Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | |
Document Information [Line Items] | ||||
Document Type | 10-K | |||
Amendment Flag | false | |||
Document Period End Date | Dec. 31, 2018 | |||
Document Fiscal Year Focus | 2,018 | |||
Document Fiscal Period Focus | FY | |||
Entity Registrant Name | Macquarie Infrastructure Corp | |||
Entity Central Index Key | 1,289,790 | |||
Current Fiscal Year End Date | --12-31 | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Public Float | $ 3,177,277,457 | |||
Trading Symbol | MIC | |||
Entity Common Stock, Shares Outstanding | 85,860,351 | |||
Entity Shell Company | false | |||
Entity Emerging Growth Company | false | |||
Entity Small Business | false | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Current assets: | |||
Cash and cash equivalents | $ 588,555 | $ 45,844 | |
Restricted cash | 23,316 | 10,295 | |
Accounts receivable, less allowance for doubtful accounts of $1,097 and $895, respectively | 95,161 | 146,621 | |
Inventories | 29,256 | 33,060 | |
Prepaid expenses | 12,647 | 10,885 | |
Fair value of derivative instruments | 10,516 | 11,965 | |
Other current assets | 13,200 | 12,061 | |
Current assets held for sale | [1] | 647,652 | 36,914 |
Total current assets | 1,420,303 | 307,645 | |
Property, equipment, land and leasehold improvements, net | 3,141,407 | 3,197,407 | |
Investment in unconsolidated business | 8,360 | 9,115 | |
Goodwill | 2,043,320 | 2,047,040 | |
Intangible assets, net | 788,761 | 851,751 | |
Fair value of derivative instruments | 14,536 | 22,011 | |
Other noncurrent assets | 27,094 | 23,034 | |
Noncurrent assets held for sale | [1] | 0 | 1,550,948 |
Total assets | 7,443,781 | 8,008,951 | |
Current liabilities: | |||
Due to Manager – related party | 2,966 | 5,577 | |
Accounts payable | 38,178 | 58,883 | |
Accrued expenses | 85,867 | 79,576 | |
Current portion of long-term debt | 361,166 | 21,496 | |
Other current liabilities | 32,621 | 39,768 | |
Current liabilities held for sale | [1] | 317,178 | 50,665 |
Total current liabilities | 837,976 | 255,965 | |
Long-term debt, net of current portion | 2,652,748 | 2,991,654 | |
Deferred income taxes | 680,938 | 644,914 | |
Other noncurrent liabilities | 155,792 | 162,678 | |
Noncurrent liabilities held for sale | [1] | 0 | 603,037 |
Total liabilities | 4,327,454 | 4,658,248 | |
Commitments and contingencies | 0 | 0 | |
Stockholders' equity: | |||
Common stock ($0.001 par value; 500,000,000 authorized; 85,800,303 shares issued and outstanding at December 31, 2018 and 84,733,957 shares issued and outstanding at December 31, 2017) | [2] | 86 | 85 |
Additional paid in capital | [2] | 1,510,305 | 1,840,033 |
Accumulated other comprehensive loss | [2] | (30,271) | (29,993) |
Retained earnings | [2] | 1,484,482 | 1,343,567 |
Total stockholders' equity | [2] | 2,964,602 | 3,153,692 |
Noncontrolling interests | [2],[3] | 151,725 | 197,011 |
Total equity | [2] | 3,116,327 | 3,350,703 |
Total liabilities and equity | [2] | $ 7,443,781 | $ 8,008,951 |
[1] | See Note 5, “Discontinued Operations and Dispositions”, for further discussion on assets and liabilities held for sale. | ||
[2] | See Note 11, “Stockholders’ Equity”, for discussions on preferred stock and special stock. | ||
[3] | Includes $141.5 million and $184.3 million of noncontrolling interest related to discontinued operations at December 31, 2018 and 2017, respectively. See Note 5, “Discontinued Operations and Dispositions”, for further discussions. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts receivable, allowance for doubtful accounts | $ 1,097 | $ 895 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Shares, authorized | 500,000,000 | 500,000,000 |
Shares, issued | 85,800,303 | 84,733,957 |
Shares, outstanding | 85,800,303 | 84,733,957 |
MinorityInterest | $ 141,500 | $ 184,300 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Revenue | ||||||
Service revenue | $ 1,515,149 | $ 1,445,832 | $ 1,288,562 | |||
Product revenue | 246,384 | 222,955 | 213,470 | |||
Total revenue | 1,761,533 | 1,668,787 | 1,502,032 | |||
Costs and expenses | ||||||
Cost of services | 712,082 | 624,214 | 524,423 | |||
Cost of product sales | 178,822 | 143,787 | 119,440 | |||
Selling, general and administrative | 328,464 | 306,664 | 277,628 | |||
Fees to Manager – related party | 44,866 | 71,388 | 68,486 | |||
Goodwill impairment | 3,215 | 0 | [1] | 0 | [1] | |
Depreciation | 193,659 | 178,292 | 175,518 | |||
Amortization of intangibles | 68,314 | 63,825 | 60,997 | |||
Total operating expenses | 1,529,422 | 1,388,170 | 1,226,492 | |||
Operating income | 232,111 | 280,617 | 275,540 | |||
Other income (expense) | ||||||
Interest income | 788 | 83 | 86 | |||
Interest expense | [2] | (112,626) | (86,999) | (95,613) | ||
Other (expense) income, net | (6,194) | 10,566 | 17,765 | |||
Net income from continuing operations before income taxes | 114,079 | 204,267 | 197,778 | |||
(Provision) benefit for income taxes | (49,451) | 229,503 | (69,313) | |||
Net income from continuing operations | 64,628 | 433,770 | [1] | 128,465 | [1] | |
Discontinued Operations | ||||||
Net income from discontinued operations before income taxes | [3] | 31,748 | 17,691 | 28,348 | ||
(Provision) benefit for income taxes | [3] | (2,128) | 4,651 | (1,944) | ||
Net income from discontinued operations | [3] | 29,620 | 22,342 | 26,404 | ||
Net income | 94,248 | 456,112 | 154,869 | |||
Net income from continuing operations | 64,628 | 433,770 | [1] | 128,465 | [1] | |
Less: net loss attributable to noncontrolling interests | (3,452) | (409) | (3,608) | |||
Net income from continuing operations attributable to MIC | 68,080 | 434,179 | 132,073 | |||
Net income from discontinued operations | [3] | 29,620 | 22,342 | 26,404 | ||
Less: net (loss) income attributable to noncontrolling interests | (38,821) | 5,319 | 2,096 | |||
Net income from discontinued operations attributable to MIC | 68,441 | 17,023 | 24,308 | |||
Net income attributable to MIC | $ 136,521 | $ 451,202 | $ 156,381 | |||
Basic income per share from continuing operations attributable to MIC | $ 0.80 | $ 5.22 | $ 1.63 | |||
Basic income per share from discontinued operations attributable to MIC | 0.80 | 0.20 | 0.30 | |||
Basic income per share attributable to MIC | $ 1.60 | $ 5.42 | $ 1.93 | |||
Weighted average number of shares outstanding: basic | 85,233,989 | 83,204,404 | 80,892,654 | |||
Diluted income per share from continuing operations attributable to MIC | $ 0.80 | $ 4.94 | $ 1.55 | |||
Diluted income per share from discontinued operations attributable to MIC | 0.80 | 0.19 | 0.30 | |||
Diluted income per share attributable to MIC | $ 1.60 | $ 5.13 | $ 1.85 | |||
Weighted average number of shares outstanding: diluted | 85,249,865 | 91,073,362 | 82,218,627 | |||
Cash dividends declared per share | $ 4 | $ 5.56 | $ 5.05 | |||
[1] | See Note 2, “Summary of Significant Accounting Policies — Recently Issued Accounting Standards”, for the Company’s adoption of ASU No. 2016-18. | |||||
[2] | Interest expense includes gains on derivative instruments of $7.6 million and $2.2 million and losses on derivative instruments of $2.5 million for the years ended December 31, 2018, 2017 and 2016, respectively. | |||||
[3] | See Note 5, “Discontinued Operations and Dispositions”, for discussions on businesses classified as held for sale. |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Gain (Loss) on derivative instruments | $ 2,580 | $ 9,030 | $ 11,400 |
Interest Expense [Member] | |||
Gain (Loss) on derivative instruments | $ 7,600 | $ 2,200 | $ (2,500) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Net income | $ 94,248 | $ 456,112 | $ 154,869 | |
Other comprehensive income (loss), net of taxes: | ||||
Change in post-retirement benefit plans | [1] | 8,973 | (3,651) | (2,017) |
Translation adjustment | [2],[3] | (4,857) | 2,618 | 2,375 |
Other comprehensive income (loss) | 4,116 | (1,033) | 358 | |
Comprehensive income | 98,364 | 455,079 | 155,227 | |
Less: comprehensive (loss) income attributable to noncontrolling interests | [2] | (42,273) | 4,910 | (78) |
Comprehensive income attributable to MIC | $ 140,637 | $ 450,169 | $ 155,305 | |
[1] | Change in post-retirement benefit plans is presented net of tax expense of $3.5 million and net of tax benefit of $3.0 million and $1.4 million for the years ended December 31, 2018, 2017 and 2016, respectively. See Note 11, “Stockholders’ Equity”, for further discussions. | |||
[2] | On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. See Note 11, “Stockholders’ Equity”, for disclosures on accumulated other comprehensive loss. | |||
[3] | Translation adjustment is presented net of tax benefit of $1.9 million and net of tax expense of $2.0 million and $618,000 for the years ended December 31, 2018, 2017, and 2016, respectively. See Note 11, “Stockholders’ Equity”, for further discussions. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Change in post-retirement benefit plans, taxes | $ (3,500) | $ 3,000 | $ 1,400 | ||
Purchase of noncontrolling interest in Subsidiary | $ (4,600) | ||||
Translation adjustment, taxes | $ 1,900 | $ (2,000) | (618) | ||
Accumulated Other Comprehensive Loss Attributable to Noncontrolling Interest [Member] | |||||
Purchase of noncontrolling interest in Subsidiary | [1] | $ (4,589) | |||
IMTT [Member] | Quebec Marine Terminal [Member] | |||||
Equity interest acquired | 33.30% | ||||
IMTT [Member] | Quebec Marine Terminal [Member] | Accumulated Other Comprehensive Loss Attributable to Noncontrolling Interest [Member] | |||||
Purchase of noncontrolling interest in Subsidiary | $ (4,600) | ||||
[1] | On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Common Stock [Member]EPIC Acquisition [Member] | Common Stock [Member]Manager [Member] | Common Stock [Member]Independent Directors [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member]EPIC Acquisition [Member] | Additional Paid in Capital [Member]Manager [Member] | Additional Paid in Capital [Member]Independent Directors [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] | ||||||||
Balance at Dec. 31, 2015 | $ 80 | [1] | $ 2,317,421 | $ (23,295) | $ 735,984 | $ 172,252 | ||||||||||||||
Balance (in shares) at Dec. 31, 2015 | [1] | 80,006,744 | ||||||||||||||||||
Issuance of shares, net of offering costs | $ 0 | [1] | $ 2 | [1] | $ 0 | [1] | 11,751 | $ 135,343 | $ 750 | |||||||||||
Issuance of shares, net of offering costs (in shares) | [1] | 157,649 | 1,874,426 | 8,660 | ||||||||||||||||
Issuance of shares pursuant to acquisition | $ 0 | [2] | $ 0 | [1] | $ 0 | |||||||||||||||
Issuance of shares pursuant to acquisition (in shares) | [1] | 0 | ||||||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes | 4 | [2] | $ 0 | [1] | 4 | |||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes (in shares) | [1] | 47 | ||||||||||||||||||
Dividends to common stockholders | [3] | (396,093) | ||||||||||||||||||
Distributions to noncontrolling interests | (4,639) | |||||||||||||||||||
Net adjustment to noncontrolling interest from acquisitions/disposition | [4] | 11,674 | ||||||||||||||||||
Contributions from noncontrolling interests | 15,431 | |||||||||||||||||||
Net (loss) income | 154,869 | 156,381 | (1,512) | |||||||||||||||||
Other comprehensive income (loss) | 358 | (1,076) | 1,434 | |||||||||||||||||
Purchase of noncontrolling interest | 6,102 | (4,589) | [4] | |||||||||||||||||
Equity component of convertible senior notes issued, net of tax | [5] | 14,129 | ||||||||||||||||||
Cumulative effect of change in accounting principle | [2] | 0 | 0 | |||||||||||||||||
Balance at Dec. 31, 2016 | 3,147,534 | $ 82 | [1] | 2,089,407 | (28,960) | 892,365 | 194,640 | [6] | ||||||||||||
Balance (in shares) at Dec. 31, 2016 | [1] | 82,047,526 | ||||||||||||||||||
Total Stockholders' Equity | 2,952,894 | |||||||||||||||||||
Issuance of shares, net of offering costs | $ 0 | [1] | $ 1 | [1] | $ 0 | [1] | 5,603 | 72,273 | 681 | |||||||||||
Issuance of shares, net of offering costs (in shares) | [1] | 78,343 | 948,147 | 9,595 | ||||||||||||||||
Issuance of shares pursuant to acquisition | 125,000 | [2] | $ 2 | [1] | 124,998 | |||||||||||||||
Issuance of shares pursuant to acquisition (in shares) | [1] | 1,650,104 | ||||||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes | 20 | [2] | $ 0 | [1] | 20 | |||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes (in shares) | [1] | 242 | ||||||||||||||||||
Dividends to common stockholders | [3] | (452,949) | ||||||||||||||||||
Distributions to noncontrolling interests | (3,916) | |||||||||||||||||||
Net adjustment to noncontrolling interest from acquisitions/disposition | [4] | 919 | ||||||||||||||||||
Contributions from noncontrolling interests | 458 | |||||||||||||||||||
Net (loss) income | 456,112 | 451,202 | 4,910 | |||||||||||||||||
Other comprehensive income (loss) | (1,033) | (1,033) | 0 | |||||||||||||||||
Purchase of noncontrolling interest | 0 | 0 | [4] | |||||||||||||||||
Equity component of convertible senior notes issued, net of tax | [5] | 0 | ||||||||||||||||||
Cumulative effect of change in accounting principle | [2] | 0 | 0 | |||||||||||||||||
Balance at Dec. 31, 2017 | 3,350,703 | [7] | $ 85 | [1] | 1,840,033 | (29,993) | 1,343,567 | 197,011 | [6] | |||||||||||
Balance (in shares) at Dec. 31, 2017 | [1] | 84,733,957 | ||||||||||||||||||
Total Stockholders' Equity | [7] | 3,153,692 | ||||||||||||||||||
Issuance of shares, net of offering costs | $ 0 | [1] | $ 1 | [1] | $ 0 | [1] | (118) | $ 47,987 | $ 750 | |||||||||||
Issuance of shares, net of offering costs (in shares) | [1] | 1,916 | 1,054,896 | 9,435 | ||||||||||||||||
Issuance of shares pursuant to acquisition | 0 | $ 0 | [1] | $ 0 | ||||||||||||||||
Issuance of shares pursuant to acquisition (in shares) | [1] | 0 | ||||||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes | 8 | $ 0 | [1] | 8 | ||||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes (in shares) | [1] | 99 | ||||||||||||||||||
Dividends to common stockholders | [3] | (378,355) | ||||||||||||||||||
Distributions to noncontrolling interests | (3,969) | |||||||||||||||||||
Net adjustment to noncontrolling interest from acquisitions/disposition | [4] | 0 | ||||||||||||||||||
Contributions from noncontrolling interests | 956 | |||||||||||||||||||
Net (loss) income | 94,248 | 136,521 | (42,273) | |||||||||||||||||
Other comprehensive income (loss) | 4,116 | 4,116 | 0 | |||||||||||||||||
Purchase of noncontrolling interest | 0 | 0 | [4] | |||||||||||||||||
Equity component of convertible senior notes issued, net of tax | [5] | 0 | ||||||||||||||||||
Cumulative effect of change in accounting principle | [2] | (4,394) | (4,394) | 4,394 | ||||||||||||||||
Balance at Dec. 31, 2018 | 3,116,327 | [7] | $ 86 | [1] | $ 1,510,305 | $ (30,271) | $ 1,484,482 | $ 151,725 | [6] | |||||||||||
Balance (in shares) at Dec. 31, 2018 | [1] | 85,800,303 | ||||||||||||||||||
Total Stockholders' Equity | [7] | $ 2,964,602 | ||||||||||||||||||
[1] | Excludes 100 shares of special stock issued to Manager. See Note 11, “Stockholders’ Equity”, for further discussion. | |||||||||||||||||||
[2] | See Note 2, “Summary of Significant Accounting Policies — Recently Issued Accounting Standards”, for the Company’s adoption of ASU No. 2016-18. | |||||||||||||||||||
[3] | See Note 11, “Stockholders’ Equity”, for discussion on cash dividends paid on shares for each period. | |||||||||||||||||||
[4] | On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. See Note 11, “Stockholders’ Equity”, for disclosures on accumulated other comprehensive loss. | |||||||||||||||||||
[5] | Represents the stockholders’ equity component of the $402.5 million 2.00% Convertible Senior Notes due October 2023 recorded net of taxes of $11.9 million. See Note 9, “Long-Term Debt”, for further discussions. | |||||||||||||||||||
[6] | Includes $141.5 million, $184.3 million and $182.9 million of noncontrolling interest related to discontinued operations at December 31, 2018, 2017 and 2016, respectively. See Note 5, “Discontinued Operations and Dispositions”, for further discussions. | |||||||||||||||||||
[7] | See Note 11, “Stockholders’ Equity”, for discussions on preferred stock and special stock. |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2016 | ||
Special Stock Shares Issued | 100 | |||||
Purchase of noncontrolling interest in Subsidiary | $ (4,600) | |||||
Disposal Group Including Discontinued Operation Non Controlling Interest | $ 182,900 | $ 141,500 | $ 184,300 | |||
Convertible Debt [Member] | ||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 402,500 | |||||
Debt Instrument Convertible Carrying Amount Tax Portion Of The Equity Component | $ 11,900 | |||||
Accumulated Other Comprehensive Loss Attributable to Noncontrolling Interest [Member] | ||||||
Purchase of noncontrolling interest in Subsidiary | [1] | $ (4,589) | ||||
IMTT [Member] | Quebec Marine Terminal [Member] | ||||||
Equity interest acquired | 33.30% | |||||
IMTT [Member] | Accumulated Other Comprehensive Loss Attributable to Noncontrolling Interest [Member] | Quebec Marine Terminal [Member] | ||||||
Purchase of noncontrolling interest in Subsidiary | $ (4,600) | |||||
Manager [Member] | ||||||
Special Stock Shares Issued | 100 | |||||
[1] | On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Operating activities | ||||||
Net income from continuing operations | $ 64,628 | $ 433,770 | [1] | $ 128,465 | [1] | |
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations: | ||||||
Non-cash goodwill impairment | 3,215 | 0 | [1] | 0 | [1] | |
Depreciation and amortization of property and equipment | 193,659 | 178,292 | [1] | 175,518 | [1] | |
Amortization of intangible assets | 68,314 | 63,825 | 60,997 | |||
Amortization of debt financing costs | 11,353 | 7,184 | [1] | 19,552 | [1] | |
Amortization of debt discount | 3,627 | 3,266 | [1] | 1,007 | [1] | |
Adjustments to derivative instruments | 11,490 | (3,709) | [1] | (49,787) | [1] | |
Fees to Manager - related party | 44,866 | 71,388 | [1] | 68,486 | [1] | |
Deferred taxes | 35,501 | (240,534) | [1] | 62,009 | [1] | |
Pension expense | 8,306 | 8,106 | [1] | 8,601 | [1] | |
Other non-cash expense, net | [2] | 22,697 | 5,640 | [1] | 5,677 | [1] |
Changes in other assets and liabilities, net of acquisitions/ dispositions: | ||||||
Accounts receivable | 14,057 | (31,849) | [1] | (7,488) | [1] | |
Inventories | (1,568) | (5,895) | [1] | (2,363) | [1] | |
Prepaid expenses and other current assets | (2,216) | (5,495) | [1] | 8,070 | [1] | |
Due to Manager – related party | 511 | (130) | [1] | 135 | [1] | |
Accounts payable and accrued expenses | 421 | (7,170) | [1] | 4,492 | [1] | |
Income taxes payable | 584 | 401 | [1] | 8,251 | [1] | |
Pension contribution | 0 | 0 | [1] | (3,500) | [1] | |
Other, net | (6,285) | (12,984) | [1] | 5 | [1] | |
Net cash provided by operating activities from continuing operations | 473,160 | 464,106 | [1] | 488,127 | [1] | |
Investing activities | ||||||
Acquisitions of businesses and investments, net of cash, cash equivalents and restricted cash acquired | (18,415) | (200,850) | [1] | (37,091) | [1] | |
Purchases of property and equipment | (177,156) | (214,224) | [1] | (257,198) | [1] | |
Proceeds from insurance claim | 0 | 0 | [1] | 10,740 | [1] | |
Loan to project developer | (19,400) | (23,341) | [1] | (5,000) | [1] | |
Loan repayment from project developer | 17,131 | 17,079 | [1] | 0 | [1] | |
Proceeds from sale of business, net of cash, cash equivalents and restricted cash divested | 41,212 | 0 | [1] | 0 | [1] | |
Other, net | 284 | 272 | [1] | 1,023 | [1] | |
Net cash used in investing activities from continuing operations | (156,344) | (421,064) | [1] | (287,526) | [1] | |
Financing activities | ||||||
Proceeds from long-term debt | 1,407,000 | 931,001 | [1] | 1,311,000 | [1] | |
Payment of long-term debt | (1,384,945) | (412,646) | [1] | (1,452,480) | [1] | |
Proceeds from the issuance of shares | 125 | 6,060 | [1] | 12,623 | [1] | |
Dividends paid to common stockholders | (378,355) | (452,949) | [1] | (396,093) | [1] | |
Contributions received from noncontrolling interests | 956 | 458 | [1] | 15,431 | [1] | |
Purchase of noncontrolling interest | 0 | 0 | [1] | (9,909) | [1] | |
Distributions paid to noncontrolling interests | 0 | (7) | [1] | 0 | [1] | |
Offering and equity raise costs paid | (243) | (466) | [1] | (1,601) | [1] | |
Debt financing costs paid | (33,914) | (708) | [1] | (17,285) | [1] | |
Proceeds from the issuance of convertible senior notes | 0 | 0 | [1] | 402,500 | [1] | |
Payment of capital lease obligations | 0 | (281) | [1] | (2,601) | [1] | |
Net cash (used in) provided by financing activities from continuing operations | (389,376) | 70,462 | [1] | (138,415) | [1] | |
Net change in cash, cash equivalents and restricted cash from continuing operations | (72,560) | 113,504 | [1] | 62,186 | [1] | |
Cash flows provided by (used in) discontinued operations: | ||||||
Net cash provided by operating activities | 46,268 | 64,928 | [1] | 71,668 | [1] | |
Net cash provided by (used in) investing activities | 614,892 | (135,757) | [1] | (85,733) | [1] | |
Net cash used in financing activities | (30,881) | (32,359) | [1] | (28,485) | [1] | |
Net cash provided by (used in) discontinued operations | 630,279 | (103,188) | [1] | (42,550) | [1] | |
Effect of exchange rate changes on cash and cash equivalents | (1,059) | 511 | [1] | 211 | [1] | |
Net change in cash, cash equivalents and restricted cash | 556,660 | 10,827 | [1] | 19,847 | [1] | |
Cash, cash equivalents and restricted cash, beginning of period | [1] | 72,084 | 61,257 | 41,410 | ||
Cash, cash equivalents and restricted cash, end of period | 628,744 | 72,084 | [1] | 61,257 | [1] | |
Non-cash investing and financing activities: | ||||||
Accrued financing costs | 406 | 107 | [1] | 3 | [1] | |
Accrued purchases of property and equipment | 23,285 | 22,166 | [1] | 22,473 | [1] | |
Issuance of shares to Manager | 47,988 | 72,274 | [1] | 135,345 | [1] | |
Issuance of shares to independent directors | 750 | 681 | [1] | 750 | [1] | |
Issuance of shares for acquisition of business | 0 | 125,000 | [1] | 0 | [1] | |
Conversion of convertible senior notes to shares | 8 | 20 | [1] | 4 | [1] | |
Taxes paid (refund), net | 12,386 | 10,640 | [1] | (898) | [1] | |
Interest paid | $ 98,215 | $ 85,128 | [1] | $ 84,112 | [1] | |
[1] | See Note 2, “Summary of Significant Accounting Policies — Recently Issued Accounting Standards”, for the Company’s adoption of ASU No. 2016-18. | |||||
[2] | Other non-cash expense, net, includes the write-down of the Company’s investment in the previously owned design-build mechanical contractor business at MIC Hawaii for the year ended December 31, 2018. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Additional Information) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Cash and cash equivalents | $ 588,555 | $ 45,844 | $ 42,727 | |||
Restricted cash – current | 23,316 | 10,295 | 2,264 | |||
Cash, cash equivalents and restricted cash included in assets held for sale | [1] | 16,873 | 15,945 | 16,266 | ||
Total of cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $ 628,744 | $ 72,084 | [2] | $ 61,257 | [2] | |
[1] | Represents cash, cash equivalents and restricted cash related to businesses classified as held for sale. See Note 5, “Discontinued Operations and Dispositions”, for further discussion. | |||||
[2] | See Note 2, “Summary of Significant Accounting Policies — Recently Issued Accounting Standards”, for the Company’s adoption of ASU No. 2016-18. |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 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 ndependent 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 Securities Exchange. The Company owns its businesses through its direct wholly-owned subsidiary MIC Ohana Corporation, the successor to Macquarie Infrastructure Company Inc. The Company owns and operates a portfolio of 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 • MIC Hawaii • Corporate and Other: Effective October 1, 2018, the Bayonne Energy Center (BEC) and substantially all of the Company’s portfolio of solar and wind power generation businesses were classified as discontinued operations and the Company’s Contracted Power segment was eliminated. The remaining renewable power development businesses have been reported as components of Corporate and Other. All prior comparable periods have been restated to reflect this change. See Note 5, “Discontinued Operations and Dispositions” for further discussions. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates investments where it has a controlling financial interest. The general condition for a controlling financial interest is ownership of a majority of the voting interest and, therefore, as a general rule, ownership, directly or indirectly, of over 50% of the outstanding voting shares is a condition for consolidation. In addition, if the Company demonstrates that it has the ability to direct policies and management, this may be also an indication for consolidation. For investments in variable interest entities, the Company consolidates when it is determined to be the primary beneficiary of the variable interest entity. As of December 31, 2018, t Investments Investment in unconsolidated business of $8.4 million and $9.1 million at December 31, 2018 and 2017, respectively, represent primarily a 20% ownership interest in a joint venture acquired in conjunction with the IMTT Acquisition on July 16, 2014. This investment is accounted for at cost on the consolidated balance sheet. Dividend income from this investment is recorded in Use of Estimates The preparation of the consolidated financial statements, which are in conformity with generally accepted accounting principles (GAAP), requires the Company to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and the estimates are based on experience, current and expected future conditions, third-party evaluations and various other assumptions that the Company believes are reasonable under the circumstances. Significant items subject to such estimates and assumptions include the carrying amount of property, equipment, land and leasehold improvements, intangibles and goodwill; assets and obligations related to employee benefits; and valuation of derivative instruments. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from the estimates and assumptions used in the financial statements and related notes. Business Combinations Acquisitions of businesses that the Company controls are accounted for under the purchase method of accounting. The amounts assigned to the identifiable assets acquired and liabilities assumed in connection with acquisitions are based on estimated fair values as of the date of the acquisition, with the remainder, if any, recorded as goodwill. The fair values are determined by the Company’s management, taking into consideration information supplied by the management of acquired entities and other relevant information. Such information includes valuations supplied by independent appraisal experts for significant business combinations. The valuations are generally based upon future cash flow projections for the acquired assets, discounted to a present value. The determination of fair value requires significant judgment both by management and outside experts engaged to assist in this process. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Restricted Cash Restricted cash consists primarily of deposits held by banks to secure certain letters of credit supporting the purchase of equipment for solar projects and other deposits designated for the construction and operation of solar projects as well as the payment of amounts related to project specific debt financings. Restricted cash is classified into current and non-current portions based on the terms of the deposits and the expiration date of the underlying restrictions, such as the maturity date of the corresponding letter of credit. In addition, restricted cash for project construction, operation and financing is classified as current or noncurrent based on the intended use of the restricted funds. Allowance for Doubtful Accounts T Inventory Inventory The Company’s inventory balance at comprised $12.9 million of inventory for sale and $16.4 million of materials and supplies. The Company’s inventory balance at December 31, 2017 comprised $16.6 million of inventory for sale and $16.5 Property, Equipment, Land and Leasehold Improvements Property, equipment and land are initially recorded at cost. Leasehold improvements are recorded at the initial present value of the minimum lease payments less accumulated amortization. Major renewals and improvements are capitalized while maintenance and repair expenditures are expensed when incurred. Interest expense relating to construction in progress is capitalized as an additional cost of the asset. The Company depreciates property, equipment and leasehold improvements over their estimated useful lives on a straight-line basis. Excluding the regulated business at MIC Hawaii, the estimated economic useful lives range according to the table below: Buildings 20 30 Leasehold and land improvements 8 30 Machinery and equipment 3 30 Furniture and Fixtures 5 15 The estimated economic useful lives for the regulated business at MIC Hawaii ranges up to 68 years for buildings, leasehold and land improvements and machinery and equipment. Goodwill and Intangible Assets Goodwill consists of costs in excess of the aggregate purchase price over the fair value of tangible and identifiable intangible net assets acquired in business combinations. The cost of intangible assets with determinable useful lives is amortized over their estimated useful lives ranging as follows: Customer relationships 5 to 30 years Contractual arrangements 8 to 57 years Non-compete agreements 3 to 10 years Trade names 20 years Technology 5 years Contractual arrangements primarily relate to airport contract rights at Atlantic Aviation. The useful lives generally match the lease terms plus extensions under the business’ control. Impairment of Long-lived Assets, Excluding Goodwill Long-lived assets, including amortizable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be fully recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by comparing the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the fair value of the assets. Fair value is generally determined by estimates of discounted cash flows or value expected to be realized in a third party sale. The discount rate used in any estimate of discounted cash flows would be the rate required for a similar investment of like risk. Impairment of Goodwill Goodwill is tested for impairment at least annually on October 1 st If an entity concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if there is a triggering event that indicates impairment, the Company needs to perform a quantitative impairment test. This requires management to make judgments in determining what assumptions to use in the calculation. The first step is to determine the estimated fair value of each reporting unit with goodwill. The reporting units of the Company, for purposes of the impairment test, are those components of operating segments for which discrete financial information is available and segment management regularly reviews the operating results of that component. When determining reporting units, components with similar economic characteristics are combined. The Company estimates the fair value of each reporting unit by estimating the present value of the reporting unit’s future discounted cash flows or value expected to be realized in a third party sale. If the recorded net assets of the reporting unit are less than the reporting unit’s estimated fair value, then no impairment is indicated. If the recorded amount of goodwill exceeds the estimated fair value, an impairment charge is recorded for the excess. The Company adopted ASU 2017 - 04 during the first quarter of 2018 . See Note 8 , “Intangible Assets” for further discussion on goodwill impairment testing performed for the year ended December 31, 2018 . Impairment of Indefinite-lived Intangibles, Excluding Goodwill Indefinite-lived intangibles, which consist of trademarks, are considered impaired when the carrying amount of the asset exceeds its the estimated fair value. The Company estimates the fair value of each trademark using the relief from royalty method that discounts the estimated net cash flows the Company would have to pay to license the trademark under an arm’s length licensing agreement. If the recorded indefinite-lived intangible is less than its estimated fair value, then no impairment is indicated. Alternatively, if the recorded intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Deferred Financing Costs The Company capitalizes all direct costs incurred in connection with the issuance of debt as deferred financing costs. These costs are amortized over the contractual term of the debt instrument, which ranges from 4 to 12 years. At December 31, 2018 , the weighted average remaining life of deferred financing costs was 6.1 years. Derivative Instruments From time to time the Company enters into interest rate derivative agreements to minimize potential variations in cash flows resulting from fluctuations in interest rates and their impact on its variable-rate debt. Hawaii Gas, a business within the MIC Hawaii reportable segment, enters into commodity price hedges to mitigate the impact of fluctuations in propane prices on its cash flows. The Company accounts for derivatives and hedging activities in accordance with Accounting Standard Codification (ASC) 815 10 , “Derivative Instruments and Hedging Activities”, for further discussion. 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. Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with financial institutions and its balances may exceed federally insured limits. The Company’s accounts receivable are mainly derived from fuel and gas sales and services rendered under contract terms with commercial and private customers located primarily in the United States. At December 31, 2018 and 2017 , there were no outstanding accounts receivable due from a single customer that accounted for more than 10 % of the total accounts receivable. Additionally, no single customer accounted for more than 10 % of the Company’s revenue during the years ended December 31, 2018 , 2017 and 2016 . Foreign Currency Translation The assets and liabilities of IMTT’s Newfoundland and Quebec locations are translated from their local currency (Canadian dollars) to U.S. dollars at exchange rates in effect at the end of the year and consolidated statement of operations accounts are translated at average exchange rates for the year. Translation gains or losses as a result of changes in the exchange rate are recorded as a component of other comprehensive income (loss). Accrued Expenses Accrued expenses of $85.9 million and $79.6 million at December 31, 2018 and 2017 , respectively, primarily consisted of payroll and related liabilities, purchase of property and equipment, interest, non-income related taxes, insurance and other individually insignificant balances. Income per Share The Company calculates income per share using the weighted average number of common shares outstanding during the period. Diluted income per share is computed using the weighted average number of dilutive common equivalent shares outstanding during the period. Common equivalent shares may consist of (i) shares issuable upon conversion of the Company’s convertible senior notes (using the if-converted method); (ii) stock units granted to the Company’s independent directors; and (iii) fees payable to the Manager that will be reinvested in shares by the Manager in a future period, if any. Common equivalent shares are excluded from the calculation if their effect is anti-dilutive. Comprehensive Income (Loss) The Company follows the requirements of ASC 220 Regulatory Assets and Liabilities The utility operations of the Hawaii Gas business are subject to regulation with respect to rates, service, maintenance of accounting records, and various other matters by the Hawaii Public Utilities Commission (HPUC). The established accounting policies recognize the financial effects of the rate-making and accounting practices and policies of the HPUC. Regulated utility operations are subject to the provisions of ASC 980 , ASC 980 may, at some future date, be deemed inapplicable because of changes in the regulatory and competitive environments or other factors. If the Company were to discontinue the application of this guidance, the Company would be required to write-off its regulatory assets and regulatory liabilities and would be required to adjust the carrying amount of any other assets, including property, plant and equipment, that would be deemed not recoverable related to these affected operations. The Company believes its regulated operations in the Hawaii Gas business continue to meet the criteria of ASC 980 and that the carrying value of its regulated property, plant and equipment is recoverable in accordance with established HPUC rate-making practices. Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company and its more than 80 % owned subsidiaries file a consolidated U.S. federal income tax return, including its allocated share of the taxable income from its solar and wind facilities. The investments in solar and wind facilities where the Company does not own 100 % of the investment within discontinued operations and the MIC Hawaii segment are held in various LLCs, which are treated as partnerships for income tax purposes. In assessing the need for a valuation allowance, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Reclassifications Certain reclassifications were made to the financial statements for the prior periods to conform to current year presentation. Recently Issued Accounting Standards In August 2018 , the FASB issued ASU No. 2018 - 14 , Compensation — Retirement Benefits — Defined Benefit Plans — General (Subtopic 715 - 20) : Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans 2018 - 14 update disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this update are effective for fiscal years ending after December 15, 2020 . Early adoption is permitted. The Company will include appropriate disclosures related to defined benefit plans in accordance with the standard when it adopts the provisions of this ASU. In August 2018 , the FASB issued ASU No. 2018 - 13 , Fair Value Measurement (Topic 820) : Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement 2018 - 13 update the disclosure requirements on fair value measurements, including the consideration of costs and benefits. The disclosure modifications focused on Level 3 fair value measurements, and also eliminate the at a minimum , and interim periods within those fiscal years. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The Company is currently evaluating the impact of the adoption of this ASU. In February 2018 , the FASB issued ASU No. 2018 - 02 , 220) : Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ( AOCI) 2018 - 02 allow entities to reclassify from AOCI to retained earnings “stranded” tax effects resulting from passage of the Act. An entity that elects to reclassify these amounts must reclassify stranded tax effects related to the change in federal tax rate for all items accounted for in other comprehensive income (i.e. employee benefits, cumulative translation adjustments). Entities may also elect to reclassify other stranded tax effects that relate to the Act but do not directly relate to the change in the federal tax rate (i.e. state taxes). However, because the amendments only relate to the reclassification of the income tax effects of the Act, the underlying guidance requiring the effect of a change in tax laws or rates to be included in income from operations is not affected. Upon adoption of ASU 2018 - 02 , entities are required to disclose their policy for releasing the income tax effects from AOCI. ASU 2018 - 02 is effective for annual periods beginning after December 15, 2018 , and interim periods within those fiscal years. During the quarter ended December 31, 2018 , the Company adopted this ASU and made a $4.4 million adjustment to reclassify stranded tax effects in AOCI to retained earnings. On January 26, 2017 , the FASB issued ASU No. 2017 - 04 , Intangibles — Goodwill and Other (Topic 350) : Simplifying the Test for Goodwill Impairment and had no impact to the consolidated financial statements. On January 5, 2017 , the FASB issued ASU No. 2017 - 01 , Business Combinations (Topic 805) : Clarifying the Definition of a Business and will apply this ASU prospectively for asset acquisitions and business combinations. 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) , which requires a lessee to recognize assets and liabilities for leases with lease terms of more than 12 months. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, ASU 2016 - 02 will require all leases with an initial term greater than one year to be recognized on the balance sheet as a right-of-use asset and a lease liability. The Company also serves as a lessor primarily through operating leases. The accounting for lessors is not expected to fundamentally change except for changes to conform and align existing guidance to the lessee guidance under ASU 2016 - 02 , as well as to the new revenue recognition guidance in ASU 2014 - 09 . ASU 2016 - 02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 . Early adoption is allowed. The standard is to be applied using a modified retrospective approach, which includes a number of optional practical expedients. In July 2018 , the FASB issued ASU 2018 - 11 , Leases (Topic 842) Targeted Improvements The Company has substantially completed evaluating its population of leases, and currently expects the most significant impact will be the recognition of right of use (ROU) assets and lease liabilities for operating leases at Atlantic Aviation for leases of land, buildings, and certain equipment. Based on the evaluation performed to-date, the Company currently estimates adoption of the new lease standard will result in recognition of ROU assets and corresponding lease liabilities of approximately $ 375.0 425.0 The Company plans to adopt the standard effective January 1, 2019, utilizing the modified retrospective method. The Company plans to elect the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows the Company to carryforward the historical lease classification. The Company Will also make an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet. Further, the Company does not expect the standard to have a material impact on the accounting and reporting requirements for existing operating leases where the Company is the lessor as it has elected the practical expedient whereby the Company will not separate a qualifying contract into its lease and non-lease components. In December 2018 , the FASB issued ASU No. 2018 - 20 , Leases (Topic 842) : Narrow-Scope Improvements for Lessors |
Implementation of ASU 2014-09
Implementation of ASU 2014-09 | 12 Months Ended |
Dec. 31, 2018 | |
Implementation Of Asu 201409 [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, • 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 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 FBO) services consisting principally of de-icing services, landing, concession, transient overnight hangar usage, terminal use and fuel distribution fees that are recognized as sales of services. Revenue from these transactions is recorded based on the service fee earned and does not include the cost of fuel. 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. Renewables Businesses The renewables businesses within MIC Hawaii and discontinued operations 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. |
Long-Term Contracted Revenue
Long-Term Contracted Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Contractors [Abstract] | |
Long-Term Contracted Revenue | 4. Long-Term Contracted Revenue Long-term contracted revenue consists of revenue from future minimum lease revenue accounted in accordance with ASC 840 , Leases 606 , 606 . Accordingly, the Company has combined the required lessor disclosures for future lease income with the disclosures for contracted revenue in the table below. The following long-term contracted revenue were in existence at December 31, 2018 ($ in thousands): Lease Contract Total 2019 $ 251,359 $ 60,551 $ 311,910 2020 135,733 35,069 170,802 2021 74,223 28,389 102,612 2022 51,839 24,058 75,897 2023 32,650 16,730 49,380 Thereafter 101,250 17,608 118,858 Total $ 647,054 $ 182,405 $ 829,459 The above table does not include the future minimum rental revenue from the renewable business within the MIC Hawaii reportable segment. The payments from these leases are considered variable as they are based on the output of the underlying assets (i.e. energy generated). |
Discontinued Operations and Dis
Discontinued Operations and Dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 5. Discontinued Operations and Dispositions The Company accounts for disposals that represent a strategic shift that should have or will have a major effect on operations as discontinued operations. The results of discontinued operations are reported in discontinued operations in the consolidated statement of operations for current and prior periods commencing in the period in which the business or group of businesses meets the criteria of a discontinued operation. These results include any gain or loss recognized on disposal or adjustment of the carrying amount to fair value less cost to sell. On October 12, 2018, the Company concluded the sale of BEC and received cash of $657.4 million, net of the assumption of the outstanding debt balance of $243.5 million by the buyer and subject to post-closing working capital adjustments, resulting in a loss of approximately $17.0 million. Any adjustment for working capital adjustments is not expected to be significant. The Company incurred $9.4 million in professional fees in relation to this transaction, which is included in selling, general and administrative expenses The combination of the disposal of BEC and the commencement of the sale process of substantially all of its portfolio of solar and wind facilities represented a strategic shift for the Company that will have a major effect on operations. Accordingly, beginning in the fourth quarter of 2018, these businesses were classified as discontinued operations and the Contracted Power segment was eliminated. There was no write-down of the carrying amount of the solar and wind facility assets as a result of this change in classification. The assets and liabilities of BEC and the solar and wind facilities have been classified as held for sale in the consolidated balance sheets up until the date those assets are disposed. All prior periods have been restated to reflect these changes. The remaining renewable power development businesses within the former Contracted Power segment have been reclassified as components of Corporate and Other. The following is a summary of the assets and liabilities held for sale included in the Company’s consolidated balance sheets related to its former Contracted Power segment as of December 31, 2018 and 2017 ($ in thousands): As of December 31, 2018 2017 Assets Cash and cash equivalents $ 2,930 $ 1,277 Restricted cash 13,943 14,668 Accounts receivable 9,291 11,531 Other current assets 4,959 9,438 Total current assets 31,123 36,914 Property, equipment, land and leasehold improvements, net 606,352 1,462,207 Goodwill — 21,628 Intangible assets, net 8,905 62,347 Other noncurrent assets 1,272 4,766 Total assets $ 647,652 $ 1,587,862 Liabilities Accounts payable and accrued expenses $ 6,927 $ 11,622 Current portion of long-term debt 20,431 29,339 Other current liabilities 724 9,704 Total current liabilities 28,082 50,665 Long term debt, net of current portion 283,285 538,657 Tolling agreements - noncurrent — 52,595 Other noncurrent liabilities 5,811 11,785 Total liabilities $ 317,178 $ 653,702 Noncontrolling interests $ 141,495 $ 184,286 Summarized financial information for discontinued operations included in the Company’s consolidated statement of operations for the years ended December 31, 2018, 2017 and 2016 are as follows ($ in thousands): Year Ended December 31, 2018 2017 2016 Product revenue $ 150,218 $ 145,926 $ 149,699 Cost of product sales (23,820 ) (20,524 ) (23,291 ) Selling, general & administrative expenses (25,320 ) (24,681 ) (25,405 ) Depreciation and amortization (38,517 ) (60,300 ) (55,402 ) Interest expense, net (17,094 ) (23,487 ) (21,274 ) Other (expense) income, net (1) (13,719 ) 757 4,021 Net income from discontinued operations before income taxes $ 31,748 $ 17,691 $ 28,348 (Provision) benefit for income taxes (2,128 ) 4,651 (1,944 ) Net income from discontinued operations $ 29,620 $ 22,342 $ 26,404 Less: net (loss) income attributable to noncontrolling interests (38,821 ) 5,319 2,096 Net income from discontinued operations attributable to MIC $ 68,441 $ 17,023 $ 24,308 (1) For the year ended December 31, 2018, other (expense) income, net Other Dispositions The Company continues to review strategic options available, including with respect to certain other, smaller businesses in its portfolio in an effort to rationalize its portfolio and enhance the infrastructure characteristics of its businesses. Consistent with this, the Company sold (i) OMI Environmental Solutions, a subsidiary within IMTT, in April 2018; (ii) its equity interests in projects involving two properties in May 2018; and (iii) a design-build mechanical contractor business within MIC Hawaii in November 2018. Collectively, the sale of these business are insignificant and do not qualify for discontinued operations. Prior to the execution of the sale agreement for the design-build mechanical contractor , the Company wrote-down the value of its investment in this business to reflect its underperformance during the third quarter of 2018. In total, the Company wrote-down approximately $30.0 $9.0 |
Income per Share
Income per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Income (Loss) per Share | 6. Income per Share Following is a reconciliation of the basic and diluted income per share computations ($ in thousands, except share and per share data): Year Ended December 31, 2018 2017 2016 Numerator: Net income from continuing operations attributable to MIC $ 68,080 $ 434,179 $ 132,073 Interest expense attributable to 2.875% Convertible Senior Notes due July 2019, net of taxes — 7,811 — Interest expense attributable to 2.00% Convertible Senior Notes due October 2023, net of taxes — 8,068 (4,523 ) Diluted net income from continuing operations attributable to MIC $ 68,080 $ 450,058 $ 127,550 Basic and diluted net income from discontinued operations attributable to MIC $ 68,441 $ 17,023 $ 24,308 Denominator: Weighted average number of shares outstanding: basic 85,233,989 83,204,404 80,892,654 Dilutive effect of restricted stock unit grants 15,876 9,495 9,589 Dilutive effect of fees to Manager-related party — — 549,404 Dilutive effect of 2.875% Convertible Senior Notes due July 2019 — 4,252,609 — Dilutive effect of 2.00% Convertible Senior Notes due October 2023 — 3,606,854 766,980 Weighted average number of shares outstanding: diluted 85,249,865 91,073,362 82,218,627 Income per share: Basic income per share from continuing operations attributable to MIC $ 0.80 $ 5.22 $ 1.63 Basic income per share from discontinued operations attributable to MIC 0.80 0.20 0.30 Basic income per share attributable to MIC $ 1.60 $ 5.42 $ 1.93 Diluted income per share from continuing operations attributable to MIC $ 0.80 $ 4.94 $ 1.55 Diluted income per share from discontinued operations attributable to MIC 0.80 0.19 0.30 Diluted income per share attributable to MIC $ 1.60 $ 5.13 $ 1.85 The effect of potentially dilutive shares for the year ended December 31, 2018 is calculated assuming that (i) the restricted stock unit grants totaling 4,416 provided to the two newly appointed independent directors on September 5, 2018 and the 19,230 restricted stock unit grants provided to the independent directors on June 7, 2018, which all will vest during the second quarter of 2019, had been fully converted to shares on those grant dates; and (ii) the 9,435 restricted stock unit grants provided to the independent directors on May 17, 2017, which vested during the second quarter of 2018, had been fully converted to shares on the grant date. The 2.875% Convertible Senior Notes due July 2019 and 2.00% Convertible Senior Notes due October 2023 were anti-dilutive for the year ended December 31, 2018. The effect of potentially dilutive shares for the year ended December 31, 2017 is calculated assuming that (i) the restricted stock unit grants totaling 9,435 provided to the independent directors on May 17, 2017, which vested during the second quarter of 2018, had been fully converted into shares on the grant date; (ii) the 8,604 restricted stock unit grants (net of 2,151 restricted stock unit grants forfeited on September 30, 2016) provided to the independent directors on May 18, 2016 and restricted stock unit grants of 991 provided to a new independent director on November 1, 2016, which vested during the second quarter of 2017, had been fully converted to shares on those grant dates; and (iii) 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 year ended December 31, 2016 is calculated assuming that (i) the restricted stock unit grants totaling 8,604 (net 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 vested during the second quarter of 2017, had been fully converted to shares on those grant dates; (ii) the 8,660 restricted stock unit grants provided to the independent directors on June 18, 2015, which vested during the second quarter of 2016, had been fully converted to shares on the grant date; (iii) the $67.8 million of the performance fee for the quarter ended June 30, 2015, which was reinvested in shares by the Manager on August 1, 2016, had been reinvested in shares by the Manager in July 2015; and (iv) the 2.00% Convertible Senior Notes due October 2023 had been fully converted into shares on the date of issuance. The 2.875% Convertible Senior Notes due July 2019 were anti-dilutive for the year ended December 31, 2016. The following represents the weighted average potential dilutive shares of common stock that were excluded from the diluted income per share calculation: Year Ended December 31, 2018 2017 2016 2.875% Convertible Senior Notes due July 2019 4,368,725 — 4,177,097 2.00% Convertible Senior Notes due October 2023 3,631,850 — — Total 8,000,575 — 4,177,097 |
Property, Equipment, Land and L
Property, Equipment, Land and Leasehold Improvements | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment, Land and Leasehold Improvements | 7. Property, Equipment, Land and Leasehold Improvements Property, equipment, land and leasehold improvements at December 31, 2018 and 2017 consist of the following ($ in thousands): As of December 31, 2018 2017 Land $ 318,976 $ 338,843 Easements 131 131 Buildings 40,184 40,846 Leasehold and land improvements 769,772 705,537 Machinery and equipment 2,783,507 2,705,133 Furniture and fixtures 44,666 39,386 Construction in progress 112,910 130,133 4,070,146 3,960,009 Less: accumulated depreciation (928,739 ) (762,602 ) Property, equipment, land and leasehold improvements, net $ 3,141,407 $ 3,197,407 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 8. Intangible Assets Intangible assets at December 31, 2018 and 2017 consist of the following ($ in thousands): As of December 31, 2018 2017 Contractual arrangements $ 920,874 $ 914,768 Non-compete agreements 13,665 14,014 Customer relationships 353,004 361,623 Leasehold rights 100 100 Trade names 16,091 16,091 Technology 8,760 8,760 1,312,494 1,315,356 Less: accumulated amortization (523,733 ) (463,605 ) Intangible assets, net $ 788,761 $ 851,751 At December 31, 2018, the Company had $13.3 million in trade names net of accumulated amortization, of which $7.5 million relates to Atlantic Aviation and are considered to be indefinite-lived. The remaining balance of $5.8 million relates to “The Gas Company” trade name and is being amortized over its estimated useful life. Amortization expense of intangible assets for the years ended December 31, 2018, 2017 and 2016 totaled $68.3 million, $63.8 million and $61.0 million, respectively. The estimated future amortization expense for amortizable intangible assets to be recognized are ($ in thousands): 2019 $ 58,946 2020 50,162 2021 44,906 2022 43,392 2023 41,885 Thereafter 541,979 Total $ 781,270 The goodwill balance as of December 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 ) Reclassification to assets held for sale (1) (21,628 ) Balance at December 31, 2017 2,047,040 Goodwill impairment (3,215 ) Other (505 ) Balance at December 31, 2018 $ 2,043,320 (1) Goodwill classified to assets held for sale related to BEC, which was sold on October 12, 2018. See Note 5, “Discontinued Operations and Dispositions” for further discussion. The Company tests for goodwill impairment at the reporting unit level on an annual basis on October 1 st The Company performed an interim impairment analysis using financial information through September 30, 2018 and forecasts for cash flows developed using the Company’s strategic plan. The impairment analysis was performed using both the market and income approaches and weighting them based on their application to the reporting units. The interim impairment review was performed across all reporting units. As a result of this evaluation, the fair value of each of the Company’s reporting units exceeded the carrying value and no impairment was recorded. At September 30, 2018, the fair value exceeded book value by $2.2 billion, or approximately 36.0%, primarily from Atlantic Aviation, by approximately $2.0 billion, and Hawaii Gas, by approximately $250.0 million. IMTT’s fair value at September 30, 2018 exceeded the book value by approximately $20.0 million. The fair value of IMTT was impacted by the decline in short-term earnings related to the non-renewal of certain contracts for heavy and residual oil. The non-renewal of these contracts, or the renewal at lower rates, is partially attributable to changes in trade flows. Unfavorable fluctuations in the discount rate or declines in forecasted storage revenues and margins could result in an impairment on IMTT. A 0.25% increase to the discount rate would change the valuation of IMTT by approximately $80.0 million. Any increase in discount rate, in conjunction with any decrease to the long-term projections in cash flows for IMTT will negatively affect the current valuations. Due to the inherent uncertainties involved in making the estimates and assumptions used in the fair value analysis, actual results may differ, which could alter the fair value of the reporting units, and possibly result in impairment charges in future periods. At December 31, 2018, there were no new triggering events that indicated impairment. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. Long-Term Debt The Company capitalizes its businesses in part using floating rate bank debt with medium-term maturities primarily between four and seven years. In general, the Company hedges the floating rate exposure for the majority of the term of these facilities. The Company also uses longer dated private placement debt and other forms of capital including bond or hybrid debt instruments to capitalize its businesses. In general, the debt facilities at the businesses are non-recourse to the holding company and there are no cross-collateralization or cross-guarantee provisions in these facilities. All of the term debt facilities of the Company’s operating businesses described below contain customary financial covenants, including maintaining or exceeding certain financial ratios, and limitations on capital expenditures and additional debt. The facilities include events of default, representations and warranties and other covenants that are customary for facilities of this type, including change of control, which will occur if the Macquarie Group, or any fund or entity managed by the Macquarie Group, fails to control a majority of the Borrower. For a description of related party transactions associated with the Company’s long-term debt, see Note 13, “Related Party Transactions”. At December 31, 2018 and 2017, the Company’s consolidated long-term debt comprised the following ($ in thousands): As of December 31, 2018 2017 IMTT $ 1,108,975 $ 1,318,975 Atlantic Aviation 1,025,000 648,000 MIC Hawaii 195,746 199,282 MIC Corporate 733,595 873,477 Total 3,063,316 3,039,734 Current portion (361,166 ) (21,496 ) Long-term portion 2,702,150 3,018,238 Unamortized deferred financing costs (1) (49,402 ) (26,584 ) Long-term portion less unamortized debt discount and deferred financing costs $ 2,652,748 $ 2,991,654 (1) The weighted average remaining life of the deferred financing costs at December 31, 2018 was 6.1 years. At December 31, 2018, the total undrawn capacity on the revolving credit facilities was $1.6 billion excluding letters of credits outstanding of $34.6 million. The following table represents the future maturities of long-term debt balances at December 31, 2018 and includes the unamortized debt discount of $18.8 million related to the 2.00% Convertible Senior Notes due October 2023. 2019 $ 361,166 2020 11,265 2021 11,310 2022 111,357 2023 493,905 Thereafter 2,093,161 Total $ 3,082,164 MIC Corporate Senior Secured Revolving Credit Facility In July 2014, the Company entered into a five-year, $250.0 million senior secured revolving credit facility with a syndicate of banks and subsequently increased the aggregate commitments under its revolving credit facility to $410.0 million, with all terms remaining the same. 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. The revolving credit facility is guaranteed by MIC Ohana Corporation and is secured by a pledge of the Company’s directly held equity interests and all intercompany debt owed to the Company (the security may fall away when certain conditions are met). The revolving credit facility includes customary negative covenants, and a financial covenant based on a ratio of cash flow available for debt service to net cash interest expense. At December 31, 2018, the senior secured revolving credit facility was undrawn compared with $143.5 million outstanding at December 31, 2017. During the year ended December 31, 2018, MIC borrowed $277.0 million for general corporate purposes and repaid $420.5 million on its revolving credit facility using cash on hand and proceeds from the BEC sale. 2.875% Convertible Senior Notes due July 2019 In July 2014, the Company completed an underwritten public offering of a five-year, $350.0 million aggregate principal amount of 2.875% Convertible Senior Notes due July 2019 to partially fund the IMTT Acquisition and for general corporate purposes. The notes are convertible, at the holder’s option, into the Company’s shares, initially at a conversion rate of 11.7942 shares per $1,000 principal amount (equivalent to an initial conversion price of approximately $84.79 per share, subject to adjustment), at any time on or prior to the close of business on the second scheduled trading day immediately preceding the maturity date. On July 15, 2018, the conversion rate increased to 12.5258 shares of common stock per $1,000 principal amount. The adjustment was made, in accordance with the indenture governing the senior notes, on the anniversary of the convertible senior notes issuance and reflects the impact of dividends paid by the Company. At December 31, 2018 and 2017, the Company had $349.9 million and $350.0 million, respectively, of aggregate principal outstanding. On July 15, 2018, the Company reclassified these notes due July 2019 to current portion of long-term debt. At December 31, 2018, the fair value of these convertible senior notes was approximately $345.0 million. 2.00% Convertible Senior Notes due October 2023 In October 2016, the Company completed an underwritten public offering of a seven year, $402.5 million aggregate principal amount of 2.00% Convertible Senior Notes due October 2023. The net proceeds of $392.4 million were used to repay a portion of the drawn balance under the revolving credit facility under the prior AA Credit Agreement and to fully repay the outstanding balances on both the MIC senior secured and IMTT revolving credit facilities. The remaining proceeds were used for general corporate purposes. The notes are convertible, at the holder’s option, only upon satisfaction of one or more conditions set forth in the indenture governing the notes. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of Company’s common stock or a combination thereof, at the Company’s election. The initial conversion rate was 8.9364 shares per $1,000 principal amount (equivalent to an initial conversion price of approximately $111.90 per share, subject to adjustment). The $402.5 million of 2.00% Convertible Senior Notes due October 2023 had an initial value of the principal amount recorded as a liability of $375.8 million, using an effective interest rate of 3.1%. The remaining $26.7 million of principal amount was allocated to the conversion feature and recorded in On October 13, 2018, the conversion rate increased to 9.0290 shares of common stock per $1,000 principal amount. The adjustment was made, in accordance with the indenture governing the senior notes, on the anniversary of the convertible senior notes issuance and reflects the impact of dividends paid by the Company. At December 31, 2018 and 2017, the Company had $383.7 million and $380.0 million, respectively, outstanding on these convertible senior notes. The fair value of liability component of these convertible senior notes at December 31, 2018 was approximately $335.0 million. At December 31, 2018 and 2017, the 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in thousands): 2018 2017 Liability Component: Principal $ 402,500 $ 402,500 Unamortized debt discount (18,848 ) (22,475 ) Long-term debt, net of unamortized debt discount 383,652 380,025 Unamortized deferred financing costs (7,140 ) (8,643 ) Net carrying amount $ 376,512 $ 371,382 Equity Component $ 26,748 $ 26,748 For the years ended December 31, 2018, 2017 and 2016, total interest expense recognized related to the 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in thousands): Year Ended December 31, 2018 2017 2016 Contractual interest expense $ 8,050 $ 7,782 $ 1,969 Amortization of debt discount 3,627 3,266 1,007 Amortization of deferred financing costs 1,503 1,509 306 Total interest expense $ 13,180 $ 12,557 $ 3,282 The key terms of the senior secured revolving credit facility and the convertible senior notes are summarized in the table below. Facility Terms Senior Secured Revolving Credit Facility 2.875% Convertible Senior Notes due July 2019 2.00% Convertible Senior Notes due October 2023 Total Committed Amount $600.0 million — — Amount Outstanding at December 31, 2018 Undrawn $349.9 million $383.7 million, net of unamortized discount of $18.8 million Maturity January 2022 July 2019 October 2023 Amortization Revolving, payable at maturity Payable at maturity or convertible at the holder’s option into the Company’s shares Payable at maturity or convertible at the holder’s option into cash, the Company’s shares or a combination thereof only upon satisfaction of one or more conditions set forth in the indenture Interest Rate LIBOR plus 1.75% at December 31, 2018 2.875% payable on January 15 th th 2.00% payable on April 1 st st Commitment Fees 0.275% at December 31, 2018 — — Security Secured (may fall away if certain ratings and other conditions are met) Unsecured Unsecured IMTT On December 5, 2018, ITT Holdings LLC (ITT LLC), a wholly owned direct subsidiary of IMTT Holdings LLC and a wholly owned indirect subsidiary of the Company, entered into the Second Amendment to Credit Agreement (the Amendment), among ITT LLC, IMTT-Quebec Inc. and IMTT-NTL, Ltd. as Canadian borrowers, the guarantors party thereto, SunTrust Bank, as administrative agent, and the lenders party thereto, to the Credit Agreement, dated as of May 21, 2015, as amended (the IMTT Credit Agreement). The Amendment provides for (i) a $550.0 million revolving credit facility for ITT LLC, (ii) the Canadian dollar equivalent of a $50.0 million revolving credit facility for the Canadian borrowers and (iii) a $509.0 million bond purchase facility. The Amendment extends the maturity date of the revolving credit facilities from May 21, 2020 to December 5, 2023, and extends the maturity date of the bond purchase facility from May 21, 2022 to December 5, 2025. The Amendment also increases certain baskets under the covenants in the IMTT Credit Agreement and modifies certain related definitions in a manner generally favorable to the borrowers. In connection with the Amendment, supplemental indentures were entered into with respect to the $509.0 million of outstanding Gulf Opportunity Zone Bonds, Louisiana Public Facilities Authority Revenue Bonds, Industrial Development Board of the Parish of Ascension Revenue Bonds and New Jersey Economic Development Authority Bonds (collectively, the Tax Exempt Bonds). The Tax Exempt Bonds were reissued and sold to certain lenders under the IMTT Credit Agreement pursuant to the bond purchase facility. The supplemental indentures provide for (i) an interest rate on the Tax Exempt Bonds of 80% of one month LIBOR plus applicable margin plus 0.45% and (ii) an extension of the date on which holders have the right to require repurchase of the Tax Exempt Bonds from May 21, 2022 to December 5, 2025. On June 1, 2015, IMTT, as part of the IMTT refinancing in May 2015, entered into interest rate swap contracts, maturing in June 2021, with a total notional amount of $361.1 million. These swaps partially hedged the floating LIBOR interest rate risk associated with the tax-exempt bonds for six years at 1.677%. On May 21, 2015, ITT LLC entered into a Note Purchase Agreement for the issuance of $325.0 million aggregate principal amount of 3.92% Guaranteed Senior Notes, Series A due 2025, and $275.0 million aggregate principal amount of 4.02% of Guaranteed Senior Notes, Series B due 2027 (together the senior notes). The terms of the Note Purchase Agreement remain unchanged from the December 2018 Amendment. At December 31, 2018, the fair value of the senior notes was approximately $575.0 million. The senior notes fall within Level 1 of the fair value hierarchy. Revolving Credit Facilities At December 31, 2018, the IMTT revolving credit facilities was undrawn compared with $210.0 million outstanding at December 31, 2017. During the year ended December 31, 2018, IMTT borrowed $17.0 million for general corporate purposes and repaid $227.0 million on its USD revolving credit facility using cash on hand and proceeds from the BEC sale. The key terms of IMTT’s U.S. dollar and Canadian dollar denominated revolving credit facilities are summarized in the table below. Facility Terms USD Revolving Credit Facility CAD Revolving Credit Facility Total Committed Amount $550.0 million $50.0 million Amount Outstanding at December 31, 2018 Undrawn Undrawn Maturity December 2023 December 2023 Amortization Revolving, payable at maturity Revolving, payable at maturity Interest Rate LIBOR plus 1.50% at December 31, 2018 Bankers’ Acceptances Rate plus 1.50% at December 31, 2018 Commitment Fees 0.20% at December 31, 2018 0.20% at December 31, 2018 Security Unsecured Unsecured Senior Notes The key terms of the senior notes are summarized in the table below. Facility Terms Senior Notes, Series A Senior Notes, Series B Amount Outstanding at December 31, 2018 $325.0 million $275.0 million Maturity May 2025 May 2027 Amortization Payable at maturity Payable at maturity Interest Rate 3.92% 4.02% Security Unsecured Unsecured IMTT Tax Exempt Bonds The key terms of the IMTT tax exempt bonds are summarized in the table below. Facility Terms Tax Exempt Bonds Amount Outstanding at December 31, 2018 $509.0 million Maturity December 2027 to August 2046 Amortization Payable at maturity, subject to mandatory tender in December 2025 Interest Rate One-month LIBOR plus Revolving Credit Facility margin plus 0.45% multiplied by 80% Security Unsecured Atlantic Aviation On December 6, 2018, Atlantic Aviation FBO Inc. (AA FBO), a wholly-owned indirect subsidiary of the Company, entered into a credit agreement (the New AA Credit Agreement), among AA FBO, Atlantic Aviation FBO Holdings LLC (Holdings), the direct parent of AA FBO, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent and the several lenders party thereto. The New AA Credit Agreement provides for a seven-year, $1,025.0 million senior secured first lien term loan facility and a five-year, $350.0 million senior secured first lien revolving credit facility. The New AA Credit Agreement is guaranteed on a senior secured first lien basis by Holdings and certain subsidiaries of AA FBO. As part of the refinancing, Atlantic Aviation wrote-off approximately $3.0 million in deferred financing costs associated with the October 2016 debt. The additional proceeds from the Atlantic Aviation refinancing are expected to be used to repay the Company’s 2.875% Convertible Senior Notes due July 2019 and for general corporate purposes. At December 31, 2018, the Atlantic Aviation revolving credit facility was undrawn compared with $258.0 million outstanding at December 31, 2017. During the year ended December 31, 2018, Atlantic Aviation borrowed $68.0 million primarily to fund an on-field consolidation of an FBO and for general corporate purposes and repaid $326.0 million on its revolving credit facility using cash on hand and proceeds from the BEC sale and its refinancing. The key terms of the term loan and revolving credit facilities are summarized in the table below. Facility Terms Term Loan Facility Revolving Credit Facility Facilities $1,025.0 million senior secured first lien term loan (fully drawn at December 31, 2018) $350.0 million senior secured first lien revolving credit facility (undrawn at December 31, 2018) Maturity December 2025 December 2023 Amortization 1.0% of the initial principal balance per annum Revolving, payable at maturity Interest Rate LIBOR plus 3.75% or Alternate Base Rate (ABR) plus 2.75%. ABR is the highest of (i) the prime rate, (ii) the federal funds rate plus 0.5% and (iii) one-month LIBOR plus 1.0% LIBOR plus 1.50% to 2.25% or ABR plus 0.50% to 1.25%, in each case depending on total leverage ratio Commitment Fees — 0.25% to 0.35% on the undrawn portion, depending on total leverage ratio Security Secured Secured MIC Hawaii Hawaii Gas On February 10, 2016, Hawaii Gas completed the refinancing of its existing $80.0 million term loan and $60.0 million revolving credit facility. The $80.0 million term loan bears interest at a variable rate of LIBOR plus an applicable margin between 1.00% and 1.75%. The variable rate component of the debt is fixed at 0.99% at December 31, 2018 using an interest rate swap contract through February 2020. The revolving credit facility bears interest at a variable rate of LIBOR plus an applicable margin between 1.00% and 1.75% and is unhedged. 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 December 31, 2018 and 2017, the Hawaii Gas revolving credit facility was undrawn. During the year ended December 31, 2018, Hawaii Gas borrowed $20.0 million for general corporate purposes and repaid $20.0 million on its revolving credit facility using cash on hand and proceeds from the BEC sale. In addition, at December 31, 2018, Hawaii Gas had $100.0 million of fixed rate senior notes outstanding, which approximates the fair value. The key terms of the term loan, senior secured notes and revolving credit facility of Hawaii Gas are summarized in the table below. Facility Terms Holding Company Debt Operating Company Debt Borrowers HGC Holdings LLC (HGC) The Gas Company, LLC (TGC) Facilities $80.0 million Term Loan (fully drawn at December 31, 2018) $100.0 million Senior Secured Notes (fully drawn at December 31, 2018) $60.0 million Revolving Credit Facility (undrawn at December 31, 2018) Maturity February 2023 August 2022 February 2023 Amortization Payable at maturity Payable at maturity Revolving, payable at maturity Interest Rate LIBOR plus 1.75% or Base Rate: 0.75% above the greater of the prime rate or the federal funds rate plus 0.5% 4.22% payable semi-annually LIBOR plus 1.25% or Base Rate: 0.25% above the greater of the prime rate or the federal funds rate plus 0.5% Commitment Fees ___ ___ 0.225% on the undrawn portion Collateral First lien on all assets of HGC and its subsidiaries First lien on all assets of TGC and its subsidiaries First lien on all assets of TGC and its subsidiaries During the quarters ended March 31, 2018 and June 30, 2018, Hawaii Gas was not in compliance with certain credit agreement provisions. During the quarter ended September 30, 2018, the business received waivers from its syndicate of lenders relating to the non-compliance. At September 30, 2018 and December 31, 2018, Hawaii Gas was again in compliance with its credit agreement having received waivers from its lenders. Solar Facilities In July 2016, the solar facilities in Hawaii entered into a ten year, $18.0 million amortizing term loan facility. The interest rate on this term loan facility floats at LIBOR plus 2.0%. The interest rate was fixed at 3.38% using an interest rate swap contract through June 30, 2026. At December 31, 2018, the outstanding balance on the term loan was $15.7 million. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 10. Derivative Instruments and Hedging Activities From time to time, the Company enters into interest rate agreements to minimize potential variations in cash flows resulting from fluctuations in interest rates and their impact on its variable-rate debt. The Company does not enter into derivative instruments for any purpose other than economic interest rate hedging. That is, the Company does not speculate using derivative instruments. In addition, Hawaii Gas, a business within the Company’s MIC Hawaii reportable segment, enters into commodity price hedges to mitigate the impact of fluctuations in prices on its cash flows. By using derivative financial instruments to hedge exposures to changes in interest rates, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. Conversely, when the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, it does not possess credit risk. The Company minimizes the credit risk in derivative instruments by entering into transactions with creditworthy counterparties. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. The market risk associated with interest rates is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. 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 December 31, 2018, the Company had $ 3.1 3.1 IMTT On June 1, 2015, IMTT, as part of the IMTT refinancing in May 2015, entered into interest rate swap contracts, maturing in June 2021, with a total notional amount of $361.1 million. These swaps partially hedged the floating LIBOR interest rate risk associated with the tax-exempt bonds for six years at 1.677%. On December 5, 2018, IMTT entered into the Amendment on its tax-exempt bonds. The Amendment provided for the change in interest rate to 80% of one month LIBOR plus an applicable margin plus 0.45% and an extension of maturity from May 2022 to December 2025. The interest rate swap was not amended and therefore the unhedged component of the tax-exempt bonds by approximately $57.6 million. See Note 9, “Long-Term Debt”, for further details on the Amendment. Atlantic Aviation In October 2016, Atlantic Aviation entered into $400.0 million notional interest rate caps with a strike price of 1.0% to hedge the one month LIBOR floating rate interest exposure on the business’ term loan or revolving credit facility. The notional amount on the interest rate cap will remain at $400.0 million through its maturity in September 2021. On December 6, 2018, Atlantic Aviation refinanced its term loan and revolving credit facility under the New AA Credit Agreement. The existing interest rate cap will remain in place and will be used to partially hedge the Atlantic Aviation term loan facility under the New AA Credit Agreement. See Note 9, “Long-Term Debt”, for further details on the New AA Credit Agreement. MIC Hawaii In February 2016, in conjunction with a refinancing, Hawaii Gas entered into a new interest rate swap contract for an $80.0 million notional that took effect on August 8, 2016, upon the maturity of the existing interest rate swap, and expires on February 8, 2020. At December 31, 2018, the interest rate swap fixes the interest rate on the $80.0 million term loan at 2.74%. In July 2016, the solar facilities in MIC Hawaii entered into a ten year, $18.0 million amortizing term loan facility. The interest rate on this term loan facility floats at LIBOR plus 2.0%. Concurrently, it entered into an amortizing interest rate swap contract with an original notional value of $18.0 million. The contract is scheduled to amortize concurrently with the term loan and fixes the interest rate at 3.38% as of December 31, 2018. Commodity Price Hedges The risks associated with fluctuations in the prices that Hawaii Gas, a business within MIC Hawaii reportable segment, pays for is principally a result of market forces reflecting changes in supply and demand for LPG and other energy commodities. Hawaii Gas’ gross margin (revenue less cost of product sales excluding depreciation and amortization) is sensitive to changes in LPG supply costs and Hawaii Gas may not always be able to pass through product cost increases fully or on a timely basis, particularly when product costs rise rapidly. In order to reduce the volatility of the business’ Over-the-counter derivative commodity instruments used by Hawaii Gas to hedge forecasted purchases of LPG are generally settled at expiration of the contract. At December 31, 2018, Hawaii Gas had 39.1 million gallons hedged that expire in December 2020. Financial Statement Location Disclosure for Derivative Instruments The Company measures derivative instruments at fair value using the income approach which discounts the future net cash settlements expected under the derivative contracts to a present value. These valuations use primarily observable (level 2) inputs, including contractual terms, interest rates and yield curves observable at commonly quoted intervals. The Company’s fair value measurements of its derivative instruments and the related location of the assets and liabilities within the consolidated balance sheets at December 31, 2018 and 2017 were ($ in thousands): Assets (Liabilities) December 31, Balance Sheet Location 2018 2017 Fair value of derivative instruments – current assets $ 10,516 $ 11,965 Fair value of derivative instruments – noncurrent assets 14,536 22,011 Total derivative contracts – assets $ 25,052 $ 33,976 Fair value of derivative instruments – other current liabilities $ (2,508 ) $ — Fair value of derivative instruments – other noncurrent liabilities (58 ) — Total derivative contracts – liabilities $ (2,566 ) $ — The Company’s hedging activities for the years ended December 31, 2018, 2017 and 2016 and the related location within the consolidated statement of operations were ($ in thousands): Amount of Gain (Loss) Recognized in Financial Statement Account 2018 2017 2016 Interest expense – interest rate caps $ 3,758 $ 120 $ 8,124 Interest expense – interest rate swaps 3,852 2,119 (10,638 ) Cost of product sales – commodity swaps (5,030 ) 6,791 13,914 Total $ 2,580 $ 9,030 $ 11,400 All of the Company’s derivative instruments are collateralized by the assets of the respective businesses. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity Classes of Stock The Company is authorized to issue (i) 500,000,000 shares of common stock, par value $0.001 per share, (ii) 100 shares of special stock, par value $0.001 per share and (iii) 100,000,000 shares of preferred stock, par value $0.001 per share. At December 31, 2018, the Company had 85,800,303 shares of common stock issued and outstanding and 100 shares of special stock issued to its Manager and outstanding. There was no preferred stock issued or outstanding at December 31, 2018. Each outstanding share of common stock of the Company is entitled to one vote on any matter with respect to which holders of shares are entitled to vote. The sole purpose for the special stock was to preserve the Manager’s right to appoint one director to serve as the chairman of the board of directors. The special stock is not listed on any stock exchange and is non-transferable. Holders of special stock are not entitled to any dividends or to share in any distribution of assets upon the liquidation or dissolution of the Company. 2016 Omnibus Employee Incentive Plan On May 18, 2016, the Company adopted the 2016 Omnibus Employee Incentive Plan (Plan). The Plan provides for the issuance of equity awards covering up to 500,000 shares of common stock to attract, retain, and motivate employees, consultants and others who perform services for the Company and its subsidiaries. Under the Plan, the Compensation Committee determines the persons who will receive awards, the time at which they are granted and the terms of the awards. Type of awards include stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, cash-based awards and other stock-based awards. At December 31, 2018, there were no awards outstanding under this Plan. Accumulated Other Comprehensive Loss The following represents the changes and balances to the components of accumulated other comprehensive loss for the years ended December 31, 2018, 2017 and 2016 ($ in thousands): Post-Retirement (1) Translation (2) Total Accumulated Noncontrolling Total Accumulated Balance at December 31, 2015 $ (14,788 ) $ (14,530 ) $ (29,318 ) $ 6,023 $ (23,295 ) Change in post-retirement benefit (2,017 ) — (2,017 ) — (2,017 ) Translation adjustment — 2,375 2,375 (1,434 ) 941 Purchase of noncontrolling interest (3) — — — (4,589 ) (4,589 ) Balance at December 31, 2016 $ (16,805 ) $ (12,155 ) $ (28,960 ) $ — $ (28,960 ) Change in post-retirement benefit (3,651 ) — (3,651 ) — (3,651 ) Translation adjustment — 2,618 2,618 — 2,618 Balance at December 31, 2017 $ (20,456 ) $ (9,537 ) $ (29,993 ) $ — $ (29,993 ) Cumulative effect of change in accounting principle (4) (4,139 ) (255 ) (4,394 ) — (4,394 ) Change in post-retirement benefit 8,973 — 8,973 — 8,973 Translation adjustment — (4,857 ) (4,857 ) — (4,857 ) Balance at December 31, 2018 $ (15,622 ) $ (14,649 ) $ (30,271 ) $ — $ (30,271 ) (1) Change in post-retirement benefit plans is presented net of tax expense of $3.5 million and net of tax benefit of $3.0 million and $1.4 million for the years ended December 31, 2018, 2017, and 2016, respectively. (2) Translation adjustment is presented net of tax benefit of $1.9 million and net of tax expense of $2.0 million and $618,000 for the years ended December 31, 2018, 2017, and 2016, respectively. (3) On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. (4) See Note 2, “Summary of Significant Accounting Policies — Recently Issued Accounting Standards Dividends The Company’s board of directors have made or declared the following dividends during the years ended December 31, 2018, 2017 and 2016: Declared Period Covered $ per Share Record Date Payable Date February 14, 2019 Fourth quarter 2018 $ 1.00 March 4, 2019 March 7, 2019 October 30, 2018 Third quarter 2018 1.00 November 12, 2018 November 15, 2018 July 31, 2018 Second quarter 2018 1.00 August 13, 2018 August 16, 2018 May 1, 2018 First quarter 2018 1.00 May 14, 2018 May 17, 2018 February 19, 2018 Fourth quarter 2017 1.44 March 5, 2018 March 8, 2018 October 30, 2017 Third quarter 2017 1.42 November 13, 2017 November 16, 2017 August 1, 2017 Second quarter 2017 1.38 August 14, 2017 August 17, 2017 May 2, 2017 First quarter 2017 1.32 May 15, 2017 May 18, 2017 February 17, 2017 Fourth quarter 2016 1.31 March 3, 2017 March 8, 2017 October 27, 2016 Third quarter 2016 1.29 November 10, 2016 November 15, 2016 July 28, 2016 Second quarter 2016 1.25 August 11, 2016 August 16, 2016 April 28, 2016 First quarter 2016 1.20 May 12, 2016 May 17, 2016 February 18, 2016 Fourth quarter 2015 1.15 March 3, 2016 March 8, 2016 The board of directors regularly reviews the Company’s dividend policy and payout ratio. In determining whether to adjust the amount of the quarterly dividend, the board will take into account such matters as the state of the capital markets and general business and economic conditions, the Company’s financial condition, results of operations, indebtedness levels, capital requirements, capital opportunities and any contractual, legal and regulatory restrictions on the payment of dividends by the Company to its stockholders or by its subsidiaries to the Company, and any other factors that it deems relevant, subject to maintaining a prudent level of reserves and without creating undue volatility in the amount of such dividends where possible. In particular, each of the Company’s businesses has debt commitments and restrictive covenants, which must be satisfied before any of them can make distributions to the Company. In addition, the Company’s senior secured credit facility contains restrictions on the Company’s ability to pay dividends. Although historically the Company has declared cash dividends on its shares, any or all of these factors or other factors could result in the modification of the dividend policy, or the reduction, modification or elimination of its dividend in the future. The dividends paid have been recorded as a reduction to Independent Director Equity Plan In 2014, MIC adopted, and MIC’s stockholders approved, the 2014 Independent Directors Equity Plan (2014 Plan) to replace the 2004 Independent Directors Equity Plan, which expired in December 2014. The purpose of this plan is to promote the long-term growth and financial success of the Company by attracting, motivating and retaining independent directors of outstanding ability. Only the Company’s independent directors may participate in the 2014 Plan. The only type of award that may be granted under the 2014 Plan is an award of director shares. Each share is an unsecured promise to transfer one share on the settlement date, subject to satisfaction of the applicable terms and conditions. The maximum number of shares available for issuance under the 2014 Plan is 300,000 shares, of which 248,664 shares remained available for issuance at December 31, 2018. The aggregate grant date fair value of awards granted to an independent director during any single fiscal year (excluding awards made at the election of the independent director in lieu of all or a portion of annual and committee cash retainers) may not exceed $350,000. The 2014 Plan does not provide a formula for the determination of awards and the Compensation Committee will have the authority to determine the size of all awards under the 2014 Plan, subject to the limits on the number of shares that may be granted annually. Since 2016, the Company has granted and issued the following stock to the board of directors under the Plans: Date of Grant Stock Units Granted Price of Stock Units Granted Date of Vesting May 18, 2016 (1) 8,604 69.72 May 16, 2017 November 1, 2016 (2) 991 81.93 May 16, 2017 May 17, 2017 9,435 79.51 May 15, 2018 June 7, 2018 19,230 39.00 (3) September 5, 2018 (2) 4,416 47.03 (3) (1) Restricted stock unit grants are net of forfeitures of 2,151 restricted stock unit grants due to the retirement of an independent director on September 30, 2016. (2) Represents additional restricted stock unit grants to new independent directors during the respective years. (3) Date of vesting will be the day immediately preceding the 2019 annual meeting of the Company’s stockholders. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reportable Segments | 12. Reportable Segments At December 31, 2018, the Company’s businesses consist of four reportable segments: IMTT, Atlantic Aviation, MIC Hawaii and Corporate and Other. Effective October 1, 2018, BEC and substantially all of the Company’s portfolio of solar and wind power generation businesses were classified as discontinued operations and the Company’s Contracted Power segment was eliminated. The remaining renewable power development businesses have been reported as components of Corporate and Other. All prior comparable periods have been restated to reflect this change. See Note 5, “Discontinued Operations and Dispositions” for further discussions. IMTT IMTT provides bulk liquid storage, handling and other services in North America through 17 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. MIC Hawaii MIC Hawaii comprises of (i) 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; and (ii) controlling interests in two solar facilities on Oahu. Revenue from Hawaii Gas and the solar facilities are recorded in product 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. The renewables businesses within MIC Hawaii sell substantially all of the electricity generated at a fixed price to primarily electric utility customers pursuant to long-term (20 years) 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. Corporate and Other Corporate and Other comprises of MIC Corporate (holding company), shared services center and other smaller businesses. 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): Year Ended December 31, 2018 IMTT Atlantic MIC Hawaii Corporate Intercompany Total Service Revenue Terminal Services $ 89,630 $ — $ — $ — $ (23 ) $ 89,607 Lease 402,395 — — — (4,402 ) 397,993 Fuel — 704,249 — — — 704,249 Hangar — 88,239 — — — 88,239 Construction — — 42,819 — — 42,819 Other (1) 18,758 170,004 3,438 42 — 192,242 Total Service Revenue $ 510,783 $ 962,492 $ 46,257 $ 42 $ (4,425 ) $ 1,515,149 Product Revenue Lease $ — $ — $ 4,594 $ — $ — $ 4,594 Gas — — 229,436 — — 229,436 Other — — 11,502 852 — 12,354 Total Product Revenue $ — $ — $ 245,532 $ 852 $ — $ 246,384 Total Revenue $ 510,783 $ 962,492 $ 291,789 $ 894 $ (4,425 ) $ 1,761,533 Year Ended December 31, 2017 IMTT Atlantic MIC Hawaii Intercompany Total Service Revenue Terminal Services $ 85,062 $ — $ — $ (45 ) $ 85,017 Lease 431,449 — — (4,889 ) 426,560 Fuel — 614,739 — — 614,739 Hangar — 77,584 — — 77,584 Construction — — 53,587 — 53,587 Other (1) 32,911 154,108 1,326 — 188,345 Total Service Revenue $ 549,422 $ 846,431 $ 54,913 $ (4,934 ) $ 1,445,832 Product Revenue Lease $ — $ — $ 3,001 $ — $ 3,001 Gas — — 208,684 — 208,684 Other — — 11,270 — 11,270 Total Product Revenue $ — $ — $ 222,955 $ — $ 222,955 Total Revenue $ 549,422 $ 846,431 $ 277,868 $ (4,934 ) $ 1,668,787 Year Ended December 31, 2016 IMTT Atlantic MIC Hawaii Corporate Intercompany Total Service Revenue Terminal Services $ 80,607 $ — $ — $ — $ (90 ) $ 80,517 Lease 418,762 — — — (4,791 ) 413,971 Fuel — 528,950 — — — 528,950 Hangar — 68,939 — — — 68,939 Construction — — 20,762 — — 20,762 Other (1) 33,103 142,320 — — — 175,423 Total Service Revenue $ 532,472 $ 740,209 $ 20,762 $ — $ (4,881 ) $ 1,288,562 Product Revenue Lease $ — $ — $ 1,040 $ 311 $ — $ 1,351 Gas — — 200,965 — — 200,965 Other — — 11,154 — — 11,154 Total Product Revenue $ — $ — $ 213,159 $ 311 $ — $ 213,470 Total Revenue $ 532,472 $ 740,209 $ 233,921 $ 311 $ (4,881 ) $ 1,502,032 (1) See Note 3, “Implementation of ASU 2014-09”, for revenues disclosed in Other. In accordance with FASB ASC 280, the most comparable GAAP measure EBITDA excluding non-cash items for the Company’s consolidated reportable segments from continuing operations 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 Year Ended December 31, 2018 IMTT Atlantic MIC Hawaii Corporate Total Net income (loss) $ 65,284 $ 96,419 $ (13,125 ) $ (83,950 ) $ 64,628 Interest expense, net 45,502 25,833 7,984 32,519 111,838 Provision (benefit) for income taxes 35,885 35,222 (6,769 ) (14,887 ) 49,451 Goodwill impairment — — 3,215 — 3,215 Depreciation 115,896 60,046 17,037 680 193,659 Amortization of intangibles 15,506 45,904 6,671 233 68,314 Fees to Manager - related party — — — 44,866 44,866 Pension expense 7,662 21 438 185 8,306 Other non-cash expense 867 1,221 21,810 1,280 25,178 EBITDA excluding non-cash items $ 286,602 $ 264,666 $ 37,261 $ (19,074 ) $ 569,455 (1) Other non-cash expense includes the write-down of the Company’s investment in the design-build mechanical contractor business at MIC Hawaii for the year ended December 31, 2018. Year Ended December 31, 2017 IMTT Atlantic MIC Hawaii Corporate Total Net income (loss) $ 363,049 $ 124,370 $ 25,416 $ (79,065 ) $ 433,770 Interest expense, net 38,357 14,512 7,041 27,006 86,916 (Benefit) provision for income taxes (209,464 ) 6,509 9,287 (35,835 ) (229,503 ) Depreciation 113,558 50,797 13,776 161 178,292 Amortization of intangibles 12,905 49,393 1,527 — 63,825 Fees to Manager - related party — — — 71,388 71,388 Pension expense 6,996 20 1,090 — 8,106 Other non-cash expense 767 1,642 2,494 831 5,734 EBITDA excluding non-cash items $ 326,168 $ 247,243 $ 60,631 $ (15,514 ) $ 618,528 Year Ended December 31, 2016 IMTT Atlantic MIC Hawaii Corporate Total Net income (loss) $ 83,142 $ 59,538 $ 35,744 $ (49,959 ) $ 128,465 Interest expense, net 38,752 33,961 5,559 17,255 95,527 Provision (benefit) for income taxes 57,736 39,889 20,441 (48,753 ) 69,313 Depreciation 123,346 41,493 10,533 146 175,518 Amortization of intangibles 11,039 49,166 792 — 60,997 Fees to Manager - related party — — — 68,486 68,486 Pension expense 7,219 110 1,272 — 8,601 Other non-cash expense (income) 657 905 (11,539 ) 681 (9,296 ) EBITDA excluding non-cash items $ 321,891 $ 225,062 $ 62,802 $ (12,144 ) $ 597,611 Reconciliation of total reportable segments’ EBITDA excluding non-cash items to consolidated net income from continuing operations before income taxes were ($ in thousands): Year Ended December 31, 2018 2017 2016 Total reportable segments EBITDA excluding non-cash items $ 569,455 $ 618,528 $ 597,611 Interest income 788 83 86 Interest expense (112,626 ) (86,999 ) (95,613 ) Goodwill impairment (3,215 ) — — Depreciation (193,659 ) (178,292 ) (175,518 ) Amortization of intangibles (68,314 ) (63,825 ) (60,997 ) Fees to Manager - related party (44,866 ) (71,388 ) (68,486 ) Pension expense (8,306 ) (8,106 ) (8,601 ) Other (expense) income, net (25,178 ) (5,734 ) 9,296 Total consolidated net income from continuing operations before income taxes $ 114,079 $ 204,267 $ 197,778 Capital expenditures, on a cash basis, for the Company’s reportable segments were ($ in thousands): Year Ended December 31, 2018 2017 2016 IMTT $ 63,518 $ 73,802 $ 96,865 Atlantic Aviation 67,445 82,249 113,092 MIC Hawaii 22,664 29,373 35,459 Corporate and other 23,529 28,800 11,782 Total capital expenditures of reportable segments $ 177,156 $ 214,224 $ 257,198 Property, equipment, land and leasehold improvements, net, goodwill and total assets for the Company’s reportable segments and its reconciliation to consolidated total assets as of December 31 st Property, Equipment, Goodwill Total Assets 2018 2017 2018 2017 2018 2017 IMTT $ 2,249,758 $ 2,305,440 $ 1,427,108 $ 1,427,863 $ 4,020,508 $ 4,109,448 Atlantic Aviation 564,859 559,597 496,019 495,769 1,675,717 1,710,535 MIC Hawaii 299,923 302,220 120,193 123,408 501,142 532,144 Corporate and other 26,867 30,150 — — 598,762 68,962 Total assets of reportable segments $ 3,141,407 $ 3,197,407 $ 2,043,320 $ 2,047,040 $ 6,796,129 $ 6,421,089 Assets held for sale — — — — 647,652 1,587,862 Total consolidated assets $ 3,141,407 $ 3,197,407 $ 2,043,320 $ 2,047,040 $ 7,443,781 $ 8,008,951 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions Management Services At December 31, 2018 and 2017, the Manager held 12,477,438 shares and 5,435,442 shares, respectively, of the Company’s common stock. Pursuant to the terms of the Third Amended and Restated Management 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. From May 2018 through September 2018, the Manager bought 5,987,100 shares in the open market. The Manager’s holdings at December 31, 2018 represented 14.54% of our outstanding common stock. Since January 1, 2016, the Company paid the Manager cash dividends on shares held for the following periods: Declared Period Covered $ per Share Record Date Payable Date Cash Paid to February 14, 2019 Fourth quarter 2018 $ 1.00 March 4, 2019 March 7, 2019 (1) October 30, 2018 Third quarter 2018 1.00 November 12, 2018 November 15, 2018 $ 12,317 July 31, 2018 Second quarter 2018 1.00 August 13, 2018 August 16, 2018 10,711 May 1, 2018 First quarter 2018 1.00 May 14, 2018 May 17, 2018 6,213 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 October 27, 2016 Third quarter 2016 1.29 November 10, 2016 November 15, 2016 5,620 July 28, 2016 Second quarter 2016 1.25 August 11, 2016 August 16, 2016 8,743 April 28, 2016 First quarter 2016 1.20 May 12, 2016 May 17, 2016 6,981 February 18, 2016 Fourth quarter 2015 1.15 March 3, 2016 March 8, 2016 6,510 (1) The amount of dividend payable to the Manager for the fourth quarter of 2018 will be determined on March 04, 2019, 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 additional shares. For the years ended December 31, 2018, 2017 and 2016, the Company incurred base management fees of $44.9 million, $71.4 million and $68.5 million, respectively. The Company did not incur any performance fees for the years ended December 31, 2018, 2017 and 2016. Effective November 1, 2018, the Manager waived two portions of the base management fee to which it was entitled under the terms of the Management Agreement. In effect, the waivers cap the base management fee at 1% of the Company’s equity market capitalization less any cash balances at the holding company. The waiver applies only to the calculation of the base management fees and not to the remainder of the Management Agreement. MIMUSA reserves the right to revoke the waivers and revert to the prior terms of the Management Agreement, subject to providing the Company with not less than a one year notice. A revocation of the waiver would not trigger a recapture of previously waived fees. 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 The following table shows the Manager’s reinvestment of its base management fees and performance fees, if any, in shares: Period Base Management Performance Shares Issued 2018 Activities: Fourth quarter 2018 $ 8,753 $ — 220,208 (1) Third quarter 2018 12,333 — 269,286 Second quarter 2018 10,852 — 277,053 First quarter 2018 12,928 — 265,002 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 2016 Activities: Fourth quarter 2016 $ 18,916 $ — 230,773 Third quarter 2016 18,382 — 232,488 Second quarter 2016 16,392 — 232,835 First quarter 2016 14,796 — 234,179 (1) The Manager elected to reinvest all of the monthly base management fees for the fourth quarter of 2018 in shares. The Company issued 220,208 shares for the quarter ended December 31, 2018, including 60,048 shares that were issued in January 2019 for the December 2018 monthly base management fee. For the quarter ended June 30, 2015, the Company incurred $135.6 million in performance fee. In July 2015, the board requested, and the Manager agreed, that $67.8 million of the performance fee be settled in cash in July 2015 to minimize dilution. The remaining $67.8 million obligation was settled and reinvested in 944,046 shares by the Manager on August 1, 2016 using the June 2016 volume weighted average share price of $71.84. 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 years ended December 31, 2018, 2017 and 2016, the Manager charged the Company $1.1 million, $892,000 and $714,000, 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. In October 2016, the Company completed an underwritten public offering of $402.5 million of aggregate principal amount of convertible senior notes. MCUSA served as an underwriter in this offering and received $403,000 from the Company for such services. 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. Prior to the refinancing in January 2018, the Company incurred $4,000, $285,000 and $236,000 in interest expense for the years ended December 31, 2018, 2017 and 2016, respectively, related to MIHI LLC’s portion of the MIC senior secured revolving credit facility. Subsequent to the refinancing in January 2018, the Company incurred $454,000 in interest expense related to Macquarie Capital Funding LLC’s portion of the MIC senior secured revolving credit facility for the year ended December 31, 2018. Atlantic Aviation’s previous $70.0 million revolving credit facility was provided by various financial institutions, including MBL which provided $15.7 million. For the year ended December 31, 2016, Atlantic Aviation incurred and paid $90,000 in interest expense related to MBL’s portion of the revolving credit facility. The revolving credit facility was terminated in conjunction with the completion of the October 2016 refinancing of Atlantic Aviation’s credit facilitites. Other Transactions In May 2018, the Company sold its equity interest in projects involving two properties to Macquarie Infrastructure and Real Assets, Inc. (MIRA Inc.), an affiliate of the Manager, for their cost of approximately $27.1 million. The Company retained the right to 20% of any gain on a subsequent sale by MIRA Inc. to a third party of a more than 50% interest in either or both of the projects. Macquarie Energy North America Trading, Inc. (MENAT), an indirect subsidiary of Macquarie Group Limited, entered into contracts with IMTT to lease capacity. These contracts expired during the quarter ended June 30, 2017. For the years ended December 31, 2017 and 2016, IMTT recognized $907,000 and $3.9 million, respectively, in revenues pursuant to these agreements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The Company and its subsidiaries are subject to income taxes. The Company files a consolidated U.S. income tax return with its wholly-owned subsidiaries, including its allocated share of the taxable income from the solar and wind facilities. The Company and its subsidiaries file separate and combined state income tax returns. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law and included provisions that have an impact on the Company’s federal taxable income. The most significant of these are 100% bonus depreciation on qualifying assets (which is scheduled to phase down ratably to 0% between 2023 and 2027) and a reduction in the federal corporate tax rate from 35% to 21%. The Tax Cuts and Jobs Act also includes a new limitation on the deductibility of net interest expense that generally limits the deduction to 30% of “adjusted taxable income”. For years before 2022, adjusted taxable income is defined as taxable income computed without regard to certain items, including net business interest expense, the amount of any NOL deduction, tax depreciation and tax amortization. The Company does not expect to incur net interest expense that is greater than 30% of adjusted taxable income prior to 2022. In the third quarter of 2018, the Company completed its data gathering and analysis based on the Tax Cuts and Jobs Act and its guidance issued to date as it relates to the remeasurement of existing deferred tax balances. The Company has not identified any material change to the net one-time charge for the year ended December 31, 2017 related to the Tax Cuts and Jobs Act. Components of the Company’s income tax provision (benefit) related to the income from continuing operations for the years ended December 31, 2018, 2017 and 2016 were ($ in thousands): Year Ended December 31, 2018 2017 2016 Current taxes: State $ 13,950 $ 11,031 $ 7,304 Total current tax provision $ 13,950 $ 11,031 $ 7,304 Deferred taxes: Federal $ 30,886 $ (247,077 ) $ 78,722 State 8,977 5,409 (2,049 ) Total deferred tax provision (benefit) 39,863 (241,668 ) 76,673 Change in valuation allowance (4,362 ) 1,134 (14,664 ) Total tax provision (benefit) $ 49,451 $ (229,503 ) $ 69,313 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2018 and 2017, were ($ in thousands): At December 31, 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 25,916 $ 43,866 Deferred revenue 6,891 8,854 Accrued compensation 2,658 6,156 Accrued expenses 25,573 25,008 Investment and foreign tax credits 3,744 12,338 Other 531 499 Total gross deferred tax assets 65,313 96,721 Less: valuation allowance (1,091 ) (5,453 ) Net deferred tax assets $ 64,222 $ 91,268 Deferred tax liabilities: Intangible assets $ (93,207 ) $ (91,020 ) Investment basis difference (18,929 ) (19,954 ) Property and equipment (623,799 ) (609,817 ) Unrealized gains on derivative instruments, net (1,595 ) (6,479 ) Equity component of convertible senior notes (6,515 ) (7,761 ) Prepaid expenses (1,115 ) (1,151 ) Total deferred tax liabilities (745,160 ) (736,182 ) Net deferred tax liabilities $ (680,938 ) $ (644,914 ) At December 31, 2018, the Company and its wholly owned subsidiaries had federal income tax NOL carryforwards of $152.0 million, which are available to offset future taxable income, if any, through 2036. The Company’s NOL balance begins to expire in 2029. Approximately $28.0 million of these NOLs may be limited, on an annual basis, due to the change of control for tax purposes of the respective subsidiaries in which such losses were incurred. The Company generated federal consolidated taxable income for the year ended December 31, 2018, which decreased the NOL carryforward. The Company believes that it will be able to utilize all federal prior year NOLs. In addition, the Company and its subsidiaries have state NOL carryforwards. State NOL carryforwards are specific to the state in which the NOL was generated and various states impose limitations on the utilization of NOL carryforwards. In assessing the need for a valuation allowance, management considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. For the year ended December 31, 2018, the Company decreased the valuation allowance by $4.4 million. As of December 31, 2018, the Company had $680.9 million in noncurrent deferred tax liabilities from continuing operations. A significant portion of the Company’s deferred tax liabilities relates to tax basis temporary differences of both property and equipment and intangible assets. The Company records the acquisitions of consolidated businesses under the purchase method of accounting and accordingly recognizes a significant increase to the value of the property and equipment and to intangible assets. For tax purposes, the Company may assume the existing tax basis of the acquired businesses, in which case the Company records a deferred tax liability to reflect the increase in the purchase accounting basis of the assets acquired over the carryover income tax basis. This liability will reduce in future periods as these temporary differences reverse. For the years ended December 31, 2018, 2017 and 2016, the Company recorded an income tax expense of $49.5 million, an income tax benefit of $229.5 million and an income tax expense of $69.3 million, respectively, from continuing operations. As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Cuts and Jobs Act, the Company revalued its ending net deferred tax liabilities at December 31, 2017 and recognized a $316.4 million tax benefit from continuing operations in the Company’s consolidated statement of income for the year ended December 31, 2017. These amounts are different from the amounts computed by applying the U.S. federal income tax rate for the period to pretax income as a result of the following ($ in thousands): Year Ended December 31, 2018 2017 2016 Tax provision at U.S. statutory rate $ 23,957 $ 71,493 $ 69,222 Permanent differences and other 3,962 10,381 8,078 State income taxes, net of federal benefit 18,620 11,443 8,392 Income attributable to noncontrolling interest 695 621 (259 ) Change in investment and foreign tax credits 6,579 (8,139 ) (1,456 ) Change in U.S. tax law — (316,436 ) — Change in valuation allowance (4,362 ) 1,134 (14,664 ) Total tax provision (benefit) $ 49,451 $ (229,503 ) $ 69,313 Uncertain Tax Positions The amount of unrecognized tax benefits at December 31, 2018 and 2017 are not significant. The Company does not expect that the amount of unrecognized tax benefits will change in the next 12 months. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense in the statements of operations, which is consistent with the recognition of these items in prior reporting periods. The federal statute of limitations on the assessment of additional income tax liabilities has lapsed for all returns filed for years ended on or before December 31, 2015. The various state statutes of limitations on the assessment of additional income taxes have lapsed on all returns filed for the years ended on or before December 31, 2014. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases | 15. Leases The Company leases land, buildings, office space and certain office equipment under non-cancellable operating lease agreements that expire through March 2071. Future minimum rental commitments at December 31, 2018 are ($ in thousands): 2019 $ 47,679 2020 44,152 2021 41,278 2022 39,824 2023 39,525 Thereafter 460,988 Total $ 673,446 Rent expense under all operating leases was $54.0 million, $50.9 million and $49.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Payment for Pension and Other Postretirement Benefits [Abstract] | |
Employee Benefit Plans | 16. Employee Benefit Plans 401(k) Savings Plan IMTT, Atlantic Aviation and the Hawaii Gas business each have a defined contribution plan under Section 401(k) of the Internal Revenue Code, allowing eligible employees to contribute a percentage of their annual compensation up to an annual amount as set by the IRS. The employer contribution to these plans ranges from 0% to 6% of eligible compensation. Employer contributions were $4.9 million, $3.9 million and $2.5 million for the years ended December 31, 2018, 2017 and 2016, respectively. IMTT DB Plan Except for a plan covering certain employees covered by a collective-bargaining agreement at IMTT-Illinois (see below), substantially all employees of IMTT are eligible to participate in a defined benefit pension plan (IMTT DB Plan). Benefits under the IMTT DB Plan are based on years of service and the employees’ highest average compensation for a consecutive five year period. IMTT’s contributions to the plan are based on the recommendations of its consulting actuary. On January 1, 2017, the IMTT DB Plan was frozen to new participants, except for the union employees of Bayonne, for whom it was subsequently frozen on January 1, 2018. Hawaii Gas Union Pension Plan Hawaii Gas has a defined benefit pension plan for Classified Employees of GASCO, Inc. (HG DB Plan) that accrues benefits pursuant to the terms of a collective-bargaining agreement. The plan was frozen to new participants in 2008 in connection with an agreement to increase participant benefits over a three year period after which there will be no further increases to the flat rate as described herein. The HG DB Plan is non-contributory and covers all bargaining unit employees who have met certain service and age requirements. The benefits are based on a flat rate per year of service through the date of employment termination or retirement. Future contributions will be made to meet ERISA funding requirements. The HG DB Plan’s trustee handles the plan assets and, as an investment manager, invests them in a diversified portfolio of primarily equity and fixed-income securities. Other Plan Benefits IMTT, Hawaii Gas and Atlantic Aviation have other insignificant plans that are comprised of the following. These plans are shown below collectively as “Other Plan Benefits” . IMTT IMTT is the sponsor of a defined benefit plan covering union employees at IMTT-Illinois (IMTT-Illinois Union Plan). Monthly benefits under this plan are computed based on a benefit rate in effect at the date of the participant’s termination multiplied by the number of years of service. IMTT’s contributions to the plan are based on the recommendations of its consulting actuary. On January 1, 2018, the IMTT-Illinois Union Plan was frozen to new participants. IMTT provides post-retirement life insurance (coverage equal to 25% of final year compensation not to exceed $25,000) and health benefits (coverage for early retirees at least 62 years old on early retirement to age 65, reimbursement of Medicare premiums for the Bayonne terminal employees and some smaller health benefits no longer offered) to retired employees. Hawaii Gas Hawaii Gas has a postretirement plan. The GASCO, Inc. Hourly Postretirement Medical and Life Insurance Plan (the PMLI Plan) covers all bargaining unit participants who were employed by Hawaii Gas on April 30, 1999 and who retire after the attainment of age 62 with 15 years of service. Under the provisions of the PMLI Plan, Hawaii Gas pays for medical premiums of the retirees and spouses through the age of 64. After age 64, Hawaii Gas pays for medical premiums up to a maximum of $150 per month. The retirees are also provided $1,000 of life insurance benefits. Hawaii Gas also has a retiree life insurance program for certain nonunion retirees. This plan is closed to future participants. Atlantic Aviation Atlantic Aviation sponsors a retiree medical and life insurance plan available to certain employees. Currently, the plan is funded as required to pay benefits and the plan has no assets. The Company accounts for postretirement healthcare and life insurance benefits in accordance with ASC 715, Compensation — Retirement Benefits Additional information about the fair value of the benefit plan assets, the components of net periodic cost and the projected benefit obligation as of and for the years ended December 31, 2018 and 2017 are ($ in thousands). HG DB IMTT DB Other Total 2018 2017 2018 2017 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation – beginning of year $ 53,344 $ 50,933 $ 161,805 $ 140,853 $ 29,294 $ 26,808 $ 244,443 $ 218,594 Service cost 728 753 5,784 5,316 1,239 1,041 7,751 7,110 Interest cost 1,868 1,982 5,718 5,808 1,055 1,087 8,641 8,877 Plan amendments — — — — — 243 — 243 Participant contributions — — — — 103 62 103 62 Actuarial (gains) losses (4,088 ) 2,082 (21,733 ) 16,964 (2,533 ) 1,384 (28,354 ) 20,430 Benefits paid (2,584 ) (2,406 ) (8,546 ) (8,177 ) (1,494 ) (1,331 ) (12,624 ) (11,914 ) Special termination benefits — — — 1,041 — — — 1,041 Benefit obligation – end of year $ 49,268 $ 53,344 $ 143,028 $ 161,805 $ 27,664 $ 29,294 $ 219,960 $ 244,443 Change in plan assets: Fair value of plan assets – beginning of year $ 50,866 $ 46,717 $ 101,776 $ 95,938 $ 9,429 $ 8,371 $ 162,071 $ 151,026 Actual return on plan assets (2,144 ) 6,555 (5,081 ) 14,015 (580 ) 1,305 (7,805 ) 21,875 Employer contributions — — — — 1,098 1,022 1,098 1,022 Participant contributions — — — — 103 62 103 62 Benefits paid (2,584 ) (2,406 ) (8,546 ) (8,177 ) (1,494 ) (1,331 ) (12,624 ) (11,914 ) Fair value of plan assets – end of year $ 46,138 $ 50,866 $ 88,149 $ 101,776 $ 8,556 $ 9,429 $ 142,843 $ 162,071 During the years ended December 31, 2018 and 2017, there were no contributions made to any of the plans. Hawaii Gas made a $3.5 million voluntary contribution to the HG DB Plan during the year ended December 31, 2016. As of December 31, 2018, IMTT is not expected to make any cash contribution to the IMTT DB Plan until 2021. As of December 31, 2018, Hawaii Gas is not expected to make any cash contribution to the HG DB Plan until 2023. The annual amount of any cash contributions will be dependent upon a number of factors such as market conditions and changes to regulations. The funded status at December 31, 2018 and 2017, are presented in the following table ($ in thousands): HG DB IMTT DB Plan Benefits Other Total 2018 2017 2018 2017 2018 2017 2018 2017 Funded status Funded status at end of year $ (3,130 ) $ (2,478 ) $ (54,879 ) $ (60,029 ) $ (19,108 ) $ (19,865 ) $ (77,117 ) $ (82,372 ) Net amount recognized in balance sheet (1) $ (3,130 ) $ (2,478 ) $ (54,879 ) $ (60,029 ) $ (19,108 ) $ (19,865 ) $ (77,117 ) $ (82,372 ) Amounts recognized in balance sheet consisting of: Current liabilities $ — $ — $ — $ — $ (1,267 ) $ (1,224 ) $ (1,267 ) $ (1,224 ) Noncurrent liabilities (3,130 ) (2,478 ) (54,879 ) (60,029 ) (17,841 ) (18,641 ) (75,850 ) (81,148 ) Net amount recognized in balance sheet (1) $ (3,130 ) $ (2,478 ) $ (54,879 ) $ (60,029 ) $ (19,108 ) $ (19,865 ) $ (77,117 ) $ (82,372 ) (1) Generally accepted accounting principles require measurement of defined benefit pension liabilities utilizing current discount rates. Statutory funding formulas permit measurement of defined benefit pension liabilities utilizing discount rates based on a 25-year average of those rates, which more closely matches the expected payout period for those liabilities. The IMTT and Hawaii Gas defined benefit pension plans both exceed 100% of the statutory funding target as of December 31, 2018. Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss for the years ended December 31, 2018 and 2017 are presented in the following table ($ in thousands): HG DB IMTT DB Other Total 2018 2017 2018 2017 2018 2017 2018 2017 Prior service cost $ — $ — $ — $ — $ (161 ) $ (163 ) $ (161 ) $ (163 ) Accumulated loss (9,798 ) (9,407 ) (7,147 ) (18,320 ) (4,190 ) (5,865 ) (21,135 ) (33,592 ) Accumulated other comprehensive loss (9,798 ) (9,407 ) (7,147 ) (18,320 ) (4,351 ) (6,028 ) (21,296 ) (33,755 ) Net periodic benefit cost in excess (deficit) of cumulative employer contributions 6,668 6,929 (47,732 ) (41,709 ) (14,757 ) (13,837 ) (55,821 ) (48,617 ) Net amount recognized in balance sheet $ (3,130 ) $ (2,478 ) $ (54,879 ) $ (60,029 ) $ (19,108 ) $ (19,865 ) $ (77,117 ) $ (82,372 ) The components of net periodic benefit cost and other changes in other comprehensive loss (income) for the plans are shown below ($ in thousands): HG DB IMTT DB Other Total 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost: Service cost $ 728 $ 753 $ 744 $ 5,784 $ 5,316 $ 6,285 $ 1,239 $ 1,041 $ 810 $ 7,751 $ 7,110 $ 7,839 Interest cost 1,868 1,982 2,046 5,718 5,808 6,172 1,055 1,087 974 8,641 8,877 9,192 Expected return on plan assets (2,916 ) (2,675 ) (2,448 ) (5,479 ) (5,794 ) (6,374 ) (534 ) (473 ) (502 ) (8,929 ) (8,942 ) (9,324 ) Recognized actuarial loss 581 795 854 — — — 256 281 91 837 1,076 945 Amortization of prior service credit (cost) — — — — — — 2 (15 ) (15 ) 2 (15 ) (15 ) Special Termination benefits — — — — 1,041 — — — — — 1,041 — Net periodic benefit cost $ 261 $ 855 $ 1,196 $ 6,023 $ 6,371 $ 6,083 $ 2,018 $ 1,921 $ 1,358 $ 8,302 $ 9,147 $ 8,637 Other changes recognized in other comprehensive loss (income): Prior service cost arising during the year $ — $ — $ — $ — $ — $ — $ — $ 243 $ — $ — $ 243 $ — Net loss (gain) arising during the year 972 (1,798 ) 156 (11,173 ) 8,743 8,428 (1,419 ) 552 4,545 (11,620 ) 7,497 13,129 Liability gain due to curtailment — — — — — (8,777 ) — — — — — (8,777 ) Amortization of prior service (credit) cost — — — — — — (2 ) 15 15 (2 ) 15 15 Amortization of loss (581 ) (795 ) (854 ) — — — (256 ) (281 ) (91 ) (837 ) (1,076 ) (945 ) Total recognized in other comprehensive loss (income) $ 391 $ (2,593 ) $ (698 ) $ (11,173 ) $ 8,743 $ (349 ) $ (1,677 ) $ 529 $ 4,469 $ (12,459 ) $ 6,679 $ 3,422 The estimated amounts that will be amortized from accumulated other comprehensive loss (income) over the next year are presented in the following table ($ in thousands): HG DB IMTT DB Other Total 2018 2017 2018 2017 2018 2017 2018 2017 Amortization of prior service cost $ — $ — $ — $ — $ 2 $ 2 $ 2 $ 2 Amortization of net loss 696 563 — 188 105 225 801 976 The assumptions used in accounting for the HG DB Plan Benefits, IMTT DB Plan Benefits and Other Plan Benefits are: HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits 2018 2017 2016 2018 2017 2016 2018 2017 2016 Weighted average assumptions to determine benefit obligations: Discount rate 4.25 % 3.60 % 4.00 % 4.35 % 3.70 % 4.30 % 3.91% to 4.35 % 3.25% to 3.70 % 3.56% to 4.25 % Rate of compensation increase N/A N/A N/A 4.57 % 4.57 % 4.57 % 4.57 % (1) 4.57 % (1) 4.57 % (1) Measurement date December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 Weighted average assumptions to determine net cost: Discount rate 3.60 % 4.00 % 4.20 % 3.70 % 4.30 % 4.65 % 3.25% to 3.70 % 3.56% to 4.25 % 3.78% to 4.55 % Expected long-term rate of return on plan assets during fiscal year 5.90 % 5.90 % 5.90 % 5.60 % 6.25 % 6.75 % 5.75 % (2) 5.75 % (2) 6.25 % (2) Rate of compensation increase N/A N/A N/A 4.57 % 4.57 % 4.57 % 4.57 % (1) 4.57 % (1) 4.57 % (1) Assumed healthcare cost trend rates: Initial health care cost trend rate 8.00% to 8.50 % 6.98% to 7.0 % 7.20% to 7.25 % Ultimate rate 4.50% to 5.00% 4.50% to 5.00 % 4.50% to 5.00 % Year ultimate rate is reached 2026 to 2027 2025 to 2028 2025 to 2028 (1) Only applies to IMTT post-retirement life insurance plan. (2) Only applies to IMTT-Illinois Union Plan. Pension asset investment decisions are made with assistance of an outside paid advisor to achieve the multiple goals of high rate of return, diversification and safety. The business has instructed the trustee, the investment manager, to maintain the allocation of the defined benefit plans’ assets between equity mutual fund securities, fixed income mutual fund securities, mixed equity and fixed income mutual fund securities, money market funds and cash within the pre-approved parameters set by the management. HG DB IMTT DB Other 2018 2017 2018 2017 2018 2017 Equity securities 23 % 36 % 42 % 43 % 45 % 45 % Fixed income securities 71 % 58 % 41 % 44 % 44 % 46 % Private equity — — 7 % 4 % 1 % — Global Real Estate Fund 4 % 5 % 6 % 7 % 6 % 7 % Cash 2 % 1 % 4 % 2 % 4 % 2 % Total 100 % 100 % 100 % 100 % 100 % 100 % The expected returns on plan assets were estimated based on the allocation of assets and management’s expectations regarding future performance of the investments held in the investment portfolios. The asset allocations as of December 31, 2018 and 2017 measurement dates were ($ in thousands): Fair Value Measurements at December 31, 2018 Total Quoted Prices Significant Significant Net Asset category: Cash and money market $ 4,618 $ 4,618 $ — $ — $ — Equity securities 51,662 — 51,662 — — Fixed income securities 73,359 — 73,359 — — Global Real Estate Fund 7,319 — 7,319 — — Domestic private equity 5,885 — — — 5,885 Total $ 142,843 $ 4,618 $ 132,340 $ — $ 5,885 Fair Value Measurements at December 31, 2017 Total Quoted Prices Significant Significant Net Asset category: Cash and money market $ 3,177 $ 3,177 $ — $ — $ — Equity securities 66,741 — 66,741 — — Fixed income securities 78,242 — 78,242 — — Global real estate fund 9,607 — 9,607 — — Domestic private equity 4,304 — — — 4,304 Total $ 162,071 $ 3,177 $ 154,590 $ — $ 4,304 The estimated future benefit payments for the next ten years are ($ in thousands): HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits Total 2019 $ 3,001 $ 7,552 $ 1,663 $ 12,216 2020 3,072 8,383 1,784 13,239 2021 3,116 6,422 1,742 11,280 2022 3,132 7,301 1,681 12,114 2023 3,152 7,304 1,739 12,195 Thereafter 15,743 43,176 9,597 68,516 Total $ 31,216 $ 80,138 $ 18,206 $ 129,560 |
Legal Proceedings and Contingen
Legal Proceedings and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Contingencies | 17. 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. IMTT Bayonne — Remediation The Bayonne, New Jersey terminal, portions of which have been acquired over a 30 -year period, have pervasive remediation requirements that were assumed at the time of purchase from the various former owners. One former owner retained environmental remediation responsibilities for a purchased site and shares in other remediation costs. These remediation requirements are documented in two memoranda of agreement and an administrative consent order with the State of New Jersey. Remediation efforts entail removal of free product, soil treatment, repair/replacement of sewer systems, and the implementation of containment and monitoring systems. These remediation activities are estimated to span a period of ten to twenty or more years and cost from $30.0 million to $65.0 million. The cost of the remediation activities at the terminal are estimated based on currently available information, in undiscounted U.S. dollars and is inherently subject to relatively large fluctuation. Shareholder Litigation 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. On August 9, 2018, a shareholder derivative complaint captioned Phyllis Wright v. Liam Stewart, et al. Raymond Greenlee v. James Hooke, et al. Kim Johnson v. Liam Stewart, et al., s City of Riviera Beach Fajardo Wright, Greenlee Johnson Wright Greenlee Johnson |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events Dividend On February 14, 2019, the board of directors declared a dividend of $1.00 per share for the quarter ended December 31, 2018, which is expected to be paid on March 7, 2019 to holders of record on March 4, 2019. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | 19. Quarterly Data (Unaudited) The following table represents the summary of financial data from both continuing and discontinued operations for the quarters related to the years ended December 31, 2018 and 2017. Quarter ended March 31 June 30 September 30 December 31 (In Thousands, except per share data) 2018 Revenue from continuing operations $ 466,269 $ 436,677 $ 420,830 $ 437,757 Operating income from continuing operations 75,379 58,251 51,912 46,569 Net income (loss) from continuing operations attributable to MIC 39,672 27,647 1,474 (713 ) Net income from discontinued operations attributable to MIC (1) 37,162 10,719 20,230 330 Per share information attributable to MIC: Basic income (loss) per share from continuing operations attributable to MIC $ 0.47 $ 0.32 $ 0.02 $ (0.01 ) Basic income per share from discontinued operations attributable to MIC (1) 0.44 0.13 0.23 — Basic income (loss) per share attributable to 0.91 0.45 0.25 (0.01 ) Diluted income (loss) per share from continuing operations attributable to MIC (2) $ 0.47 $ 0.32 $ 0.02 $ (0.01 ) Diluted income per share from discontinued operations attributable to MIC (1) (2) 0.44 0.13 0.23 — Diluted income (loss) per share attributable to MIC 0.91 0.45 0.25 (0.01 ) Cash dividends declared per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 2017 Revenue from continuing operations $ 423,387 $ 398,824 $ 410,616 $ 435,960 Operating income from continuing operations 76,271 63,703 69,894 70,749 Net income from continuing operations attributable to MIC 32,437 19,180 27,912 354,650 Net income (loss) from discontinued operations attributable to MIC (1) 3,578 6,840 12,183 (5,578 ) Per share information attributable to MIC: Basic income per share from continuing operations attributable to MIC $ 0.39 $ 0.23 $ 0.33 $ 4.19 Basic income (loss) per share from discontinued operations attributable to MIC (1) 0.05 0.09 0.15 (0.06 ) Basic income per share attributable to MIC 0.44 0.32 0.48 4.13 Diluted income per share from continuing operations attributable to MIC (2) $ 0.39 $ 0.23 $ 0.33 $ 3.88 Diluted income (loss) per share from discontinued operations attributable to MIC (1) (2) 0.05 0.09 0.15 (0.06 ) Diluted income per share attributable to MIC 0.44 0.32 0.48 3.82 Cash dividends declared per share $ 1.32 $ 1.38 $ 1.42 $ 1.44 (1) See Note 5, “Discontinued Operations and Dispositions”, for discussions on businesses classified as held for sale for the periods presented above. (2) See Note 6, “Income per Share”, for further discussions for potentially dilutive shares. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates investments where it has a controlling financial interest. The general condition for a controlling financial interest is ownership of a majority of the voting interest and, therefore, as a general rule, ownership, directly or indirectly, of over 50% of the outstanding voting shares is a condition for consolidation. In addition, if the Company demonstrates that it has the ability to direct policies and management, this may be also an indication for consolidation. For investments in variable interest entities, the Company consolidates when it is determined to be the primary beneficiary of the variable interest entity. As of December 31, 2018, t |
Investments | Investments Investment in unconsolidated business of $8.4 million and $9.1 million at December 31, 2018 and 2017, respectively, represent primarily a 20% ownership interest in a joint venture acquired in conjunction with the IMTT Acquisition on July 16, 2014. This investment is accounted for at cost on the consolidated balance sheet. Dividend income from this investment is recorded in |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements, which are in conformity with generally accepted accounting principles (GAAP), requires the Company to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and the estimates are based on experience, current and expected future conditions, third-party evaluations and various other assumptions that the Company believes are reasonable under the circumstances. Significant items subject to such estimates and assumptions include the carrying amount of property, equipment, land and leasehold improvements, intangibles and goodwill; assets and obligations related to employee benefits; and valuation of derivative instruments. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from the estimates and assumptions used in the financial statements and related notes. |
Business Combinations | Business Combinations Acquisitions of businesses that the Company controls are accounted for under the purchase method of accounting. The amounts assigned to the identifiable assets acquired and liabilities assumed in connection with acquisitions are based on estimated fair values as of the date of the acquisition, with the remainder, if any, recorded as goodwill. The fair values are determined by the Company’s management, taking into consideration information supplied by the management of acquired entities and other relevant information. Such information includes valuations supplied by independent appraisal experts for significant business combinations. The valuations are generally based upon future cash flow projections for the acquired assets, discounted to a present value. The determination of fair value requires significant judgment both by management and outside experts engaged to assist in this process. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of deposits held by banks to secure certain letters of credit supporting the purchase of equipment for solar projects and other deposits designated for the construction and operation of solar projects as well as the payment of amounts related to project specific debt financings. Restricted cash is classified into current and non-current portions based on the terms of the deposits and the expiration date of the underlying restrictions, such as the maturity date of the corresponding letter of credit. In addition, restricted cash for project construction, operation and financing is classified as current or noncurrent based on the intended use of the restricted funds. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts T |
Inventory | Inventory Inventory The Company’s inventory balance at comprised $12.9 million of inventory for sale and $16.4 million of materials and supplies. The Company’s inventory balance at December 31, 2017 comprised $16.6 million of inventory for sale and $16.5 |
Property, Equipment, Land and Leasehold Improvements | Property, Equipment, Land and Leasehold Improvements Property, equipment and land are initially recorded at cost. Leasehold improvements are recorded at the initial present value of the minimum lease payments less accumulated amortization. Major renewals and improvements are capitalized while maintenance and repair expenditures are expensed when incurred. Interest expense relating to construction in progress is capitalized as an additional cost of the asset. The Company depreciates property, equipment and leasehold improvements over their estimated useful lives on a straight-line basis. Excluding the regulated business at MIC Hawaii, the estimated economic useful lives range according to the table below: Buildings 20 30 Leasehold and land improvements 8 30 Machinery and equipment 3 30 Furniture and Fixtures 5 15 The estimated economic useful lives for the regulated business at MIC Hawaii ranges up to 68 years for buildings, leasehold and land improvements and machinery and equipment. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill consists of costs in excess of the aggregate purchase price over the fair value of tangible and identifiable intangible net assets acquired in business combinations. The cost of intangible assets with determinable useful lives is amortized over their estimated useful lives ranging as follows: Customer relationships 5 to 30 years Contractual arrangements 8 to 57 years Non-compete agreements 3 to 10 years Trade names 20 years Technology 5 years Contractual arrangements primarily relate to airport contract rights at Atlantic Aviation. The useful lives generally match the lease terms plus extensions under the business’ control. |
Impairment of Long-lived Assets, Excluding Goodwill | Impairment of Long-lived Assets, Excluding Goodwill Long-lived assets, including amortizable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be fully recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by comparing the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the fair value of the assets. Fair value is generally determined by estimates of discounted cash flows or value expected to be realized in a third party sale. The discount rate used in any estimate of discounted cash flows would be the rate required for a similar investment of like risk. |
Impairment of Goodwill | Impairment of Goodwill Goodwill is tested for impairment at least annually on October 1 st If an entity concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if there is a triggering event that indicates impairment, the Company needs to perform a quantitative impairment test. This requires management to make judgments in determining what assumptions to use in the calculation. The first step is to determine the estimated fair value of each reporting unit with goodwill. The reporting units of the Company, for purposes of the impairment test, are those components of operating segments for which discrete financial information is available and segment management regularly reviews the operating results of that component. When determining reporting units, components with similar economic characteristics are combined. The Company estimates the fair value of each reporting unit by estimating the present value of the reporting unit’s future discounted cash flows or value expected to be realized in a third party sale. If the recorded net assets of the reporting unit are less than the reporting unit’s estimated fair value, then no impairment is indicated. If the recorded amount of goodwill exceeds the estimated fair value, an impairment charge is recorded for the excess. The Company adopted ASU 2017 - 04 during the first quarter of 2018 . See Note 8 , “Intangible Assets” for further discussion on goodwill impairment testing performed for the year ended December 31, 2018 . |
Impairment of Indefinite-lived Intangibles, Excluding Goodwill | Impairment of Indefinite-lived Intangibles, Excluding Goodwill Indefinite-lived intangibles, which consist of trademarks, are considered impaired when the carrying amount of the asset exceeds its the estimated fair value. The Company estimates the fair value of each trademark using the relief from royalty method that discounts the estimated net cash flows the Company would have to pay to license the trademark under an arm’s length licensing agreement. If the recorded indefinite-lived intangible is less than its estimated fair value, then no impairment is indicated. Alternatively, if the recorded intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. |
Deferred Financing Costs | Deferred Financing Costs The Company capitalizes all direct costs incurred in connection with the issuance of debt as deferred financing costs. These costs are amortized over the contractual term of the debt instrument, which ranges from 4 to 12 years. At December 31, 2018 , the weighted average remaining life of deferred financing costs was 6.1 years. |
Derivative Instruments | Derivative Instruments From time to time the Company enters into interest rate derivative agreements to minimize potential variations in cash flows resulting from fluctuations in interest rates and their impact on its variable-rate debt. Hawaii Gas, a business within the MIC Hawaii reportable segment, enters into commodity price hedges to mitigate the impact of fluctuations in propane prices on its cash flows. The Company accounts for derivatives and hedging activities in accordance with Accounting Standard Codification (ASC) 815 10 , “Derivative Instruments and Hedging Activities”, for further discussion. |
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. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with financial institutions and its balances may exceed federally insured limits. The Company’s accounts receivable are mainly derived from fuel and gas sales and services rendered under contract terms with commercial and private customers located primarily in the United States. At December 31, 2018 and 2017 , there were no outstanding accounts receivable due from a single customer that accounted for more than 10 % of the total accounts receivable. Additionally, no single customer accounted for more than 10 % of the Company’s revenue during the years ended December 31, 2018 , 2017 and 2016 . |
Foreign Currency Translation | Foreign Currency Translation The assets and liabilities of IMTT’s Newfoundland and Quebec locations are translated from their local currency (Canadian dollars) to U.S. dollars at exchange rates in effect at the end of the year and consolidated statement of operations accounts are translated at average exchange rates for the year. Translation gains or losses as a result of changes in the exchange rate are recorded as a component of other comprehensive income (loss). |
Accrued Expenses | Accrued Expenses Accrued expenses of $85.9 million and $79.6 million at December 31, 2018 and 2017 , respectively, primarily consisted of payroll and related liabilities, purchase of property and equipment, interest, non-income related taxes, insurance and other individually insignificant balances. |
Income (Loss) per Share | Income per Share The Company calculates income per share using the weighted average number of common shares outstanding during the period. Diluted income per share is computed using the weighted average number of dilutive common equivalent shares outstanding during the period. Common equivalent shares may consist of (i) shares issuable upon conversion of the Company’s convertible senior notes (using the if-converted method); (ii) stock units granted to the Company’s independent directors; and (iii) fees payable to the Manager that will be reinvested in shares by the Manager in a future period, if any. Common equivalent shares are excluded from the calculation if their effect is anti-dilutive. |
Comprehensive [Income (Loss)] | Comprehensive Income (Loss) The Company follows the requirements of ASC 220 |
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities The utility operations of the Hawaii Gas business are subject to regulation with respect to rates, service, maintenance of accounting records, and various other matters by the Hawaii Public Utilities Commission (HPUC). The established accounting policies recognize the financial effects of the rate-making and accounting practices and policies of the HPUC. Regulated utility operations are subject to the provisions of ASC 980 , ASC 980 may, at some future date, be deemed inapplicable because of changes in the regulatory and competitive environments or other factors. If the Company were to discontinue the application of this guidance, the Company would be required to write-off its regulatory assets and regulatory liabilities and would be required to adjust the carrying amount of any other assets, including property, plant and equipment, that would be deemed not recoverable related to these affected operations. The Company believes its regulated operations in the Hawaii Gas business continue to meet the criteria of ASC 980 and that the carrying value of its regulated property, plant and equipment is recoverable in accordance with established HPUC rate-making practices. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company and its more than 80 % owned subsidiaries file a consolidated U.S. federal income tax return, including its allocated share of the taxable income from its solar and wind facilities. The investments in solar and wind facilities where the Company does not own 100 % of the investment within discontinued operations and the MIC Hawaii segment are held in various LLCs, which are treated as partnerships for income tax purposes. In assessing the need for a valuation allowance, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. |
Reclassifications | Reclassifications Certain reclassifications were made to the financial statements for the prior periods to conform to current year presentation. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In August 2018 , the FASB issued ASU No. 2018 - 14 , Compensation — Retirement Benefits — Defined Benefit Plans — General (Subtopic 715 - 20) : Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans 2018 - 14 update disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this update are effective for fiscal years ending after December 15, 2020 . Early adoption is permitted. The Company will include appropriate disclosures related to defined benefit plans in accordance with the standard when it adopts the provisions of this ASU. In August 2018 , the FASB issued ASU No. 2018 - 13 , Fair Value Measurement (Topic 820) : Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement 2018 - 13 update the disclosure requirements on fair value measurements, including the consideration of costs and benefits. The disclosure modifications focused on Level 3 fair value measurements, and also eliminate the at a minimum , and interim periods within those fiscal years. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The Company is currently evaluating the impact of the adoption of this ASU. In February 2018 , the FASB issued ASU No. 2018 - 02 , 220) : Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ( AOCI) 2018 - 02 allow entities to reclassify from AOCI to retained earnings “stranded” tax effects resulting from passage of the Act. An entity that elects to reclassify these amounts must reclassify stranded tax effects related to the change in federal tax rate for all items accounted for in other comprehensive income (i.e. employee benefits, cumulative translation adjustments). Entities may also elect to reclassify other stranded tax effects that relate to the Act but do not directly relate to the change in the federal tax rate (i.e. state taxes). However, because the amendments only relate to the reclassification of the income tax effects of the Act, the underlying guidance requiring the effect of a change in tax laws or rates to be included in income from operations is not affected. Upon adoption of ASU 2018 - 02 , entities are required to disclose their policy for releasing the income tax effects from AOCI. ASU 2018 - 02 is effective for annual periods beginning after December 15, 2018 , and interim periods within those fiscal years. During the quarter ended December 31, 2018 , the Company adopted this ASU and made a $4.4 million adjustment to reclassify stranded tax effects in AOCI to retained earnings. On January 26, 2017 , the FASB issued ASU No. 2017 - 04 , Intangibles — Goodwill and Other (Topic 350) : Simplifying the Test for Goodwill Impairment and had no impact to the consolidated financial statements. On January 5, 2017 , the FASB issued ASU No. 2017 - 01 , Business Combinations (Topic 805) : Clarifying the Definition of a Business and will apply this ASU prospectively for asset acquisitions and business combinations. 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) , which requires a lessee to recognize assets and liabilities for leases with lease terms of more than 12 months. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, ASU 2016 - 02 will require all leases with an initial term greater than one year to be recognized on the balance sheet as a right-of-use asset and a lease liability. The Company also serves as a lessor primarily through operating leases. The accounting for lessors is not expected to fundamentally change except for changes to conform and align existing guidance to the lessee guidance under ASU 2016 - 02 , as well as to the new revenue recognition guidance in ASU 2014 - 09 . ASU 2016 - 02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 . Early adoption is allowed. The standard is to be applied using a modified retrospective approach, which includes a number of optional practical expedients. In July 2018 , the FASB issued ASU 2018 - 11 , Leases (Topic 842) Targeted Improvements The Company has substantially completed evaluating its population of leases, and currently expects the most significant impact will be the recognition of right of use (ROU) assets and lease liabilities for operating leases at Atlantic Aviation for leases of land, buildings, and certain equipment. Based on the evaluation performed to-date, the Company currently estimates adoption of the new lease standard will result in recognition of ROU assets and corresponding lease liabilities of approximately $ 375.0 425.0 The Company plans to adopt the standard effective January 1, 2019, utilizing the modified retrospective method. The Company plans to elect the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows the Company to carryforward the historical lease classification. The Company Will also make an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet. Further, the Company does not expect the standard to have a material impact on the accounting and reporting requirements for existing operating leases where the Company is the lessor as it has elected the practical expedient whereby the Company will not separate a qualifying contract into its lease and non-lease components. In December 2018 , the FASB issued ASU No. 2018 - 20 , Leases (Topic 842) : Narrow-Scope Improvements for Lessors |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Economic Useful Lives of Property Plant and Equipment | Excluding the regulated business at MIC Hawaii, the estimated economic useful lives range according to the table below: Buildings 20 30 Leasehold and land improvements 8 30 Machinery and equipment 3 30 Furniture and Fixtures 5 15 |
Schedule of Estimated Useful Lives of Intangible Assets | The cost of intangible assets with determinable useful lives is amortized over their estimated useful lives ranging as follows: Customer relationships 5 to 30 years Contractual arrangements 8 to 57 years Non-compete agreements 3 to 10 years Trade names 20 years Technology 5 years |
Long-Term Contracted Revenue (T
Long-Term Contracted Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Contractors [Abstract] | |
Schedule of Financing Receivables, Minimum Payments | The following long-term contracted revenue were in existence at December 31, 2018 ($ in thousands): Lease Contract Total 2019 $ 251,359 $ 60,551 $ 311,910 2020 135,733 35,069 170,802 2021 74,223 28,389 102,612 2022 51,839 24,058 75,897 2023 32,650 16,730 49,380 Thereafter 101,250 17,608 118,858 Total $ 647,054 $ 182,405 $ 829,459 |
Discontinued Operations and D_2
Discontinued Operations and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Contracted Power segment | The following is a summary of the assets and liabilities held for sale included in the Company’s consolidated balance sheets related to its former Contracted Power segment as of December 31, 2018 and 2017 ($ in thousands): As of December 31, 2018 2017 Assets Cash and cash equivalents $ 2,930 $ 1,277 Restricted cash 13,943 14,668 Accounts receivable 9,291 11,531 Other current assets 4,959 9,438 Total current assets 31,123 36,914 Property, equipment, land and leasehold improvements, net 606,352 1,462,207 Goodwill — 21,628 Intangible assets, net 8,905 62,347 Other noncurrent assets 1,272 4,766 Total assets $ 647,652 $ 1,587,862 Liabilities Accounts payable and accrued expenses $ 6,927 $ 11,622 Current portion of long-term debt 20,431 29,339 Other current liabilities 724 9,704 Total current liabilities 28,082 50,665 Long term debt, net of current portion 283,285 538,657 Tolling agreements - noncurrent — 52,595 Other noncurrent liabilities 5,811 11,785 Total liabilities $ 317,178 $ 653,702 Noncontrolling interests $ 141,495 $ 184,286 Summarized financial information for discontinued operations included in the Company’s consolidated statement of operations for the years ended December 31, 2018, 2017 and 2016 are as follows ($ in thousands): Year Ended December 31, 2018 2017 2016 Product revenue $ 150,218 $ 145,926 $ 149,699 Cost of product sales (23,820 ) (20,524 ) (23,291 ) Selling, general & administrative expenses (25,320 ) (24,681 ) (25,405 ) Depreciation and amortization (38,517 ) (60,300 ) (55,402 ) Interest expense, net (17,094 ) (23,487 ) (21,274 ) Other (expense) income, net (1) (13,719 ) 757 4,021 Net income from discontinued operations before income taxes $ 31,748 $ 17,691 $ 28,348 (Provision) benefit for income taxes (2,128 ) 4,651 (1,944 ) Net income from discontinued operations $ 29,620 $ 22,342 $ 26,404 Less: net (loss) income attributable to noncontrolling interests (38,821 ) 5,319 2,096 Net income from discontinued operations attributable to MIC $ 68,441 $ 17,023 $ 24,308 (1) For the year ended December 31, 2018, other (expense) income, net |
Income per Share (Tables)
Income per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings [Income (Loss)] per Share | Following is a reconciliation of the basic and diluted income per share computations ($ in thousands, except share and per share data): Year Ended December 31, 2018 2017 2016 Numerator: Net income from continuing operations attributable to MIC $ 68,080 $ 434,179 $ 132,073 Interest expense attributable to 2.875% Convertible Senior Notes due July 2019, net of taxes — 7,811 — Interest expense attributable to 2.00% Convertible Senior Notes due October 2023, net of taxes — 8,068 (4,523 ) Diluted net income from continuing operations attributable to MIC $ 68,080 $ 450,058 $ 127,550 Basic and diluted net income from discontinued operations attributable to MIC $ 68,441 $ 17,023 $ 24,308 Denominator: Weighted average number of shares outstanding: basic 85,233,989 83,204,404 80,892,654 Dilutive effect of restricted stock unit grants 15,876 9,495 9,589 Dilutive effect of fees to Manager-related party — — 549,404 Dilutive effect of 2.875% Convertible Senior Notes due July 2019 — 4,252,609 — Dilutive effect of 2.00% Convertible Senior Notes due October 2023 — 3,606,854 766,980 Weighted average number of shares outstanding: diluted 85,249,865 91,073,362 82,218,627 Income per share: Basic income per share from continuing operations attributable to MIC $ 0.80 $ 5.22 $ 1.63 Basic income per share from discontinued operations attributable to MIC 0.80 0.20 0.30 Basic income per share attributable to MIC $ 1.60 $ 5.42 $ 1.93 Diluted income per share from continuing operations attributable to MIC $ 0.80 $ 4.94 $ 1.55 Diluted income per share from discontinued operations attributable to MIC 0.80 0.19 0.30 Diluted income per share attributable to MIC $ 1.60 $ 5.13 $ 1.85 |
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: Year Ended December 31, 2018 2017 2016 2.875% Convertible Senior Notes due July 2019 4,368,725 — 4,177,097 2.00% Convertible Senior Notes due October 2023 3,631,850 — — Total 8,000,575 — 4,177,097 |
Property, Equipment, Land and_2
Property, Equipment, Land and Leasehold Improvements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property, equipment, land and leasehold improvements at December 31, 2018 and 2017 consist of the following ($ in thousands): As of December 31, 2018 2017 Land $ 318,976 $ 338,843 Easements 131 131 Buildings 40,184 40,846 Leasehold and land improvements 769,772 705,537 Machinery and equipment 2,783,507 2,705,133 Furniture and fixtures 44,666 39,386 Construction in progress 112,910 130,133 4,070,146 3,960,009 Less: accumulated depreciation (928,739 ) (762,602 ) Property, equipment, land and leasehold improvements, net $ 3,141,407 $ 3,197,407 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets at December 31, 2018 and 2017 consist of the following ($ in thousands): As of December 31, 2018 2017 Contractual arrangements $ 920,874 $ 914,768 Non-compete agreements 13,665 14,014 Customer relationships 353,004 361,623 Leasehold rights 100 100 Trade names 16,091 16,091 Technology 8,760 8,760 1,312,494 1,315,356 Less: accumulated amortization (523,733 ) (463,605 ) Intangible assets, net $ 788,761 $ 851,751 |
Schedule of Future Amortization Expense for Amortizable Intagible Assets | The estimated future amortization expense for amortizable intangible assets to be recognized are ($ in thousands): 2019 $ 58,946 2020 50,162 2021 44,906 2022 43,392 2023 41,885 Thereafter 541,979 Total $ 781,270 |
Schedule of Goodwill | The goodwill balance as of December 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 ) Reclassification to assets held for sale (1) (21,628 ) Balance at December 31, 2017 2,047,040 Goodwill impairment (3,215 ) Other (505 ) Balance at December 31, 2018 $ 2,043,320 (1) Goodwill classified to assets held for sale related to BEC, which was sold on October 12, 2018. See Note 5, “Discontinued Operations and Dispositions” for further discussion. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Long-Term Debt | At December 31, 2018 and 2017, the Company’s consolidated long-term debt comprised the following ($ in thousands): As of December 31, 2018 2017 IMTT $ 1,108,975 $ 1,318,975 Atlantic Aviation 1,025,000 648,000 MIC Hawaii 195,746 199,282 MIC Corporate 733,595 873,477 Total 3,063,316 3,039,734 Current portion (361,166 ) (21,496 ) Long-term portion 2,702,150 3,018,238 Unamortized deferred financing costs (1) (49,402 ) (26,584 ) Long-term portion less unamortized debt discount and deferred financing costs $ 2,652,748 $ 2,991,654 (1) The weighted average remaining life of the deferred financing costs at December 31, 2018 was 6.1 years. |
Schedule of Future Maturities of Long-Term Debt | The following table represents the future maturities of long-term debt balances at December 31, 2018 and includes the unamortized debt discount of $18.8 million related to the 2.00% Convertible Senior Notes due October 2023. 2019 $ 361,166 2020 11,265 2021 11,310 2022 111,357 2023 493,905 Thereafter 2,093,161 Total $ 3,082,164 |
Convertible Debt | At December 31, 2018 and 2017, the 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in thousands): 2018 2017 Liability Component: Principal $ 402,500 $ 402,500 Unamortized debt discount (18,848 ) (22,475 ) Long-term debt, net of unamortized debt discount 383,652 380,025 Unamortized deferred financing costs (7,140 ) (8,643 ) Net carrying amount $ 376,512 $ 371,382 Equity Component $ 26,748 $ 26,748 |
Schedule of Interest Expense Recognized | For the years ended December 31, 2018, 2017 and 2016, total interest expense recognized related to the 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in thousands): Year Ended December 31, 2018 2017 2016 Contractual interest expense $ 8,050 $ 7,782 $ 1,969 Amortization of debt discount 3,627 3,266 1,007 Amortization of deferred financing costs 1,503 1,509 306 Total interest expense $ 13,180 $ 12,557 $ 3,282 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | The key terms of the senior notes are summarized in the table below. Facility Terms Senior Notes, Series A Senior Notes, Series B Amount Outstanding at December 31, 2018 $325.0 million $275.0 million Maturity May 2025 May 2027 Amortization Payable at maturity Payable at maturity Interest Rate 3.92% 4.02% Security Unsecured Unsecured |
Hawaii Gas Business [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | The key terms of the term loan, senior secured notes and revolving credit facility of Hawaii Gas are summarized in the table below. Facility Terms Holding Company Debt Operating Company Debt Borrowers HGC Holdings LLC (HGC) The Gas Company, LLC (TGC) Facilities $80.0 million Term Loan (fully drawn at December 31, 2018) $100.0 million Senior Secured Notes (fully drawn at December 31, 2018) $60.0 million Revolving Credit Facility (undrawn at December 31, 2018) Maturity February 2023 August 2022 February 2023 Amortization Payable at maturity Payable at maturity Revolving, payable at maturity Interest Rate LIBOR plus 1.75% or Base Rate: 0.75% above the greater of the prime rate or the federal funds rate plus 0.5% 4.22% payable semi-annually LIBOR plus 1.25% or Base Rate: 0.25% above the greater of the prime rate or the federal funds rate plus 0.5% Commitment Fees ___ ___ 0.225% on the undrawn portion Collateral First lien on all assets of HGC and its subsidiaries First lien on all assets of TGC and its subsidiaries First lien on all assets of TGC and its subsidiaries |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | The key terms of the senior secured revolving credit facility and the convertible senior notes are summarized in the table below. Facility Terms Senior Secured Revolving Credit Facility 2.875% Convertible Senior Notes due July 2019 2.00% Convertible Senior Notes due October 2023 Total Committed Amount $600.0 million — — Amount Outstanding at December 31, 2018 Undrawn $349.9 million $383.7 million, net of unamortized discount of $18.8 million Maturity January 2022 July 2019 October 2023 Amortization Revolving, payable at maturity Payable at maturity or convertible at the holder’s option into the Company’s shares Payable at maturity or convertible at the holder’s option into cash, the Company’s shares or a combination thereof only upon satisfaction of one or more conditions set forth in the indenture Interest Rate LIBOR plus 1.75% at December 31, 2018 2.875% payable on January 15 th th 2.00% payable on April 1 st st Commitment Fees 0.275% at December 31, 2018 — — Security Secured (may fall away if certain ratings and other conditions are met) Unsecured Unsecured |
Revolving Credit Facility [Member] | United States- IMTT [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | The key terms of IMTT’s U.S. dollar and Canadian dollar denominated revolving credit facilities are summarized in the table below. Facility Terms USD Revolving Credit Facility CAD Revolving Credit Facility Total Committed Amount $550.0 million $50.0 million Amount Outstanding at December 31, 2018 Undrawn Undrawn Maturity December 2023 December 2023 Amortization Revolving, payable at maturity Revolving, payable at maturity Interest Rate LIBOR plus 1.50% at December 31, 2018 Bankers’ Acceptances Rate plus 1.50% at December 31, 2018 Commitment Fees 0.20% at December 31, 2018 0.20% at December 31, 2018 Security Unsecured Unsecured |
A A FBO [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | The key terms of the term loan and revolving credit facilities are summarized in the table below. Facility Terms Term Loan Facility Revolving Credit Facility Facilities $1,025.0 million senior secured first lien term loan (fully drawn at December 31, 2018) $350.0 million senior secured first lien revolving credit facility (undrawn at December 31, 2018) Maturity December 2025 December 2023 Amortization 1.0% of the initial principal balance per annum Revolving, payable at maturity Interest Rate LIBOR plus 3.75% or Alternate Base Rate (ABR) plus 2.75%. ABR is the highest of (i) the prime rate, (ii) the federal funds rate plus 0.5% and (iii) one-month LIBOR plus 1.0% LIBOR plus 1.50% to 2.25% or ABR plus 0.50% to 1.25%, in each case depending on total leverage ratio Commitment Fees — 0.25% to 0.35% on the undrawn portion, depending on total leverage ratio Security Secured Secured |
IMTT [Member] | Tax Exempt Bonds [Member] | |
Debt Instrument [Line Items] | |
Schedule of Material Terms | The key terms of the IMTT tax exempt bonds are summarized in the table below. Facility Terms Tax Exempt Bonds Amount Outstanding at December 31, 2018 $509.0 million Maturity December 2027 to August 2046 Amortization Payable at maturity, subject to mandatory tender in December 2025 Interest Rate One-month LIBOR plus Revolving Credit Facility margin plus 0.45% multiplied by 80% Security Unsecured |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | The Company’s fair value measurements of its derivative instruments and the related location of the assets and liabilities within the consolidated balance sheets at December 31, 2018 and 2017 were ($ in thousands): Assets (Liabilities) December 31, Balance Sheet Location 2018 2017 Fair value of derivative instruments – current assets $ 10,516 $ 11,965 Fair value of derivative instruments – noncurrent assets 14,536 22,011 Total derivative contracts – assets $ 25,052 $ 33,976 Fair value of derivative instruments – other current liabilities $ (2,508 ) $ — Fair value of derivative instruments – other noncurrent liabilities (58 ) — Total derivative contracts – liabilities $ (2,566 ) $ — |
Schedule of Location of Hedging Activities | The Company’s hedging activities for the years ended December 31, 2018, 2017 and 2016 and the related location within the consolidated statement of operations were ($ in thousands): Amount of Gain (Loss) Recognized in Financial Statement Account 2018 2017 2016 Interest expense – interest rate caps $ 3,758 $ 120 $ 8,124 Interest expense – interest rate swaps 3,852 2,119 (10,638 ) Cost of product sales – commodity swaps (5,030 ) 6,791 13,914 Total $ 2,580 $ 9,030 $ 11,400 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2018, 2017 and 2016 ($ in thousands): Post-Retirement (1) Translation (2) Total Accumulated Noncontrolling Total Accumulated Balance at December 31, 2015 $ (14,788 ) $ (14,530 ) $ (29,318 ) $ 6,023 $ (23,295 ) Change in post-retirement benefit (2,017 ) — (2,017 ) — (2,017 ) Translation adjustment — 2,375 2,375 (1,434 ) 941 Purchase of noncontrolling interest (3) — — — (4,589 ) (4,589 ) Balance at December 31, 2016 $ (16,805 ) $ (12,155 ) $ (28,960 ) $ — $ (28,960 ) Change in post-retirement benefit (3,651 ) — (3,651 ) — (3,651 ) Translation adjustment — 2,618 2,618 — 2,618 Balance at December 31, 2017 $ (20,456 ) $ (9,537 ) $ (29,993 ) $ — $ (29,993 ) Cumulative effect of change in accounting principle (4) (4,139 ) (255 ) (4,394 ) — (4,394 ) Change in post-retirement benefit 8,973 — 8,973 — 8,973 Translation adjustment — (4,857 ) (4,857 ) — (4,857 ) Balance at December 31, 2018 $ (15,622 ) $ (14,649 ) $ (30,271 ) $ — $ (30,271 ) (1) Change in post-retirement benefit plans is presented net of tax expense of $3.5 million and net of tax benefit of $3.0 million and $1.4 million for the years ended December 31, 2018, 2017, and 2016, respectively. (2) Translation adjustment is presented net of tax benefit of $1.9 million and net of tax expense of $2.0 million and $618,000 for the years ended December 31, 2018, 2017, and 2016, respectively. (3) On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. (4) See Note 2, “Summary of Significant Accounting Policies — Recently Issued Accounting Standards |
Schedule of Dividends | The Company’s board of directors have made or declared the following dividends during the years ended December 31, 2018, 2017 and 2016: Declared Period Covered $ per Share Record Date Payable Date February 14, 2019 Fourth quarter 2018 $ 1.00 March 4, 2019 March 7, 2019 October 30, 2018 Third quarter 2018 1.00 November 12, 2018 November 15, 2018 July 31, 2018 Second quarter 2018 1.00 August 13, 2018 August 16, 2018 May 1, 2018 First quarter 2018 1.00 May 14, 2018 May 17, 2018 February 19, 2018 Fourth quarter 2017 1.44 March 5, 2018 March 8, 2018 October 30, 2017 Third quarter 2017 1.42 November 13, 2017 November 16, 2017 August 1, 2017 Second quarter 2017 1.38 August 14, 2017 August 17, 2017 May 2, 2017 First quarter 2017 1.32 May 15, 2017 May 18, 2017 February 17, 2017 Fourth quarter 2016 1.31 March 3, 2017 March 8, 2017 October 27, 2016 Third quarter 2016 1.29 November 10, 2016 November 15, 2016 July 28, 2016 Second quarter 2016 1.25 August 11, 2016 August 16, 2016 April 28, 2016 First quarter 2016 1.20 May 12, 2016 May 17, 2016 February 18, 2016 Fourth quarter 2015 1.15 March 3, 2016 March 8, 2016 |
Schedule of Stock Issued to Board of Directors | Since 2016, the Company has granted and issued the following stock to the board of directors under the Plans: Date of Grant Stock Units Granted Price of Stock Units Granted Date of Vesting May 18, 2016 (1) 8,604 69.72 May 16, 2017 November 1, 2016 (2) 991 81.93 May 16, 2017 May 17, 2017 9,435 79.51 May 15, 2018 June 7, 2018 19,230 39.00 (3) September 5, 2018 (2) 4,416 47.03 (3) (1) Restricted stock unit grants are net of forfeitures of 2,151 restricted stock unit grants due to the retirement of an independent director on September 30, 2016. (2) Represents additional restricted stock unit grants to new independent directors during the respective years. (3) Date of vesting will be the day immediately preceding the 2019 annual meeting of the Company’s stockholders. |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Revenue From External Customers | Revenue from external customers for the Company’s consolidated reportable segments were ($ in thousands): Year Ended December 31, 2018 IMTT Atlantic MIC Hawaii Corporate Intercompany Total Service Revenue Terminal Services $ 89,630 $ — $ — $ — $ (23 ) $ 89,607 Lease 402,395 — — — (4,402 ) 397,993 Fuel — 704,249 — — — 704,249 Hangar — 88,239 — — — 88,239 Construction — — 42,819 — — 42,819 Other (1) 18,758 170,004 3,438 42 — 192,242 Total Service Revenue $ 510,783 $ 962,492 $ 46,257 $ 42 $ (4,425 ) $ 1,515,149 Product Revenue Lease $ — $ — $ 4,594 $ — $ — $ 4,594 Gas — — 229,436 — — 229,436 Other — — 11,502 852 — 12,354 Total Product Revenue $ — $ — $ 245,532 $ 852 $ — $ 246,384 Total Revenue $ 510,783 $ 962,492 $ 291,789 $ 894 $ (4,425 ) $ 1,761,533 Year Ended December 31, 2017 IMTT Atlantic MIC Hawaii Intercompany Total Service Revenue Terminal Services $ 85,062 $ — $ — $ (45 ) $ 85,017 Lease 431,449 — — (4,889 ) 426,560 Fuel — 614,739 — — 614,739 Hangar — 77,584 — — 77,584 Construction — — 53,587 — 53,587 Other (1) 32,911 154,108 1,326 — 188,345 Total Service Revenue $ 549,422 $ 846,431 $ 54,913 $ (4,934 ) $ 1,445,832 Product Revenue Lease $ — $ — $ 3,001 $ — $ 3,001 Gas — — 208,684 — 208,684 Other — — 11,270 — 11,270 Total Product Revenue $ — $ — $ 222,955 $ — $ 222,955 Total Revenue $ 549,422 $ 846,431 $ 277,868 $ (4,934 ) $ 1,668,787 Year Ended December 31, 2016 IMTT Atlantic MIC Hawaii Corporate Intercompany Total Service Revenue Terminal Services $ 80,607 $ — $ — $ — $ (90 ) $ 80,517 Lease 418,762 — — — (4,791 ) 413,971 Fuel — 528,950 — — — 528,950 Hangar — 68,939 — — — 68,939 Construction — — 20,762 — — 20,762 Other (1) 33,103 142,320 — — — 175,423 Total Service Revenue $ 532,472 $ 740,209 $ 20,762 $ — $ (4,881 ) $ 1,288,562 Product Revenue Lease $ — $ — $ 1,040 $ 311 $ — $ 1,351 Gas — — 200,965 — — 200,965 Other — — 11,154 — — 11,154 Total Product Revenue $ — $ — $ 213,159 $ 311 $ — $ 213,470 Total Revenue $ 532,472 $ 740,209 $ 233,921 $ 311 $ (4,881 ) $ 1,502,032 (1) See Note 3, “Implementation of ASU 2014-09”, for revenues disclosed in Other. |
Schedule of EBITDA for Reportable Segments | EBITDA excluding non-cash items for the Company’s consolidated reportable segments from continuing operations is shown in the tables below ($ in thousands). Allocations of corporate expenses, intercompany fees and the tax effect have been excluded as they are eliminated in consolidation Year Ended December 31, 2018 IMTT Atlantic MIC Hawaii Corporate Total Net income (loss) $ 65,284 $ 96,419 $ (13,125 ) $ (83,950 ) $ 64,628 Interest expense, net 45,502 25,833 7,984 32,519 111,838 Provision (benefit) for income taxes 35,885 35,222 (6,769 ) (14,887 ) 49,451 Goodwill impairment — — 3,215 — 3,215 Depreciation 115,896 60,046 17,037 680 193,659 Amortization of intangibles 15,506 45,904 6,671 233 68,314 Fees to Manager - related party — — — 44,866 44,866 Pension expense 7,662 21 438 185 8,306 Other non-cash expense 867 1,221 21,810 1,280 25,178 EBITDA excluding non-cash items $ 286,602 $ 264,666 $ 37,261 $ (19,074 ) $ 569,455 (1) Other non-cash expense includes the write-down of the Company’s investment in the design-build mechanical contractor business at MIC Hawaii for the year ended December 31, 2018. Year Ended December 31, 2017 IMTT Atlantic MIC Hawaii Corporate Total Net income (loss) $ 363,049 $ 124,370 $ 25,416 $ (79,065 ) $ 433,770 Interest expense, net 38,357 14,512 7,041 27,006 86,916 (Benefit) provision for income taxes (209,464 ) 6,509 9,287 (35,835 ) (229,503 ) Depreciation 113,558 50,797 13,776 161 178,292 Amortization of intangibles 12,905 49,393 1,527 — 63,825 Fees to Manager - related party — — — 71,388 71,388 Pension expense 6,996 20 1,090 — 8,106 Other non-cash expense 767 1,642 2,494 831 5,734 EBITDA excluding non-cash items $ 326,168 $ 247,243 $ 60,631 $ (15,514 ) $ 618,528 Year Ended December 31, 2016 IMTT Atlantic MIC Hawaii Corporate Total Net income (loss) $ 83,142 $ 59,538 $ 35,744 $ (49,959 ) $ 128,465 Interest expense, net 38,752 33,961 5,559 17,255 95,527 Provision (benefit) for income taxes 57,736 39,889 20,441 (48,753 ) 69,313 Depreciation 123,346 41,493 10,533 146 175,518 Amortization of intangibles 11,039 49,166 792 — 60,997 Fees to Manager - related party — — — 68,486 68,486 Pension expense 7,219 110 1,272 — 8,601 Other non-cash expense (income) 657 905 (11,539 ) 681 (9,296 ) EBITDA excluding non-cash items $ 321,891 $ 225,062 $ 62,802 $ (12,144 ) $ 597,611 Reconciliation of total reportable segments’ EBITDA excluding non-cash items to consolidated net income from continuing operations before income taxes were ($ in thousands): Year Ended December 31, 2018 2017 2016 Total reportable segments EBITDA excluding non-cash items $ 569,455 $ 618,528 $ 597,611 Interest income 788 83 86 Interest expense (112,626 ) (86,999 ) (95,613 ) Goodwill impairment (3,215 ) — — Depreciation (193,659 ) (178,292 ) (175,518 ) Amortization of intangibles (68,314 ) (63,825 ) (60,997 ) Fees to Manager - related party (44,866 ) (71,388 ) (68,486 ) Pension expense (8,306 ) (8,106 ) (8,601 ) Other (expense) income, net (25,178 ) (5,734 ) 9,296 Total consolidated net income from continuing operations before income taxes $ 114,079 $ 204,267 $ 197,778 |
Schedule of Capital Expenditures | Capital expenditures, on a cash basis, for the Company’s reportable segments were ($ in thousands): Year Ended December 31, 2018 2017 2016 IMTT $ 63,518 $ 73,802 $ 96,865 Atlantic Aviation 67,445 82,249 113,092 MIC Hawaii 22,664 29,373 35,459 Corporate and other 23,529 28,800 11,782 Total capital expenditures of reportable segments $ 177,156 $ 214,224 $ 257,198 |
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 as of December 31 st Property, Equipment, Goodwill Total Assets 2018 2017 2018 2017 2018 2017 IMTT $ 2,249,758 $ 2,305,440 $ 1,427,108 $ 1,427,863 $ 4,020,508 $ 4,109,448 Atlantic Aviation 564,859 559,597 496,019 495,769 1,675,717 1,710,535 MIC Hawaii 299,923 302,220 120,193 123,408 501,142 532,144 Corporate and other 26,867 30,150 — — 598,762 68,962 Total assets of reportable segments $ 3,141,407 $ 3,197,407 $ 2,043,320 $ 2,047,040 $ 6,796,129 $ 6,421,089 Assets held for sale — — — — 647,652 1,587,862 Total consolidated assets $ 3,141,407 $ 3,197,407 $ 2,043,320 $ 2,047,040 $ 7,443,781 $ 8,008,951 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Dividends Paid to Manager | Since January 1, 2016, the Company paid the Manager cash dividends on shares held for the following periods: Declared Period Covered $ per Share Record Date Payable Date Cash Paid to February 14, 2019 Fourth quarter 2018 $ 1.00 March 4, 2019 March 7, 2019 (1) October 30, 2018 Third quarter 2018 1.00 November 12, 2018 November 15, 2018 $ 12,317 July 31, 2018 Second quarter 2018 1.00 August 13, 2018 August 16, 2018 10,711 May 1, 2018 First quarter 2018 1.00 May 14, 2018 May 17, 2018 6,213 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 October 27, 2016 Third quarter 2016 1.29 November 10, 2016 November 15, 2016 5,620 July 28, 2016 Second quarter 2016 1.25 August 11, 2016 August 16, 2016 8,743 April 28, 2016 First quarter 2016 1.20 May 12, 2016 May 17, 2016 6,981 February 18, 2016 Fourth quarter 2015 1.15 March 3, 2016 March 8, 2016 6,510 (1) The amount of dividend payable to the Manager for the fourth quarter of 2018 will be determined on March 04, 2019, the record date. |
Schedule of Base Management Fees and Performance Fees | The following table shows the Manager’s reinvestment of its base management fees and performance fees, if any, in shares: Period Base Management Performance Shares Issued 2018 Activities: Fourth quarter 2018 $ 8,753 $ — 220,208 (1) Third quarter 2018 12,333 — 269,286 Second quarter 2018 10,852 — 277,053 First quarter 2018 12,928 — 265,002 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 2016 Activities: Fourth quarter 2016 $ 18,916 $ — 230,773 Third quarter 2016 18,382 — 232,488 Second quarter 2016 16,392 — 232,835 First quarter 2016 14,796 — 234,179 (1) The Manager elected to reinvest all of the monthly base management fees for the fourth quarter of 2018 in shares. The Company issued 220,208 shares for the quarter ended December 31, 2018, including 60,048 shares that were issued in January 2019 for the December 2018 monthly base management fee. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Taxes | Components of the Company’s income tax provision (benefit) related to the income from continuing operations for the years ended December 31, 2018, 2017 and 2016 were ($ in thousands): Year Ended December 31, 2018 2017 2016 Current taxes: State $ 13,950 $ 11,031 $ 7,304 Total current tax provision $ 13,950 $ 11,031 $ 7,304 Deferred taxes: Federal $ 30,886 $ (247,077 ) $ 78,722 State 8,977 5,409 (2,049 ) Total deferred tax provision (benefit) 39,863 (241,668 ) 76,673 Change in valuation allowance (4,362 ) 1,134 (14,664 ) Total tax provision (benefit) $ 49,451 $ (229,503 ) $ 69,313 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2018 and 2017, were ($ in thousands): At December 31, 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 25,916 $ 43,866 Deferred revenue 6,891 8,854 Accrued compensation 2,658 6,156 Accrued expenses 25,573 25,008 Investment and foreign tax credits 3,744 12,338 Other 531 499 Total gross deferred tax assets 65,313 96,721 Less: valuation allowance (1,091 ) (5,453 ) Net deferred tax assets $ 64,222 $ 91,268 Deferred tax liabilities: Intangible assets $ (93,207 ) $ (91,020 ) Investment basis difference (18,929 ) (19,954 ) Property and equipment (623,799 ) (609,817 ) Unrealized gains on derivative instruments, net (1,595 ) (6,479 ) Equity component of convertible senior notes (6,515 ) (7,761 ) Prepaid expenses (1,115 ) (1,151 ) Total deferred tax liabilities (745,160 ) (736,182 ) Net deferred tax liabilities $ (680,938 ) $ (644,914 ) |
Schedule of Reconciliation of Income Taxes | These amounts are different from the amounts computed by applying the U.S. federal income tax rate for the period to pretax income as a result of the following ($ in thousands): Year Ended December 31, 2018 2017 2016 Tax provision at U.S. statutory rate $ 23,957 $ 71,493 $ 69,222 Permanent differences and other 3,962 10,381 8,078 State income taxes, net of federal benefit 18,620 11,443 8,392 Income attributable to noncontrolling interest 695 621 (259 ) Change in investment and foreign tax credits 6,579 (8,139 ) (1,456 ) Change in U.S. tax law — (316,436 ) — Change in valuation allowance (4,362 ) 1,134 (14,664 ) Total tax provision (benefit) $ 49,451 $ (229,503 ) $ 69,313 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Commitments | Future minimum rental commitments at December 31, 2018 are ($ in thousands): 2019 $ 47,679 2020 44,152 2021 41,278 2022 39,824 2023 39,525 Thereafter 460,988 Total $ 673,446 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payment for Pension and Other Postretirement Benefits [Abstract] | |
Additional Information About Fair Value of Benefit Plan Assets Components of Net Periodic Cost and Projected Benefit Obligation | Additional information about the fair value of the benefit plan assets, the components of net periodic cost and the projected benefit obligation as of and for the years ended December 31, 2018 and 2017 are ($ in thousands). HG DB IMTT DB Other Total 2018 2017 2018 2017 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation – beginning of year $ 53,344 $ 50,933 $ 161,805 $ 140,853 $ 29,294 $ 26,808 $ 244,443 $ 218,594 Service cost 728 753 5,784 5,316 1,239 1,041 7,751 7,110 Interest cost 1,868 1,982 5,718 5,808 1,055 1,087 8,641 8,877 Plan amendments — — — — — 243 — 243 Participant contributions — — — — 103 62 103 62 Actuarial (gains) losses (4,088 ) 2,082 (21,733 ) 16,964 (2,533 ) 1,384 (28,354 ) 20,430 Benefits paid (2,584 ) (2,406 ) (8,546 ) (8,177 ) (1,494 ) (1,331 ) (12,624 ) (11,914 ) Special termination benefits — — — 1,041 — — — 1,041 Benefit obligation – end of year $ 49,268 $ 53,344 $ 143,028 $ 161,805 $ 27,664 $ 29,294 $ 219,960 $ 244,443 Change in plan assets: Fair value of plan assets – beginning of year $ 50,866 $ 46,717 $ 101,776 $ 95,938 $ 9,429 $ 8,371 $ 162,071 $ 151,026 Actual return on plan assets (2,144 ) 6,555 (5,081 ) 14,015 (580 ) 1,305 (7,805 ) 21,875 Employer contributions — — — — 1,098 1,022 1,098 1,022 Participant contributions — — — — 103 62 103 62 Benefits paid (2,584 ) (2,406 ) (8,546 ) (8,177 ) (1,494 ) (1,331 ) (12,624 ) (11,914 ) Fair value of plan assets – end of year $ 46,138 $ 50,866 $ 88,149 $ 101,776 $ 8,556 $ 9,429 $ 142,843 $ 162,071 |
Funded Status | The funded status at December 31, 2018 and 2017, are presented in the following table ($ in thousands): HG DB IMTT DB Plan Benefits Other Total 2018 2017 2018 2017 2018 2017 2018 2017 Funded status Funded status at end of year $ (3,130 ) $ (2,478 ) $ (54,879 ) $ (60,029 ) $ (19,108 ) $ (19,865 ) $ (77,117 ) $ (82,372 ) Net amount recognized in balance sheet (1) $ (3,130 ) $ (2,478 ) $ (54,879 ) $ (60,029 ) $ (19,108 ) $ (19,865 ) $ (77,117 ) $ (82,372 ) Amounts recognized in balance sheet consisting of: Current liabilities $ — $ — $ — $ — $ (1,267 ) $ (1,224 ) $ (1,267 ) $ (1,224 ) Noncurrent liabilities (3,130 ) (2,478 ) (54,879 ) (60,029 ) (17,841 ) (18,641 ) (75,850 ) (81,148 ) Net amount recognized in balance sheet (1) $ (3,130 ) $ (2,478 ) $ (54,879 ) $ (60,029 ) $ (19,108 ) $ (19,865 ) $ (77,117 ) $ (82,372 ) (1) Generally accepted accounting principles require measurement of defined benefit pension liabilities utilizing current discount rates. Statutory funding formulas permit measurement of defined benefit pension liabilities utilizing discount rates based on a 25-year average of those rates, which more closely matches the expected payout period for those liabilities. The IMTT and Hawaii Gas defined benefit pension plans both exceed 100% of the statutory funding target as of December 31, 2018. |
Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Loss | Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss for the years ended December 31, 2018 and 2017 are presented in the following table ($ in thousands): HG DB IMTT DB Other Total 2018 2017 2018 2017 2018 2017 2018 2017 Prior service cost $ — $ — $ — $ — $ (161 ) $ (163 ) $ (161 ) $ (163 ) Accumulated loss (9,798 ) (9,407 ) (7,147 ) (18,320 ) (4,190 ) (5,865 ) (21,135 ) (33,592 ) Accumulated other comprehensive loss (9,798 ) (9,407 ) (7,147 ) (18,320 ) (4,351 ) (6,028 ) (21,296 ) (33,755 ) Net periodic benefit cost in excess (deficit) of cumulative employer contributions 6,668 6,929 (47,732 ) (41,709 ) (14,757 ) (13,837 ) (55,821 ) (48,617 ) Net amount recognized in balance sheet $ (3,130 ) $ (2,478 ) $ (54,879 ) $ (60,029 ) $ (19,108 ) $ (19,865 ) $ (77,117 ) $ (82,372 ) |
Components of Net Periodic Benefit Cost and Other Changes in Other Comprehensive Income for Plans | The components of net periodic benefit cost and other changes in other comprehensive loss (income) for the plans are shown below ($ in thousands): HG DB IMTT DB Other Total 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost: Service cost $ 728 $ 753 $ 744 $ 5,784 $ 5,316 $ 6,285 $ 1,239 $ 1,041 $ 810 $ 7,751 $ 7,110 $ 7,839 Interest cost 1,868 1,982 2,046 5,718 5,808 6,172 1,055 1,087 974 8,641 8,877 9,192 Expected return on plan assets (2,916 ) (2,675 ) (2,448 ) (5,479 ) (5,794 ) (6,374 ) (534 ) (473 ) (502 ) (8,929 ) (8,942 ) (9,324 ) Recognized actuarial loss 581 795 854 — — — 256 281 91 837 1,076 945 Amortization of prior service credit (cost) — — — — — — 2 (15 ) (15 ) 2 (15 ) (15 ) Special Termination benefits — — — — 1,041 — — — — — 1,041 — Net periodic benefit cost $ 261 $ 855 $ 1,196 $ 6,023 $ 6,371 $ 6,083 $ 2,018 $ 1,921 $ 1,358 $ 8,302 $ 9,147 $ 8,637 Other changes recognized in other comprehensive loss (income): Prior service cost arising during the year $ — $ — $ — $ — $ — $ — $ — $ 243 $ — $ — $ 243 $ — Net loss (gain) arising during the year 972 (1,798 ) 156 (11,173 ) 8,743 8,428 (1,419 ) 552 4,545 (11,620 ) 7,497 13,129 Liability gain due to curtailment — — — — — (8,777 ) — — — — — (8,777 ) Amortization of prior service (credit) cost — — — — — — (2 ) 15 15 (2 ) 15 15 Amortization of loss (581 ) (795 ) (854 ) — — — (256 ) (281 ) (91 ) (837 ) (1,076 ) (945 ) Total recognized in other comprehensive loss (income) $ 391 $ (2,593 ) $ (698 ) $ (11,173 ) $ 8,743 $ (349 ) $ (1,677 ) $ 529 $ 4,469 $ (12,459 ) $ 6,679 $ 3,422 The estimated amounts that will be amortized from accumulated other comprehensive loss (income) over the next year are presented in the following table ($ in thousands): HG DB IMTT DB Other Total 2018 2017 2018 2017 2018 2017 2018 2017 Amortization of prior service cost $ — $ — $ — $ — $ 2 $ 2 $ 2 $ 2 Amortization of net loss 696 563 — 188 105 225 801 976 The assumptions used in accounting for the HG DB Plan Benefits, IMTT DB Plan Benefits and Other Plan Benefits are: HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits 2018 2017 2016 2018 2017 2016 2018 2017 2016 Weighted average assumptions to determine benefit obligations: Discount rate 4.25 % 3.60 % 4.00 % 4.35 % 3.70 % 4.30 % 3.91% to 4.35 % 3.25% to 3.70 % 3.56% to 4.25 % Rate of compensation increase N/A N/A N/A 4.57 % 4.57 % 4.57 % 4.57 % (1) 4.57 % (1) 4.57 % (1) Measurement date December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 Weighted average assumptions to determine net cost: Discount rate 3.60 % 4.00 % 4.20 % 3.70 % 4.30 % 4.65 % 3.25% to 3.70 % 3.56% to 4.25 % 3.78% to 4.55 % Expected long-term rate of return on plan assets during fiscal year 5.90 % 5.90 % 5.90 % 5.60 % 6.25 % 6.75 % 5.75 % (2) 5.75 % (2) 6.25 % (2) Rate of compensation increase N/A N/A N/A 4.57 % 4.57 % 4.57 % 4.57 % (1) 4.57 % (1) 4.57 % (1) Assumed healthcare cost trend rates: Initial health care cost trend rate 8.00% to 8.50 % 6.98% to 7.0 % 7.20% to 7.25 % Ultimate rate 4.50% to 5.00% 4.50% to 5.00 % 4.50% to 5.00 % Year ultimate rate is reached 2026 to 2027 2025 to 2028 2025 to 2028 (1) Only applies to IMTT post-retirement life insurance plan. (2) Only applies to IMTT-Illinois Union Plan. |
DB Plan Weighted Average Asset Allocation | The weighted average asset allocation at December 31, 2018 and 2017 was: HG DB IMTT DB Other 2018 2017 2018 2017 2018 2017 Equity securities 23 % 36 % 42 % 43 % 45 % 45 % Fixed income securities 71 % 58 % 41 % 44 % 44 % 46 % Private equity — — 7 % 4 % 1 % — Global Real Estate Fund 4 % 5 % 6 % 7 % 6 % 7 % Cash 2 % 1 % 4 % 2 % 4 % 2 % Total 100 % 100 % 100 % 100 % 100 % 100 % |
Asset Allocations of Hawaii Gas's Pension Benefits | The expected returns on plan assets were estimated based on the allocation of assets and management’s expectations regarding future performance of the investments held in the investment portfolios. The asset allocations as of December 31, 2018 and 2017 measurement dates were ($ in thousands): Fair Value Measurements at December 31, 2018 Total Quoted Prices Significant Significant Net Asset category: Cash and money market $ 4,618 $ 4,618 $ — $ — $ — Equity securities 51,662 — 51,662 — — Fixed income securities 73,359 — 73,359 — — Global Real Estate Fund 7,319 — 7,319 — — Domestic private equity 5,885 — — — 5,885 Total $ 142,843 $ 4,618 $ 132,340 $ — $ 5,885 Fair Value Measurements at December 31, 2017 Total Quoted Prices Significant Significant Net Asset category: Cash and money market $ 3,177 $ 3,177 $ — $ — $ — Equity securities 66,741 — 66,741 — — Fixed income securities 78,242 — 78,242 — — Global real estate fund 9,607 — 9,607 — — Domestic private equity 4,304 — — — 4,304 Total $ 162,071 $ 3,177 $ 154,590 $ — $ 4,304 |
Estimated Future Benefit Payments | The estimated future benefit payments for the next ten years are ($ in thousands): HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits Total 2019 $ 3,001 $ 7,552 $ 1,663 $ 12,216 2020 3,072 8,383 1,784 13,239 2021 3,116 6,422 1,742 11,280 2022 3,132 7,301 1,681 12,114 2023 3,152 7,304 1,739 12,195 Thereafter 15,743 43,176 9,597 68,516 Total $ 31,216 $ 80,138 $ 18,206 $ 129,560 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Data | The following table represents the summary of financial data from both continuing and discontinued operations for the quarters related to the years ended December 31, 2018 and 2017. Quarter ended March 31 June 30 September 30 December 31 (In Thousands, except per share data) 2018 Revenue from continuing operations $ 466,269 $ 436,677 $ 420,830 $ 437,757 Operating income from continuing operations 75,379 58,251 51,912 46,569 Net income (loss) from continuing operations attributable to MIC 39,672 27,647 1,474 (713 ) Net income from discontinued operations attributable to MIC (1) 37,162 10,719 20,230 330 Per share information attributable to MIC: Basic income (loss) per share from continuing operations attributable to MIC $ 0.47 $ 0.32 $ 0.02 $ (0.01 ) Basic income per share from discontinued operations attributable to MIC (1) 0.44 0.13 0.23 — Basic income (loss) per share attributable to 0.91 0.45 0.25 (0.01 ) Diluted income (loss) per share from continuing operations attributable to MIC (2) $ 0.47 $ 0.32 $ 0.02 $ (0.01 ) Diluted income per share from discontinued operations attributable to MIC (1) (2) 0.44 0.13 0.23 — Diluted income (loss) per share attributable to MIC 0.91 0.45 0.25 (0.01 ) Cash dividends declared per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 2017 Revenue from continuing operations $ 423,387 $ 398,824 $ 410,616 $ 435,960 Operating income from continuing operations 76,271 63,703 69,894 70,749 Net income from continuing operations attributable to MIC 32,437 19,180 27,912 354,650 Net income (loss) from discontinued operations attributable to MIC (1) 3,578 6,840 12,183 (5,578 ) Per share information attributable to MIC: Basic income per share from continuing operations attributable to MIC $ 0.39 $ 0.23 $ 0.33 $ 4.19 Basic income (loss) per share from discontinued operations attributable to MIC (1) 0.05 0.09 0.15 (0.06 ) Basic income per share attributable to MIC 0.44 0.32 0.48 4.13 Diluted income per share from continuing operations attributable to MIC (2) $ 0.39 $ 0.23 $ 0.33 $ 3.88 Diluted income (loss) per share from discontinued operations attributable to MIC (1) (2) 0.05 0.09 0.15 (0.06 ) Diluted income per share attributable to MIC 0.44 0.32 0.48 3.82 Cash dividends declared per share $ 1.32 $ 1.38 $ 1.42 $ 1.44 (1) See Note 5, “Discontinued Operations and Dispositions”, for discussions on businesses classified as held for sale for the periods presented above. (2) See Note 6, “Income per Share”, for further discussions for potentially dilutive shares. |
Organization and Description _2
Organization and Description of Business (Narrative) (Details) | Dec. 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 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)Item | Dec. 31, 2017USD ($)Item | Dec. 31, 2016USD ($) | Jul. 16, 2014 | ||
Significant Accounting Policies [Line Items] | |||||
Number Of Solar Projects | Item | 7 | ||||
Number of wind power generation facilities | Item | 2 | ||||
Inventory Net, held for sale | $ 12,900 | $ 16,600 | |||
Inventory Net, materials and supplies | 16,400 | 16,500 | |||
Accrued expenses | $ 85,867 | 79,576 | |||
Weighted Average Remaining Life Of Deferred Financing Costs | 6.1 years | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | [1] | $ (4,394) | 0 | $ 0 | |
Retained Earnings [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | [1] | $ 4,394 | 0 | $ 0 | |
IMTT [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Condition for consolidation, minimum ownership percentage | 50.00% | ||||
Cost Method Investment in unconsolidated business | $ 8,400 | $ 9,100 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration Risk, Percentage | 10.00% | 10.00% | |||
Customer Concentration Risk [Member] | Sales Revenue [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | ||
Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Debt issuance costs amortized period | 4 years | ||||
Operating Lease, Right-of-Use Asset | $ 375,000 | ||||
Operating Lease, Liability | $ 375,000 | ||||
Minimum [Member] | Building [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 20 years | ||||
Minimum [Member] | Leaseholds and Leasehold Improvements [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 8 years | ||||
Minimum [Member] | Machinery and Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Debt issuance costs amortized period | 12 years | ||||
Operating Lease, Right-of-Use Asset | $ 425,000 | ||||
Operating Lease, Liability | $ 425,000 | ||||
Maximum [Member] | Building [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 30 years | ||||
Maximum [Member] | Leaseholds and Leasehold Improvements [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 30 years | ||||
Maximum [Member] | Machinery and Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 30 years | ||||
IMTT Acquisition [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Equity interest acquired | 20.00% | ||||
MIC Hawaii [Member] | Building [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 68 years | ||||
MIC Hawaii [Member] | Leaseholds and Leasehold Improvements [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 68 years | ||||
MIC Hawaii [Member] | Machinery and Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 68 years | ||||
[1] | See Note 2, “Summary of Significant Accounting Policies — Recently Issued Accounting Standards”, for the Company’s adoption of ASU No. 2016-18. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Estimated Economic Useful Lives of Property Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 20 years |
Minimum [Member] | Leasehold and land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 8 years |
Minimum [Member] | Machinery and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 5 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 30 years |
Maximum [Member] | Leasehold and land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 30 years |
Maximum [Member] | Machinery and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 30 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant and Equipment, Useful life | 15 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Estimated Useful Lives of Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Trade names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Technology [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Minimum [Member] | Customer relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Minimum [Member] | Contract arrangements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 8 years |
Minimum [Member] | Non-compete agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Maximum [Member] | Customer relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 30 years |
Maximum [Member] | Contract arrangements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 57 years |
Maximum [Member] | Non-compete agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Implementation of ASU 2014-09 (
Implementation of ASU 2014-09 (Narrative) (Details) - Contracted Power [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Maximum [Member] | |
Life of Purchase Power Agreements | 25 years |
Minimum [Member] | |
Life of Purchase Power Agreements | 20 years |
Long-Term Contracted Revenue (D
Long-Term Contracted Revenue (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Lease Revenue [Member] | |
Rental Revenue 2019 | $ 251,359 |
Rental Revenue 2020 | 135,733 |
Rental Revenue 2021 | 74,223 |
Rental Revenue 2022 | 51,839 |
Rental Revenue 2023 | 32,650 |
Thereafter | 101,250 |
Total | 647,054 |
Contract Revenue [Member] | |
Contract Revenue 2019 | 60,551 |
Contract Revenue 2020 | 35,069 |
Contract Revenue 2021 | 28,389 |
Contract Revenue 2022 | 24,058 |
Contract Revenue 2023 | 16,730 |
Thereafter | 17,608 |
Total | 182,405 |
Total Longterm Revenue [Member] | |
Total Long-Term Revenue 2019 | 311,910 |
Total Long-Term Revenue 2020 | 170,802 |
Total Long-Term Revenue 2021 | 102,612 |
Total Long-Term Revenue 2022 | 75,897 |
Total Long-Term Revenue 2023 | 49,380 |
Thereafter | 118,858 |
Total | $ 829,459 |
Discontinued Operations and D_3
Discontinued Operations and Dispositions (Narrative) (Details) - USD ($) $ in Millions | Oct. 12, 2018 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ (30) | |
Design-build mechanical contractor business [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | (9) | |
Bayonne Energy Center [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash Consideration From Divestiture Of Businesses | $ 657.4 | |
Debt Assumed By Buyer From Divestiture Of Business | 243.5 | |
Gain (Loss) on Disposition of Business | (17) | $ (17) |
Transaction Costs on Business Disposal | $ (9.4) |
Discontinued Operations and D_4
Discontinued Operations and Dispositions (Company's consolidated balance sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Assets | |||||
Cash and cash equivalents | $ 2,930 | $ 1,277 | |||
Restricted cash | 13,943 | 14,668 | |||
Accounts receivable | 9,291 | 11,531 | |||
Other current assets | 4,959 | 9,438 | |||
Total current assets | [1] | 647,652 | 36,914 | ||
Property, equipment, land and leasehold improvements, net | 606,352 | 1,462,207 | |||
Goodwill | 0 | 21,628 | [2] | ||
Intangible assets, net | 8,905 | 62,347 | |||
Other noncurrent assets | 1,272 | 4,766 | |||
Total assets | 647,652 | 1,587,862 | |||
Liabilities | |||||
Accounts payable and accrued expenses | 6,927 | 11,622 | |||
Current portion of long-term debt | 20,431 | 29,339 | |||
Other current liabilities | 724 | 9,704 | |||
Total current liabilities | [1] | 317,178 | 50,665 | ||
Long term debt, net of current portion | 283,285 | 538,657 | |||
Tolling agreements - noncurrent | 0 | 52,595 | |||
Other noncurrent liabilities | 5,811 | 11,785 | |||
Total liabilities | 317,178 | 653,702 | |||
Noncontrolling interest | 141,500 | 184,300 | $ 182,900 | ||
Current Assets - Discontinued Operations [Member] | |||||
Assets | |||||
Total current assets | 31,123 | 36,914 | |||
Current Liabilities - Discontinued Operations [Member] | |||||
Liabilities | |||||
Total current liabilities | 28,082 | 50,665 | |||
Noncontrolling Interest - Discontinued Operations [Member] | |||||
Liabilities | |||||
Noncontrolling interest | $ 141,495 | $ 184,286 | |||
[1] | See Note 5, “Discontinued Operations and Dispositions”, for further discussion on assets and liabilities held for sale. | ||||
[2] | Goodwill classified to assets held for sale related to BEC, which was sold on October 12, 2018. See Note 5, “Discontinued Operations and Dispositions” for further discussion. |
Discontinued Operations and D_5
Discontinued Operations and Dispositions (Company's Consolidated Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2018 | [3] | Sep. 30, 2018 | [3] | Jun. 30, 2018 | [3] | Mar. 31, 2018 | [3] | Dec. 31, 2017 | [3] | Sep. 30, 2017 | [3] | Jun. 30, 2017 | [3] | Mar. 31, 2017 | [3] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Product revenue | $ 150,218 | $ 145,926 | $ 149,699 | |||||||||||||||||
Cost of product sales | (23,820) | (20,524) | (23,291) | |||||||||||||||||
Selling, general & administrative expenses | (25,320) | (24,681) | (25,405) | |||||||||||||||||
Depreciation and amortization | (38,517) | (60,300) | (55,402) | |||||||||||||||||
Interest expense, net | (17,094) | (23,487) | (21,274) | |||||||||||||||||
Other (expense) income, net | [1] | (13,719) | 757 | 4,021 | ||||||||||||||||
Net income from discontinued operations before income taxes | [2] | 31,748 | 17,691 | 28,348 | ||||||||||||||||
(Provision) benefit for income taxes | [2] | (2,128) | 4,651 | (1,944) | ||||||||||||||||
Net income from discontinued operations | [2] | 29,620 | 22,342 | 26,404 | ||||||||||||||||
Less: net (loss) income attributable to noncontrolling interests | (38,821) | 5,319 | 2,096 | |||||||||||||||||
Net income from discontinued operations attributable to MIC | $ 330 | $ 20,230 | $ 10,719 | $ 37,162 | $ (5,578) | $ 12,183 | $ 6,840 | $ 3,578 | $ 68,441 | $ 17,023 | $ 24,308 | |||||||||
[1] | For the year ended December 31, 2018, other (expense) income, net includes non-cash loss of approximately $17.0 million from the sale of BEC. | |||||||||||||||||||
[2] | See Note 5, “Discontinued Operations and Dispositions”, for discussions on businesses classified as held for sale. | |||||||||||||||||||
[3] | See Note 5, “Discontinued Operations and Dispositions”, for discussions on businesses classified as held for sale for the periods presented above. |
Income per Share (Narrative) (D
Income per Share (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2016shares | Dec. 31, 2018shares | Dec. 31, 2017shares | Dec. 31, 2016USD ($)shares | Sep. 05, 2018Item | |
Class of Stock [Line Items] | |||||
Performance fee reinvested by the Manager | $ | $ 67.8 | ||||
Restricted stock unit grants forfeited | 2,151 | ||||
Independent Directors appointed | Item | 2 | ||||
Restricted stock unit grants June 18, 2015 [Member] | |||||
Class of Stock [Line Items] | |||||
Potentially dilutive shares | 8,660 | ||||
Restricted Stock Unit Grants May 18, 2016 [Member] | |||||
Class of Stock [Line Items] | |||||
Potentially dilutive shares | 8,604 | 8,604 | |||
Restricted Stock Unit Grants November 1, 2016 [Member] | |||||
Class of Stock [Line Items] | |||||
Potentially dilutive shares | 991 | 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% | 2.875% | |||
Maturity | Jul. 31, 2019 | 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% | 2.00% | |||
Maturity | Oct. 1, 2023 | Oct. 1, 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. 1, 2023 | ||||
Restricted stock unit grants May 17, 2017 [Member] | |||||
Class of Stock [Line Items] | |||||
Potentially dilutive shares | 9,435 | 9,435 | |||
Restricted Stock Unit Grants September 5 2018 [Member] | |||||
Class of Stock [Line Items] | |||||
Potentially dilutive shares | 4,416 | ||||
Restricted Stock Unit Grants June 7 2018 [Member] | |||||
Class of Stock [Line Items] | |||||
Potentially dilutive shares | 19,230 |
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 | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Numerator: | |||||||||||||||||||
Net income from continuing operations attributable to MIC | $ (713) | $ 1,474 | $ 27,647 | $ 39,672 | $ 354,650 | $ 27,912 | $ 19,180 | $ 32,437 | $ 68,080 | $ 434,179 | $ 132,073 | ||||||||
Diluted net income from continuing operations attributable to MIC | 68,080 | 450,058 | 127,550 | ||||||||||||||||
Basic and diluted net income from discontinued operations attributable to MIC | $ 330 | [1] | $ 20,230 | [1] | $ 10,719 | [1] | $ 37,162 | [1] | $ (5,578) | [1] | $ 12,183 | [1] | $ 6,840 | [1] | $ 3,578 | [1] | $ 68,441 | $ 17,023 | $ 24,308 |
Denominator: | |||||||||||||||||||
Weighted average number of shares outstanding: basic | 85,233,989 | 83,204,404 | 80,892,654 | ||||||||||||||||
Dilutive effect of restricted stock unit grants | 15,876 | 9,495 | 9,589 | ||||||||||||||||
Dilutive effect of fees to Manager-related party | 0 | 0 | 549,404 | ||||||||||||||||
Weighted average number of shares outstanding: diluted | 85,249,865 | 91,073,362 | 82,218,627 | ||||||||||||||||
Income (loss) per share: | |||||||||||||||||||
Basic income (loss) per share from continuing operations attributable to MIC | $ (0.01) | $ 0.02 | $ 0.32 | $ 0.47 | $ 4.19 | $ 0.33 | $ 0.23 | $ 0.39 | $ 0.80 | $ 5.22 | $ 1.63 | ||||||||
Basic income (loss) per share from discontinued operations attributable to MIC | 0 | [1] | 0.23 | [1] | 0.13 | [1] | 0.44 | [1] | (0.06) | [1] | 0.15 | [1] | 0.09 | [1] | 0.05 | [1] | 0.80 | 0.20 | 0.30 |
Basic income (loss) per share attributable to MIC | (0.01) | 0.25 | 0.45 | 0.91 | 4.13 | 0.48 | 0.32 | 0.44 | 1.60 | 5.42 | 1.93 | ||||||||
Diluted income (loss) per share from continuing operations attributable to MIC | (0.01) | [2] | 0.02 | [2] | 0.32 | [2] | 0.47 | [2] | 3.88 | [2] | 0.33 | [2] | 0.23 | [2] | 0.39 | [2] | 0.80 | 4.94 | 1.55 |
Diluted income (loss) per share from discontinued operations attributable to MIC | 0 | [1],[2] | 0.23 | [1],[2] | 0.13 | [1],[2] | 0.44 | [1],[2] | (0.06) | [1],[2] | 0.15 | [1],[2] | 0.09 | [1],[2] | 0.05 | [1],[2] | 0.80 | 0.19 | 0.30 |
Diluted income (loss) per share attributable to MIC | $ (0.01) | $ 0.25 | $ 0.45 | $ 0.91 | $ 3.82 | $ 0.48 | $ 0.32 | $ 0.44 | $ 1.60 | $ 5.13 | $ 1.85 | ||||||||
2.875% Convertible Senior Notes July 2019 [Member] | |||||||||||||||||||
Numerator: | |||||||||||||||||||
Interest expense attributable to convertible Senior Notes, net of taxes | $ 0 | $ 7,811 | $ 0 | ||||||||||||||||
Denominator: | |||||||||||||||||||
Dilutive effect of convertible Senior Notes | 0 | 4,252,609 | 0 | ||||||||||||||||
2.00% Convertible Senior Notes October 2023 [Member] | |||||||||||||||||||
Numerator: | |||||||||||||||||||
Interest expense attributable to convertible Senior Notes, net of taxes | $ 0 | $ 8,068 | $ (4,523) | ||||||||||||||||
Denominator: | |||||||||||||||||||
Dilutive effect of convertible Senior Notes | 0 | 3,606,854 | 766,980 | ||||||||||||||||
[1] | See Note 5, “Discontinued Operations and Dispositions”, for discussions on businesses classified as held for sale for the periods presented above. | ||||||||||||||||||
[2] | See Note 6, “Income per Share”, for further discussions for potentially dilutive shares. |
Income per Share (Schedule of S
Income per Share (Schedule of Shares Excluded from Calculation) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 8,000,575 | 0 | 4,177,097 |
2.875% Convertible senior notes due July 2019 [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 4,368,725 | 0 | 4,177,097 |
2.00% Convertible Senior Notes due October 2023 [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 3,631,850 | 0 | 0 |
Property, Equipment, Land and_3
Property, Equipment, Land and Leasehold Improvements (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 318,976 | $ 338,843 |
Easements | 131 | 131 |
Buildings | 40,184 | 40,846 |
Leasehold and land improvements | 769,772 | 705,537 |
Machinery and equipment | 2,783,507 | 2,705,133 |
Furniture and fixtures | 44,666 | 39,386 |
Construction in progress | 112,910 | 130,133 |
Property, Plant and Equipment, Gross, Total | 4,070,146 | 3,960,009 |
Less: accumulated depreciation | (928,739) | (762,602) |
Property, equipment, land and leasehold improvements, net | $ 3,141,407 | $ 3,197,407 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 2,200,000 | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 36.00% | |||
Amortization of Intangible Assets | $ 68,314 | $ 63,825 | $ 60,997 | |
Trade Names [Member] | ||||
Finite And Indefinite Lived Trade Names Net | 13,300 | |||
Atlantic Aviation [Member] | ||||
Increase In Fair Value Of Net Assets | $ 2,000,000 | |||
Atlantic Aviation [Member] | Indefinite-lived Intangible Assets [Member] | ||||
Finite And Indefinite Lived Trade Names Net | 7,500 | |||
Hawaii Gas Business [Member] | ||||
Increase In Fair Value Of Net Assets | 250,000 | |||
Hawaii Gas Business [Member] | Indefinite-lived Intangible Assets [Member] | ||||
Finite And Indefinite Lived Trade Names Net | $ 5,800 | |||
IMTT [Member] | ||||
Increase In Fair Value Of Net Assets | $ 20,000 | |||
Percentage increase in discount rate | 0.25% | |||
Change in fair value from goodwill sensitivity | $ 80,000 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Intangible Assets [Line Items] | ||
Contractual arrangements | $ 920,874 | $ 914,768 |
Non-compete agreements | 13,665 | 14,014 |
Customer relationships | 353,004 | 361,623 |
Leasehold rights | 100 | 100 |
Trade names | 16,091 | 16,091 |
Technology | 8,760 | 8,760 |
Intangible assets, gross | 1,312,494 | 1,315,356 |
Less: accumulated amortization | (523,733) | (463,605) |
Intangible assets, net | $ 788,761 | $ 851,751 |
Intangible Assets (Schedule o_2
Intangible Assets (Schedule of Estimated Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |
2,019 | $ 58,946 |
2,020 | 50,162 |
2,021 | 44,906 |
2,022 | 43,392 |
2,023 | 41,885 |
Thereafter | 541,979 |
Total | $ 781,270 |
Intangible Assets (Schedule o_3
Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | ||
Intangible Assets [Abstract] | |||||
Goodwill acquired in business combinations, net of disposals, at December 31, 2017 | $ 2,193,478 | ||||
Accumulated impairment charges | (123,200) | ||||
Reclassification to assets held for sale | $ 0 | (21,628) | [1] | ||
Balance at December 31, 2017 | 2,047,040 | ||||
Goodwill impairment | (3,215) | 0 | [2] | $ 0 | |
Other | (505) | (1,610) | |||
Balance at December 31, 2018 | $ 2,043,320 | $ 2,047,040 | |||
[1] | Goodwill classified to assets held for sale related to BEC, which was sold on October 12, 2018. See Note 5, “Discontinued Operations and Dispositions” for further discussion. | ||||
[2] | See Note 2, “Summary of Significant Accounting Policies — Recently Issued Accounting Standards”, for the Company’s adoption of ASU No. 2016-18. |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Dec. 05, 2018USD ($) | Dec. 04, 2018 | Jul. 15, 2018USD ($) | Feb. 10, 2016USD ($) | Dec. 06, 2018USD ($) | Oct. 13, 2018USD ($) | Feb. 28, 2018USD ($) | Jan. 31, 2018USD ($) | Oct. 31, 2016USD ($)$ / shares | Jul. 31, 2016USD ($) | May 31, 2015USD ($) | May 21, 2015USD ($) | Jul. 31, 2014USD ($)$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016 | Jan. 03, 2018USD ($) | Oct. 06, 2016USD ($) | Feb. 29, 2016USD ($) | |
Debt Disclosure [Line Items] | ||||||||||||||||||||
Current and long-term debt | $ 3,063,316,000 | $ 3,039,734,000 | ||||||||||||||||||
Letters of Credit | 34,600,000 | |||||||||||||||||||
Unamortized deferred financing costs | [1] | $ 49,402,000 | 26,584,000 | |||||||||||||||||
Maximum [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Debt instrument, term | 7 years | |||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Debt instrument, term | 4 years | |||||||||||||||||||
MIC Corporate [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Current and long-term debt | $ 733,595,000 | 873,477,000 | ||||||||||||||||||
Atlantic Aviation [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Current and long-term debt | 1,025,000,000 | 648,000,000 | ||||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 3,000,000 | |||||||||||||||||||
IMTT [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Current and long-term debt | 1,108,975,000 | 1,318,975,000 | ||||||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Undrawn portion of line of credit | 1,600,000,000 | |||||||||||||||||||
Revolving Credit Facility [Member] | MIC Corporate [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Current and long-term debt | 0 | 143,500,000 | ||||||||||||||||||
Borrowing capacity | $ 600,000,000 | $ 250,000,000 | $ 600,000,000 | 410,000,000 | $ 600,000,000 | |||||||||||||||
Debt instrument, term | 5 years | |||||||||||||||||||
Fixed portion of interest rate component | 1.75% | |||||||||||||||||||
Repayment of revolving credit facility | $ 420,500,000 | |||||||||||||||||||
Borrowings of revolving credit facility | $ 277,000,000 | |||||||||||||||||||
Maturity | Jan. 3, 2022 | Jan. 3, 2022 | ||||||||||||||||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Current and long-term debt | $ 0 | 258,000,000 | ||||||||||||||||||
Borrowing capacity | $ 350,000,000 | 350,000,000 | $ 70,000,000 | |||||||||||||||||
Debt instrument, term | 5 years | |||||||||||||||||||
Repayment of revolving credit facility | 326,000,000 | |||||||||||||||||||
Borrowings of revolving credit facility | $ 68,000,000 | |||||||||||||||||||
Maturity | Dec. 6, 2023 | |||||||||||||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Borrowing capacity | $ 60,000,000 | $ 60,000,000 | $ 60,000,000 | |||||||||||||||||
Repayment of revolving credit facility | 20,000,000 | |||||||||||||||||||
Borrowings of revolving credit facility | $ 20,000,000 | |||||||||||||||||||
Maturity | Feb. 28, 2023 | Feb. 28, 2023 | ||||||||||||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | Maximum [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Fixed portion of interest rate component | 1.75% | |||||||||||||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | Minimum [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Fixed portion of interest rate component | 1.00% | |||||||||||||||||||
Revolving Credit Facility [Member] | IMTT [Member] | Pre-Refinancing | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Maturity | May 21, 2020 | |||||||||||||||||||
Revolving Credit Facility [Member] | IMTT [Member] | Post-Refinancing | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Maturity | Dec. 5, 2023 | |||||||||||||||||||
Revolving Credit Facility [Member] | United States- IMTT [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Current and long-term debt | $ 0 | 210,000,000 | ||||||||||||||||||
Borrowing capacity | $ 550,000,000 | $ 550,000,000 | ||||||||||||||||||
Fixed portion of interest rate component | 1.50% | |||||||||||||||||||
Repayment of revolving credit facility | $ 227,000,000 | |||||||||||||||||||
Borrowings of revolving credit facility | $ 17,000,000 | |||||||||||||||||||
Maturity | Dec. 5, 2023 | |||||||||||||||||||
Revolving Credit Facility [Member] | Canada- IMTT [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Borrowing capacity | 50,000,000 | $ 50,000,000 | ||||||||||||||||||
Fixed portion of interest rate component | 1.50% | |||||||||||||||||||
Maturity | Dec. 5, 2023 | |||||||||||||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Borrowing capacity | $ 1,025,000,000 | $ 1,025,000,000 | ||||||||||||||||||
Debt instrument, term | 7 years | |||||||||||||||||||
Maturity | Dec. 6, 2025 | |||||||||||||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Borrowing capacity | $ 80,000,000 | $ 80,000,000 | $ 80,000,000 | |||||||||||||||||
Maturity | Feb. 28, 2023 | Feb. 28, 2023 | ||||||||||||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | Maximum [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Fixed portion of interest rate component | 1.75% | |||||||||||||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | Minimum [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Fixed portion of interest rate component | 1.00% | |||||||||||||||||||
Term Loan Facility [Member] | Solar Power Facilities [Member] | MIC Hawaii [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Current and long-term debt | $ 15,700,000 | |||||||||||||||||||
Borrowing capacity | $ 18,000,000 | |||||||||||||||||||
Debt instrument, term | 10 years | |||||||||||||||||||
Fixed portion of interest rate component | 2.00% | |||||||||||||||||||
Tax Exempt Bonds [Member] | IMTT [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Borrowing capacity | $ 509,000,000 | |||||||||||||||||||
Fixed portion of interest rate component | 0.45% | 0.45% | ||||||||||||||||||
Percentage of the Variable rate | 80.00% | 80.00% | ||||||||||||||||||
Tax Exempt Bonds [Member] | IMTT [Member] | Pre-Refinancing | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Maturity | May 21, 2022 | |||||||||||||||||||
Tax Exempt Bonds [Member] | IMTT [Member] | Post-Refinancing | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Maturity | Dec. 5, 2025 | |||||||||||||||||||
Interest Rate Swap [Member] | Term Loan Facility [Member] | Hawaii Gas Business [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Notional amount of derivative | $ 80,000,000 | |||||||||||||||||||
Fixed interest rate | 0.99% | |||||||||||||||||||
Derivatives, expiration date | Feb. 8, 2020 | |||||||||||||||||||
Weighted average interest rate | 2.74% | |||||||||||||||||||
Interest Rate Swap [Member] | Term Loan Facility [Member] | Solar Power Facilities [Member] | MIC Hawaii [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Derivatives, expiration date | Jun. 30, 2026 | |||||||||||||||||||
Weighted average interest rate | 3.38% | |||||||||||||||||||
Interest Rate Swap [Member] | Tax Exempt Bonds [Member] | IMTT [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Notional amount of derivative | $ 361,100,000 | |||||||||||||||||||
Fixed interest rate | 1.677% | |||||||||||||||||||
Derivative, Term of Contract | 6 years | |||||||||||||||||||
Derivatives, expiration date | Jun. 1, 2021 | |||||||||||||||||||
Senior Notes [Member] | Hawaii Gas Business [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Current and long-term debt | $ 100,000,000 | |||||||||||||||||||
Borrowing capacity | $ 100,000,000 | |||||||||||||||||||
Interest Rate | 4.22% | |||||||||||||||||||
Maturity | Aug. 31, 2022 | |||||||||||||||||||
Debt Instrument, Fair Value Disclosure | $ 100,000,000 | |||||||||||||||||||
Senior Notes [Member] | IMTT [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Debt Instrument, Fair Value Disclosure | 575,000,000 | |||||||||||||||||||
Senior Notes [Member] | IMTT [Member] | Senior Series A Notes [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Borrowing capacity | $ 325,000,000 | |||||||||||||||||||
Interest Rate | 3.92% | |||||||||||||||||||
Maturity | May 21, 2025 | |||||||||||||||||||
Senior Notes [Member] | IMTT [Member] | Senior Series B Notes [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Borrowing capacity | $ 275,000,000 | |||||||||||||||||||
Interest Rate | 4.02% | |||||||||||||||||||
Maturity | May 21, 2027 | |||||||||||||||||||
2.875% Convertible Senior Notes due July 2019 [Member] | MIC Corporate [Member] | ||||||||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||||||||
Debt instrument, term | 5 years | |||||||||||||||||||
Conversion rate | 12.5258 | 11.7942 | ||||||||||||||||||
Convertible senior notes | $ 350,000,000 | $ 349,900,000 | $ 350,000,000 | |||||||||||||||||
Face value of convertible senior notes | $ 1,000 | $ 1,000 | ||||||||||||||||||
Interest Rate | 2.875% | 2.875% | 2.875% | |||||||||||||||||
Conversion price | $ / shares | $ 84.79 | |||||||||||||||||||
Maturity | Jul. 31, 2019 | Jul. 31, 2019 | 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 | $ 375,800,000 | $ 383,700,000 | $ 380,000,000 | |||||||||||||||||
Debt instrument, term | 7 years | |||||||||||||||||||
Conversion rate | 9.0290 | 8.9364 | ||||||||||||||||||
Convertible senior notes | $ 402,500,000 | |||||||||||||||||||
Face value of convertible senior notes | $ 1,000 | $ 1,000 | ||||||||||||||||||
Interest Rate | 2.00% | 2.00% | 2.00% | 2.00% | ||||||||||||||||
Conversion price | $ / shares | $ 111.90 | |||||||||||||||||||
Maturity | Oct. 1, 2023 | Oct. 1, 2023 | Oct. 1, 2023 | Oct. 1, 2023 | ||||||||||||||||
Interest Rate, Effective | 3.10% | |||||||||||||||||||
Unamortized debt discount | $ 18,800,000 | |||||||||||||||||||
Fair value of Convertible senior notes | $ 335,000,000 | |||||||||||||||||||
Equity component of Convertible senior notes | $ 26,700,000 | |||||||||||||||||||
Unamortized deferred financing costs | 11,000,000 | |||||||||||||||||||
Capitalized Cost Equity Component Convertible Notes | 729,000 | |||||||||||||||||||
Proceeds from Convertible senior notes | $ 392,400,000 | |||||||||||||||||||
[1] | The weighted average remaining life of the deferred financing costs at December 31, 2018 was 6.1 years. |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | |||
Current and long-term Debt | $ 3,063,316 | $ 3,039,734 | |
Current portion | (361,166) | (21,496) | |
Long-term portion | 2,702,150 | 3,018,238 | |
Unamortized deferred financing costs | [1] | (49,402) | (26,584) |
Long-term portion less unamortized debt discount and deferred financing costs | $ 2,652,748 | 2,991,654 | |
Weighted Average Remaining Life Of Deferred Financing Costs | 6.1 years | ||
IMTT [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | $ 1,108,975 | 1,318,975 | |
Atlantic Aviation [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | 1,025,000 | 648,000 | |
MIC Hawaii [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | 195,746 | 199,282 | |
MIC Corporate [Member] | |||
Debt Instrument [Line Items] | |||
Current and long-term Debt | $ 733,595 | $ 873,477 | |
[1] | The weighted average remaining life of the deferred financing costs at December 31, 2018 was 6.1 years. |
Long-Term Debt (Schedule of Fut
Long-Term Debt (Schedule of Future Maturities of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
2,019 | $ 361,166 |
2,020 | 11,265 |
2,021 | 11,310 |
2,022 | 111,357 |
2,023 | 493,905 |
Thereafter | 2,093,161 |
Total | $ 3,082,164 |
Long-Term Debt (Schedule of 2.0
Long-Term Debt (Schedule of 2.00% Convertible Senior Notes Due October 2023) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Long-term debt, net of unamortized debt discount | $ 3,063,316 | $ 3,039,734 | |
Unamortized deferred financing costs | [1] | (49,402) | (26,584) |
Net carrying amount | 2,652,748 | 2,991,654 | |
MIC Corporate [Member] | |||
Long-term debt, net of unamortized debt discount | 733,595 | 873,477 | |
MIC Corporate [Member] | 2.00% Convertible Senior Notes due October 2023 [Member] | |||
Principal | 402,500 | 402,500 | |
Unamortized debt discount | (18,848) | (22,475) | |
Long-term debt, net of unamortized debt discount | 383,652 | 380,025 | |
Unamortized deferred financing costs | (7,140) | (8,643) | |
Net carrying amount | 376,512 | 371,382 | |
Equity Component | $ 26,748 | $ 26,748 | |
[1] | The weighted average remaining life of the deferred financing costs at December 31, 2018 was 6.1 years. |
Long-Term Debt (Schedule of Tot
Long-Term Debt (Schedule of Total Interest Expense Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Debt Instrument [Line Items] | ||||||
Amortization of debt discount | $ 3,627 | $ 3,266 | [1] | $ 1,007 | [1] | |
Amortization of deferred financing costs | 11,353 | 7,184 | [1] | 19,552 | [1] | |
Total interest expense | [2] | 112,626 | 86,999 | 95,613 | ||
MIC Corporate [Member] | 2.00% Convertible Senior Notes due October 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest expense | 8,050 | 7,782 | 1,969 | |||
Amortization of debt discount | 3,627 | 3,266 | 1,007 | |||
Amortization of deferred financing costs | 1,503 | 1,509 | 306 | |||
Total interest expense | $ 13,180 | $ 12,557 | $ 3,282 | |||
[1] | See Note 2, “Summary of Significant Accounting Policies — Recently Issued Accounting Standards”, for the Company’s adoption of ASU No. 2016-18. | |||||
[2] | Interest expense includes gains on derivative instruments of $7.6 million and $2.2 million and losses on derivative instruments of $2.5 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Long-Term Debt (Schedule of Mat
Long-Term Debt (Schedule of Material Terms) (Details) - USD ($) $ in Thousands | Feb. 10, 2016 | Dec. 06, 2018 | Feb. 28, 2018 | Jan. 31, 2018 | Jul. 31, 2014 | Dec. 31, 2018 | Dec. 05, 2018 | Jan. 03, 2018 | Dec. 31, 2017 | Oct. 06, 2016 |
Line of Credit Facility [Line Items] | ||||||||||
Current and long-term debt | $ 3,063,316 | $ 3,039,734 | ||||||||
Minimum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Term | 4 years | |||||||||
Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Term | 7 years | |||||||||
IMTT [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Current and long-term debt | $ 1,108,975 | 1,318,975 | ||||||||
IMTT [Member] | Tax Exempt Bonds [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Current and long-term debt | $ 509,000 | |||||||||
Fixed portion of interest rate component | 0.45% | |||||||||
Percentage of the Variable rate | 80.00% | |||||||||
Tender period | Dec. 31, 2025 | |||||||||
IMTT [Member] | Minimum [Member] | Tax Exempt Bonds [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maturity | Dec. 31, 2027 | |||||||||
IMTT [Member] | Maximum [Member] | Tax Exempt Bonds [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maturity | Aug. 31, 2046 | |||||||||
Atlantic Aviation [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Current and long-term debt | $ 1,025,000 | 648,000 | ||||||||
Hawaii Gas Business [Member] | Senior Notes [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Borrowing capacity | $ 100,000 | |||||||||
Maturity | Aug. 31, 2022 | |||||||||
Current and long-term debt | $ 100,000 | |||||||||
Interest Rate | 4.22% | |||||||||
MIC Corporate [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Current and long-term debt | $ 733,595 | 873,477 | ||||||||
2.00% Convertible Senior Notes due October 2023 [Member] | MIC Corporate [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maturity | Oct. 1, 2023 | |||||||||
Current and long-term debt | $ 383,700 | |||||||||
Interest Rate | 2.00% | |||||||||
Unamortized debt discount | $ 18,800 | |||||||||
2.875% Convertible Senior Notes due July 2019 [Member] | MIC Corporate [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maturity | Jul. 31, 2019 | |||||||||
Current and long-term debt | $ 349,900 | |||||||||
Interest Rate | 2.875% | |||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Borrowing capacity | $ 1,025,000 | $ 1,025,000 | ||||||||
Maturity | Dec. 6, 2025 | |||||||||
Amortization | 1.00% | |||||||||
Debt Instrument, Term | 7 years | |||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | LIBOR [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 3.75% | |||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | Alternate Base Rate [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 2.75% | |||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Borrowing capacity | $ 80,000 | $ 80,000 | $ 80,000 | |||||||
Maturity | Feb. 28, 2023 | Feb. 28, 2023 | ||||||||
Number of extensions | 2 | |||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | Base Rate [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 0.75% | |||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | LIBOR [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 1.75% | |||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 1.00% | |||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 1.75% | |||||||||
Term Loan Facility [Member] | Federal Funds Rate [Member] | Atlantic Aviation [Member] | Alternate Base Rate [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 0.50% | |||||||||
Term Loan Facility [Member] | Federal Funds Rate [Member] | Hawaii Gas Business [Member] | Base Rate [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 0.50% | |||||||||
Term Loan Facility [Member] | One-month LIBOR [Member] | Atlantic Aviation [Member] | Alternate Base Rate [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 1.00% | |||||||||
Revolving Credit Facility [Member] | United States- IMTT [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Borrowing capacity | $ 550,000 | $ 550,000 | ||||||||
Maturity | Dec. 5, 2023 | |||||||||
Current and long-term debt | $ 0 | 210,000 | ||||||||
Fixed portion of interest rate component | 1.50% | |||||||||
Interest rate and fees, commitment fee percentage | 0.20% | |||||||||
Revolving Credit Facility [Member] | Canada- IMTT [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Borrowing capacity | $ 50,000 | $ 50,000 | ||||||||
Maturity | Dec. 5, 2023 | |||||||||
Fixed portion of interest rate component | 1.50% | |||||||||
Interest rate and fees, commitment fee percentage | 0.20% | |||||||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Borrowing capacity | $ 350,000 | $ 350,000 | $ 70,000 | |||||||
Maturity | Dec. 6, 2023 | |||||||||
Current and long-term debt | $ 0 | 258,000 | ||||||||
Debt Instrument, Term | 5 years | |||||||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate and fees, commitment fee percentage | 0.25% | |||||||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | Minimum [Member] | LIBOR [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 1.50% | |||||||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | Minimum [Member] | Alternate Base Rate [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 0.50% | |||||||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate and fees, commitment fee percentage | 0.35% | |||||||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | Maximum [Member] | LIBOR [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 2.25% | |||||||||
Revolving Credit Facility [Member] | Atlantic Aviation [Member] | Maximum [Member] | Alternate Base Rate [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 1.25% | |||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Borrowing capacity | $ 60,000 | $ 60,000 | $ 60,000 | |||||||
Maturity | Feb. 28, 2023 | Feb. 28, 2023 | ||||||||
Interest rate and fees, commitment fee percentage | 0.225% | |||||||||
Number of extensions | 2 | |||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | Base Rate [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 0.25% | |||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | LIBOR [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 1.25% | |||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 1.00% | |||||||||
Revolving Credit Facility [Member] | Hawaii Gas Business [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 1.75% | |||||||||
Revolving Credit Facility [Member] | MIC Corporate [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Borrowing capacity | $ 600,000 | $ 250,000 | $ 600,000 | $ 600,000 | 410,000 | |||||
Maturity | Jan. 3, 2022 | Jan. 3, 2022 | ||||||||
Current and long-term debt | $ 0 | $ 143,500 | ||||||||
Fixed portion of interest rate component | 1.75% | |||||||||
Interest rate and fees, commitment fee percentage | 0.275% | |||||||||
Debt Instrument, Term | 5 years | |||||||||
Revolving Credit Facility [Member] | Federal Funds Rate [Member] | Hawaii Gas Business [Member] | Base Rate [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Fixed portion of interest rate component | 0.50% | |||||||||
Senior Series B Notes [Member] | IMTT [Member] | Senior Notes [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maturity | May 21, 2027 | |||||||||
Current and long-term debt | $ 275,000 | |||||||||
Interest Rate | 4.02% | |||||||||
Senior Series A Notes [Member] | IMTT [Member] | Senior Notes [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maturity | May 21, 2025 | |||||||||
Current and long-term debt | $ 325,000 | |||||||||
Interest Rate | 3.92% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) gal in Millions, $ in Millions | Dec. 05, 2018USD ($) | Dec. 04, 2018 | Dec. 06, 2018USD ($) | Feb. 28, 2018USD ($) | Oct. 31, 2016USD ($) | Jul. 31, 2016USD ($) | May 31, 2015USD ($) | Dec. 31, 2018USD ($)gal | Dec. 31, 2017USD ($) | Feb. 29, 2016USD ($) | Feb. 10, 2016USD ($) |
Derivative [Line Items] | |||||||||||
Long-term Debt | $ 3,100 | $ 3,100 | |||||||||
Fixed rate debt | 1,500 | 1,500 | |||||||||
Unhedged Debt | 682.6 | 601.5 | |||||||||
Interest Rate Contracts [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Debt economically hedged with interest rate contracts | $ 947.1 | $ 1,000 | |||||||||
Hawaii Gas Business [Member] | Commodity Price Hedges [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Derivatives, expiration date | Dec. 1, 2020 | ||||||||||
Derivative, Nonmonetary Notional Amount, Volume | gal | 39.1 | ||||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Borrowing capacity | $ 1,025 | $ 1,025 | |||||||||
Debt instrument, term | 7 years | ||||||||||
Maturity | Dec. 6, 2025 | ||||||||||
Term Loan Facility [Member] | Atlantic Aviation [Member] | Interest Rate Cap [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount of derivative | $ 400 | ||||||||||
Derivatives, expiration date | Sep. 30, 2021 | ||||||||||
Derivative, Cap Interest Rate | 1.00% | ||||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Borrowing capacity | $ 80 | $ 80 | $ 80 | ||||||||
Maturity | Feb. 28, 2023 | Feb. 28, 2023 | |||||||||
Term Loan Facility [Member] | Hawaii Gas Business [Member] | Interest Rate Swaps [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount of derivative | $ 80 | ||||||||||
Fixed interest rate | 0.99% | ||||||||||
Weighted average interest rate | 2.74% | ||||||||||
Derivatives, expiration date | Feb. 8, 2020 | ||||||||||
Tax-exempt bonds [Member] | IMTT [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Fixed portion of interest rate component | 0.45% | 0.45% | |||||||||
Borrowing capacity | $ 509 | ||||||||||
Percentage of the Variable rate | 80.00% | 80.00% | |||||||||
Increase in unhedged debt | $ 57.6 | ||||||||||
Tax-exempt bonds [Member] | IMTT [Member] | Interest Rate Swaps [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount of derivative | $ 361.1 | ||||||||||
Fixed interest rate | 1.677% | ||||||||||
Derivatives, expiration date | Jun. 1, 2021 | ||||||||||
Derivative, Term of Contract | 6 years | ||||||||||
Tax-exempt bonds [Member] | IMTT [Member] | Pre-Refinancing | |||||||||||
Derivative [Line Items] | |||||||||||
Maturity | May 21, 2022 | ||||||||||
Tax-exempt bonds [Member] | IMTT [Member] | Post-Refinancing | |||||||||||
Derivative [Line Items] | |||||||||||
Maturity | Dec. 5, 2025 | ||||||||||
Solar Power Facilities [Member] | Term Loan Facility [Member] | MIC Hawaii [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Fixed portion of interest rate component | 2.00% | ||||||||||
Borrowing capacity | $ 18 | ||||||||||
Debt instrument, term | 10 years | ||||||||||
Solar Power Facilities [Member] | Term Loan Facility [Member] | MIC Hawaii [Member] | Interest Rate Swaps [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount of derivative | $ 18 | ||||||||||
Weighted average interest rate | 3.38% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Schedule of Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments – current assets | $ 10,516 | $ 11,965 |
Fair value of derivative instruments – noncurrent assets | 14,536 | 22,011 |
Total derivative contracts – assets | 25,052 | 33,976 |
Fair value of derivative instruments – other current liabilities | (2,508) | 0 |
Fair value of derivative instruments – other noncurrent liabilities | (58) | 0 |
Total derivative contracts – liabilities | $ (2,566) | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Schedule of Location of Hedging Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivative instruments | $ 2,580 | $ 9,030 | $ 11,400 |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivative instruments | 7,600 | 2,200 | (2,500) |
Interest Expense [Member] | Interest Rate Cap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivative instruments | 3,758 | 120 | 8,124 |
Interest Expense [Member] | Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivative instruments | 3,852 | 2,119 | (10,638) |
Cost of product sales [Member] | Commodity swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivative instruments | $ (5,030) | $ 6,791 | $ 13,914 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2014shares | Feb. 15, 2019$ / shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017$ / sharesshares | May 18, 2016shares | May 21, 2015Item | |
Shares Activity [Line Items] | ||||||
Shares, authorized | 500,000,000 | 500,000,000 | ||||
Common stock, value per share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||
Special stock, authorized | 100 | |||||
Special stock, par value per share | $ / shares | $ 0.001 | |||||
Preferred stock, authorized | 100,000,000 | |||||
Preferred stock, par value per share | $ / shares | $ 0.001 | |||||
Shares, issued | 85,800,303 | 84,733,957 | ||||
Shares, outstanding | 85,800,303 | 84,733,957 | ||||
Special stock, issued | 100 | |||||
Special stock, outstanding | 100 | |||||
Preferred stock, issued | 0 | |||||
Preferred stock, outstanding | 0 | |||||
2014 Independent Director Equity Plan [Member] | ||||||
Shares Activity [Line Items] | ||||||
Shares available for grant | 248,664 | |||||
2014 Independent Director Equity Plan [Member] | Maximum [Member] | ||||||
Shares Activity [Line Items] | ||||||
Shares authorized under 2014 Independent Director Equity Plan | 300,000 | |||||
Fair Value of awards granted | $ | $ 350,000 | |||||
Omnibus Employee Incentive Plan 2016 [Member] | ||||||
Shares Activity [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | |||||
Special Stock [Member] | Macquarie Infrastructure Management (USA) Inc. [Member] | ||||||
Shares Activity [Line Items] | ||||||
Right to appoint number of directors | Item | 1 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance | $ 3,350,703 | [1] | $ 3,147,534 | ||||
Cumulative effect of change in accounting principle | [2] | (4,394) | 0 | $ 0 | |||
Change in post-retirement benefit plans | [3] | (8,973) | 3,651 | 2,017 | |||
Translation adjustment | [4],[5] | (4,857) | 2,618 | 2,375 | |||
Purchase of noncontrolling interest | $ (4,600) | ||||||
Balance | 3,116,327 | [1] | 3,350,703 | [1] | 3,147,534 | ||
Change in post-retirement benefit plans, taxes | (3,500) | 3,000 | 1,400 | ||||
Translation adjustment, taxes | 1,900 | (2,000) | (618) | ||||
IMTT [Member] | Quebec Marine Terminal [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Equity interest acquired | 33.30% | ||||||
Post-Retirement Benefit Plans, net of taxes | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance | [6] | (20,456) | (16,805) | (14,788) | |||
Cumulative effect of change in accounting principle | [2] | (4,139) | |||||
Change in post-retirement benefit plans | [6] | 8,973 | (3,651) | (2,017) | |||
Translation adjustment | [6] | 0 | 0 | 0 | |||
Purchase of noncontrolling interest | [6],[7] | 0 | |||||
Balance | [6] | (15,622) | (20,456) | (16,805) | |||
Translation Adjustment, net of taxes | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance | [8] | (9,537) | (12,155) | (14,530) | |||
Cumulative effect of change in accounting principle | [2] | (255) | |||||
Change in post-retirement benefit plans | [8] | 0 | 0 | 0 | |||
Translation adjustment | [8] | (4,857) | 2,618 | 2,375 | |||
Purchase of noncontrolling interest | [7],[8] | 0 | |||||
Balance | [8] | (14,649) | (9,537) | (12,155) | |||
Total Accumulated Other Comprehensive Loss, net of taxes | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance | (29,993) | (28,960) | (29,318) | ||||
Cumulative effect of change in accounting principle | [2] | (4,394) | |||||
Change in post-retirement benefit plans | 8,973 | (3,651) | (2,017) | ||||
Translation adjustment | (4,857) | 2,618 | 2,375 | ||||
Purchase of noncontrolling interest | [7] | 0 | |||||
Balance | (30,271) | (29,993) | (28,960) | ||||
Noncontrolling Interests | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance | 0 | 0 | 6,023 | ||||
Cumulative effect of change in accounting principle | [2] | 0 | |||||
Change in post-retirement benefit plans | 0 | 0 | 0 | ||||
Translation adjustment | 0 | 0 | (1,434) | ||||
Purchase of noncontrolling interest | [7] | (4,589) | |||||
Balance | 0 | 0 | 0 | ||||
Noncontrolling Interests | IMTT [Member] | Quebec Marine Terminal [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Purchase of noncontrolling interest | $ (4,600) | ||||||
Total Stockholders' Accumulated Other Comprehensive Loss, net of taxes | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance | (29,993) | (28,960) | (23,295) | ||||
Cumulative effect of change in accounting principle | [2] | (4,394) | |||||
Change in post-retirement benefit plans | 8,973 | (3,651) | (2,017) | ||||
Translation adjustment | (4,857) | 2,618 | 941 | ||||
Purchase of noncontrolling interest | [7] | (4,589) | |||||
Balance | $ (30,271) | $ (29,993) | $ (28,960) | ||||
[1] | See Note 11, “Stockholders’ Equity”, for discussions on preferred stock and special stock. | ||||||
[2] | See Note 2, “Summary of Significant Accounting Policies — Recently Issued Accounting Standards”, for the Company’s adoption of ASU No. 2016-18. | ||||||
[3] | Change in post-retirement benefit plans is presented net of tax expense of $3.5 million and net of tax benefit of $3.0 million and $1.4 million for the years ended December 31, 2018, 2017 and 2016, respectively. See Note 11, “Stockholders’ Equity”, for further discussions. | ||||||
[4] | On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. See Note 11, “Stockholders’ Equity”, for disclosures on accumulated other comprehensive loss. | ||||||
[5] | Translation adjustment is presented net of tax benefit of $1.9 million and net of tax expense of $2.0 million and $618,000 for the years ended December 31, 2018, 2017, and 2016, respectively. See Note 11, “Stockholders’ Equity”, for further discussions. | ||||||
[6] | Change in post-retirement benefit plans is presented net of tax expense of $3.5 million and net of tax benefit of $3.0 million and $1.4 million for the years ended December 31, 2018, 2017, and 2016, respectively. | ||||||
[7] | On March 31, 2016, IMTT acquired the remaining 33.3% interest in its Quebec terminal that it did not previously own. As part of this transaction, the translation adjustment of $4.6 million, net of taxes, was reclassified from noncontrolling interests to accumulated other comprehensive loss. | ||||||
[8] | Translation adjustment is presented net of tax benefit of $1.9 million and net of tax expense of $2.0 million and $618,000 for the years ended December 31, 2018, 2017, and 2016, respectively. |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of Dividends) (Details) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Dividend One [Member] | |
Dividends Payable [Line Items] | |
Declared | Feb. 18, 2016 |
Period Covered | Fourth quarter 2015 |
$ per Share | $ 1.15 |
Record Date | Mar. 3, 2016 |
Payable Date | Mar. 8, 2016 |
Dividend Two [Member] | |
Dividends Payable [Line Items] | |
Declared | Apr. 28, 2016 |
Period Covered | First quarter 2016 |
$ per Share | $ 1.20 |
Record Date | May 12, 2016 |
Payable Date | May 17, 2016 |
Dividend Three [Member] | |
Dividends Payable [Line Items] | |
Declared | Jul. 28, 2016 |
Period Covered | Second quarter 2016 |
$ per Share | $ 1.25 |
Record Date | Aug. 11, 2016 |
Payable Date | Aug. 16, 2016 |
Dividend Four [Member] | |
Dividends Payable [Line Items] | |
Declared | Oct. 27, 2016 |
Period Covered | Third quarter 2016 |
$ per Share | $ 1.29 |
Record Date | Nov. 10, 2016 |
Payable Date | Nov. 15, 2016 |
Dividend Five [Member] | |
Dividends Payable [Line Items] | |
Declared | Feb. 17, 2017 |
Period Covered | Fourth quarter 2016 |
$ per Share | $ 1.31 |
Record Date | Mar. 3, 2017 |
Payable Date | Mar. 8, 2017 |
Dividend Six [Member] | |
Dividends Payable [Line Items] | |
Declared | May 2, 2017 |
Period Covered | First quarter 2017 |
$ per Share | $ 1.32 |
Record Date | May 15, 2017 |
Payable Date | May 18, 2017 |
Dividend Seven [Member] | |
Dividends Payable [Line Items] | |
Declared | Aug. 1, 2017 |
Period Covered | Second quarter 2017 |
$ per Share | $ 1.38 |
Record Date | Aug. 14, 2017 |
Payable Date | Aug. 17, 2017 |
Dividend Eight [Member] | |
Dividends Payable [Line Items] | |
Declared | Oct. 30, 2017 |
Period Covered | Third quarter 2017 |
$ per Share | $ 1.42 |
Record Date | Nov. 13, 2017 |
Payable Date | Nov. 16, 2017 |
Dividend Nine [Member] | |
Dividends Payable [Line Items] | |
Declared | Feb. 19, 2018 |
Period Covered | Fourth quarter 2017 |
$ per Share | $ 1.44 |
Record Date | Mar. 5, 2018 |
Payable Date | Mar. 8, 2018 |
Dividend Ten [Member] | |
Dividends Payable [Line Items] | |
Declared | May 1, 2018 |
Period Covered | First quarter 2018 |
$ per Share | $ 1 |
Record Date | May 14, 2018 |
Payable Date | May 17, 2018 |
Dividend Eleven [Member] | |
Dividends Payable [Line Items] | |
Declared | Jul. 31, 2018 |
Period Covered | Second quarter 2018 |
$ per Share | $ 1 |
Record Date | Aug. 13, 2018 |
Payable Date | Aug. 16, 2018 |
Dividend Twelve [Member] | |
Dividends Payable [Line Items] | |
Declared | Oct. 30, 2018 |
Period Covered | Third quarter 2018 |
$ per Share | $ 1 |
Record Date | Nov. 12, 2018 |
Payable Date | Nov. 15, 2018 |
Dividend Thirteen [Member] | |
Dividends Payable [Line Items] | |
Declared | Feb. 14, 2019 |
Period Covered | Fourth quarter 2018 |
$ per Share | $ 1 |
Record Date | Mar. 4, 2019 |
Payable Date | Mar. 7, 2019 |
Stockholders' Equity (Schedul_3
Stockholders' Equity (Schedule of Stock Issued to Board of Directors) (Details) - $ / shares | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2018 | ||
Director [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Restricted stock, net of forfeitures | 2,151 | ||
Range One [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Date of Grant | [1] | May 18, 2016 | |
Stock Units Granted | [1] | 8,604 | |
Price of Stock Units Granted | [1] | $ 69.72 | |
Date of Vesting | [1] | May 16, 2017 | |
Range Two [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Date of Grant | [2] | Nov. 1, 2016 | |
Stock Units Granted | [2] | 991 | |
Price of Stock Units Granted | [2] | $ 81.93 | |
Date of Vesting | [2] | May 16, 2017 | |
Range Three [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Date of Grant | May 17, 2017 | ||
Stock Units Granted | 9,435 | ||
Price of Stock Units Granted | $ 79.51 | ||
Date of Vesting | May 15, 2018 | ||
Range Four [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Date of Grant | [3] | Jun. 7, 2018 | |
Stock Units Granted | [3] | 19,230 | |
Price of Stock Units Granted | [3] | $ 39 | |
Range Five [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Date of Grant | [2] | Sep. 5, 2018 | |
Stock Units Granted | [2] | 4,416 | |
Price of Stock Units Granted | [2] | $ 47.03 | |
[1] | Restricted stock unit grants are net of forfeitures of 2,151 restricted stock unit grants due to the retirement of an independent director on September 30, 2016. | ||
[2] | Represents additional restricted stock unit grants to new independent directors during the respective years. | ||
[3] | Date of vesting will be the day immediately preceding the 2019 annual meeting of the Company's stockholders. |
Reportable Segments (Narrative)
Reportable Segments (Narrative) (Details) - Item | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Number of solar projects | 7 | |
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 | 70 | |
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 | |
Life of Purchase Power Agreements | 20 years |
Reportable Segments (Revenue fr
Reportable Segments (Revenue from external customers for the Company's consolidated reportable segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | $ 437,757 | $ 420,830 | $ 436,677 | $ 466,269 | $ 435,960 | $ 410,616 | $ 398,824 | $ 423,387 | $ 1,761,533 | $ 1,668,787 | $ 1,502,032 | |||
IMTT [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 510,783 | 549,422 | 532,472 | |||||||||||
Atlantic Aviation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 962,492 | 846,431 | 740,209 | |||||||||||
MIC Hawaii [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 291,789 | 277,868 | 233,921 | |||||||||||
Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 894 | 311 | ||||||||||||
Inter company Adjustments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | (4,425) | (4,934) | (4,881) | |||||||||||
Terminal Services [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 89,607 | 85,017 | 80,517 | |||||||||||
Terminal Services [Member] | IMTT [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 89,630 | 85,062 | 80,607 | |||||||||||
Terminal Services [Member] | Atlantic Aviation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Terminal Services [Member] | MIC Hawaii [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Terminal Services [Member] | Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | ||||||||||||
Terminal Services [Member] | Inter company Adjustments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | (23) | (45) | (90) | |||||||||||
Lease Service [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 397,993 | 426,560 | 413,971 | |||||||||||
Lease Service [Member] | IMTT [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 402,395 | 431,449 | 418,762 | |||||||||||
Lease Service [Member] | Atlantic Aviation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Lease Service [Member] | MIC Hawaii [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Lease Service [Member] | Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | ||||||||||||
Lease Service [Member] | Inter company Adjustments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | (4,402) | (4,889) | (4,791) | |||||||||||
Fuel Service [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 704,249 | 614,739 | 528,950 | |||||||||||
Fuel Service [Member] | IMTT [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Fuel Service [Member] | Atlantic Aviation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 704,249 | 614,739 | 528,950 | |||||||||||
Fuel Service [Member] | MIC Hawaii [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Fuel Service [Member] | Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | ||||||||||||
Fuel Service [Member] | Inter company Adjustments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Hangar Service [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 88,239 | 77,584 | 68,939 | |||||||||||
Hangar Service [Member] | IMTT [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Hangar Service [Member] | Atlantic Aviation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 88,239 | 77,584 | 68,939 | |||||||||||
Hangar Service [Member] | MIC Hawaii [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Hangar Service [Member] | Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | ||||||||||||
Hangar Service [Member] | Inter company Adjustments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Construction Service [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 42,819 | 53,587 | 20,762 | |||||||||||
Construction Service [Member] | IMTT [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Construction Service [Member] | Atlantic Aviation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Construction Service [Member] | MIC Hawaii [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 42,819 | 53,587 | 20,762 | |||||||||||
Construction Service [Member] | Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | ||||||||||||
Construction Service [Member] | Inter company Adjustments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Other Service [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | [1] | 192,242 | 188,345 | 175,423 | ||||||||||
Other Service [Member] | IMTT [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | [1] | 18,758 | 32,911 | 33,103 | ||||||||||
Other Service [Member] | Atlantic Aviation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | [1] | 170,004 | 154,108 | 142,320 | ||||||||||
Other Service [Member] | MIC Hawaii [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 3,438 | [1] | 1,326 | 0 | [1] | |||||||||
Other Service [Member] | Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | [1] | 42 | 0 | |||||||||||
Other Service [Member] | Inter company Adjustments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | [1] | 0 | 0 | 0 | ||||||||||
Total Service Revenue [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 1,515,149 | 1,445,832 | 1,288,562 | |||||||||||
Total Service Revenue [Member] | IMTT [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 510,783 | 549,422 | 532,472 | |||||||||||
Total Service Revenue [Member] | Atlantic Aviation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 962,492 | 846,431 | 740,209 | |||||||||||
Total Service Revenue [Member] | MIC Hawaii [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 46,257 | 54,913 | 20,762 | |||||||||||
Total Service Revenue [Member] | Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 42 | 0 | ||||||||||||
Total Service Revenue [Member] | Inter company Adjustments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | (4,425) | (4,934) | (4,881) | |||||||||||
Lease Product [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 4,594 | 3,001 | 1,351 | |||||||||||
Lease Product [Member] | IMTT [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Lease Product [Member] | Atlantic Aviation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Lease Product [Member] | MIC Hawaii [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 4,594 | 3,001 | 1,040 | |||||||||||
Lease Product [Member] | Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 311 | ||||||||||||
Lease Product [Member] | Inter company Adjustments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Gas Product [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 229,436 | 208,684 | 200,965 | |||||||||||
Gas Product [Member] | IMTT [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Gas Product [Member] | Atlantic Aviation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Gas Product [Member] | MIC Hawaii [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 229,436 | 208,684 | 200,965 | |||||||||||
Gas Product [Member] | Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | ||||||||||||
Gas Product [Member] | Inter company Adjustments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Other Product [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 12,354 | 11,270 | 11,154 | |||||||||||
Other Product [Member] | IMTT [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Other Product [Member] | Atlantic Aviation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Other Product [Member] | MIC Hawaii [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 11,502 | 11,270 | 11,154 | |||||||||||
Other Product [Member] | Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 852 | 0 | ||||||||||||
Other Product [Member] | Inter company Adjustments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Total Product Revenue [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 246,384 | 222,955 | 213,470 | |||||||||||
Total Product Revenue [Member] | IMTT [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Total Product Revenue [Member] | Atlantic Aviation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Total Product Revenue [Member] | MIC Hawaii [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 245,532 | 222,955 | 213,159 | |||||||||||
Total Product Revenue [Member] | Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 852 | 311 | ||||||||||||
Total Product Revenue [Member] | Inter company Adjustments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | $ 0 | $ 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 | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Segment Reporting Information [Line Items] | ||||||
Net income (loss) | $ 94,248 | $ 456,112 | $ 154,869 | |||
Provision (benefit) for income taxes | 49,451 | (229,503) | 69,313 | |||
Goodwill impairment | 3,215 | 0 | [1] | 0 | [1] | |
Depreciation | 193,659 | 178,292 | 175,518 | |||
Amortization of intangibles | 68,314 | 63,825 | 60,997 | |||
Fees to Manager - related party | 44,866 | 71,388 | 68,486 | |||
Pension expense | 8,306 | 8,106 | [1] | 8,601 | [1] | |
Other non-cash expense (income) | [2] | 22,697 | 5,640 | [1] | 5,677 | [1] |
Total Reportable Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income (loss) | 64,628 | 433,770 | 128,465 | |||
Interest expense, net | 111,838 | 86,916 | 95,527 | |||
Provision (benefit) for income taxes | 49,451 | (229,503) | 69,313 | |||
Goodwill impairment | 3,215 | 0 | 0 | |||
Depreciation | 193,659 | 178,292 | 175,518 | |||
Amortization of intangibles | 68,314 | 63,825 | 60,997 | |||
Fees to Manager - related party | 44,866 | 71,388 | 68,486 | |||
Pension expense | 8,306 | 8,106 | 8,601 | |||
Other non-cash expense (income) | 25,178 | 5,734 | (9,296) | |||
EBITDA excluding non-cash items | 569,455 | 618,528 | 597,611 | |||
IMTT [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income (loss) | 65,284 | 363,049 | 83,142 | |||
Interest expense, net | 45,502 | 38,357 | 38,752 | |||
Provision (benefit) for income taxes | 35,885 | (209,464) | 57,736 | |||
Goodwill impairment | 0 | |||||
Depreciation | 115,896 | 113,558 | 123,346 | |||
Amortization of intangibles | 15,506 | 12,905 | 11,039 | |||
Fees to Manager - related party | 0 | 0 | 0 | |||
Pension expense | 7,662 | 6,996 | 7,219 | |||
Other non-cash expense (income) | 867 | 767 | 657 | |||
EBITDA excluding non-cash items | 286,602 | 326,168 | 321,891 | |||
Atlantic Aviation [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income (loss) | 96,419 | 124,370 | 59,538 | |||
Interest expense, net | 25,833 | 14,512 | 33,961 | |||
Provision (benefit) for income taxes | 35,222 | 6,509 | 39,889 | |||
Goodwill impairment | 0 | |||||
Depreciation | 60,046 | 50,797 | 41,493 | |||
Amortization of intangibles | 45,904 | 49,393 | 49,166 | |||
Fees to Manager - related party | 0 | 0 | 0 | |||
Pension expense | 21 | 20 | 110 | |||
Other non-cash expense (income) | 1,221 | 1,642 | 905 | |||
EBITDA excluding non-cash items | 264,666 | 247,243 | 225,062 | |||
MIC Hawaii [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income (loss) | (13,125) | 25,416 | 35,744 | |||
Interest expense, net | 7,984 | 7,041 | 5,559 | |||
Provision (benefit) for income taxes | (6,769) | 9,287 | 20,441 | |||
Goodwill impairment | 3,215 | |||||
Depreciation | 17,037 | 13,776 | 10,533 | |||
Amortization of intangibles | 6,671 | 1,527 | 792 | |||
Fees to Manager - related party | 0 | 0 | 0 | |||
Pension expense | 438 | 1,090 | 1,272 | |||
Other non-cash expense (income) | 21,810 | 2,494 | (11,539) | |||
EBITDA excluding non-cash items | 37,261 | 60,631 | 62,802 | |||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income (loss) | (83,950) | (79,065) | (49,959) | |||
Interest expense, net | 32,519 | 27,006 | 17,255 | |||
Provision (benefit) for income taxes | (14,887) | (35,835) | (48,753) | |||
Goodwill impairment | 0 | |||||
Depreciation | 680 | 161 | 146 | |||
Amortization of intangibles | 233 | 0 | 0 | |||
Fees to Manager - related party | 44,866 | 71,388 | 68,486 | |||
Pension expense | 185 | 0 | 0 | |||
Other non-cash expense (income) | 1,280 | 831 | 681 | |||
EBITDA excluding non-cash items | $ (19,074) | $ (15,514) | $ (12,144) | |||
[1] | See Note 2, “Summary of Significant Accounting Policies — Recently Issued Accounting Standards”, for the Company’s adoption of ASU No. 2016-18. | |||||
[2] | Other non-cash expense, net, includes the write-down of the Company’s investment in the previously owned design-build mechanical contractor business at MIC Hawaii for the year ended December 31, 2018. |
Reportable Segments (Schedule_2
Reportable Segments (Schedule of Reconciliation of EBITDA for Reportable Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Segment Reporting Information [Line Items] | ||||||
Interest income | $ 788 | $ 83 | $ 86 | |||
Interest expense | [1] | (112,626) | (86,999) | (95,613) | ||
Goodwill impairment | (3,215) | 0 | [2] | 0 | [2] | |
Depreciation | (193,659) | (178,292) | (175,518) | |||
Amortization of intangibles | (68,314) | (63,825) | (60,997) | |||
Fees to Manager - related party | (44,866) | (71,388) | (68,486) | |||
Pension expense | (8,306) | (8,106) | [2] | (8,601) | [2] | |
Other (expense) income, net | (6,194) | 10,566 | 17,765 | |||
Total consolidated net income from continuing operations before income taxes | 114,079 | 204,267 | 197,778 | |||
Total Reportable Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total reportable segments EBITDA excluding non-cash items | 569,455 | 618,528 | 597,611 | |||
Interest income | 788 | 83 | 86 | |||
Interest expense | (112,626) | (86,999) | (95,613) | |||
Goodwill impairment | (3,215) | 0 | 0 | |||
Depreciation | (193,659) | (178,292) | (175,518) | |||
Amortization of intangibles | (68,314) | (63,825) | (60,997) | |||
Fees to Manager - related party | (44,866) | (71,388) | (68,486) | |||
Pension expense | (8,306) | (8,106) | (8,601) | |||
Other (expense) income, net | (25,178) | (5,734) | 9,296 | |||
Total consolidated net income from continuing operations before income taxes | $ 114,079 | $ 204,267 | $ 197,778 | |||
[1] | Interest expense includes gains on derivative instruments of $7.6 million and $2.2 million and losses on derivative instruments of $2.5 million for the years ended December 31, 2018, 2017 and 2016, respectively. | |||||
[2] | See Note 2, “Summary of Significant Accounting Policies — Recently Issued Accounting Standards”, for the Company’s adoption of ASU No. 2016-18. |
Reportable Segments (Schedule_3
Reportable Segments (Schedule of Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | $ 177,156 | $ 214,224 | [1] | $ 257,198 | [1] |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 177,156 | 214,224 | 257,198 | ||
Operating Segments [Member] | IMTT [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 63,518 | 73,802 | 96,865 | ||
Operating Segments [Member] | Atlantic Aviation [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 67,445 | 82,249 | 113,092 | ||
Operating Segments [Member] | MIC Hawaii [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 22,664 | 29,373 | 35,459 | ||
Operating Segments [Member] | Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | $ 23,529 | $ 28,800 | $ 11,782 | ||
[1] | See Note 2, “Summary of Significant Accounting Policies — Recently Issued Accounting Standards”, for the Company’s adoption of ASU No. 2016-18. |
Reportable Segments (Schedule_4
Reportable Segments (Schedule of Assets of Reportable Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | $ 3,141,407 | $ 3,197,407 |
Goodwill | 2,043,320 | 2,047,040 |
Total Assets | 7,443,781 | 8,008,951 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 3,141,407 | 3,197,407 |
Goodwill | 2,043,320 | 2,047,040 |
Total Assets | 6,796,129 | 6,421,089 |
IMTT [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 2,249,758 | 2,305,440 |
Goodwill | 1,427,108 | 1,427,863 |
Total Assets | 4,020,508 | 4,109,448 |
Atlantic Aviation [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 564,859 | 559,597 |
Goodwill | 496,019 | 495,769 |
Total Assets | 1,675,717 | 1,710,535 |
MIC Hawaii [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 299,923 | 302,220 |
Goodwill | 120,193 | 123,408 |
Total Assets | 501,142 | 532,144 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 26,867 | 30,150 |
Goodwill | 0 | 0 |
Total Assets | 598,762 | 68,962 |
Assets of held for sale [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 0 | 0 |
Goodwill | 0 | 0 |
Total Assets | $ 647,652 | $ 1,587,862 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | Nov. 01, 2018 | Aug. 01, 2016 | May 31, 2018 | Jan. 31, 2018 | Oct. 31, 2016 | Jul. 31, 2015 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 06, 2018 | Jan. 03, 2018 | Oct. 06, 2016 | Jul. 31, 2014 |
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Number Of Shares Bought By Manager Related Party | 5,987,100 | ||||||||||||||||||||||||||
Percentage Of Shares Held By Manager Related Party | 14.54% | 14.54% | |||||||||||||||||||||||||
Percentage of Cap on Equity Market Capitalization on Base Management Fee | 1.00% | ||||||||||||||||||||||||||
Number Of Shares Issued Subsequent For Base Management Fees To Manager Subsequent to Balance sheet date | 60,048 | ||||||||||||||||||||||||||
Performance fees to be settled/settled in shares and cash | $ 135,600,000 | ||||||||||||||||||||||||||
Macquarie Infrastructure And Real Assets Inc [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Proceeds From Sale Of Equity Interest To Related Party | $ 27,100,000 | ||||||||||||||||||||||||||
Atlantic Aviation [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Borrowing capacity | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | $ 70,000,000 | |||||||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 6, 2023 | ||||||||||||||||||||||||||
MIC Corporate [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Percentage Of Future Earnings | 20.00% | ||||||||||||||||||||||||||
Minimum Threshold For Sale To Third Party | 50.00% | ||||||||||||||||||||||||||
MIC Corporate [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Borrowing capacity | $ 600,000,000 | $ 600,000,000 | $ 410,000,000 | $ 600,000,000 | $ 410,000,000 | $ 600,000,000 | $ 250,000,000 | ||||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 3, 2022 | Jan. 3, 2022 | |||||||||||||||||||||||||
MIC Corporate [Member] | 2.00% Convertible Senior Notes due October 2023 [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Convertible Debt | $ 402,500,000 | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Oct. 1, 2023 | Oct. 1, 2023 | Oct. 1, 2023 | Oct. 1, 2023 | |||||||||||||||||||||||
At the Market [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Borrowing capacity | $ 40,000,000 | ||||||||||||||||||||||||||
Macquarie Energy North America Trading [Member] | IMTT [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Revenue from related party | $ 907,000 | $ 3,900,000 | |||||||||||||||||||||||||
MIHI LLC [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Borrowing capacity | $ 50,000,000 | 50,000,000 | |||||||||||||||||||||||||
MIHI LLC [Member] | MIC Corporate [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Interest costs incurred | $ 4,000 | $ 285,000 | 236,000 | ||||||||||||||||||||||||
MCUSA [Member] | MIC Corporate [Member] | Convertible Senior Notes [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Advisory fees | $ 403,000 | ||||||||||||||||||||||||||
MBL [Member] | Atlantic Aviation [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Borrowing capacity | $ 15,700,000 | ||||||||||||||||||||||||||
Interest costs incurred | 90,000 | ||||||||||||||||||||||||||
Macquarie Infrastructure Management (USA) Inc. [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Shares of the Company held by Manager, a related party | 944,046 | 12,477,438 | 5,435,442 | 12,477,438 | 5,435,442 | ||||||||||||||||||||||
Base management fees to be settled/settled in shares | $ 8,753,000 | $ 12,333,000 | $ 10,852,000 | $ 12,928,000 | $ 16,778,000 | $ 17,954,000 | $ 18,433,000 | $ 18,223,000 | $ 18,916,000 | $ 18,382,000 | $ 16,392,000 | $ 14,796,000 | $ 44,900,000 | $ 71,400,000 | 68,500,000 | ||||||||||||
Reimbursement of out-of-pocket expenses | 1,100,000 | $ 892,000 | $ 714,000 | ||||||||||||||||||||||||
Number Of Shares Issued To Manager For Base Management Fees | 220,208 | ||||||||||||||||||||||||||
Performance fees to be settled/settled in shares and cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||
Performance fee settled in cash | $ 67,800,000 | ||||||||||||||||||||||||||
Performance fee, settlement which was deferred | $ 67,800,000 | ||||||||||||||||||||||||||
Monthly volume weighted average share price | $ 71.84 | ||||||||||||||||||||||||||
Macquarie Capital Funding Llc [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 80,000 | ||||||||||||||||||||||||||
Macquarie Capital Funding Llc [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Interest costs incurred | $ 454,000 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Dividends Paid to Manager) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)$ / shares | ||
Dividend One [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Feb. 18, 2016 | |
Period Covered | Fourth quarter 2015 | |
$ per Share | $ / shares | $ 1.15 | |
Record Date | Mar. 3, 2016 | |
Payable Date | Mar. 8, 2016 | |
Cash Paid to Manager | $ | $ 6,510 | |
Dividend Two [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Apr. 28, 2016 | |
Period Covered | First quarter 2016 | |
$ per Share | $ / shares | $ 1.20 | |
Record Date | May 12, 2016 | |
Payable Date | May 17, 2016 | |
Cash Paid to Manager | $ | $ 6,981 | |
Dividend Three [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Jul. 28, 2016 | |
Period Covered | Second quarter 2016 | |
$ per Share | $ / shares | $ 1.25 | |
Record Date | Aug. 11, 2016 | |
Payable Date | Aug. 16, 2016 | |
Cash Paid to Manager | $ | $ 8,743 | |
Dividend Four [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Oct. 27, 2016 | |
Period Covered | Third quarter 2016 | |
$ per Share | $ / shares | $ 1.29 | |
Record Date | Nov. 10, 2016 | |
Payable Date | Nov. 15, 2016 | |
Cash Paid to Manager | $ | $ 5,620 | |
Dividend Five [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Feb. 17, 2017 | |
Period Covered | Fourth quarter 2016 | |
$ per Share | $ / shares | $ 1.31 | |
Record Date | Mar. 3, 2017 | |
Payable Date | Mar. 8, 2017 | |
Cash Paid to Manager | $ | $ 6,080 | |
Dividend Six [Member] | ||
Dividends Payable [Line Items] | ||
Declared | May 2, 2017 | |
Period Covered | First quarter 2017 | |
$ per Share | $ / shares | $ 1.32 | |
Record Date | May 15, 2017 | |
Payable Date | May 18, 2017 | |
Cash Paid to Manager | $ | $ 6,332 | |
Dividend Seven [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 Eight [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 Nine [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 Ten [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 | $ | $ 6,213 | |
Dividend Eleven [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Jul. 31, 2018 | |
Period Covered | Second quarter 2018 | |
$ per Share | $ / shares | $ 1 | |
Record Date | Aug. 13, 2018 | |
Payable Date | Aug. 16, 2018 | |
Cash Paid to Manager | $ | $ 10,711 | |
Dividend Twelve [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Oct. 30, 2018 | |
Period Covered | Third quarter 2018 | |
$ per Share | $ / shares | $ 1 | |
Record Date | Nov. 12, 2018 | |
Payable Date | Nov. 15, 2018 | |
Cash Paid to Manager | $ | $ 12,317 | |
Dividend Thirteen [Member] | ||
Dividends Payable [Line Items] | ||
Declared | Feb. 14, 2019 | |
Period Covered | Fourth quarter 2018 | |
$ per Share | $ / shares | $ 1 | |
Record Date | Mar. 4, 2019 | |
Payable Date | Mar. 7, 2019 | |
Cash Paid to Manager | $ | [1] | |
[1] | The amount of dividend payable to the Manager for the fourth quarter of 2018 will be determined on March 04, 2019, the record date. |
Related Party Transactions (S_2
Related Party Transactions (Schedule of Base Management Fees and Performance Fees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Common Stock Equity [Line Items] | |||||||||||||||||
Performance fees to be settled/settled in shares and cash | $ 135,600 | ||||||||||||||||
Macquarie Infrastructure Management (USA) Inc. [Member] | |||||||||||||||||
Common Stock Equity [Line Items] | |||||||||||||||||
Base management fees to be settled/settled in shares | $ 8,753 | $ 12,333 | $ 10,852 | $ 12,928 | $ 16,778 | $ 17,954 | $ 18,433 | $ 18,223 | $ 18,916 | $ 18,382 | $ 16,392 | $ 14,796 | $ 44,900 | $ 71,400 | $ 68,500 | ||
Performance fees to be settled/settled in shares and cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Shares Issued | 220,208 | [1] | 269,286 | 277,053 | 265,002 | 248,162 | 240,674 | 233,394 | 232,398 | 230,773 | 232,488 | 232,835 | 234,179 | ||||
[1] | The Manager elected to reinvest all of the monthly base management fees for the fourth quarter of 2018 in shares. The Company issued 220,208 shares for the quarter ended December 31, 2018, including 60,048 shares that were issued in January 2019 for the December 2018 monthly base management fee. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Components of Income Taxes [Line Items] | |||
Net operating loss carry-forwards | $ 152,000 | ||
Net operating loss carry-forwards, subject to limitation | 28,000 | ||
Deferred tax liability, noncurrent | 680,938 | $ 644,914 | |
Total tax (benefit) provision | $ 49,451 | $ (229,503) | $ 69,313 |
Federal income tax rate | 21.00% | 35.00% | |
Change in valuation allowance | $ (4,362) | $ 1,134 | (14,664) |
Tax cuts and jobs act impact on federal taxable income | 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% | ||
Change in U.S. tax law | $ 0 | $ (316,436) | $ 0 |
Earliest Tax [Member] | |||
Components of Income Taxes [Line Items] | |||
Net operating loss carry-forwards, expiration date | Jan. 1, 2029 | ||
Latest Tax [Member] | |||
Components of Income Taxes [Line Items] | |||
Net operating loss carry-forwards, expiration date | Dec. 31, 2036 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current taxes: | |||
State | $ 13,950 | $ 11,031 | $ 7,304 |
Total current tax provision | 13,950 | 11,031 | 7,304 |
Deferred taxes: | |||
Federal | 30,886 | (247,077) | 78,722 |
State | 8,977 | 5,409 | (2,049) |
Total deferred tax provision (benefit) | 39,863 | (241,668) | 76,673 |
Change in valuation allowance | (4,362) | 1,134 | (14,664) |
Total tax provision (benefit) | $ 49,451 | $ (229,503) | $ 69,313 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 25,916 | $ 43,866 |
Deferred revenue | 6,891 | 8,854 |
Accrued compensation | 2,658 | 6,156 |
Accrued expenses | 25,573 | 25,008 |
Investment and foreign tax credits | 3,744 | 12,338 |
Other | 531 | 499 |
Total gross deferred tax assets | 65,313 | 96,721 |
Less: valuation allowance | (1,091) | (5,453) |
Net deferred tax assets | 64,222 | 91,268 |
Deferred tax liabilities: | ||
Intangible assets | (93,207) | (91,020) |
Investment basis difference | (18,929) | (19,954) |
Property and equipment | (623,799) | (609,817) |
Unrealized gains on derivative instruments, net | (1,595) | (6,479) |
Equity component of convertible senior notes | (6,515) | (7,761) |
Prepaid expenses | (1,115) | (1,151) |
Total deferred tax liabilities | (745,160) | (736,182) |
Net deferred tax liabilities | $ (680,938) | $ (644,914) |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Tax provision at U.S. statutory rate | $ 23,957 | $ 71,493 | $ 69,222 |
Permanent differences and other | 3,962 | 10,381 | 8,078 |
State income taxes, net of federal benefit | 18,620 | 11,443 | 8,392 |
Income attributable to noncontrolling interest | 695 | 621 | (259) |
Change in investment and foreign tax credits | 6,579 | (8,139) | (1,456) |
Change in U.S. tax law | 0 | (316,436) | 0 |
Change in valuation allowance | (4,362) | 1,134 | (14,664) |
Total tax provision (benefit) | $ 49,451 | $ (229,503) | $ 69,313 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Operating leases rent expense | $ 54 | $ 50.9 | $ 49.9 |
Longest lease expiration period | March 2,071 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Rental Commitments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2,019 | $ 47,679 |
2,020 | 44,152 |
2,021 | 41,278 |
2,022 | 39,824 |
2,023 | 39,525 |
Thereafter | 460,988 |
Total | $ 673,446 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contributions - defined contribution plan | $ 4,900,000 | $ 3,900,000 | $ 2,500,000 |
IMTT [Member] | DB Plans Benefits [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Final year compensation (as a percentage) | 25.00% | ||
Maximum compensation amount in final year | $ 25,000 | ||
Early retirement age | 62 years | ||
Consecutive period based on years of service and the employees' highest average compensation | 5 years | ||
IMTT [Member] | DB Plans Benefits [Member] | Bayonne Terminal Employees [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Minimum required retirement age - defined benefit plan | 65 years | ||
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contributions - defined contribution plan | $ 0 | $ 3,500,000 | |
Hawaii Gas Business [Member] | PMLI Benefits [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Minimum required retirement age - defined benefit plan | 62 years | ||
Minimum service period to eligible for participate | 15 years | ||
Maximum monthly premium after attaining age of 65 years | $ 150 | ||
Life insurance benefits for retirees - defined benefit plan | $ 1,000 | ||
Maximum age for which business pays medical premium of the retirees and spouses | 64 | ||
Minimum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 0.00% | ||
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% |
Employee Benefit Plans (Additio
Employee Benefit Plans (Additional Information About Fair Value of Benefit Plan Assets Components of Net Periodic Cost and Projected Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in benefit obligation: | |||
Benefit obligation - beginning of year | $ 244,443 | $ 218,594 | |
Service cost | 7,751 | 7,110 | $ 7,839 |
Interest cost | 8,641 | 8,877 | 9,192 |
Plan amendments | 0 | 243 | |
Participant contributions | 103 | 62 | |
Actuarial (gains) losses | (28,354) | 20,430 | |
Benefits paid | (12,624) | (11,914) | |
Special termination benefits | 0 | 1,041 | 0 |
Benefit obligation - end of year | 219,960 | 244,443 | 218,594 |
Change in plan assets: | |||
Fair value of plan assets - beginning of year | 162,071 | 151,026 | |
Actual return on plan assets | (7,805) | 21,875 | |
Employer contributions | 1,098 | 1,022 | |
Participant contributions | 103 | 62 | |
Benefits paid | (12,624) | (11,914) | |
Fair value of plan assets - end of year | 142,843 | 162,071 | 151,026 |
Other Plan Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation - beginning of year | 29,294 | 26,808 | |
Service cost | 1,239 | 1,041 | 810 |
Interest cost | 1,055 | 1,087 | 974 |
Plan amendments | 0 | 243 | |
Participant contributions | 103 | 62 | |
Actuarial (gains) losses | (2,533) | 1,384 | |
Benefits paid | (1,494) | (1,331) | |
Special termination benefits | 0 | 0 | 0 |
Benefit obligation - end of year | 27,664 | 29,294 | 26,808 |
Change in plan assets: | |||
Fair value of plan assets - beginning of year | 9,429 | 8,371 | |
Actual return on plan assets | (580) | 1,305 | |
Employer contributions | 1,098 | 1,022 | |
Participant contributions | 103 | 62 | |
Benefits paid | (1,494) | (1,331) | |
Fair value of plan assets - end of year | 8,556 | 9,429 | 8,371 |
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation - beginning of year | 53,344 | 50,933 | |
Service cost | 728 | 753 | 744 |
Interest cost | 1,868 | 1,982 | 2,046 |
Plan amendments | 0 | 0 | |
Participant contributions | 0 | 0 | |
Actuarial (gains) losses | (4,088) | 2,082 | |
Benefits paid | (2,584) | (2,406) | |
Special termination benefits | 0 | 0 | 0 |
Benefit obligation - end of year | 49,268 | 53,344 | 50,933 |
Change in plan assets: | |||
Fair value of plan assets - beginning of year | 50,866 | 46,717 | |
Actual return on plan assets | (2,144) | 6,555 | |
Employer contributions | 0 | 0 | |
Participant contributions | 0 | 0 | |
Benefits paid | (2,584) | (2,406) | |
Fair value of plan assets - end of year | 46,138 | 50,866 | 46,717 |
IMTT [Member] | DB Plans Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation - beginning of year | 161,805 | 140,853 | |
Service cost | 5,784 | 5,316 | 6,285 |
Interest cost | 5,718 | 5,808 | 6,172 |
Plan amendments | 0 | 0 | |
Participant contributions | 0 | 0 | |
Actuarial (gains) losses | (21,733) | 16,964 | |
Benefits paid | (8,546) | (8,177) | |
Special termination benefits | 0 | 1,041 | 0 |
Benefit obligation - end of year | 143,028 | 161,805 | 140,853 |
Change in plan assets: | |||
Fair value of plan assets - beginning of year | 101,776 | 95,938 | |
Actual return on plan assets | (5,081) | 14,015 | |
Employer contributions | 0 | 0 | |
Participant contributions | 0 | 0 | |
Benefits paid | (8,546) | (8,177) | |
Fair value of plan assets - end of year | $ 88,149 | $ 101,776 | $ 95,938 |
Employee Benefit Plans (Funded
Employee Benefit Plans (Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Funded status | |||
Funded status at end of year | $ (77,117) | $ (82,372) | |
Net amount recognized in balance sheet | [1] | (77,117) | (82,372) |
Amounts recognized in balance sheet consisting of: | |||
Current liabilities | (1,267) | (1,224) | |
Noncurrent liabilities | (75,850) | (81,148) | |
Net amount recognized in balance sheet | [1] | $ (77,117) | (82,372) |
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | |||
Period of average discount rate for defined benefit plans under statutory funding formulas | 25 years | ||
Statutory funding percentage | 100.00% | ||
Other Plan Benefits [Member] | |||
Funded status | |||
Funded status at end of year | $ (19,108) | (19,865) | |
Net amount recognized in balance sheet | [1] | (19,108) | (19,865) |
Amounts recognized in balance sheet consisting of: | |||
Current liabilities | (1,267) | (1,224) | |
Noncurrent liabilities | (17,841) | (18,641) | |
Net amount recognized in balance sheet | [1] | (19,108) | (19,865) |
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | |||
Funded status | |||
Funded status at end of year | (3,130) | (2,478) | |
Net amount recognized in balance sheet | [1] | (3,130) | (2,478) |
Amounts recognized in balance sheet consisting of: | |||
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (3,130) | (2,478) | |
Net amount recognized in balance sheet | [1] | (3,130) | (2,478) |
IMTT [Member] | DB Plans Benefits [Member] | |||
Funded status | |||
Funded status at end of year | (54,879) | (60,029) | |
Net amount recognized in balance sheet | [1] | (54,879) | (60,029) |
Amounts recognized in balance sheet consisting of: | |||
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (54,879) | (60,029) | |
Net amount recognized in balance sheet | [1] | $ (54,879) | $ (60,029) |
[1] | Generally accepted accounting principles require measurement of defined benefit pension liabilities utilizing current discount rates. Statutory funding formulas permit measurement of defined benefit pension liabilities utilizing discount rates based on a 25-year average of those rates, which more closely matches the expected payout period for those liabilities. The IMTT and Hawaii Gas defined benefit pension plans both exceed 100% of the statutory funding target as of December 31, 2018. |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||||
Prior service cost | $ (161) | $ (163) | ||
Accumulated loss | (21,135) | (33,592) | ||
Accumulated other comprehensive loss | (21,296) | (33,755) | ||
Net periodic benefit cost in excess (deficit) of cumulative employer contributions | 8,302 | 9,147 | $ 8,637 | |
Net amount recognized in balance sheet | [1] | (77,117) | (82,372) | |
All Other [Member] | ||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||||
Net periodic benefit cost in excess (deficit) of cumulative employer contributions | (55,821) | (48,617) | ||
Other Plan Benefits [Member] | ||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||||
Prior service cost | (161) | (163) | ||
Accumulated loss | (4,190) | (5,865) | ||
Accumulated other comprehensive loss | (4,351) | (6,028) | ||
Net periodic benefit cost in excess (deficit) of cumulative employer contributions | 2,018 | 1,921 | 1,358 | |
Net amount recognized in balance sheet | [1] | (19,108) | (19,865) | |
Other Plan Benefits [Member] | All Other [Member] | ||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||||
Net periodic benefit cost in excess (deficit) of cumulative employer contributions | (14,757) | (13,837) | ||
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | ||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||||
Prior service cost | 0 | 0 | ||
Accumulated loss | (9,798) | (9,407) | ||
Accumulated other comprehensive loss | (9,798) | (9,407) | ||
Net periodic benefit cost in excess (deficit) of cumulative employer contributions | 261 | 855 | 1,196 | |
Net amount recognized in balance sheet | [1] | (3,130) | (2,478) | |
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | All Other [Member] | ||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||||
Net periodic benefit cost in excess (deficit) of cumulative employer contributions | 6,668 | 6,929 | ||
IMTT [Member] | DB Plans Benefits [Member] | ||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||||
Prior service cost | 0 | 0 | ||
Accumulated loss | (7,147) | (18,320) | ||
Accumulated other comprehensive loss | (7,147) | (18,320) | ||
Net periodic benefit cost in excess (deficit) of cumulative employer contributions | 6,023 | 6,371 | $ 6,083 | |
Net amount recognized in balance sheet | [1] | (54,879) | (60,029) | |
IMTT [Member] | DB Plans Benefits [Member] | All Other [Member] | ||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||||
Net periodic benefit cost in excess (deficit) of cumulative employer contributions | $ (47,732) | $ (41,709) | ||
[1] | Generally accepted accounting principles require measurement of defined benefit pension liabilities utilizing current discount rates. Statutory funding formulas permit measurement of defined benefit pension liabilities utilizing discount rates based on a 25-year average of those rates, which more closely matches the expected payout period for those liabilities. The IMTT and Hawaii Gas defined benefit pension plans both exceed 100% of the statutory funding target as of December 31, 2018. |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost and Other Changes in Other Comprehensive Loss (Income) for Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Components of net periodic benefit cost: | ||||
Service cost | $ 7,751 | $ 7,110 | $ 7,839 | |
Interest cost | 8,641 | 8,877 | 9,192 | |
Expected return on plan assets | (8,929) | (8,942) | (9,324) | |
Recognized actuarial loss | 837 | 1,076 | 945 | |
Amortization of prior service credit (cost) | 2 | (15) | (15) | |
Special Termination benefits | 0 | 1,041 | 0 | |
Net periodic benefit cost | 8,302 | 9,147 | 8,637 | |
Other changes recognized in other comprehensive loss (income): | ||||
Prior service cost arising during the year | 0 | 243 | 0 | |
Net loss (gain) arising during the year | (11,620) | 7,497 | 13,129 | |
Liability gain due to curtailment | 0 | 0 | (8,777) | |
Amortization of prior service (credit) cost | (2) | 15 | 15 | |
Amortization of loss | (837) | (1,076) | (945) | |
Total recognized in other comprehensive loss (income) | (12,459) | 6,679 | 3,422 | |
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next year: | ||||
Amortization of prior service cost | 2 | 2 | ||
Amortization of net loss | 801 | 976 | ||
Other Plan Benefits [Member] | ||||
Components of net periodic benefit cost: | ||||
Service cost | 1,239 | 1,041 | 810 | |
Interest cost | 1,055 | 1,087 | 974 | |
Expected return on plan assets | (534) | (473) | (502) | |
Recognized actuarial loss | 256 | 281 | 91 | |
Amortization of prior service credit (cost) | 2 | (15) | (15) | |
Special Termination benefits | 0 | 0 | 0 | |
Net periodic benefit cost | 2,018 | 1,921 | 1,358 | |
Other changes recognized in other comprehensive loss (income): | ||||
Prior service cost arising during the year | 0 | 243 | 0 | |
Net loss (gain) arising during the year | (1,419) | 552 | 4,545 | |
Liability gain due to curtailment | 0 | 0 | 0 | |
Amortization of prior service (credit) cost | (2) | 15 | 15 | |
Amortization of loss | (256) | (281) | (91) | |
Total recognized in other comprehensive loss (income) | (1,677) | 529 | $ 4,469 | |
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next year: | ||||
Amortization of prior service cost | 2 | 2 | ||
Amortization of net loss | $ 105 | $ 225 | ||
Weighted average assumptions to determine benefit obligations: | ||||
Rate of compensation increase | [1] | 4.57% | 4.57% | 4.57% |
Measurement date | --12-31 | --12-31 | --12-31 | |
Weighted average assumptions to determine net cost: | ||||
Expected long-term rate of return on plan assets during fiscal year | [2] | 5.75% | 5.75% | 6.25% |
Rate of compensation increase | [1] | 4.57% | 4.57% | 4.57% |
Other Plan Benefits [Member] | Maximum [Member] | ||||
Weighted average assumptions to determine benefit obligations: | ||||
Discount rate | 4.35% | 3.70% | 4.25% | |
Weighted average assumptions to determine net cost: | ||||
Discount rate | 3.70% | 4.25% | 4.55% | |
Assumed healthcare cost trend rates: | ||||
Initial health care cost trend rate | 8.50% | 7.00% | 7.25% | |
Ultimate rate | 5.00% | 5.00% | 5.00% | |
Year ultimate rate is reached | 2,027 | 2,028 | 2,028 | |
Other Plan Benefits [Member] | Minimum [Member] | ||||
Weighted average assumptions to determine benefit obligations: | ||||
Discount rate | 3.91% | 3.25% | 3.56% | |
Weighted average assumptions to determine net cost: | ||||
Discount rate | 3.25% | 3.56% | 3.78% | |
Assumed healthcare cost trend rates: | ||||
Initial health care cost trend rate | 8.00% | 6.98% | 7.20% | |
Ultimate rate | 4.50% | 4.50% | 4.50% | |
Year ultimate rate is reached | 2,026 | 2,025 | 2,025 | |
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | ||||
Components of net periodic benefit cost: | ||||
Service cost | $ 728 | $ 753 | $ 744 | |
Interest cost | 1,868 | 1,982 | 2,046 | |
Expected return on plan assets | (2,916) | (2,675) | (2,448) | |
Recognized actuarial loss | 581 | 795 | 854 | |
Amortization of prior service credit (cost) | 0 | 0 | 0 | |
Special Termination benefits | 0 | 0 | 0 | |
Net periodic benefit cost | 261 | 855 | 1,196 | |
Other changes recognized in other comprehensive loss (income): | ||||
Prior service cost arising during the year | 0 | 0 | 0 | |
Net loss (gain) arising during the year | 972 | (1,798) | 156 | |
Liability gain due to curtailment | 0 | 0 | 0 | |
Amortization of prior service (credit) cost | 0 | 0 | 0 | |
Amortization of loss | (581) | (795) | (854) | |
Total recognized in other comprehensive loss (income) | 391 | (2,593) | $ (698) | |
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next year: | ||||
Amortization of prior service cost | 0 | 0 | ||
Amortization of net loss | $ 696 | $ 563 | ||
Weighted average assumptions to determine benefit obligations: | ||||
Discount rate | 4.25% | 3.60% | 4.00% | |
Measurement date | --12-31 | --12-31 | --12-31 | |
Weighted average assumptions to determine net cost: | ||||
Discount rate | 3.60% | 4.00% | 4.20% | |
Expected long-term rate of return on plan assets during fiscal year | 5.90% | 5.90% | 5.90% | |
IMTT [Member] | DB Plans Benefits [Member] | ||||
Components of net periodic benefit cost: | ||||
Service cost | $ 5,784 | $ 5,316 | $ 6,285 | |
Interest cost | 5,718 | 5,808 | 6,172 | |
Expected return on plan assets | (5,479) | (5,794) | (6,374) | |
Recognized actuarial loss | 0 | 0 | 0 | |
Amortization of prior service credit (cost) | 0 | 0 | 0 | |
Special Termination benefits | 0 | 1,041 | 0 | |
Net periodic benefit cost | 6,023 | 6,371 | 6,083 | |
Other changes recognized in other comprehensive loss (income): | ||||
Prior service cost arising during the year | 0 | 0 | 0 | |
Net loss (gain) arising during the year | (11,173) | 8,743 | 8,428 | |
Liability gain due to curtailment | 0 | 0 | (8,777) | |
Amortization of prior service (credit) cost | 0 | 0 | 0 | |
Amortization of loss | 0 | 0 | 0 | |
Total recognized in other comprehensive loss (income) | (11,173) | 8,743 | $ (349) | |
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next year: | ||||
Amortization of prior service cost | 0 | 0 | ||
Amortization of net loss | $ 0 | $ 188 | ||
Weighted average assumptions to determine benefit obligations: | ||||
Discount rate | 4.35% | 3.70% | 4.30% | |
Rate of compensation increase | 4.57% | 4.57% | 4.57% | |
Measurement date | --12-31 | --12-31 | --12-31 | |
Weighted average assumptions to determine net cost: | ||||
Discount rate | 3.70% | 4.30% | 4.65% | |
Expected long-term rate of return on plan assets during fiscal year | 5.60% | 6.25% | 6.75% | |
Rate of compensation increase | 4.57% | 4.57% | 4.57% | |
[1] | Only applies to IMTT post-retirement life insurance plan. | |||
[2] | Only applies to IMTT-Illinois Union Plan. |
Employee Benefit Plans (DB Plan
Employee Benefit Plans (DB Plan Weighted Average Asset Allocation) (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Other Plan Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 100.00% | 100.00% |
Equity securities [Member] | Other Plan Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 45.00% | 45.00% |
Fixed income securities [Member] | Other Plan Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 44.00% | 46.00% |
Private equity [Member] | Other Plan Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 1.00% | 0.00% |
Global Real Estate Fund [Member] | Other Plan Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 6.00% | 7.00% |
Cash [Member] | Other Plan Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 4.00% | 2.00% |
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 100.00% | 100.00% |
Hawaii Gas Business [Member] | Equity securities [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 23.00% | 36.00% |
Hawaii Gas Business [Member] | Fixed income securities [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 71.00% | 58.00% |
Hawaii Gas Business [Member] | Private equity [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 0.00% | 0.00% |
Hawaii Gas Business [Member] | Global Real Estate Fund [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 4.00% | 5.00% |
Hawaii Gas Business [Member] | Cash [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 2.00% | 1.00% |
IMTT [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 100.00% | 100.00% |
IMTT [Member] | Equity securities [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 42.00% | 43.00% |
IMTT [Member] | Fixed income securities [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 41.00% | 44.00% |
IMTT [Member] | Private equity [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 7.00% | 4.00% |
IMTT [Member] | Global Real Estate Fund [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 6.00% | 7.00% |
IMTT [Member] | Cash [Member] | DB Plans Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan Weighted Average Asset Allocations | 4.00% | 2.00% |
Employee Benefit Plans (Asset A
Employee Benefit Plans (Asset Allocations) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | $ 142,843 | $ 162,071 | $ 151,026 |
Net Asset Value (NAV) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 5,885 | 4,304 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 4,618 | 3,177 | |
Significant Observable Inputs (Level 2) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 132,340 | 154,590 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and money market [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 4,618 | 3,177 | |
Cash and money market [Member] | Net Asset Value (NAV) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and money market [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 4,618 | 3,177 | |
Cash and money market [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and money market [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity securities [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 51,662 | 66,741 | |
Equity securities [Member] | Net Asset Value (NAV) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity securities [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 51,662 | 66,741 | |
Equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 73,359 | 78,242 | |
Fixed income securities [Member] | Net Asset Value (NAV) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 73,359 | 78,242 | |
Fixed income securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Global Real Estate Fund [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 7,319 | 9,607 | |
Global Real Estate Fund [Member] | Net Asset Value (NAV) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Global Real Estate Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Global Real Estate Fund [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 7,319 | 9,607 | |
Global Real Estate Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic private equity [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 5,885 | 4,304 | |
Domestic private equity [Member] | Net Asset Value (NAV) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 5,885 | 4,304 | |
Domestic private equity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic private equity [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic private equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 12,216 |
2,020 | 13,239 |
2,021 | 11,280 |
2,022 | 12,114 |
2,023 | 12,195 |
Thereafter | 68,516 |
Total | 129,560 |
Other Plan Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 1,663 |
2,020 | 1,784 |
2,021 | 1,742 |
2,022 | 1,681 |
2,023 | 1,739 |
Thereafter | 9,597 |
Total | 18,206 |
Hawaii Gas Business [Member] | DB Plans Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 3,001 |
2,020 | 3,072 |
2,021 | 3,116 |
2,022 | 3,132 |
2,023 | 3,152 |
Thereafter | 15,743 |
Total | 31,216 |
IMTT [Member] | DB Plans Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 7,552 |
2,020 | 8,383 |
2,021 | 6,422 |
2,022 | 7,301 |
2,023 | 7,304 |
Thereafter | 43,176 |
Total | $ 80,138 |
Legal Proceedings and Conting_2
Legal Proceedings and Contingencies (Narrative) (Details) - IMTT [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Legal Proceedings and Contingencies [Line Items] | |
Minimum number of years for remediation activities | 10 years |
Maximum number of years for remediation activities | 20 years |
Minimum [Member] | |
Legal Proceedings and Contingencies [Line Items] | |
Estimated cost of remediation | $ 30 |
Maximum [Member] | |
Legal Proceedings and Contingencies [Line Items] | |
Estimated cost of remediation | $ 65 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] | 1 Months Ended |
Feb. 14, 2019$ / shares | |
Subsequent Event [Line Items] | |
Cash dividend declared, date declared | Feb. 14, 2019 |
Cash dividend declared per share | $ 1 |
Cash dividend declared, date to be paid | Mar. 7, 2019 |
Cash dividend declared, date of record | Mar. 4, 2019 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Revenue from continuing operations | $ 437,757 | $ 420,830 | $ 436,677 | $ 466,269 | $ 435,960 | $ 410,616 | $ 398,824 | $ 423,387 | $ 1,761,533 | $ 1,668,787 | $ 1,502,032 | ||||||||
Operating income from continuing operations | 46,569 | 51,912 | 58,251 | 75,379 | 70,749 | 69,894 | 63,703 | 76,271 | 232,111 | 280,617 | 275,540 | ||||||||
Net income (loss) from continuing operations attributable to MIC | (713) | 1,474 | 27,647 | 39,672 | 354,650 | 27,912 | 19,180 | 32,437 | 68,080 | 434,179 | 132,073 | ||||||||
Net income from discontinued operations attributable to MIC | $ 330 | [1] | $ 20,230 | [1] | $ 10,719 | [1] | $ 37,162 | [1] | $ (5,578) | [1] | $ 12,183 | [1] | $ 6,840 | [1] | $ 3,578 | [1] | $ 68,441 | $ 17,023 | $ 24,308 |
Per share information attributable to MIC: | |||||||||||||||||||
Basic income (loss) per share from continuing operations attributable to MIC | $ (0.01) | $ 0.02 | $ 0.32 | $ 0.47 | $ 4.19 | $ 0.33 | $ 0.23 | $ 0.39 | $ 0.80 | $ 5.22 | $ 1.63 | ||||||||
Basic income per share from discontinued operations attributable to MIC | 0 | [1] | 0.23 | [1] | 0.13 | [1] | 0.44 | [1] | (0.06) | [1] | 0.15 | [1] | 0.09 | [1] | 0.05 | [1] | 0.80 | 0.20 | 0.30 |
Basic income (loss) per share attributable to MIC | (0.01) | 0.25 | 0.45 | 0.91 | 4.13 | 0.48 | 0.32 | 0.44 | 1.60 | 5.42 | 1.93 | ||||||||
Diluted income (loss) per share from continuing operations attributable to MIC(2) | (0.01) | [2] | 0.02 | [2] | 0.32 | [2] | 0.47 | [2] | 3.88 | [2] | 0.33 | [2] | 0.23 | [2] | 0.39 | [2] | 0.80 | 4.94 | 1.55 |
Diluted income (loss) per share from discontinued operations attributable to MIC | 0 | [1],[2] | 0.23 | [1],[2] | 0.13 | [1],[2] | 0.44 | [1],[2] | (0.06) | [1],[2] | 0.15 | [1],[2] | 0.09 | [1],[2] | 0.05 | [1],[2] | 0.80 | 0.19 | 0.30 |
Diluted income (loss) per share attributable to MIC | (0.01) | 0.25 | 0.45 | 0.91 | 3.82 | 0.48 | 0.32 | 0.44 | 1.60 | 5.13 | 1.85 | ||||||||
Cash dividends declared per share | $ 1 | $ 1 | $ 1 | $ 1 | $ 1.44 | $ 1.42 | $ 1.38 | $ 1.32 | $ 4 | $ 5.56 | $ 5.05 | ||||||||
[1] | See Note 5, “Discontinued Operations and Dispositions”, for discussions on businesses classified as held for sale for the periods presented above. | ||||||||||||||||||
[2] | See Note 6, “Income per Share”, for further discussions for potentially dilutive shares. |