Months Ended | |||||||||
Apr. 29, 2018shares | Jan. 31, 2018USD ($) | Mar. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)shares | Jun. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)sharesbbl | May 01, 2018$ / shares | Mar. 01, 2018USD ($) | Jun. 24, 2015USD ($)$ / shares | ||
Related Party Transaction [Line Items] | |||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Number Of Shares Issued To Manager For Base Management Performance Fees | shares | 265,002 | ||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 80,000 | ||||||||||
Subsequent Event [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number Of Shares Issued Subsequent For Base Management Fees To Manager for February 2018 | shares | 88,628 | ||||||||||
Number Of Shares Issued Subsequent For Base Management Fees To Manager for March 2018 | shares | 93,154 | ||||||||||
MIC Corporate [Member] | Revolving Credit Facility [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Borrowing capacity | $ 600,000,000 | $ 410,000,000 | |||||||||
Debt Instrument, Maturity Date | Jan. 3, 2022 | ||||||||||
At the Market [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | ||||||||||
At the Market [Member] | Maximum [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Aggregate gross offering price | $ 400,000,000 | ||||||||||
Macquarie Infrastructure Management (USA) Inc. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Shares of the Company held by Manager, a related party | shares | 5,602,057 | 5,435,442 | |||||||||
Base management fees to be settled/settled in shares | $ 12,928,000 | $ 16,778,000 | $ 17,954,000 | $ 18,433,000 | $ 18,223,000 | ||||||
Reimbursement of out-of-pocket expenses | $ 268,000 | $ 289,000 | |||||||||
Number Of Shares Issued To Manager For Base Management Performance Fees | shares | 265,002 | [1] | 248,162 | 240,674 | 233,394 | 232,398 | |||||
MENAT [Member] | IMTT [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Capacity Leased To Related Party | bbl | 200,000 | ||||||||||
Revenue from related party | $ 613,000 | ||||||||||
MIHI LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Borrowing capacity | $ 50,000,000 | ||||||||||
MIHI LLC [Member] | MIC Corporate [Member] | Revolving Credit Facility [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Interest costs incurred | $ 4,000 | $ 34,000 | |||||||||
Macquarie Capital Funding LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Borrowing capacity | 40,000,000 | ||||||||||
Macquarie Capital Funding LLC [Member] | MIC Corporate [Member] | Revolving Credit Facility [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Interest costs incurred | $ 107,000 | ||||||||||
[1] | The Manager elected to reinvest all of the monthly base management fees for the first quarter of 2018 in shares. The Company issued 265,002 shares for the quarter ended March 31, 2018, including 88,628 shares and 93,154 shares that were issued in April 2018 for the February and March 2018 monthly base management fee, respectively. |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Dividends Paid to Manager) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)$ / shares | ||
Dividend One [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Feb. 17, 2017 | |
Period Covered | Fourth quarter 2016 | |
$ per Share | $ / shares | $ 1.31 | |
Record Date | Mar. 3, 2017 | |
Payable Date | Mar. 8, 2017 | |
Cash Paid to Manager | $ | $ 6,080 | |
Dividend Two [Member] | ||
Dividends Payable [Line Items] | ||
Declared | May 2, 2017 | |
Period Covered | First quarter 2017 | |
$ per Share | $ / shares | $ 1.32 | |
Record Date | May 15, 2017 | |
Payable Date | May 18, 2017 | |
Cash Paid to Manager | $ | $ 6,332 | |
Dividend Three [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Aug. 1, 2017 | |
Period Covered | Second quarter 2017 | |
$ per Share | $ / shares | $ 1.38 | |
Record Date | Aug. 14, 2017 | |
Payable Date | Aug. 17, 2017 | |
Cash Paid to Manager | $ | $ 6,941 | |
Dividend Four [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Oct. 30, 2017 | |
Period Covered | Third quarter 2017 | |
$ per Share | $ / shares | $ 1.42 | |
Record Date | Nov. 13, 2017 | |
Payable Date | Nov. 16, 2017 | |
Cash Paid to Manager | $ | $ 7,484 | |
Dividend Five [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Feb. 19, 2018 | |
Period Covered | Fourth quarter 2017 | |
$ per Share | $ / shares | $ 1.44 | |
Record Date | Mar. 5, 2018 | |
Payable Date | Mar. 8, 2018 | |
Cash Paid to Manager | $ | $ 8,067 | |
Dividend Six [Member] | ||
Dividends Payable [Line Items] | ||
Declared | May 1, 2018 | |
Period Covered | First quarter 2018 | |
$ per Share | $ / shares | $ 1 | |
Record Date | May 14, 2018 | |
Payable Date | May 17, 2018 | |
Cash Paid to Manager | $ | [1] | |
[1] | The amount of dividend payable to the Manager for the first quarter of 2018 will be determined on May 14, 2018, the record date. |
Related Party Transactions (S62
Related Party Transactions (Schedule of Base Management Fees and Performance Fees) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | ||
Common Stock Equity [Line Items] | ||||||
Shares Issued | 265,002 | |||||
Macquarie Infrastructure Management (USA) Inc. [Member] | ||||||
Common Stock Equity [Line Items] | ||||||
Base management fees to be settled/settled in shares | $ 12,928 | $ 16,778 | $ 17,954 | $ 18,433 | $ 18,223 | |
Performance fees to be settled/settled in shares and cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Shares Issued | 265,002 | [1] | 248,162 | 240,674 | 233,394 | 232,398 |
[1] | The Manager elected to reinvest all of the monthly base management fees for the first quarter of 2018 in shares. The Company issued 265,002 shares for the quarter ended March 31, 2018, including 88,628 shares and 93,154 shares that were issued in April 2018 for the February and March 2018 monthly base management fee, respectively. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 22, 2017 | |
Components of Income Taxes [Line Items] | ||
Bonus depreciation percentage on qualifying assets | 100% bonus depreciation on qualifying assets (which is scheduled to phase down ratably to 0% between 2023 and 2027) | |
Deduction interest expenses percentage | 30.00% | |
Federal income tax rate | 35.00% | |
Scenario, Plan [Member] | ||
Components of Income Taxes [Line Items] | ||
Federal income tax rate | 21.00% | |
Earliest Tax [Member] | ||
Components of Income Taxes [Line Items] | ||
Net operating loss carry-forwards, expiration date | Dec. 31, 2029 | |
Latest Tax [Member] | ||
Components of Income Taxes [Line Items] | ||
Net operating loss carry-forwards, expiration date | Dec. 31, 2035 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] | 1 Months Ended |
May 01, 2018$ / shares | |
Subsequent Event [Line Items] | |
Cash dividend declared, date declared | May 1, 2018 |
Cash dividend declared per share | $ 1 |
Cash dividend declared, date to be paid | May 17, 2018 |
Cash dividend declared, date of record | May 14, 2018 |