Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-32384 | ||
Entity Registrant Name | MACQUARIE INFRASTRUCTURE CORPORATION | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 43-2052503 | ||
Entity Address, Address Line One | 125 West 55th Street | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10019 | ||
City Area Code | 212 | ||
Local Phone Number | 231-1000 | ||
Title of 12(b) Security | Common stock, par value $0.001 per share | ||
Trading Symbol | MIC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,219,548,841 | ||
Entity Common Stock, Shares Outstanding | 86,742,424 | ||
Documents Incorporated by Reference | The definitive proxy statement relating to Macquarie Infrastructure Corporation’s Annual Meeting of Stockholders for fiscal year ended December 31, 2019, to be held May 14, 2020 is incorporated by reference in Part III to the extent described therein. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001289790 | ||
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Current assets: | |||
Cash and cash equivalents | $ 357 | $ 589 | |
Restricted cash | 1 | 23 | |
Accounts receivable, net of allowance for doubtful accounts | 97 | 95 | |
Inventories | 31 | 29 | |
Prepaid expenses | 13 | 13 | |
Other current assets | 30 | 23 | |
Current assets held for sale | [1] | 0 | 648 |
Total current assets | 529 | 1,420 | |
Property, equipment, land and leasehold improvements, net | 3,202 | 3,141 | |
Operating lease assets, net | 336 | 0 | |
Investment in unconsolidated business | 9 | 8 | |
Goodwill | 2,043 | 2,043 | |
Intangible assets, net | 729 | 789 | |
Other noncurrent assets | 13 | 43 | |
Total assets | 6,861 | 7,444 | |
Current liabilities: | |||
Due to Manager-related party | 3 | 3 | |
Accounts payable | 67 | 38 | |
Accrued expenses | 86 | 86 | |
Current portion of long-term debt | 12 | 361 | |
Operating lease liabilities - current | 20 | 0 | |
Other current liabilities | 42 | 33 | |
Current liabilities held for sale | [1] | 0 | 317 |
Total current liabilities | 230 | 838 | |
Long-term debt, net of current portion | 2,654 | 2,653 | |
Deferred income taxes | 679 | 681 | |
Operating lease liabilities - noncurrent | 320 | 0 | |
Other noncurrent liabilities | 167 | 155 | |
Total liabilities | 4,050 | 4,327 | |
Commitments and contingencies | 0 | 0 | |
Stockholders' equity: | |||
Additional paid in capital | [2] | 1,198 | 1,510 |
Accumulated other comprehensive loss | [2] | (37) | (30) |
Retained earnings | [2] | 1,641 | 1,485 |
Total stockholders’ equity | [2] | 2,802 | 2,965 |
Noncontrolling interests | [3] | 9 | 152 |
Total equity | 2,811 | 3,117 | |
Total liabilities and equity | $ 6,861 | $ 7,444 | |
[1] | See Note 5, “Discontinued Operations and Dispositions”, for further discussions on assets and liabilities held for sale. | ||
[2] | The Company is authorized to issue the following classes of stock: (i) 500,000,000 shares of common stock, par value $0.001 per share. At December 31, 2019 and 2018 , the Company had 86,600,302 shares and 85,800,303 shares of common stock issued and outstanding, respectively; (ii) 100,000,000 shares of preferred stock, par value $0.001 per share. At December 31, 2019 and 2018 , no preferred stocks were issued or outstanding; and (iii) 100 sh ares of special stock, par value $0.001 per share, issued and outstanding to its Manager as at December 31, 2019 and 2018 . See Note 11, “Stockholders’ Equity”, for further discussions. | ||
[3] | Includes $141 million of noncontrolling interest related to discontinued operations at December 31, 2018. See Note 5, “Discontinued Operations and Dispositions”, for further discussions. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common shares, issued (in shares) | 86,600,302 | 85,800,303 |
Common stock, shares, outstanding (in shares) | 86,600,302 | 85,800,303 |
Preferred stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, issued (in shares) | 0 | 0 |
Special stock shares issued (in shares) | 100 | 100 |
Special stock par value per share (in shares) | $ 0.001 | $ 0.001 |
Special stock shares outstanding (in shares) | 100 | 100 |
Noncontrolling interests | $ 141 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue | ||||
Revenue | $ 1,727 | $ 1,761 | $ 1,669 | |
Costs and expenses | ||||
Selling, general and administrative | 334 | 327 | 306 | |
Fees to Manager-related party | 32 | 45 | 71 | |
Goodwill impairment | 0 | 3 | 0 | |
Depreciation | 195 | 193 | 178 | |
Amortization of intangibles | 59 | 68 | 64 | |
Total operating expenses | 1,438 | 1,527 | 1,387 | |
Operating income | 289 | 234 | 282 | |
Other income (expense) | ||||
Interest income | 7 | 1 | 0 | |
Interest expense | [1] | (154) | (113) | (87) |
Other (expense) income, net | (2) | (7) | 9 | |
Net income from continuing operations before income taxes | 140 | 115 | 204 | |
(Provision) benefit for income taxes | (39) | (50) | 230 | |
Net income from continuing operations | 101 | 65 | 434 | |
Discontinued Operations | ||||
Net income from discontinued operations before income taxes | [2] | 85 | 32 | 18 |
(Provision) benefit for income taxes | [2] | (33) | (2) | 4 |
Net income from discontinued operations | [2] | 52 | 30 | 22 |
Net income | 153 | 95 | 456 | |
Less: net loss attributable to noncontrolling interests | 0 | (3) | 0 | |
Net income from continuing operations attributable to MIC | 101 | 68 | 434 | |
Less: net (loss) income attributable to noncontrolling interests | (3) | (39) | 5 | |
Net income from discontinued operations attributable to MIC | 55 | 69 | 17 | |
Net income attributable to MIC | $ 156 | $ 137 | $ 451 | |
Basic income per share from continuing operations attributable to MIC (in dollars per share) | $ 1.17 | $ 0.80 | $ 5.22 | |
Basic income per share from discontinued operations attributable to MIC (in dollars per share) | 0.65 | 0.80 | 0.20 | |
Basic income per share attributable to MIC (in dollars per share) | $ 1.82 | $ 1.60 | $ 5.42 | |
Weighted average number of shares outstanding: basic (in shares) | 86,178,212 | 85,233,989 | 83,204,404 | |
Diluted income per share from continuing operations attributable to MIC (in dollars per share) | $ 1.17 | $ 0.80 | $ 4.94 | |
Diluted income per share from discontinued operations attributable to MIC (in dollars per share) | 0.65 | 0.80 | 0.19 | |
Diluted income per share attributable to MIC (in dollars per share) | $ 1.82 | $ 1.60 | $ 5.13 | |
Weighted average number of shares outstanding: diluted (in shares) | 86,204,301 | 85,249,865 | 91,073,362 | |
Cash dividends declared per share (in dollars per share) | $ 4 | $ 4 | $ 5.56 | |
Service revenue | ||||
Revenue | ||||
Revenue | $ 1,484 | $ 1,515 | $ 1,446 | |
Costs and expenses | ||||
Cost of goods and services sold | 653 | 712 | 624 | |
Product revenue | ||||
Revenue | ||||
Revenue | 243 | 246 | 223 | |
Costs and expenses | ||||
Cost of goods and services sold | $ 165 | $ 179 | $ 144 | |
[1] | Interest expense includes losses on derivative instruments of $13 million and gains on derivative instruments of $8 million and $2 million in 2019, 2018 and 2017, respectively. | |||
[2] | See Note 5, “Discontinued Operations and Dispositions”, for discussions on businesses classified as held for sale. |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain (loss) on derivative instruments | $ (23) | $ 3 | $ 9 |
Interest Expense | |||
Gain (loss) on derivative instruments | $ (13) | $ 8 | $ 2 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 153 | $ 95 | $ 456 | |
Other comprehensive (loss) income, net of taxes: | ||||
Change in post-retirement benefit plans | [1] | (9) | 9 | (4) |
Translation adjustment | [2] | 2 | (5) | 3 |
Other comprehensive (loss) income | (7) | 4 | (1) | |
Comprehensive income | 146 | 99 | 455 | |
Less: comprehensive (loss) income attributable to noncontrolling interests | (3) | (42) | 5 | |
Comprehensive income attributable to MIC | $ 149 | $ 141 | $ 450 | |
[1] | Change in post-retirement benefit plans is presented net of tax benefit of $3 million in both 2019 and 2017 and net of tax expense of $3 million in 2018. See Note 11, “Stockholders’ Equity”, for further discussions. | |||
[2] | Translation adjustment is presented net of tax expense of $1 million and $2 million in 2019 and 2017, respectively, and net of tax benefit of $2 million in 2018. See Note 11, “Stockholders’ Equity”, for further discussions. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Change in post-retirement benefit plans, tax (benefit) | $ (3) | $ 3 | $ (3) |
Translation adjustment, tax (benefit) | $ 1 | $ (2) | $ 2 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Manager | Independent Directors | Total Stockholders’ Equity | Total Stockholders’ EquityManager | Total Stockholders’ EquityIndependent Directors | Special Stock | Common Stock | Common StockManager | Common StockIndependent Directors | Additional Paid In Capital | Additional Paid In CapitalManager | Additional Paid In CapitalIndependent Directors | Accumulated Other Comprehensive Loss | Retained Earnings | Noncontrolling Interests | [2] | ||
Balance (in shares) at Dec. 31, 2016 | 100 | 82,047,526 | [1] | ||||||||||||||||
Balance at Dec. 31, 2016 | $ 3,148 | $ 2,953 | $ 2,089 | $ (29) | $ 893 | $ 195 | |||||||||||||
Issuance of shares, net of offering costs (in shares) | [1] | 78,343 | 948,147 | 9,595 | |||||||||||||||
Issuance of shares, net of offering costs | 6 | $ 72 | $ 1 | 6 | $ 72 | $ 1 | 6 | $ 72 | $ 1 | ||||||||||
Issuance of shares pursuant to acquisition (in shares) | [1] | 1,650,104 | |||||||||||||||||
Issuance of shares pursuant to acquisition | 125 | 125 | 125 | ||||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes (in shares) | [1] | 242 | |||||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes | 0 | ||||||||||||||||||
Dividends to common stockholders | [3] | (453) | (453) | (453) | |||||||||||||||
Distributions to noncontrolling interests | (4) | (4) | |||||||||||||||||
Net adjustment to noncontrolling interest from acquisition | 1 | 1 | |||||||||||||||||
Comprehensive (loss) income, net of taxes | 455 | 450 | (1) | 451 | 5 | ||||||||||||||
Balance (in shares) at Dec. 31, 2017 | 100 | 84,733,957 | [1] | ||||||||||||||||
Balance at Dec. 31, 2017 | 3,351 | 3,154 | 1,840 | (30) | 1,344 | 197 | |||||||||||||
Issuance of shares, net of offering costs (in shares) | [1] | 1,916 | 1,054,896 | 9,435 | |||||||||||||||
Issuance of shares, net of offering costs | 0 | 48 | 1 | 48 | 1 | 48 | 1 | ||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes (in shares) | [1] | 99 | |||||||||||||||||
Issuance of shares pursuant to conversion of convertible senior notes | 0 | ||||||||||||||||||
Dividends to common stockholders | [3] | (379) | (379) | (379) | |||||||||||||||
Distributions to noncontrolling interests | (4) | (4) | |||||||||||||||||
Net adjustment to noncontrolling interest from acquisition | [2] | 1 | |||||||||||||||||
Comprehensive (loss) income, net of taxes | 99 | 141 | 4 | 137 | (42) | ||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 100 | 85,800,303 | [1] | ||||||||||||||||
Balance at Dec. 31, 2018 | 3,117 | 2,965 | 1,510 | (30) | 1,485 | 152 | |||||||||||||
Issuance of shares, net of offering costs (in shares) | [1] | 776,353 | 23,646 | ||||||||||||||||
Issuance of shares, net of offering costs | $ 31 | $ 1 | $ 31 | $ 1 | $ 31 | $ 1 | |||||||||||||
Dividends to common stockholders | [3] | (344) | (344) | (344) | |||||||||||||||
Distributions to noncontrolling interests | (3) | (3) | |||||||||||||||||
Net adjustment to noncontrolling interest from dispositions | (137) | (137) | |||||||||||||||||
Comprehensive (loss) income, net of taxes | 146 | 149 | (7) | 156 | (3) | ||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 100 | 86,600,302 | [1] | ||||||||||||||||
Balance at Dec. 31, 2019 | $ 2,811 | $ 2,802 | $ 1,198 | $ (37) | $ 1,641 | $ 9 | |||||||||||||
[1] | The Company is authorized to issue 500,000,000 shares of common stock with a par value $0.001 per share. | ||||||||||||||||||
[2] | Includes $141 million and $184 million of noncontrolling interest related to discontinued operations at December 31, 2018 and 2017, respectively. See Note 5, “Discontinued Operations and Dispositions”, for further discussions. | ||||||||||||||||||
[3] | See Note 11, “Stockholder's Equity”, for discussion on cash dividends paid on shares for each period. |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | ||
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||
Noncontrolling interests | $ 141 | $ 184 | |||
Cumulative effect of change in accounting principle | [1] | $ 0 | |||
Accumulated Other Comprehensive Loss | |||||
Cumulative effect of change in accounting principle | [1] | $ (4) | |||
[1] | In 2018, the Company adopted ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, and made a $4 million adjustment to reclassify stranded tax effects in Accumulated Other Comprehensive Loss to Retained Earnings . |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Operating activities | ||||
Net income from continuing operations | $ 101 | $ 65 | $ 434 | |
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations: | ||||
Goodwill impairment | 0 | 3 | 0 | |
Depreciation and amortization of property and equipment | 195 | 193 | 178 | |
Amortization of intangible assets | 59 | 68 | 64 | |
Amortization of debt financing costs | 9 | 11 | 7 | |
Amortization of debt discount | 4 | 4 | 3 | |
Adjustments to derivative instruments | 25 | 12 | (4) | |
Fees to Manager- related party | 32 | 45 | 71 | |
Deferred taxes | 27 | 36 | (240) | |
Other non-cash expense, net | [1] | 22 | 31 | 14 |
Changes in other assets and liabilities, net of acquisitions: | ||||
Accounts receivable | (2) | 14 | (32) | |
Inventories | (3) | (2) | (6) | |
Prepaid expenses and other current assets | (5) | (2) | (5) | |
Accounts payable and accrued expenses | 14 | 0 | (7) | |
Income taxes payable | (10) | 1 | 0 | |
Other, net | 0 | (6) | (13) | |
Net cash provided by operating activities from continuing operations | 468 | 473 | 464 | |
Investing activities | ||||
Acquisitions of businesses and investments, net of cash, cash equivalents and restricted cash acquired | 0 | (18) | (201) | |
Purchases of property and equipment | (260) | (177) | (214) | |
Loan to project developer | (1) | (19) | (23) | |
Loan repayment from project developer | 16 | 17 | 17 | |
Proceeds from sale of business, net of cash divested | 0 | 41 | 0 | |
Other, net | (3) | 0 | 0 | |
Net cash used in investing activities from continuing operations | (248) | (156) | (421) | |
Financing activities | ||||
Proceeds from long-term debt | 0 | 1,407 | 931 | |
Payment of long-term debt | (361) | (1,385) | (413) | |
Proceeds from the issuance of shares | 0 | 0 | 6 | |
Contributions received from noncontrolling interests | 0 | 1 | 0 | |
Dividends paid to common stockholders | (344) | (379) | (453) | |
Debt financing costs paid | (1) | (34) | (1) | |
Net cash (used in) provided by financing activities from continuing operations | (706) | (390) | 70 | |
Net change in cash, cash equivalents and restricted cash from continuing operations | (486) | (73) | 113 | |
Cash flows (used in) provided by discontinued operations: | ||||
Net cash (used in) provided by operating activities | (48) | 46 | 65 | |
Net cash provided by (used in) investing activities | 239 | 616 | (136) | |
Net cash provided by (used in) financing activities | 24 | (31) | (32) | |
Net cash provided by (used in) discontinued operations | 215 | 631 | (103) | |
Effect of exchange rate changes on cash and cash equivalents | 0 | (1) | 1 | |
Net change in cash, cash equivalents and restricted cash | (271) | 557 | 11 | |
Cash, cash equivalents and restricted cash, beginning of period | 629 | 72 | 61 | |
Cash, cash equivalents and restricted cash, end of period | 358 | 629 | 72 | |
Non-cash investing and financing activities: | ||||
Accrued purchases of property and equipment | 32 | 23 | 22 | |
Issuance of shares to Manager | 31 | 48 | 72 | |
Issuance of shares to independent directors | 1 | 1 | 1 | |
Issuance of shares for acquisition of business | 0 | 0 | 125 | |
Leased assets obtained in exchange for new operating lease liabilities | 21 | |||
Taxes paid, net | [2] | 65 | 21 | 11 |
Interest paid, net | 131 | 98 | 85 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Total of cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $ 629 | $ 629 | $ 72 | |
[1] | Other non-cash expense, net, includes the write-down of the Company’s investment in the mechanical contractor business at MIC Hawaii in 2018. | |||
[2] | Taxes paid, net, includes taxes paid for discontinued operations of $54 million and $8 million in 2019 and 2018, respectively. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS - Parenthetical - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Cash Flows [Abstract] | ||
Income taxes paid for discontinued operations | $ 54 | $ 8 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Macquarie Infrastructure Corporation (MIC) is a Delaware corporation formed on May 21, 2015. MIC’s predecessor, Macquarie Infrastructure Company LLC, was formed on April 13, 2004. Macquarie Infrastructure Corporation, both on an individual entity basis and together with its consolidated subsidiaries, is referred to in these financial statements as the “Company” or “MIC”. MIC is externally managed by Macquarie Infrastructure Management (USA) Inc. (the Manager) pursuant to the terms of a Management Services Agreement, subject to the oversight and supervision of the Board. The majority of the members of the Board, and the members of all Board committees, are independent and have no affiliation with Macquarie. The Manager is a member of the Macquarie Group of companies comprising Macquarie Group Limited and its subsidiaries and affiliates worldwide. Macquarie Group Limited is headquartered in Australia and is listed on the Australian Securities Exchange. The Company owns its businesses through its direct wholly-owned subsidiary MIC Ohana Corporation, the successor to Macquarie Infrastructure Company Inc. The Company owns and operates a portfolio of infrastructure and infrastructure-like businesses that provide services to corporations, government agencies and individual customers primarily in the United States (U.S.). The Company's operations are organized into four segments: • International-Matex Tank Terminals (IMTT) : a business providing bulk liquid storage and handling services to third-parties at 17 terminals in the U.S. and two in Canada; • Atlantic Aviation : a provider of fuel, terminal, aircraft hangaring and other services primarily to owners and operators of general aviation (GA) jet aircraft at 70 airports throughout the U.S.; • MIC Hawaii : comprising an energy company that processes and distributes gas and provides related services (Hawaii Gas) and several smaller businesses collectively engaged in efforts to reduce the cost and improve the reliability and sustainability of energy in Hawaii; and • Corporate and Other: comprising MIC Corporate (holding company headquarters in New York City) and a shared services center in Plano, Texas. Effective October 1, 2018, the Bayonne Energy Center (BEC) and substantially all of the Company’s portfolio of solar and wind power generation businesses were classified as discontinued operations and the Company’s Contracted Power segment was eliminated. All prior comparable periods have been restated to reflect this change. In July 2019, the Company completed the sales of its wind power generating portfolio and all but one of the assets in its solar power generating portfolio. The sale of the remaining solar facility closed during September 2019. On January 1, 2019, the Company also classified its majority interest in a renewable power development business as a discontinued operation, the sale of which closed in July 2019. The Company did not restate the prior period as the disposition was deemed insignificant. A remaining relationship with a third-party developer of renewable power facilities has been reported as a component of Corporate and Other through the expiration of the relationship in July 2019. For additional information, see Note 5, “Discontinued Operations and Dispositions”. In October 2019, in addition to the active management of the existing portfolio of businesses, the Board resolved to simultaneously pursue strategic alternatives including potentially a sale of the Company or its operating businesses as a means of unlocking additional value for stockholders. The Company has not set a timetable for completing any transaction and there can be no assurance that any transaction(s) will occur on favorable terms or at all. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies 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. The Company is the primary beneficiary in the solar facilities at MIC Hawaii segment and consolidated these projects accordingly. Investments Investment in unconsolidated business of $9 million and $8 million at December 31, 2019 and 2018 , respectively, represent primarily a 20% ownership interest in a joint venture acquired in conjunction with the IMTT acquisition in July 2014. This investment is accounted for at cost on the consolidated balance sheet. Dividend income from this investment is recorded in Other (Expense) Income, net , on the consolidated statements of operations. 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, including commercial paper issued by counterparties with Standard & Poor's rating of A1+ or higher, with maturity of three months or less when purchased to be cash and cash equivalents. At December 31, 2019, the Company had $40 million of commercial paper issued by counterparties with a Standard & Poor's rating of A1+. The Company did no t have any commercial paper at December 31, 2018 . 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 The Company uses estimates to determine the amount of allowance for doubtful accounts necessary to reduce accounts receivable to its net realizable value. The Company estimates the required allowance by reviewing the status of past-due receivables and analyzing historical bad debt trends. Actual collection experience has not varied significantly from estimates primarily due to credit policies and a lack of concentration of accounts receivable. The Company writes-off receivables deemed to be uncollectible to the allowance for doubtful accounts. Inventory Inventory consists principally of fuel purchased from various third-party vendors at Atlantic Aviation and Hawaii Gas and materials and supplies at all of the operating businesses. Fuel inventory is stated at the lower of cost or market. Materials and supplies inventory are valued at the lower of average cost or market. Inventory sold is recorded using the first-in-first-out method at Atlantic Aviation and an average cost method at Hawaii Gas. Cash flows related to the sale of inventory are classified in net cash provided by operating activities in the consolidated statements of cash flows. The Company’s inventory balance at December 31, 2019 comprised $15 million of inventory for sale and $16 million of materials and supplies. The Company’s inventory balance at December 31, 2018 comprised $13 million of inventory for sale and $16 million of materials and supplies. Property, Equipment, Land and Leasehold Improvements Property, equipment, land and leasehold improvements are initially recorded at cost. Major renewals and improvements are capitalized while repair and maintenance 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 is summarized in the table below: Buildings 20 to 30 years Leasehold and land improvements 8 to 30 years Machinery and equipment 3 to 30 years Furniture and fixtures 5 to 15 years 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 or when there is a triggering event that indicates the possibility of an impairment. For the annual impairment test, the Company can make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before performing a quantitative goodwill impairment test, as discussed below. If an entity concludes it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it need not perform the quantitative impairment test. 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. During the first quarter of 2018, the Company adopted ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU No. 2017-04 simplifies the measurement of goodwill and no longer requires an entity to perform a hypothetical purchase price allocation when computing the estimated fair value to measure goodwill impairment. Instead, impairment will be assessed by quantifying the difference between the fair value of a reporting unit and its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, on condition that the charge doesn’t exceed the total amount of goodwill allocated to that reporting unit. See Note 8, “Intangible Assets and Goodwill”, for further discussions on goodwill impairment testing performed in 2019. 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 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, 2019 , the weighted average remaining life of deferred financing costs was 5.3 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 liquefied petroleum gas (LPG) prices on its cash flows. The Company accounts for derivatives and hedging activities in accordance with Accounting Standard Codification (ASC) 815, Derivatives and Hedging , which requires that all derivative instruments be recorded on the balance sheet at their respective fair values. All movements in the fair value of derivative contracts are recorded directly through earnings. See Note 10, “Derivative Instruments and Hedging Activities”, for further discussions. Financial Instruments The Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and variable-rate senior debt, are carried at cost, which approximates their fair value because of either the short-term maturity, or competitive interest rates assigned to these financial instruments. The fair values of the Company’s other debt instruments fall within level 1 or level 2 of the fair value hierarchy. 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 balances 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, 2019 and 2018 , 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 in 2019, 2018 and 2017. 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 $86 million at December 31, 2019 and 2018 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 under the Independent Director Equity Plan; (iii) stock units granted to certain employees of the Company's operating businesses under the 2016 Omnibus Employee Incentive Plan; and (iv) 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, Comprehensive Income , for the reporting and presentation of comprehensive income (loss) and its components, net of taxes. For the Company, the guidance requires unrealized gains or losses on foreign currency translation adjustments and minimum pension liability adjustments to be included in other comprehensive income (loss), net of taxes. 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, Regulated Operations . This guidance requires regulated entities to disclose in their financial statements the authorized recovery of costs associated with regulatory decisions. Accordingly, certain costs that otherwise would normally be charged to expense may, in certain instances, be recorded as an asset in a regulatory entity’s balance sheet. The Hawaii Gas business records regulatory assets as costs that have been deferred for which future recovery through customer rates has been approved by the HPUC. Regulatory liabilities represent amounts included in rates and collected from customers for costs expected to be incurred in the future. 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 through the date of sale. 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 . The amendments in ASU 2018-14 update disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this update are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company will include appropriate disclosures related to defined benefit plans in accordance with the standard when it adopts the provisions of this ASU. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement . The amendments in ASU 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 minimum disclosure requirements. The amendments in this update are effective for annual periods beginning after December 15, 2019, 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. The Company will adopt this ASU in 2020 and will make the required disclosures to the notes to the consolidated financial statements, as needed. |
Implementation of ASU No. 2016-
Implementation of ASU No. 2016-2 | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Implementation of ASU No. 2016-2 | Implementation of ASU No. 2016-2 On February 25, 2016, FASB issued ASU No. 2016-2, 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 existing GAAP, which requires only capital leases to be recognized on the balance sheet, ASU 2016-2 requires all leases with an initial term greater than one year to be recognized on the balance sheet as a right-of-use (ROU) asset and a lease liability. The Company also serves as a lessor primarily through operating leases. The accounting for lessors has not fundamentally changed except for changes to conform and align existing guidance to the lessee guidance under ASU 2016-2, as well as to the revenue recognition guidance in ASC 606, Revenue from Contracts with Customers . The substantial population of the Company’s newly recognized ROU assets and lease liabilities relate to Atlantic Aviation’s operating leases of land, buildings and certain equipment. ROU assets represent the Company’s right to use an underlying asset for the lease term and the lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The considerations given for the incremental borrowing rate used in determining the present value of lease payments were the Company’s recent debt refinancing and amendment during 2018 and the Company’s credit rating. The Company adopted the standard effective January 1, 2019 utilizing the modified retrospective method, which allowed the Company, where it was the lessee or lessor to recognize and measure leases at the beginning of the period of adoption without modifying the comparative period financial statements. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carryforward the historical lease classification. The Company also made an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet. Further, the standard did not 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. The Company also determined that the accounting for sales taxes, certain lessor costs and certain requirements related to variable payments in contracts did not have a material effect on the consolidated balance sheet, statement of operations or statement of cash flows. Upon adoption of ASU No. 2016-2, the Company recorded ROU assets and corresponding lease liabilities of $351 million and $358 million , respectively, of which $19 million and $21 million related to asset and liabilities held for sale, respectively. The adoption of this ASU did not have a material impact on the Company's consolidated statements of operations, liquidity or debt covenant compliance under its current agreements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company has operating leases primarily for land, equipment and machinery, buildings, office space and certain office equipment under non-cancellable lease agreements. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one to 10 years or more. The exercise of these lease renewal options is at the Company’s sole discretion. Cash paid for operating leases is reported in operating activities on the consolidated statement of cash flows. At December 31, 2019, the Company did not have any finance leases. In 2019, the Company’s operating lease expenses recorded within the consolidated statement of operations were as follows ($ in millions): Income Statement Classification Year Ended December 31, 2019 Cost of services $ 2 Cost of product sales 1 Selling, general and administrative 51 Total operating lease expense (1) $ 54 _____________ (1) Includes leases less than one year and variable totaling $6 million and $2 million , respectively. At December 31, 2019 , the weighted-average remaining operating lease term was 18.7 years and the weighted average discount rate was 8.5% . The following table represents the future maturities of lease liabilities at December 31, 2019 ($ in millions): 2020 $ 46 2021 44 2022 43 2023 42 2024 42 Thereafter 513 Total lease payment 730 Less: interest (390 ) Present value of lease liability $ 340 Future minimum lease commitments at December 31, 2018 ($ in millions): 2019 $ 48 2020 44 2021 41 2022 40 2023 39 Thereafter 461 Total $ 673 |
Discontinued Operations and Dis
Discontinued Operations and Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations and Dispositions The Company accounts for disposals that represent a strategic shift that should have or will have a major effect on operations as discontinued operations in the consolidated 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. Bayonne Energy Center (BEC) Sale On October 12, 2018, the Company concluded the sale of BEC and received cash of $657 million , net of the assumption of the outstanding debt balance of $244 million by the buyer and subject to post-closing working capital adjustments, resulting in a loss of approximately $17 million (excluding any transaction costs). During 2018, the Company incurred $9 million in professional fees in relation to this transaction, which was included in Selling, General and Administrative Expenses in the consolidated statement of operations. Renewable Businesses Sale During the fourth quarter of 2018, the Company commenced a sale process involving its portfolios of 142 megawatts (MW) (gross) of solar generation assets and 203 MW (gross) of wind generation assets. In July 2019, the Company completed the sales of its wind power generating portfolio and all but one of the assets in its solar power generating portfolio. The sale of the remaining solar facility closed during September 2019. Upon closing of the transactions involving the portfolios of operating solar and wind assets, MIC deconsolidated $295 million of long-term debt. In July 2019, the Company also completed the sale of its majority interest in a renewable power development business. The Company may be entitled to a deferred purchase price from the sale of its interest in the renewable power development business based on the sale of certain projects by the purchaser in the future. The aggregate gross proceeds to the Company from the above sales are approximately $275 million , or approximately $223 million net of taxes and transaction related expenses. Upon closing of the transactions, the Company recorded a pre-tax gain of approximately $80 million excluding any transaction costs. The Company incurred approximately $10 million in professional fees in relation to these transactions, which is included in Selling, General and Administrative Expenses in the consolidated statement of operations. In 2019, the Company recorded approximately $42 million in current tax expense primarily related to the gain on sale. The combination of the disposal of BEC and the commencement of the sale process of substantially all of its portfolio of solar and wind facilities represented a strategic shift for the Company that will have a major effect on operations. Accordingly, beginning in the fourth quarter of 2018 , these businesses were classified as discontinued operations and the Contracted Power segment was eliminated. There was no write-down of the carrying amount of the solar and wind facility assets as a result of this change in classification. The assets and liabilities of the solar and wind facilities have been classified as held for sale in the consolidated balance sheets up until the date those assets were disposed. All prior periods have been restated to reflect these changes. During the first quarter of 2019, the Company also commenced the sale of its majority interest in its renewable power development business that was reported as part of the Company’s Corporate and Other segment in the fourth quarter of 2018. Accordingly, beginning in the first quarter of 2019, the results of this business were classified as discontinued operations and the assets and liabilities of this business have been classified as held for sale in the consolidated balance sheets through the date of sale. The Company did not restate the prior period related to the commencement of the sale process involving its majority interest in a renewable power development business as the disposition was insignificant. A remaining relationship with a third-party developer of renewable power facilities has been reported as a component of Corporate and Other through the expiration of the relationship in July 2019. The following is a summary of the assets and liabilities held for sale included in the Company’s consolidated balance sheet related to its former Contracted Power segment as of December 31, 2018 ($ in millions): December 31, 2018 Assets Cash and cash equivalents $ 3 Restricted cash 14 Accounts receivable, net 9 Other current assets 5 Total current assets 31 Property, equipment, land and leasehold improvements, net 606 Intangible assets, net 9 Other noncurrent assets 2 Total assets $ 648 Liabilities Accounts payable and accrued expenses $ 7 Current portion of long-term debt 20 Other current liabilities 1 Total current liabilities 28 Long term debt, net of current portion 283 Other noncurrent liabilities 6 Total liabilities $ 317 Noncontrolling interests $ 141 Summarized financial information for discontinued operations included in the Company’s consolidated statement of operations in 2019, 2018 and 2017 are as follows ($ in millions): Year Ended December 31, 2019 2018 2017 Product revenue $ 44 $ 150 $ 146 Cost of product sales (7 ) (24 ) (21 ) Selling, general & administrative expenses (19 ) (25 ) (25 ) Depreciation and amortization — (38 ) (60 ) Interest expense, net (13 ) (17 ) (23 ) Other income (expense), net (1) 80 (14 ) 1 Net income from discontinued operations before income taxes 85 32 18 (Provision) benefit for income taxes (33 ) (2 ) 4 Net income from discontinued operations 52 30 22 Less: net (loss) income attributable to noncontrolling interests (3 ) (39 ) 5 Net income from discontinued operations attributable to MIC $ 55 $ 69 $ 17 _____________ (1) Other income (expense), net, includes gain of approximately $80 million from the sale of renewable businesses in 2019 and loss of $17 million from the sale of BEC in 2018. Other Dispositions The Company reviews 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) an environmental services business by IMTT in April 2018; (ii) its equity interests in projects involving two properties in May 2018; and (iii) the mechanical contractor business within MIC Hawaii in November 2018. Collectively, the sale of these businesses is insignificant and do not qualify for discontinued operations. Prior to the execution of the sale agreement for the mechanical contractor business, 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 million , including fixed assets and intangible assets of approximately $9 million , as well as reserving for certain contract related amounts recorded in other current liabilities and other expenses. |
Income per Share
Income per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Income per Share | Income per Share Following is a reconciliation of the basic and diluted income per share computations ($ in millions, except share and per share data): Year Ended December 31, 2019 2018 2017 Numerator: Net income from continuing operations attributable to MIC $ 101 $ 68 $ 434 Interest expense attributable to 2.875% Convertible Senior Notes due July 2019, net of taxes — — 8 Interest expense attributable to 2.00% Convertible Senior Notes due October 2023, net of taxes — — 8 Diluted net income from continuing operations attributable to MIC $ 101 $ 68 $ 450 Basic and diluted net income from discontinued operations $ 55 $ 69 $ 17 Denominator: Weighted average number of shares outstanding: basic 86,178,212 85,233,989 83,204,404 Dilutive effect of restricted stock unit grants (1) 26,089 15,876 9,495 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 Weighted average number of shares outstanding: diluted 86,204,301 85,249,865 91,073,362 _____________ (1) Dilutive effect of restricted stock unit grants includes grants to independent directors under the 2014 Independent Director Equity Plan and certain employees of the Company's operating businesses under the 2016 Omnibus Employee Incentive Plan. Year Ended December 31, 2019 2018 2017 Income per share: Basic income per share from continuing operations attributable to MIC $ 1.17 $ 0.80 $ 5.22 Basic income per share from discontinued operations attributable to MIC 0.65 0.80 0.20 Basic income per share attributable to MIC $ 1.82 $ 1.60 $ 5.42 Diluted income per share from continuing operations attributable to MIC $ 1.17 $ 0.80 $ 4.94 Diluted income per share from discontinued operations attributable to MIC 0.65 0.80 0.19 Diluted income per share attributable to MIC $ 1.82 $ 1.60 $ 5.13 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, 2019 2018 2017 2.875% Convertible Senior Notes due July 2019 (1) 1,321,243 4,368,725 — 2.00% Convertible Senior Notes due October 2023 3,634,173 3,631,850 — Total 4,955,416 8,000,575 — _____________ (1) On July 15, 2019, the Company fully repaid the outstanding balance on the 2.875% Convertible Senior Notes due July 2019 at maturity using cash on hand. In 2019, the weighted average shares reflect the “if-converted” impact to dilutive common stock through the maturity date of the Note. |
Property, Equipment, Land and L
Property, Equipment, Land and Leasehold Improvements | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment, Land and Leasehold Improvements | Property, Equipment, Land and Leasehold Improvements Property, equipment, land and leasehold improvements at December 31, 2019 and 2018 consist of the following ($ in millions): As of December 31, 2019 2018 Land $ 319 $ 319 Buildings 40 40 Leasehold and land improvements 813 770 Machinery and equipment 2,951 2,783 Furniture and fixtures 52 45 Construction in progress 143 113 4,318 4,070 Less: accumulated depreciation (1,116 ) (929 ) Property, equipment, land and leasehold improvements, net $ 3,202 $ 3,141 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible assets at December 31, 2019 and 2018 consist of the following ($ in millions): As of December 31, 2019 2018 Contractual arrangements $ 921 $ 921 Non-compete agreements 14 14 Customer relationships 352 353 Trade names 16 16 Technology 9 9 1,312 1,313 Less: accumulated amortization (583 ) (524 ) Intangible assets, net $ 729 $ 789 At December 31, 2019 , the Company had $12 million in trade names net of accumulated amortization, of which $7 million relates to Atlantic Aviation and are considered to be indefinite-lived. The remaining balance of $5 million relates to “The Gas Company” trade name and is being amortized over its estimated useful life. Amortization expense of intangible assets in 2019, 2018 and 2017 totaled $59 million , $68 million and $64 million , respectively. The estimated future amortization expense for amortizable intangible assets to be recognized are ($ in millions): 2020 $ 50 2021 45 2022 43 2023 42 2024 37 Thereafter 505 Total $ 722 The goodwill balance by reportable segments as of December 31, 2019 are comprised of the following ($ in millions): IMTT Atlantic Aviation MIC Hawaii Total Goodwill acquired in business combinations, net of disposals, at December 31, 2018 $ 1,430 $ 619 $ 123 $ 2,172 Accumulated impairment charges — (123 ) (3 ) (126 ) Other (3 ) — — (3 ) Balance at December 31, 2018 1,427 496 120 2,043 Other 1 (1 ) — — Balance at December 31, 2019 $ 1,428 $ 495 $ 120 $ 2,043 The Company tests for goodwill impairment at the reporting unit level on an annual basis on October 1 st of each year and between annual tests if a triggering event indicates the possibility of an impairment. The Company monitors changing business conditions as well as industry and economic factors, among others, for events which could trigger the need for an interim impairment analysis. The Company has experienced a sustained decline in its market capitalization over the 18-months ended September 30, 2019. The decline reflects, in part, the sales of smaller and non-core businesses during that period. However, the Company concluded that the decline in its market capitalization also reflected a reduced contribution from its IMTT segment as a result of lower bulk liquid storage utilization levels and storage rates and determined that these constituted a triggering event. The Company performed an interim impairment analysis based on financial results through September 30, 2019. For IMTT, the Company used both the market and income approaches and weighting them based on their applicability to the segment. The income approach used forecasted cash flows developed as part of the Company’s annual update of its 5-year business plan. For Atlantic Aviation and Hawaii Gas, the Company used only the market approach given that the fair value of these businesses substantially exceeded the book value noted in 2018. The analysis concluded that fair value of each of the Company’s reporting units exceeded their carrying value and no impairment was recorded. At September 30, 2019, the fair value of the Company's reporting units exceeded their aggregate book value by $2.2 billion , or 33% . Approximately $1.9 billion of the excess was attributed to Atlantic Aviation, approximately $280 million to Hawaii Gas and approximately $20 million to IMTT. Unfavorable fluctuations in the discount rate or declines in forecasted storage revenues and margins could result in an impairment to IMTT in the future. For example, a 0.25% increase to the discount rate would decrease the value of IMTT by approximately $70 million . Any increase in the discount rate, in conjunction with any decrease in the projected cash flows for IMTT, would negatively affect the current valuations. Due to the inherent uncertainties in the estimates and assumptions used in the fair value analysis, the Company's actual results may differ. These differences could alter the fair value of the Company's reporting units and may result in impairment charges in future periods. At December 31, 2019 , there were no new triggering events that indicated impairment. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
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 generally 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, 2019 and 2018 , the Company’s consolidated long-term debt comprised the following ($ in millions): As of December 31, 2019 2018 IMTT $ 1,109 $ 1,109 Atlantic Aviation 1,015 1,025 MIC Hawaii 195 196 MIC Corporate 388 734 Total 2,707 3,064 Current portion (12 ) (361 ) Long-term portion 2,695 2,703 Unamortized deferred financing costs (1) (41 ) (50 ) Long-term portion less unamortized debt discount and deferred financing costs $ 2,654 $ 2,653 _____________ (1) The weighted average remaining life of the deferred financing costs at December 31, 2019 was 5.3 years . At December 31, 2019 , the total undrawn capacity on the revolving credit facilities was $1,610 million excluding letters of credits outstanding of $13 million . The following table represents the future maturities of long-term debt balances at December 31, 2019 and includes the unamortized debt discount of $15 million related to the 2.00% Convertible Senior Notes due October 2023 ($ in millions). 2020 $ 12 2021 11 2022 111 2023 494 2024 11 Thereafter 2,083 Total $ 2,722 MIC Corporate Senior Secured Revolving Credit Facility In July 2014, the Company entered into a five -year, $250 million senior secured revolving credit facility with a syndicate of banks and subsequently increased the aggregate commitments under its revolving credit facility to $410 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 million and extended the maturity through January 3, 2022 . At December 31, 2019 and 2018, the senior secured revolving credit facility was undrawn. 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. 2.875% Convertible Senior Notes due July 2019 In July 2014, the Company completed an underwritten public offering of a five -year, $350 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. At December 31, 2018 , the Company had $350 million aggregate principal outstanding, which was fully repaid by the Company using cash on hand at maturity. 2.00% Convertible Senior Notes due October 2023 In October 2016, the Company completed an underwritten public offering of a seven year, $403 million aggregate principal amount of 2.00% Convertible Senior Notes due October 2023 . The net proceeds of $392 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 $403 million of 2.00% Convertible Senior Notes due October 2023 had an initial value of the principal amount recorded as a liability of $376 million , using an effective interest rate of 3.1% . The remaining $27 million of principal amount was allocated to the conversion feature and recorded in Additional Paid in Capital as a component of stockholders’ equity. This amount represents a discount to the debt to be amortized through interest expense using the effective interest method through the maturity of the convertible senior notes. The Company also recorded $11 million in deferred financing costs from the issuance of the convertible senior notes, of which approximately $1 million was recorded as equity issuance costs as a component of stockholders’ equity. At December 31, 2019 and 2018 , the outstanding balance on the Notes were $388 million and $384 million , respectively, which had a fair value of the liability component of approximately $370 million and $335 million , respectively. The conversion rate was 9.0290 shares of common stock per $1,000 principal amount at December 31, 2019 and 2018. The 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in millions): As of December 31, 2019 2018 Liability Component: Principal $ 403 $ 403 Unamortized debt discount (15 ) (19 ) Long-term debt, net of unamortized debt discount 388 384 Unamortized deferred financing costs (6 ) (7 ) Net carrying amount $ 382 $ 377 Equity Component $ 27 $ 27 In 2019, 2018 and 2017, total interest expense recognized related to the 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in millions): Year Ended December 31, 2019 2018 2017 Contractual interest expense $ 8 $ 8 $ 8 Amortization of debt discount 4 4 3 Amortization of deferred financing costs 1 1 2 Total interest expense $ 13 $ 13 $ 13 The key terms of the senior secured revolving credit facility and the 2.00% Convertible Senior Notes due October 2023 are summarized in the table below. Facility Terms Senior Secured Revolving 2.00% Convertible Senior Notes Total Committed Amount $600 million — Amount Outstanding at December 31, 2019 Undrawn $388 million, net of unamortized discount of $15 million Maturity January 2022 October 2023 Amortization Revolving, payable at maturity 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 2.00% at December 31, 2019 2.00% payable on April 1 st and October 1 st of each year Commitment Fees 0.350% at December 31, 2019 — Security Secured (may fall away if certain ratings and other conditions are met) 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 million revolving credit facility for ITT LLC, (ii) the Canadian dollar equivalent of a $50 million revolving credit facility for the Canadian borrowers and (iii) a $509 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 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 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 million aggregate principal amount of 3.92% Guaranteed Senior Notes, Series A due 2025, and $275 million aggregate principal amount of 4.02% of Guaranteed Senior Notes, Series B due 2027 (together the senior notes). In March 2019, ITT LLC amended the Note Purchase Agreement to mirror the changes made to the covenants and related definitions to the Amendment described above. At December 31, 2019 and 2018, the fair value of the senior notes was approximately $635 million and $575 million , respectively. Revolving Credit Facilities At December 31, 2019 and 2018, IMTT's $600 million revolving credit facilities were undrawn. 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 million $50 million Amount Outstanding at December 31, 2019 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, 2019 Bankers' Acceptances Rate plus 1.50% at December 31, 2019 Commitment Fees 0.20% at December 31, 2019 0.20% at December 31, 2019 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, 2019 $325 million $275 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, 2019 $509 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 several lenders party thereto. The New AA Credit Agreement provides for a seven-year, $1,025 million senior secured first lien term loan facility and a five-year, $350 million senior secured first lien revolving credit facility that was undrawn at December 31, 2019 and 2018. 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 million in deferred financing costs associated with the October 2016 debt. The additional proceeds from the Atlantic Aviation refinancing were used to repay the Company’s 2.875% Convertible Senior Notes due July 2019 and for general corporate purposes. 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 million senior secured first lien term loan ($1,015 million outstanding at December 31, 2019) $350 million senior secured first lien revolving credit facility (undrawn at December 31, 2019) Maturity December 2025 December 2023 Amortization 1.00% of the initial principal balance per annum Revolving, payable at maturity Interest Rate LIBOR plus 3.75% at December 31, 2019 LIBOR plus 2.00% at December 31, 2019 Commitment Fees — 0.30% at December 31, 2019 Security Secured Secured MIC Hawaii Hawaii Gas On February 10, 2016, Hawaii Gas completed the refinancing of its existing $80 million term loan and $60 million revolving credit facility. The $80 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, 2019 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 million secured term loan facility and its $60 million revolving credit facility extending their respective maturities to February 2023. The $60 million revolving credit facility was undrawn at December 31, 2019 and 2018. At December 31, 2019 and 2018, Hawaii Gas also had $100 million of fixed rate senior notes outstanding that had a fair value of approximately $105 million and $100 million , respectively. 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 million term loan (fully drawn at December 31, 2019) $100 million senior secured notes (fully drawn at December 31, 2019) $60 million revolving credit facility (undrawn at December 31, 2019) Maturity February 2023 August 2022 February 2023 Amortization Payable at maturity Payable at maturity Revolving, payable at maturity Interest Rate LIBOR plus 1.50% at December 31, 2019 4.22% payable semi-annually LIBOR plus 1.25% at December 31, 2019 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 Solar Facilities In July 2016, the solar facilities in Hawaii entered into a ten year, $18 million amortizing term loan facility. The interest rate on this term loan facility floats at LIBOR plus 2.00% . The interest rate was fixed at 3.38% using an interest rate swap contract through June 30, 2026. At December 31, 2019 , the outstanding balance on the term loan was $15 million . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 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 LPG 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, 2019 , the Company had $2,722 million of current and long-term debt, of which $946 million was economically hedged with interest rate contracts, $1,103 million was fixed rate debt and $673 million was unhedged. At December 31, 2018 , the Company had $3,083 million of current and long-term debt, of which $947 million was economically hedged with interest rate contracts, $1,453 million was fixed rate debt and $683 million was unhedged. The Company does not use hedge accounting. All movements in the fair value of the interest rate derivatives are recorded directly through earnings. 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 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 increased the unhedged component of the Tax-Exempt Bonds by approximately $58 million . See Note 9, “Long-Term Debt”, for further details on the Amendment. Atlantic Aviation In October 2016, Atlantic Aviation entered into $400 million notional interest rate caps with a strike price of 1.00% 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 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 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, 2019 , the interest rate swap fixes the interest rate on the $80 million term loan at 2.49% . In July 2016, the solar facilities in MIC Hawaii entered into a ten year, $18 million amortizing term loan facility. The interest rate on this term loan facility floats at LIBOR plus 2.00% . Concurrently, it entered into an amortizing interest rate swap contract with an original notional value of $18 million . The contract is scheduled to amortize concurrently with the term loan and fixes the interest rate at 3.38% as of December 31, 2019 . Commodity Price Hedges The risks associated with fluctuations in the prices that Hawaii Gas, a business within the MIC Hawaii reportable segment, pays for LPG is principally a result of market forces reflecting changes in supply and demand for LPG and other energy commodities. Hawaii Gas’ gross margin (revenue less cost of product sales excluding depreciation and amortization) is sensitive to changes in LPG costs and Hawaii Gas may not always be able to pass through product cost increases fully or on a timely basis, particularly when product costs rise rapidly. In order to reduce the volatility of the business’ LPG market price risk, Hawaii Gas has used and expects to continue to use over-the-counter commodity derivative instruments including price swaps. Hawaii Gas does not use commodity derivative instruments for speculative or trading purposes. Over-the-counter derivative commodity instruments used by Hawaii Gas to hedge forecasted purchases of LPG are generally settled at expiration of the contract. At December 31, 2019 , Hawaii Gas had 38 million gallons of LPG hedged that expire in March 2021 . Financial Statement Location Disclosure for Derivative Instruments The Company measures derivative instruments at fair value using the income approach which discounts the future net cash settlements expected under the derivative contracts to a present value. These valuations use primarily observable (level 2) inputs, including contractual terms, interest rates and yield curves observable at commonly quoted intervals. The Company’s fair value measurements of its derivative instruments and the related location of the assets and liabilities within the consolidated balance sheets at December 31, 2019 and 2018 were ($ in millions): Balance Sheet Classification Assets (Liabilities) at Fair Value as of December 31, 2019 2018 Fair value of derivative instruments - other current assets $ 3 $ 11 Fair value of derivative instruments - other noncurrent assets 2 15 Total derivative contracts - assets $ 5 $ 26 Fair value of derivative instruments - other current liabilities $ (7 ) $ (3 ) Fair value of derivative instruments - other noncurrent liabilities — — Total derivative contracts - liabilities $ (7 ) $ (3 ) The Company’s hedging activities in 2019, 2018 and 2017 and the related location within the consolidated statement of operations were ($ in millions): Income Statement Classification Amount of (Loss) Gain Recognized in 2019 2018 2017 Interest expense – interest rate caps $ (7 ) $ 4 $ — Interest expense – interest rate swaps (6 ) 4 2 Cost of product sales – commodity swaps (10 ) (5 ) 7 Total $ (23 ) $ 3 $ 9 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, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 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, 2019 , the Company had 86,600,302 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, 2019 . 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. 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. Dividends The Company’s Board have made or declared the following dividends in 2019, 2018 and 2017: Declared Period Covered $ per Share Record Date Payable Date February 14, 2020 Fourth quarter 2019 $ 1.00 March 6, 2020 March 11, 2020 October 29, 2019 Third quarter 2019 1.00 November 11, 2019 November 14, 2019 July 30, 2019 Second quarter 2019 1.00 August 12, 2019 August 15, 2019 April 29, 2019 First quarter 2019 1.00 May 13, 2019 May 16, 2019 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 The Board 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 impact of any acquisitions or dispositions related to its pursuit of strategic alternatives, 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. Moreover, the Company's senior secured credit facility and the debt commitments at its businesses contain restrictions that may limit the Company's ability to pay dividends. Although historically the Company has declared cash dividends on its shares, any or all of these or other factors could result in the modification of its dividend policy, or the reduction, modification or elimination of its dividend in the future. The dividends paid have been recorded as a reduction to Additional Paid in Capital in the stockholders’ equity section of the consolidated balance sheets. Independent Director Equity Plan (2014 Plan) In 2014, MIC adopted, and MIC’s stockholders approved, the 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 227,274 shares remained available for issuance at December 31, 2019 . 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 2017, the Company has granted and issued the following stock to the Board under the Plans: Date of Grant Stock Units Granted Price of Stock Units Granted Date of Vesting May 17, 2017 9,435 $ 79.51 May 15, 2018 June 7, 2018 19,230 39.00 May 14, 2019 September 5, 2018 (1) 4,416 47.03 May 14, 2019 May 15, 2019 21,390 42.08 (2) _____________ (1) Represents additional restricted stock unit grants to new independent directors. (2) Date of vesting will be the day immediately preceding the 2020 annual meeting of the Company’s stockholders. 2016 Omnibus Employee Incentive Plan (2016 Plan) On May 18, 2016, the Company adopted the 2016 Plan. The 2016 Plan provides for the issuance of equity awards to attract, retain, and motivate employees, consultants and others who perform services for the Company and its subsidiaries. Under the 2016 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. Shares of common stock underlying forfeited awards are available for future grants. On March 28, 2019, the Company’s Board adopted Amendment No. 1 to the 2016 Plan (the Amendment), which was approved in May 2019 by the Company’s stockholders at the 2019 Annual Meeting of Shareholders. The Amendment, among other things, increased the number of shares of common stock available for grant under the 2016 Plan from 500,000 to 1,500,000 . Macquarie Infrastructure Corporation Short-Term Incentive Plan (STIP) for MIC Operating Businesses — Restricted Stock Units (RSUs) During the first quarter of 2019, the Company established the STIP to provide cash and stock-based incentives to eligible employees of its operating businesses under the Company’s 2016 Plan. In general, the cash component comprises approximately 75% of any incentive award and is paid in a lump-sum. The remaining 25% of any incentive award is in the form of RSUs representing an interest in the common stock of the Company. RSUs are granted following assessment of performance against Key Performance Indicators post the one -year performance period and vest in two equal annual installments following the grant date. Through December 31, 2019 , no grants of RSUs under the STIP had been made. From time to time, the Company can issue RSUs to award or retain employees, or to attract new employees, or other reasons by providing special grants of RSUs. Vesting dates and terms can vary for each award at the discretion of the Company. The following represents unvested Special RSUs granted through 2019: 2019 Special Grants Number of RSUs (in units) Weighted Average Grant-Date Fair Value (per share) Unvested at December 31, 2018 — $ — Granted 6,067 40.30 Unvested at December 31, 2019 6,067 $ 40.30 Compensation expense related to the Special RSU grants in 2019 was not significant. At December 31, 2019 , the cost is expected to be recognized over a weighted-average period of 1.1 years. Macquarie Infrastructure Corporation Long-Term Incentive Plan (LTIP) for MIC Operating Businesses — Performance Stock Units (PSUs) During the first quarter of 2019, the Company established the LTIP pursuant to which it may make stock-based incentive awards to eligible employees of its operating businesses. The awards would take the form of PSUs convertible into common stock of the Company as authorized under its 2016 Plan. The number of PSUs a participant may be awarded reflects a target level of performance by the participant. The participant may be awarded more (over performance limit) or less (threshold limit) than the target number of PSUs based on their achievements relative to Key Performance Indicators during the three -year performance period. Following finalization of the participant’s performance review at the end of the third year of the program, the Company may award the PSUs. The following represents unvested LTIP grants through December 31, 2019 at the target level of performance: 2019 LTIP (at Target) Number of PSUs (in units) Weighted Average Grant-Date Fair Value (per share) Unvested at December 31, 2018 — $ — Granted 134,671 39.59 Forfeited (9,477) 39.26 Unvested at December 31, 2019 125,194 $ 39.62 At December 31, 2019 , depending upon actual performance, the number of PSUs to be issued will vary from zero to 230,566 , net of forfeitures. At December 31, 2019 , the grant date fair value of the unvested awards was approximately $5 million , reflecting target performance by all participants. In 2019, the Company recognized approximately $1 million of compensation expense related to the LTIP. At December 31, 2019 , the unrecognized compensation cost related to unvested PSU awards was approximately $4 million at target level performance. If target level performance is achieved, the unrecognized cost is expected to be recognized over a weighted-average period of 2.0 years. Accumulated Other Comprehensive Loss, net of taxes The following represents the changes and balances to the components of accumulated other comprehensive loss, net of taxes, in 2019, 2018 and 2017 ($ in millions): Post-Retirement Benefit Plans, net of taxes (1) Translation Adjustment, net of taxes (2) Total Stockholders’ Accumulated Other Comprehensive Loss, net of taxes Balance at December 31, 2016 $ (17 ) $ (12 ) $ (29 ) Change in post-retirement benefit plans (4 ) — (4 ) Translation adjustment — 3 3 Balance at December 31, 2017 $ (21 ) $ (9 ) $ (30 ) Cumulative effect of change in accounting principle (3) (4 ) — (4 ) Change in post-retirement benefit plans 9 — 9 Translation adjustment — (5 ) (5 ) Balance at December 31, 2018 $ (16 ) $ (14 ) $ (30 ) Change in post-retirement benefit plans (9 ) — (9 ) Translation adjustment — 2 2 Balance at December 31, 2019 $ (25 ) $ (12 ) $ (37 ) ____________ (1) Change in post-retirement benefit plans is presented net of tax benefit of $3 million in both 2019 and 2017 and net of tax expense of $3 million in 2018. (2) Translation adjustment is presented net of tax expense of $1 million and $2 million in 2019 and 2017, respectively, and net of tax benefit of $2 million in 2018 . (3) In 2018, the Company adopted ASU No. 2018-02 and made a $4 million adjustment to reclassify stranded tax effects in Accumulated Other Comprehensive Loss to Retained Earnings . |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Reportable Segments | Reportable Segments At December 31, 2019 , 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. All prior comparable periods have been restated to reflect this change. In July 2019, the Company completed the sales of its wind power generating portfolio and all but one of the assets in its solar power generating portfolio. The sale of the remaining solar facility closed during September 2019. On January 1, 2019, the Company also classified its majority interest in a renewable power development business as a discontinued operation, the sale of which closed in July 2019. The Company did not restate the prior period as the disposition was deemed insignificant. A remaining relationship with a third-party developer of renewable power facilities has been reported as a component of Corporate and Other through the expiration of the relationship in July 2019. For additional information, see Note 5, “Discontinued Operations and Dispositions”. IMTT IMTT provides bulk liquid storage, handling and other services in North America through 17 terminals located in the U.S., one terminal in Quebec, Canada and one partially owned terminal in Newfoundland, Canada. IMTT derives the majority of its revenue from storage and handling of refined petroleum products, various chemicals, renewable fuels, and vegetable and tropical oils. Based on storage capacity, IMTT operates one of the largest third-party bulk liquid terminals businesses in the U.S. Revenue from IMTT is generated from the following sources and recorded in service revenue. Lease . These are contracts with predominantly non-cancelable terms for access to and the use of storage capacity at the various terminals owned and operated by the business. At December 31, 2019 these contracts had a revenue weighted average remaining contract life of 2.0 years. These contracts generally require payments in exchange for the provision of storage capacity and product movement (throughput) throughout their term based on a fixed rate per barrel of capacity leased. A majority of the contracts include terms that adjust the fixed rate annually for inflation. These contracts are accounted for as operating leases and the related lease income is recognized in service revenue over the term of the contract based upon the rate specified. Revenue is recognized in accordance with ASC 842, Leases. Terminal services . Revenue from the provision of ancillary services includes activities such as heating, mixing and blending, and is recognized as the related services are performed (point in time) based on contract rates. Other terminal services also include payments received prior to the related services being performed or as a reimbursement for specific fixed asset additions or improvements related to a customer’s contract and are recorded as deferred revenue and ratably recognized as revenues over the contract term. Other . Other revenue is comprised primarily of environmental response service activities through the date of sale in April 2018 and railroad operations. These revenues are generally recognized at a point in time as services are performed. Atlantic Aviation Atlantic Aviation derives the majority of its revenue from fuel delivery services and from other airport services, including de-icing and aircraft hangar rental. All of the revenue of Atlantic Aviation is generated at airports in the U.S. The business currently operates at 70 airports. Revenue from Atlantic Aviation is recorded in service revenue. Services provided by Atlantic Aviation include: Fuel . Revenue from fuel sales is recognized at a point in time as services are performed. Fuel services are recorded net of discounts and rebates. Hangar . Hangar rentals includes both month-to-month rentals and rentals from longer term contracts. Hangar rental revenue excludes transient customer overnight hangar usage (see Other FBO services below). Other FBO services . Other fixed based operation (FBO) services consist principally of de-icing services, landing, concession, transient overnight hangar usage, terminal use and fuel distribution fees that are recognized as sales of services. Revenue from these transactions is recorded based on the service fee earned. MIC Hawaii MIC Hawaii comprises of (i) Hawaii Gas, Hawaii’s only government-franchised gas utility and an unregulated LPG distribution business providing gas and related services to commercial, residential and governmental customers; and (ii) controlling interests in two solar facilities on Oahu. Revenue from the Hawaii Gas business is generated from the distribution and sales of synthetic natural gas (SNG), LPG, liquefied natural gas (LNG) and renewable natural gas (RNG). Revenue is primarily a function of the amount of SNG, LPG, LNG and RNG consumed by customers and the price per British Thermal Unit or gallon charged to customers. Revenue levels, without organic growth, will generally track global commodity prices, namely petroleum and natural gas, as its products are derived from these commodities. Revenue from Hawaii Gas is recorded in product revenue. Hawaii Gas recognizes revenue when products are delivered. Sales of gas to customers are billed on a monthly-cycle basis. Earned but unbilled revenue is accrued and included in accounts receivable and revenue. This is based on the amount of gas that has been delivered but not billed to customers from the latest meter reading or billed delivery date to the end of an accounting period. The related costs are charged to expense. The renewables projects within MIC Hawaii sell substantially all of the electricity generated at a fixed price to primarily electric utility customers pursuant to long-term power purchase agreements (PPAs) of 20 years . Substantially all of the PPAs are accounted for as operating leases and have no minimum lease payments and all of the lease income under these leases is recorded within product revenue when the electricity is delivered. Corporate and Other Corporate and Other comprises MIC Corporate (holding company headquarters in New York City) and a shared services center in Plano, Texas. All of the MIC business segments are managed separately and management has chosen to organize the Company around the distinct products and services offered. Selected information by segment is presented in the following tables. Revenue from external customers for the Company’s consolidated reportable segments were ($ in millions): Year Ended December 31, 2019 IMTT Atlantic Aviation MIC Hawaii Intercompany Adjustments Total Reportable Segments Service revenue Terminal services $ 90 $ — $ — $ — $ 90 Lease 419 — — (3 ) 416 Fuel — 695 — — 695 Hangar — 95 — — 95 Other 6 182 — — 188 Total service revenue $ 515 $ 972 $ — $ (3 ) $ 1,484 Product revenue Lease $ — $ — $ 5 $ — $ 5 Gas — — 226 — 226 Other — — 12 — 12 Total product revenue $ — $ — $ 243 $ — $ 243 Total revenue $ 515 $ 972 $ 243 $ (3 ) $ 1,727 Year Ended December 31, 2018 IMTT Atlantic Aviation MIC Hawaii Corporate and Other Intercompany Adjustments Total Reportable Segments Service revenue Terminal services $ 89 $ — $ — $ — $ — $ 89 Lease 402 — — — (4 ) 398 Fuel — 704 — — — 704 Hangar — 88 — — — 88 Construction — — 43 — — 43 Other 19 170 4 — — 193 Total service revenue $ 510 $ 962 $ 47 $ — $ (4 ) $ 1,515 Product revenue Lease $ — $ — $ 5 $ — $ — $ 5 Gas — — 229 — — 229 Other — — 11 1 — 12 Total product revenue $ — $ — $ 245 $ 1 $ — $ 246 Total revenue $ 510 $ 962 $ 292 $ 1 $ (4 ) $ 1,761 Year Ended December 31, 2017 IMTT Atlantic Aviation MIC Hawaii Intercompany Adjustments Total Reportable Segments Service revenue Terminal services $ 85 $ — $ — $ — $ 85 Lease 431 — — (5 ) 426 Fuel — 615 — — 615 Hangar — 78 — — 78 Construction — — 54 — 54 Other 33 154 1 — 188 Total service revenue $ 549 $ 847 $ 55 $ (5 ) $ 1,446 Product revenue Lease $ — $ — $ 3 $ — $ 3 Gas — — 209 — 209 Other — — 11 — 11 Total product revenue $ — $ — $ 223 $ — $ 223 Total revenue $ 549 $ 847 $ 278 $ (5 ) $ 1,669 In accordance with FASB ASC 280, Segment Reporting , the Company has disclosed earnings before interest, taxes, depreciation and amortization (EBITDA) excluding non-cash items as a key performance indicator for the businesses. EBITDA excluding non-cash items is reflective of the businesses’ ability to effectively manage the amount of products sold or services provided, the operating margin earned on those transactions and the management of operating expenses independent of the capitalization and tax attributes of its businesses. The Company defines EBITDA excluding non-cash items as net income (loss) or earnings — the most comparable GAAP measure — before interest, taxes, depreciation and amortization and non-cash items including impairments, unrealized derivative gains and losses, adjustments for other non-cash items and pension expense reflected in the statements of operations. EBITDA excluding non-cash items for the Company’s consolidated reportable segments from continuing operations is shown in the tables below ($ in millions). Allocations of corporate expenses, intercompany fees and the tax effect have been excluded as they are eliminated in consolidation. Year Ended December 31, 2019 IMTT Atlantic Aviation MIC Hawaii Corporate and Other Total Reportable Segments Net income (loss) $ 71 $ 69 $ 13 $ (52 ) $ 101 Interest expense, net 47 74 10 16 147 Provision (benefit) for income taxes 29 24 9 (23 ) 39 Depreciation 117 62 16 — 195 Amortization of intangibles 15 44 — — 59 Fees to Manager - related party — — — 32 32 Other non-cash expense, net 9 3 12 2 26 EBITDA excluding non-cash items $ 288 $ 276 $ 60 $ (25 ) $ 599 Year Ended December 31, 2018 IMTT Atlantic Aviation MIC Hawaii Corporate and Other Total Reportable Segments Net income (loss) $ 63 $ 96 $ (12 ) $ (82 ) $ 65 Interest expense, net 46 25 8 33 112 Provision (benefit) for income taxes 36 35 (6 ) (15 ) 50 Goodwill impairment — — 3 — 3 Depreciation 117 60 16 — 193 Amortization of intangibles 15 46 7 — 68 Fees to Manager - related party — — — 45 45 Other non-cash expense, net (1) 9 1 22 1 33 EBITDA excluding non-cash items $ 286 $ 263 $ 38 $ (18 ) $ 569 _____________ (1) Other non-cash expense, net, includes the write-down of the Company’s investment in the mechanical contractor business at MIC Hawaii. Year Ended December 31, 2017 IMTT Atlantic Aviation MIC Hawaii Corporate and Other Total Reportable Segments Net income (loss) $ 363 $ 124 $ 26 $ (79 ) $ 434 Interest expense, net 38 15 7 27 87 (Benefit) provision for income taxes (209 ) 6 9 (36 ) (230 ) Depreciation 113 51 14 — 178 Amortization of intangibles 13 49 2 — 64 Fees to Manager - related party — — — 71 71 Other non-cash expense, net 8 2 3 1 14 EBITDA excluding non-cash items $ 326 $ 247 $ 61 $ (16 ) $ 618 Reconciliation of total reportable segments’ EBITDA excluding non-cash items to consolidated net income from continuing operations before income taxes were ($ in millions): Year Ended December 31, 2019 2018 2017 Total reportable segments EBITDA excluding non-cash items $ 599 $ 569 $ 618 Interest income 7 1 — Interest expense (154 ) (113 ) (87 ) Goodwill impairment — (3 ) — Depreciation (195 ) (193 ) (178 ) Amortization of intangibles (59 ) (68 ) (64 ) Fees to Manager - related party (32 ) (45 ) (71 ) Other expense, net (26 ) (33 ) (14 ) Total consolidated net income from continuing operations before income taxes $ 140 $ 115 $ 204 Capital expenditures, on a cash basis, for the Company’s reportable segments were ($ in millions): Year Ended December 31, 2019 2018 2017 IMTT $ 176 $ 63 $ 74 Atlantic Aviation 61 67 82 MIC Hawaii 20 23 29 Corporate and Other 3 24 29 Total capital expenditures of reportable segments $ 260 $ 177 $ 214 Property, equipment, land and leasehold improvements, net, and total assets for the Company’s reportable segments and its reconciliation to consolidated total assets as of December 31 st were ($ in millions): Property, Equipment, Land and Leasehold Improvements, net Total Assets 2019 2018 2019 2018 IMTT $ 2,323 $ 2,249 $ 4,172 $ 4,020 Atlantic Aviation 567 565 2,060 1,676 MIC Hawaii 301 300 537 501 Corporate and Other 11 27 92 599 Total assets of reportable segments $ 3,202 $ 3,141 $ 6,861 $ 6,796 Assets held for sale — — — 648 Total consolidated assets $ 3,202 $ 3,141 $ 6,861 $ 7,444 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Management Services At December 31, 2019 and 2018 , the Manager held 13,253,791 shares and 12,477,438 shares, respectively, of the Company’s common stock. Pursuant to the terms of the Third Amended and Restated Management Agreement (Management Services Agreement), the Manager may sell these shares at any time. Under the Management Services Agreement, the Manager, at its option, may reinvest base management fees and performance fees, if any, in shares of the Company. From May 2018 through September 2018, the Manager bought 5,987,100 shares in the open market. The Manager’s holdings at December 31, 2019 represented 15.30% of the Company's outstanding common stock. Since January 1, 2017, 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 Manager (in millions) February 14, 2020 Fourth quarter 2019 $ 1.00 March 6, 2020 March 11, 2020 (1) October 29, 2019 Third quarter 2019 1.00 November 11, 2019 November 14, 2019 $ 13 July 30, 2019 Second quarter 2019 1.00 August 12, 2019 August 15, 2019 13 April 29, 2019 First quarter 2019 1.00 May 13, 2019 May 16, 2019 13 February 14, 2019 Fourth quarter 2018 1.00 March 4, 2019 March 7, 2019 13 October 30, 2018 Third quarter 2018 1.00 November 12, 2018 November 15, 2018 12 July 31, 2018 Second quarter 2018 1.00 August 13, 2018 August 16, 2018 11 May 1, 2018 First quarter 2018 1.00 May 14, 2018 May 17, 2018 6 February 19, 2018 Fourth quarter 2017 1.44 March 5, 2018 March 8, 2018 8 October 30, 2017 Third quarter 2017 1.42 November 13, 2017 November 16, 2017 7 August 1, 2017 Second quarter 2017 1.38 August 14, 2017 August 17, 2017 7 May 2, 2017 First quarter 2017 1.32 May 15, 2017 May 18, 2017 6 February 17, 2017 Fourth quarter 2016 1.31 March 3, 2017 March 8, 2017 6 _____________ (1) The amount of dividend payable to the Manager for the fourth quarter of 2019 will be determined on March 6, 2020, the record date. Under the Management Services Agreement, subject to the oversight and supervision of the Company’s Board, the Manager is responsible for and oversees the management of the Company’s operating businesses. In addition, the Manager has the right to appoint the Chairman of the Board, subject to minimum equity ownership, and to assign, or second, to the Company, two of its employees to serve as chief executive officer and chief financial officer of the Company and seconds or makes other personnel available as required. In accordance with the Management Services Agreement, the Manager is entitled to a monthly base management fee based primarily on the Company’s market capitalization, and potentially a quarterly performance fee based on total stockholder returns relative to a U.S. utilities index. Currently, the Manager has elected to reinvest the future base management fees and performance fees, if any, in additional shares. In 2019, 2018 and 2017, the Company incurred base management fees of $32 million , $45 million and $71 million , respectively. The Company did no t incur any performance fees in 2019, 2018 and 2017. 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 Services Agreement. In effect, the waivers cap the base management fee at 1% of the Company’s equity market capitalization less any cash balances at the holding company. The waiver applies only to the calculation of the base management fees and not to the remainder of the Management Services Agreement. The Manager reserves the right to revoke the waivers and revert to the prior terms of the Management Services Agreement, subject to providing the Company with not less than a one year notice. A revocation of the waiver would not trigger a recapture of previously waived fees. As part of the Disposition Agreement entered into between the Company and its Manager, discussed below, the Manager has agreed not to revoke the waiver during the term of the Disposition Agreement. To facilitate the Company’s pursuit of strategic alternatives, the Company announced that it has entered into a Disposition Agreement (Disposition Agreement) with the Manager on October 30, 2019 (see Exhibit 10.3 of this Form 10-K). Outside of this agreement, the Company has limited ability to terminate the Management Services Agreement. With this agreement, the Company’s Management Services Agreement with the Manager will terminate as to any businesses, or substantial portions thereof, that are sold and, in connection therewith, the Company will make payments to the Manager calculated in accordance with the Disposition Agreement. The Disposition Agreement will terminate on the earlier to occur of (i) the termination of the Management Services Agreement and (ii) the sixth anniversary, subject to extension under certain circumstances if a transaction is pending. The unpaid portion of the base management fees and performance fees, if any, at the end of each reporting period is included in Due to Manager-related party in the consolidated balance sheets. The following table shows the Manager’s reinvestment of its base management fees and performance fees, if any, in shares: Period Base Management Fee Amount ($ in millions) Performance Fee Amount ($ in millions) Shares Issued 2019 Activities: Fourth quarter 2019 $ 9 $ — 208,881 (1) Third quarter 2019 8 — 201,827 Second quarter 2019 7 — 192,103 First quarter 2019 8 — 184,448 2018 Activities: Fourth quarter 2018 $ 9 $ — 220,208 Third quarter 2018 12 — 269,286 Second quarter 2018 11 — 277,053 First quarter 2018 13 — 265,002 2017 Activities: Fourth quarter 2017 $ 17 $ — 248,162 Third quarter 2017 18 — 240,674 Second quarter 2017 18 — 233,394 First quarter 2017 18 — 232,398 _____________ (1) The Manager elected to reinvest all of the monthly base management fees for the fourth quarter of 2019 in new primary shares. The Company issued 208,881 shares for the quarter ended December 31, 2019 , including 70,954 shares that were issued in January 2020 for the December 2019 monthly base management fee. The Manager is not entitled to any other compensation and all costs incurred by the Manager, including compensation of seconded staff, are paid by the Manager out of its base management fee. However, the Company is responsible for other direct costs including, but not limited to, expenses incurred in the administration or management of the Company and its subsidiaries, income taxes, audit and legal fees, acquisitions and dispositions and its compliance with applicable laws and regulations. The Manager charged the Company approximately $1 million in each of the years ended December 31, 2019, 2018 and 2017 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 in the consolidated balance sheets. In 2019, the Company also incurred $294,000 in legal fees incurred by the Manager related to the Shareholder Litigation. For additional information, see Note 17, "Legal Proceedings and Contingencies", for further discussions. Macquarie Group - Other Services The Company uses the resources of the Macquarie Group with respect to a range of advisory, procurement, insurance, hedging, lending and other services. Engagements involving members of the Macquarie Group are reviewed and approved by the Audit Committee of the Company’s Board. Macquarie Group affiliates are engaged on an arm’s length basis and frequently as a member of syndicate of providers whose other members establish the terms of the interaction. Advisory Services The Macquarie Group, and wholly-owned subsidiaries within the Macquarie Group, including Macquarie Bank Limited (MBL) and Macquarie Capital (USA) Inc. (MCUSA) have provided various advisory and other services and incurred expenses in connection with the Company’s equity raising activities, acquisitions and debt structuring for the Company and its businesses. Underwriting fees are recorded in stockholders’ equity as a direct cost of equity offerings. Advisory fees and out-of-pocket expenses relating to acquisitions are expensed as incurred. Debt arranging fees are deferred and amortized over the term of the credit facility. Long-Term Debt In January 2018, the Company completed the refinancing and upsizing of its senior secured revolving credit facility to $600 million from $410 million and extended the maturity through January 3, 2022. As part of the refinancing and upsizing, MIHI LLC’s $50 million commitment was replaced by a $40 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 $285,000 in interest expense in 2017 related to MIHI LLC’s portion of the MIC senior secured revolving credit facility. Subsequent to the refinancing in January 2018, the Company incurred $155,000 and $454,000 in interest expense related to Macquarie Capital Funding LLC’s portion of the MIC senior secured revolving credit facility in 2019 and 2018, respectively. 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 $27 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. From time to time, indirect subsidiaries within Macquarie Group may enter into contracts with IMTT to lease capacity. The revenue from these contracts were approximately $2 million and $1 million in 2019 and 2017, respectively, and were insignificant in 2018. Other Related Party Transactions In 2019, the Company incurred $125,000 for advisory services from a former Board member. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company and its subsidiaries are subject to income taxes. The Company files a consolidated U.S. income tax return with its wholly owned domestic subsidiaries, including its allocated share of the taxable income from the solar and wind facilities through the date of sale. The Company and its subsidiaries file separate and combined state income tax returns. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law and included provisions that have an impact on the Company’s federal taxable income. The most significant of these are 100% bonus depreciation on qualifying assets (which is scheduled to phase down ratably to 0% between 2023 and 2027) and a reduction in the federal corporate tax rate from 35% to 21%. The Tax Cuts and Jobs Act also includes a new limitation on the deductibility of net interest expense that generally limits the deduction to 30% of “adjusted taxable income”. For years before 2022, adjusted taxable income is defined as taxable income computed without regard to certain items, including net business interest expense, the amount of any NOL deduction, tax depreciation and tax amortization. The Company does not expect to incur net interest expense that is greater than 30% of adjusted taxable income prior to 2022. Components of the Company’s income tax provision (benefit) related to the income from continuing operations in 2019, 2018 and 2017 were ($ in millions): Year Ended December 31, 2019 2018 2017 Current taxes: State $ 12 $ 14 $ 10 Total current tax provision 12 14 10 Deferred taxes: Federal 28 31 (247 ) State (1 ) 9 6 Total deferred tax provision (benefit) 27 40 (241 ) Change in valuation allowance — (4 ) 1 Total tax provision (benefit) $ 39 $ 50 $ (230 ) The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities from continuing operations at December 31, 2019 and 2018 were ($ in millions): At December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 30 $ 26 Operating lease liabilities 91 — Deferred revenue 9 7 Accrued expenses 34 28 Investment and foreign tax credits 1 4 Total gross deferred tax assets 165 65 Less: valuation allowance — (1 ) Net deferred tax assets 165 64 Deferred tax liabilities: Intangible assets (99 ) (93 ) Investment basis difference (19 ) (19 ) Operating lease assets, net (90 ) — Property and equipment (633 ) (624 ) Unrealized loss (gains) on derivative instruments, net 4 (2 ) Equity component of convertible senior notes (5 ) (6 ) Prepaid expenses (2 ) (1 ) Total deferred tax liabilities (844 ) (745 ) Net deferred tax liabilities $ (679 ) $ (681 ) At December 31, 2018, the Company had $152 million in federal income tax net operating loss (NOL) carryforwards. During 2019, the Company fully utilized all of its NOL carryforwards to offset income generated from continuing operations and a portion of the taxable gain from the sale of the solar and wind facilities. 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. In 2019, there were no significant change in the valuation allowance. At December 31, 2019 , the Company had $679 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. In 2019, 2018 and 2017 , the Company recorded an income tax expense of $39 million , $50 million and an income tax benefit of $230 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 $316 million tax benefit from continuing operations in the Company’s consolidated statement of income for the year ended December 31, 2017 . These amounts are different from the amounts computed by applying the U.S. federal income tax rate for the period to pretax income as a result of the following ($ in millions): Year Ended December 31, 2019 2018 2017 Tax provision at U.S. statutory rate $ 29 $ 24 $ 71 Permanent differences and other 1 4 10 State income taxes, net of federal benefit 9 19 11 Income attributable to noncontrolling interest — 1 1 Change in investment and foreign tax credits — 6 (8 ) Change in U.S. tax law — — (316 ) Change in valuation allowance — (4 ) 1 Total tax provision (benefit) $ 39 $ 50 $ (230 ) Uncertain Tax Positions The amount of unrecognized tax benefits at December 31, 2019 and 2018 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 on or before December 31, 2016. The various state statutes of limitations on the assessment of additional income taxes have lapsed on all returns filed on or before December 31, 2015. |
Long-Term Contracted Revenue
Long-Term Contracted Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Contractors [Abstract] | |
Long-Term Contracted Revenue | Long-Term Contracted Revenue Long-term contracted revenue consists of revenue from future minimum lease revenue accounted for in accordance with ASC 842, Leases , and estimated revenue to be recognized in the future related to performance conditions that are unsatisfied or partially unsatisfied accounted for in accordance with ASC 606, Revenue from Contracts with Customers . The recognition pattern for contracts that are considered leases is generally consistent with the recognition pattern that would apply if such contracts were not accounted for as leases and were instead accounted for under ASC Topic 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, 2019 ($ in millions): Lease Revenue (ASC 842) Contract Revenue (ASC 606) Total Long-Term Revenue 2020 $ 285 $ 64 $ 349 2021 155 35 190 2022 98 29 127 2023 66 22 88 2024 25 8 33 Thereafter 90 18 108 Total $ 719 $ 176 $ 895 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). |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Payment for Pension and Other Postretirement Benefits [Abstract] | |
Employee Benefit Plans | 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 7% of eligible compensation. Employer contributions were $5 million in both 2019 and 2018 and $4 million in 2017. 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 $1,000 of life insurance benefits. Hawaii Gas also has a retiree life insurance program for certain nonunion retirees. This plan is closed to future participants. Atlantic Aviation Atlantic Aviation sponsors a retiree medical and life insurance plan available to certain employees. Currently, the plan is funded as required to pay benefits and the plan has no assets. The Company accounts for postretirement healthcare and life insurance benefits in accordance with ASC 715, Compensation — Retirement Benefits , which requires the accrual of the cost of providing postretirement benefits during the active service period of the employee. Additional information about the fair value of the benefit plan assets, the components of net periodic cost and the projected benefit obligation as of and for the years ended December 31, 2019 and 2018 are ($ in millions). HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits Total 2019 2018 2019 2018 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation – beginning of year $ 49 $ 53 $ 143 $ 162 $ 28 $ 29 $ 220 $ 244 Service cost 1 1 5 6 1 1 7 8 Interest cost 2 2 6 6 1 1 9 9 Actuarial losses (gains) 5 (4 ) 23 (22 ) 2 (2 ) 30 (28 ) Benefits paid (3 ) (3 ) (9 ) (9 ) (2 ) (1 ) (14 ) (13 ) Benefit obligation – end of year $ 54 $ 49 $ 168 $ 143 $ 30 $ 28 $ 252 $ 220 Change in plan assets: Fair value of plan assets - beginning of year $ 46 $ 51 $ 88 $ 102 $ 9 $ 9 $ 143 $ 162 Actual return on plan assets 9 (2 ) 15 (5 ) 1 — 25 (7 ) Employer contributions — — — — 1 1 1 1 Benefits paid (3 ) (3 ) (9 ) (9 ) (2 ) (1 ) (14 ) (13 ) Fair value of plan assets – end of year $ 52 $ 46 $ 94 $ 88 $ 9 $ 9 $ 155 $ 143 In 2019 and 2018, there were no contributions made to the IMTT DB Plan or the HG DB Plan. As of December 31, 2019 , IMTT is not expected to make any cash contribution to the IMTT DB Plan until 2021 and Hawaii Gas is not expected to make any cash contribution to the HG DB Plan until 2027. 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, 2019 and 2018 , are presented in the following table ($ in millions): HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits Total 2019 2018 2019 2018 2019 2018 2019 2018 Funded status Funded status at end of year $ (2 ) $ (3 ) $ (74 ) $ (55 ) $ (21 ) $ (19 ) $ (97 ) $ (77 ) Net amount recognized in balance sheet $ (2 ) $ (3 ) $ (74 ) $ (55 ) $ (21 ) $ (19 ) $ (97 ) $ (77 ) Amounts recognized in balance sheet consisting of: Current liabilities $ — $ — $ — $ — $ (1 ) $ (1 ) $ (1 ) $ (1 ) Noncurrent liabilities (2 ) (3 ) (74 ) (55 ) (20 ) (18 ) (96 ) (76 ) Net amount recognized in balance sheet $ (2 ) $ (3 ) $ (74 ) $ (55 ) $ (21 ) $ (19 ) $ (97 ) $ (77 ) Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss in 2019 and 2018 are presented in the following table ($ in millions): HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits Total 2019 2018 2019 2018 2019 2018 2019 2018 Accumulated loss $ (8 ) $ (10 ) $ (20 ) $ (7 ) $ (5 ) $ (4 ) $ (33 ) $ (21 ) Accumulated other comprehensive loss (8 ) (10 ) (20 ) (7 ) (5 ) (4 ) (33 ) (21 ) Net periodic benefit cost in excess (deficit) of cumulative employer contributions 6 7 (54 ) (48 ) (16 ) (15 ) (64 ) (56 ) Net amount recognized in balance sheet $ (2 ) $ (3 ) $ (74 ) $ (55 ) $ (21 ) $ (19 ) $ (97 ) $ (77 ) The components of net periodic benefit cost and other changes in other comprehensive loss (income) for the plans are shown below ($ in millions): HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits Total 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost: Service cost $ 1 $ 1 $ 1 $ 5 $ 6 $ 5 $ 1 $ 1 $ 1 $ 7 $ 8 $ 7 Interest cost 2 2 2 6 6 6 1 1 1 9 9 9 Expected return on plan assets (3 ) (3 ) (3 ) (5 ) (6 ) (6 ) — (1 ) — (8 ) (10 ) (9 ) Recognized actuarial loss 1 1 1 — — — — — — 1 1 1 Special termination benefits — — — — — 1 — — — — — 1 Net periodic benefit cost $ 1 $ 1 $ 1 $ 6 $ 6 $ 6 $ 2 $ 1 $ 2 $ 9 $ 8 $ 9 Other changes recognized in other comprehensive loss (income): Net (gain) loss arising during the year $ (1 ) $ 1 $ (2 ) $ 13 $ (11 ) $ 9 $ 1 $ (1 ) $ 1 $ 13 $ (11 ) $ 8 Amortization of loss (1 ) (1 ) (1 ) — — — — — — (1 ) (1 ) (1 ) Total recognized in other comprehensive (income) loss $ (2 ) $ — $ (3 ) $ 13 $ (11 ) $ 9 $ 1 $ (1 ) $ 1 $ 12 $ (12 ) $ 7 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 2019 2018 2017 2019 2018 2017 2019 2018 2017 Weighted average assumptions to determine benefit obligations: Discount rate 3.20 % 4.25 % 3.60 % 3.25 % 4.35 % 3.70 % 2.82% to 3.35% 3.91% to 4.35% 3.25% to 3.70% 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 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% Expected long-term rate of return on plan assets during fiscal year 4.90 % 5.90 % 5.90 % 5.50 % 5.60 % 6.25 % 5.50 % (2) 5.75 % (2) 5.75 % (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 7.25% to 7.75% 8.00% to 8.50% 6.98% to 7.00% Ultimate rate 4.50% to 5.00% 4.50% to 5.00% 4.50% to 5.00% Year ultimate rate is reached 2027 to 2028 2026 to 2027 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. The weighted average asset allocation at December 31, 2019 and 2018 was: HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits 2019 2018 2019 2018 2019 2018 Equity securities 26 % 23 % 44 % 42 % 47 % 45 % Fixed income securities 69 % 71 % 40 % 41 % 43 % 44 % Private equity — — 8 % 7 % 2 % 1 % Global real estate fund 4 % 4 % 4 % 6 % 5 % 6 % Cash 1 % 2 % 4 % 4 % 3 % 4 % 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, 2019 and 2018 measurement dates were ($ in millions): Fair Value Measurements at December 31, 2019 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value (NAV) Asset category: Cash and money market $ 5 $ 5 $ — $ — $ — Equity securities 59 — 59 — — Fixed income securities 77 — 77 — — Global real estate fund 6 — 6 — — Domestic private equity 8 — — — 8 Total $ 155 $ 5 $ 142 $ — $ 8 Fair Value Measurements at December 31, 2018 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value (NAV) Asset category: Cash and money market $ 5 $ 5 $ — $ — $ — Equity securities 52 — 52 — — Fixed income securities 73 — 73 — — Global real estate fund 7 — 7 — — Domestic private equity 6 — — — 6 Total $ 143 $ 5 $ 132 $ — $ 6 The estimated future benefit payments for the next ten years are ($ in millions): HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits Total 2020 $ 3 $ 10 $ 2 $ 15 2021 3 7 2 12 2022 3 7 2 12 2023 3 8 2 13 2024 3 8 2 13 Thereafter 16 45 9 70 Total $ 31 $ 85 $ 19 $ 135 |
Legal Proceedings and Contingen
Legal Proceedings and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Contingencies | Legal Proceedings and Contingencies The Company and its subsidiaries are subject to legal proceedings arising in the ordinary course of business. In management’s opinion, the Company has adequate legal defenses and/or insurance coverage with respect to the eventuality of such actions and does not believe the outcome of any pending legal proceedings will be material to the Company’s financial position or result of operations. 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 million to $65 million over the next 20 years. 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., Case 1:18-cv-03608 (VSB), was filed in the United States District Court for the Southern District of New York. A substantially identical complaint captioned Daniel Fajardo v. Macquarie Infrastructure Corporation, et al. , Case No. 1:18-cv-03744 (VSB) was filed in the same court on April 27, 2018. Both complaints asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder on behalf of a putative class consisting of all purchasers of MIC common stock between February 22, 2016 and February 21, 2018. The named defendants in both cases were the Company and four current or former officers of MIC and one of its subsidiaries, IMTT Holdings LLC. The complaints in both actions allege that the Company and the individual defendants knowingly made material misstatements and omitted material facts in its public disclosures concerning the Company’s and IMTT’s business and the sustainability of the Company’s dividend to stockholders. On January 30, 2019, the Court issued an opinion and order consolidating the two cases, appointing Moab Partners, L.P. (Moab) as Lead Plaintiff and approving Moab’s selection of lead counsel. On February 20, 2019, Moab filed a consolidated class action complaint. In addition to the claims noted above, the consolidated class action complaint also asserts claims under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 relating to the Company’s November 2016 secondary public offering of common stock. The consolidated amended complaint also adds Macquarie Infrastructure Management (USA) Inc., Barclays Capital Inc. and seven additional current or former officers or directors of MIC as defendants. On April 22, 2019, the Company and the other defendants filed motions to dismiss the consolidated class action complaint in its entirety, with prejudice. Briefing concluded on July 22, 2019. The Company intends to continue to vigorously contest the claims asserted, which the Company believes are entirely meritless. On August 9, 2018, a shareholder derivative complaint captioned Phyllis Wright v. Liam Stewart, et al. , Case No. 1:18-cv-07174 (VSB), was filed in the United States District Court for the Southern District of New York. A substantially identical complaint captioned Raymond Greenlee v. James Hooke, et al. , Case No. 1:18-cv-09339 (VSB) was filed in the same court on October 12, 2018. A third and substantially similar shareholder derivative complaint captioned Kim Johnson v. Liam Stewart, et al., Case No. 1:18-cv-011062 (VSB) was filed in the same court on November 27, 2018. Each of the shareholder derivative complaints assert derivative claims on behalf of the Company against certain of its current and former officers and directors arising out of the same subject matter at issue in the City of Riviera Beach and Fajardo complaints discussed above. The causes of action asserted include violation of Section 14(a) of the Securities Exchange Act of 1934, breach of fiduciary duties, waste of corporate assets, unjust enrichment, and aiding and abetting breach of fiduciary duty. A motion to consolidate the three actions is currently pending. Proceedings in the Wright, Greenlee and Johnson cases are otherwise stayed pending resolution of the motions to dismiss the securities class actions described above. The Company expects that the named defendants will vigorously contest the claims asserted in the Wright , Greenlee and Johnson complaints. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend On February 14, 2020, the Board declared a dividend of $1.00 per share for the quarter ended December 31, 2019 , which is expected to be paid on March 11, 2020 to holders of record on March 6, 2020 . |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | 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, 2019 and 2018 . Quarter ended March 31 June 30 September 30 December 31 (In Millions, except per share data) 2019 Revenue from continuing operations $ 482 $ 416 $ 405 $ 424 Operating income from continuing operations 123 55 56 55 Net income from continuing operations attributable to MIC 64 6 15 16 Net income (loss) from discontinued operations attributable to MIC 6 5 46 (2 ) Per share information attributable to MIC (1) : Basic income per share from continuing operations attributable to MIC $ 0.75 $ 0.07 $ 0.18 $ 0.18 Basic income (loss) per share from discontinued operations attributable to MIC 0.07 0.06 0.53 (0.02 ) Basic income per share attributable to MIC 0.82 0.13 0.71 0.16 Diluted income per share from continuing operations attributable to MIC $ 0.73 $ 0.07 $ 0.18 $ 0.18 Diluted income (loss) per share from discontinued operations attributable to MIC 0.06 0.06 0.53 (0.02 ) Diluted income per share attributable to MIC 0.79 0.13 0.71 0.16 Cash dividends declared per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 2018 Revenue from continuing operations $ 467 $ 436 $ 421 $ 437 Operating income from continuing operations 76 58 53 47 Net income (loss) from continuing operations attributable to MIC 40 27 2 (1 ) Net income from discontinued operations attributable to MIC 37 11 20 1 Per share information attributable to MIC (1) : 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 0.44 0.13 0.23 — Basic income (loss) per share attributable to MIC 0.91 0.45 0.25 (0.01 ) Diluted income (loss) per share from continuing operations attributable to MIC $ 0.47 $ 0.32 $ 0.02 $ (0.01 ) Diluted income per share from discontinued operations attributable to MIC 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 _____________ (1) Due to averaging of shares, quarterly earnings per share may not sum to the totals reported for the full year. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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% |
Investments | Investments Investment in unconsolidated business of $9 million and $8 million at December 31, 2019 and 2018 , respectively, represent primarily a 20% ownership interest in a joint venture acquired in conjunction with the IMTT acquisition in July 2014. This investment is accounted for at cost on the consolidated balance sheet. Dividend income from this investment is recorded in Other (Expense) Income, net , on the consolidated statements of operations. |
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, including commercial paper issued by counterparties with Standard & Poor's rating of A1+ or higher, with maturity of three months or less when purchased to be cash and cash equivalents. At December 31, 2019, the Company had $40 million of commercial paper issued by counterparties with a Standard & Poor's rating of A1+. The Company did no t have any commercial paper at December 31, 2018 . |
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 The Company uses estimates to determine the amount of allowance for doubtful accounts necessary to reduce accounts receivable to its net realizable value. The Company estimates the required allowance by reviewing the status of past-due receivables and analyzing historical bad debt trends. Actual collection experience has not varied significantly from estimates primarily due to credit policies and a lack of concentration of accounts receivable. The Company writes-off receivables deemed to be uncollectible to the allowance for doubtful accounts. |
Inventory | Inventory Inventory consists principally of fuel purchased from various third-party vendors at Atlantic Aviation and Hawaii Gas and materials and supplies at all of the operating businesses. Fuel inventory is stated at the lower of cost or market. Materials and supplies inventory are valued at the lower of average cost or market. Inventory sold is recorded using the first-in-first-out method at Atlantic Aviation and an average cost method at Hawaii Gas. Cash flows related to the sale of inventory are classified in net cash provided by operating activities in the consolidated statements of cash flows. |
Property, Equipment, Land and Leasehold Improvements | Property, Equipment, Land and Leasehold Improvements Property, equipment, land and leasehold improvements are initially recorded at cost. Major renewals and improvements are capitalized while repair and maintenance 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 is summarized in the table below: Buildings 20 to 30 years Leasehold and land improvements 8 to 30 years Machinery and equipment 3 to 30 years Furniture and fixtures 5 to 15 years 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 or when there is a triggering event that indicates the possibility of an impairment. For the annual impairment test, the Company can make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before performing a quantitative goodwill impairment test, as discussed below. If an entity concludes it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it need not perform the quantitative impairment test. 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. During the first quarter of 2018, the Company adopted ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU No. 2017-04 simplifies the measurement of goodwill and no longer requires an entity to perform a hypothetical purchase price allocation when computing the estimated fair value to measure goodwill impairment. Instead, impairment will be assessed by quantifying the difference between the fair value of a reporting unit and its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, on condition that the charge doesn’t exceed the total amount of goodwill allocated to that reporting unit. See Note 8, “Intangible Assets and Goodwill”, for further discussions on goodwill impairment testing performed in 2019. |
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 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, 2019 , the weighted average remaining life of deferred financing costs was 5.3 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 liquefied petroleum gas (LPG) prices on its cash flows. The Company accounts for derivatives and hedging activities in accordance with Accounting Standard Codification (ASC) 815, Derivatives and Hedging , which requires that all derivative instruments be recorded on the balance sheet at their respective fair values. All movements in the fair value of derivative contracts are recorded directly through earnings. See Note 10, “Derivative Instruments and Hedging Activities”, for further discussions. |
Financial Instruments | Financial Instruments The Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and variable-rate senior debt, are carried at cost, which approximates their fair value because of either the short-term maturity, or competitive interest rates assigned to these financial instruments. The fair values of the Company’s other debt instruments fall within level 1 or level 2 of the fair value hierarchy. |
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 balances 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, 2019 and 2018 , 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% |
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 $86 million at December 31, 2019 and 2018 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 | 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 under the Independent Director Equity Plan; (iii) stock units granted to certain employees of the Company's operating businesses under the 2016 Omnibus Employee Incentive Plan; and (iv) 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, Comprehensive Income , for the reporting and presentation of comprehensive income (loss) and its components, net of taxes. For the Company, the guidance requires unrealized gains or losses on foreign currency translation adjustments and minimum pension liability adjustments to be included in other comprehensive income (loss), net of taxes. |
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, Regulated Operations . This guidance requires regulated entities to disclose in their financial statements the authorized recovery of costs associated with regulatory decisions. Accordingly, certain costs that otherwise would normally be charged to expense may, in certain instances, be recorded as an asset in a regulatory entity’s balance sheet. The Hawaii Gas business records regulatory assets as costs that have been deferred for which future recovery through customer rates has been approved by the HPUC. Regulatory liabilities represent amounts included in rates and collected from customers for costs expected to be incurred in the future. 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 through the date of sale. 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 . The amendments in ASU 2018-14 update disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this update are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company will include appropriate disclosures related to defined benefit plans in accordance with the standard when it adopts the provisions of this ASU. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement . The amendments in ASU 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 minimum disclosure requirements. The amendments in this update are effective for annual periods beginning after December 15, 2019, 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. The Company will adopt this ASU in 2020 and will make the required disclosures to the notes to the consolidated financial statements, as needed. On February 25, 2016, FASB issued ASU No. 2016-2, 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 existing GAAP, which requires only capital leases to be recognized on the balance sheet, ASU 2016-2 requires all leases with an initial term greater than one year to be recognized on the balance sheet as a right-of-use (ROU) asset and a lease liability. The Company also serves as a lessor primarily through operating leases. The accounting for lessors has not fundamentally changed except for changes to conform and align existing guidance to the lessee guidance under ASU 2016-2, as well as to the revenue recognition guidance in ASC 606, Revenue from Contracts with Customers . The substantial population of the Company’s newly recognized ROU assets and lease liabilities relate to Atlantic Aviation’s operating leases of land, buildings and certain equipment. ROU assets represent the Company’s right to use an underlying asset for the lease term and the lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The considerations given for the incremental borrowing rate used in determining the present value of lease payments were the Company’s recent debt refinancing and amendment during 2018 and the Company’s credit rating. The Company adopted the standard effective January 1, 2019 utilizing the modified retrospective method, which allowed the Company, where it was the lessee or lessor to recognize and measure leases at the beginning of the period of adoption without modifying the comparative period financial statements. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carryforward the historical lease classification. The Company also made an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet. Further, the standard did not 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. The Company also determined that the accounting for sales taxes, certain lessor costs and certain requirements related to variable payments in contracts did not have a material effect on the consolidated balance sheet, statement of operations or statement of cash flows. Upon adoption of ASU No. 2016-2, the Company recorded ROU assets and corresponding lease liabilities of $351 million and $358 million , respectively, of which $19 million and $21 million related to asset and liabilities held for sale, respectively. The adoption of this ASU did not have a material impact on the Company's consolidated statements of operations, liquidity or debt covenant compliance under its current agreements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Economic Useful Lives of Property Plant and Equipment | Excluding the regulated business at MIC Hawaii, the estimated economic useful lives range is summarized in the table below: Buildings 20 to 30 years Leasehold and land improvements 8 to 30 years Machinery and equipment 3 to 30 years Furniture and fixtures 5 to 15 years |
Schedule of Estimated Useful Lives of Intangible Assets | The cost of intangible assets with determinable useful lives is amortized over their estimated useful lives ranging as follows: Customer relationships 5 to 30 years Contractual arrangements 8 to 57 years Non-compete agreements 3 to 10 years Trade names 20 years Technology 5 years |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Lease Expense | the Company’s operating lease expenses recorded within the consolidated statement of operations were as follows ($ in millions): Income Statement Classification Year Ended December 31, 2019 Cost of services $ 2 Cost of product sales 1 Selling, general and administrative 51 Total operating lease expense (1) $ 54 _____________ (1) Includes leases less than one year and variable totaling $6 million and $2 million |
Lessee, Operating Lease, Liability, Maturity | The following table represents the future maturities of lease liabilities at December 31, 2019 ($ in millions): 2020 $ 46 2021 44 2022 43 2023 42 2024 42 Thereafter 513 Total lease payment 730 Less: interest (390 ) Present value of lease liability $ 340 |
Schedule of Future Minimum Rental Commitments | Future minimum lease commitments at December 31, 2018 ($ in millions): 2019 $ 48 2020 44 2021 41 2022 40 2023 39 Thereafter 461 Total $ 673 |
Discontinued Operations and D_2
Discontinued Operations and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 sheet related to its former Contracted Power segment as of December 31, 2018 ($ in millions): December 31, 2018 Assets Cash and cash equivalents $ 3 Restricted cash 14 Accounts receivable, net 9 Other current assets 5 Total current assets 31 Property, equipment, land and leasehold improvements, net 606 Intangible assets, net 9 Other noncurrent assets 2 Total assets $ 648 Liabilities Accounts payable and accrued expenses $ 7 Current portion of long-term debt 20 Other current liabilities 1 Total current liabilities 28 Long term debt, net of current portion 283 Other noncurrent liabilities 6 Total liabilities $ 317 Noncontrolling interests $ 141 Summarized financial information for discontinued operations included in the Company’s consolidated statement of operations in 2019, 2018 and 2017 are as follows ($ in millions): Year Ended December 31, 2019 2018 2017 Product revenue $ 44 $ 150 $ 146 Cost of product sales (7 ) (24 ) (21 ) Selling, general & administrative expenses (19 ) (25 ) (25 ) Depreciation and amortization — (38 ) (60 ) Interest expense, net (13 ) (17 ) (23 ) Other income (expense), net (1) 80 (14 ) 1 Net income from discontinued operations before income taxes 85 32 18 (Provision) benefit for income taxes (33 ) (2 ) 4 Net income from discontinued operations 52 30 22 Less: net (loss) income attributable to noncontrolling interests (3 ) (39 ) 5 Net income from discontinued operations attributable to MIC $ 55 $ 69 $ 17 _____________ (1) Other income (expense), net, includes gain of approximately $80 million from the sale of renewable businesses in 2019 and loss of $17 million |
Income per Share (Tables)
Income per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Income (Loss) per Share | Following is a reconciliation of the basic and diluted income per share computations ($ in millions, except share and per share data): Year Ended December 31, 2019 2018 2017 Numerator: Net income from continuing operations attributable to MIC $ 101 $ 68 $ 434 Interest expense attributable to 2.875% Convertible Senior Notes due July 2019, net of taxes — — 8 Interest expense attributable to 2.00% Convertible Senior Notes due October 2023, net of taxes — — 8 Diluted net income from continuing operations attributable to MIC $ 101 $ 68 $ 450 Basic and diluted net income from discontinued operations $ 55 $ 69 $ 17 Denominator: Weighted average number of shares outstanding: basic 86,178,212 85,233,989 83,204,404 Dilutive effect of restricted stock unit grants (1) 26,089 15,876 9,495 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 Weighted average number of shares outstanding: diluted 86,204,301 85,249,865 91,073,362 _____________ (1) Dilutive effect of restricted stock unit grants includes grants to independent directors under the 2014 Independent Director Equity Plan and certain employees of the Company's operating businesses under the 2016 Omnibus Employee Incentive Plan. Year Ended December 31, 2019 2018 2017 Income per share: Basic income per share from continuing operations attributable to MIC $ 1.17 $ 0.80 $ 5.22 Basic income per share from discontinued operations attributable to MIC 0.65 0.80 0.20 Basic income per share attributable to MIC $ 1.82 $ 1.60 $ 5.42 Diluted income per share from continuing operations attributable to MIC $ 1.17 $ 0.80 $ 4.94 Diluted income per share from discontinued operations attributable to MIC 0.65 0.80 0.19 Diluted income per share attributable to MIC $ 1.82 $ 1.60 $ 5.13 |
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, 2019 2018 2017 2.875% Convertible Senior Notes due July 2019 (1) 1,321,243 4,368,725 — 2.00% Convertible Senior Notes due October 2023 3,634,173 3,631,850 — Total 4,955,416 8,000,575 — _____________ (1) On July 15, 2019, the Company fully repaid the outstanding balance on the 2.875% Convertible Senior Notes due July 2019 at maturity using cash on hand. In 2019, the weighted average shares reflect the “if-converted” impact to dilutive common stock through the maturity date of the Note. |
Property, Equipment, Land and_2
Property, Equipment, Land and Leasehold Improvements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property, equipment, land and leasehold improvements at December 31, 2019 and 2018 consist of the following ($ in millions): As of December 31, 2019 2018 Land $ 319 $ 319 Buildings 40 40 Leasehold and land improvements 813 770 Machinery and equipment 2,951 2,783 Furniture and fixtures 52 45 Construction in progress 143 113 4,318 4,070 Less: accumulated depreciation (1,116 ) (929 ) Property, equipment, land and leasehold improvements, net $ 3,202 $ 3,141 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets at December 31, 2019 and 2018 consist of the following ($ in millions): As of December 31, 2019 2018 Contractual arrangements $ 921 $ 921 Non-compete agreements 14 14 Customer relationships 352 353 Trade names 16 16 Technology 9 9 1,312 1,313 Less: accumulated amortization (583 ) (524 ) Intangible assets, net $ 729 $ 789 |
Schedule of Future Amortization Expense for Amortizable Intangible Assets | The estimated future amortization expense for amortizable intangible assets to be recognized are ($ in millions): 2020 $ 50 2021 45 2022 43 2023 42 2024 37 Thereafter 505 Total $ 722 |
Schedule of Goodwill | The goodwill balance by reportable segments as of December 31, 2019 are comprised of the following ($ in millions): IMTT Atlantic Aviation MIC Hawaii Total Goodwill acquired in business combinations, net of disposals, at December 31, 2018 $ 1,430 $ 619 $ 123 $ 2,172 Accumulated impairment charges — (123 ) (3 ) (126 ) Other (3 ) — — (3 ) Balance at December 31, 2018 1,427 496 120 2,043 Other 1 (1 ) — — Balance at December 31, 2019 $ 1,428 $ 495 $ 120 $ 2,043 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | At December 31, 2019 and 2018 , the Company’s consolidated long-term debt comprised the following ($ in millions): As of December 31, 2019 2018 IMTT $ 1,109 $ 1,109 Atlantic Aviation 1,015 1,025 MIC Hawaii 195 196 MIC Corporate 388 734 Total 2,707 3,064 Current portion (12 ) (361 ) Long-term portion 2,695 2,703 Unamortized deferred financing costs (1) (41 ) (50 ) Long-term portion less unamortized debt discount and deferred financing costs $ 2,654 $ 2,653 _____________ (1) The weighted average remaining life of the deferred financing costs at December 31, 2019 was 5.3 years . |
Schedule of Future Maturities of Long-Term Debt | The following table represents the future maturities of long-term debt balances at December 31, 2019 and includes the unamortized debt discount of $15 million related to the 2.00% Convertible Senior Notes due October 2023 ($ in millions). 2020 $ 12 2021 11 2022 111 2023 494 2024 11 Thereafter 2,083 Total $ 2,722 |
Convertible Debt | The 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in millions): As of December 31, 2019 2018 Liability Component: Principal $ 403 $ 403 Unamortized debt discount (15 ) (19 ) Long-term debt, net of unamortized debt discount 388 384 Unamortized deferred financing costs (6 ) (7 ) Net carrying amount $ 382 $ 377 Equity Component $ 27 $ 27 |
Schedule of Interest Expense Recognized | , total interest expense recognized related to the 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in millions): Year Ended December 31, 2019 2018 2017 Contractual interest expense $ 8 $ 8 $ 8 Amortization of debt discount 4 4 3 Amortization of deferred financing costs 1 1 2 Total interest expense $ 13 $ 13 $ 13 |
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 million term loan (fully drawn at December 31, 2019) $100 million senior secured notes (fully drawn at December 31, 2019) $60 million revolving credit facility (undrawn at December 31, 2019) Maturity February 2023 August 2022 February 2023 Amortization Payable at maturity Payable at maturity Revolving, payable at maturity Interest Rate LIBOR plus 1.50% at December 31, 2019 4.22% payable semi-annually LIBOR plus 1.25% at December 31, 2019 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 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 million senior secured first lien term loan ($1,015 million outstanding at December 31, 2019) $350 million senior secured first lien revolving credit facility (undrawn at December 31, 2019) Maturity December 2025 December 2023 Amortization 1.00% of the initial principal balance per annum Revolving, payable at maturity Interest Rate LIBOR plus 3.75% at December 31, 2019 LIBOR plus 2.00% at December 31, 2019 Commitment Fees — 0.30% at December 31, 2019 Security Secured Secured 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, 2019 $325 million $275 million Maturity May 2025 May 2027 Amortization Payable at maturity Payable at maturity Interest Rate 3.92% 4.02% Security Unsecured Unsecured The key terms of the senior secured revolving credit facility and the 2.00% Convertible Senior Notes due October 2023 are summarized in the table below. Facility Terms Senior Secured Revolving 2.00% Convertible Senior Notes Total Committed Amount $600 million — Amount Outstanding at December 31, 2019 Undrawn $388 million, net of unamortized discount of $15 million Maturity January 2022 October 2023 Amortization Revolving, payable at maturity 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 2.00% at December 31, 2019 2.00% payable on April 1 st and October 1 st of each year Commitment Fees 0.350% at December 31, 2019 — Security Secured (may fall away if certain ratings and other conditions are met) Unsecured 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, 2019 $509 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 Facility Terms USD Revolving Credit Facility CAD Revolving Credit Facility Total Committed Amount $550 million $50 million Amount Outstanding at December 31, 2019 Undrawn Undrawn Maturity December 2023 December 2023 Amortization Revolving, payable at maturity Revolving, payable at maturity Interest Rate LIBOR plus 1.50% at December 31, 2019 Bankers' Acceptances Rate plus 1.50% at December 31, 2019 Commitment Fees 0.20% at December 31, 2019 0.20% at December 31, 2019 Security Unsecured Unsecured |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | The Company’s fair value measurements of its derivative instruments and the related location of the assets and liabilities within the consolidated balance sheets at December 31, 2019 and 2018 were ($ in millions): Balance Sheet Classification Assets (Liabilities) at Fair Value as of December 31, 2019 2018 Fair value of derivative instruments - other current assets $ 3 $ 11 Fair value of derivative instruments - other noncurrent assets 2 15 Total derivative contracts - assets $ 5 $ 26 Fair value of derivative instruments - other current liabilities $ (7 ) $ (3 ) Fair value of derivative instruments - other noncurrent liabilities — — Total derivative contracts - liabilities $ (7 ) $ (3 ) |
Schedule of Location of Hedging Activities | The Company’s hedging activities in 2019, 2018 and 2017 and the related location within the consolidated statement of operations were ($ in millions): Income Statement Classification Amount of (Loss) Gain Recognized in 2019 2018 2017 Interest expense – interest rate caps $ (7 ) $ 4 $ — Interest expense – interest rate swaps (6 ) 4 2 Cost of product sales – commodity swaps (10 ) (5 ) 7 Total $ (23 ) $ 3 $ 9 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Dividends | The Company’s Board have made or declared the following dividends in 2019, 2018 and 2017: Declared Period Covered $ per Share Record Date Payable Date February 14, 2020 Fourth quarter 2019 $ 1.00 March 6, 2020 March 11, 2020 October 29, 2019 Third quarter 2019 1.00 November 11, 2019 November 14, 2019 July 30, 2019 Second quarter 2019 1.00 August 12, 2019 August 15, 2019 April 29, 2019 First quarter 2019 1.00 May 13, 2019 May 16, 2019 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 |
Schedule of Stock Issued to Board of Directors | Since 2017, the Company has granted and issued the following stock to the Board under the Plans: Date of Grant Stock Units Granted Price of Stock Units Granted Date of Vesting May 17, 2017 9,435 $ 79.51 May 15, 2018 June 7, 2018 19,230 39.00 May 14, 2019 September 5, 2018 (1) 4,416 47.03 May 14, 2019 May 15, 2019 21,390 42.08 (2) _____________ (1) Represents additional restricted stock unit grants to new independent directors. (2) Date of vesting will be the day immediately preceding the 2020 annual meeting of the Company’s stockholders. |
Schedule of Nonvested Restricted Stock Units Activity | The following represents unvested Special RSUs granted through 2019: 2019 Special Grants Number of RSUs (in units) Weighted Average Grant-Date Fair Value (per share) Unvested at December 31, 2018 — $ — Granted 6,067 40.30 Unvested at December 31, 2019 6,067 $ 40.30 |
Schedule of Nonvested Performance-based Units Activity | The following represents unvested LTIP grants through December 31, 2019 at the target level of performance: 2019 LTIP (at Target) Number of PSUs (in units) Weighted Average Grant-Date Fair Value (per share) Unvested at December 31, 2018 — $ — Granted 134,671 39.59 Forfeited (9,477) 39.26 Unvested at December 31, 2019 125,194 $ 39.62 |
Schedule of Accumulated Other Comprehensive Loss | The following represents the changes and balances to the components of accumulated other comprehensive loss, net of taxes, in 2019, 2018 and 2017 ($ in millions): Post-Retirement Benefit Plans, net of taxes (1) Translation Adjustment, net of taxes (2) Total Stockholders’ Accumulated Other Comprehensive Loss, net of taxes Balance at December 31, 2016 $ (17 ) $ (12 ) $ (29 ) Change in post-retirement benefit plans (4 ) — (4 ) Translation adjustment — 3 3 Balance at December 31, 2017 $ (21 ) $ (9 ) $ (30 ) Cumulative effect of change in accounting principle (3) (4 ) — (4 ) Change in post-retirement benefit plans 9 — 9 Translation adjustment — (5 ) (5 ) Balance at December 31, 2018 $ (16 ) $ (14 ) $ (30 ) Change in post-retirement benefit plans (9 ) — (9 ) Translation adjustment — 2 2 Balance at December 31, 2019 $ (25 ) $ (12 ) $ (37 ) ____________ (1) Change in post-retirement benefit plans is presented net of tax benefit of $3 million in both 2019 and 2017 and net of tax expense of $3 million in 2018. (2) Translation adjustment is presented net of tax expense of $1 million and $2 million in 2019 and 2017, respectively, and net of tax benefit of $2 million in 2018 . (3) In 2018, the Company adopted ASU No. 2018-02 and made a $4 million adjustment to reclassify stranded tax effects in Accumulated Other Comprehensive Loss to Retained Earnings . |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Revenue From External Customers | Revenue from external customers for the Company’s consolidated reportable segments were ($ in millions): Year Ended December 31, 2019 IMTT Atlantic Aviation MIC Hawaii Intercompany Adjustments Total Reportable Segments Service revenue Terminal services $ 90 $ — $ — $ — $ 90 Lease 419 — — (3 ) 416 Fuel — 695 — — 695 Hangar — 95 — — 95 Other 6 182 — — 188 Total service revenue $ 515 $ 972 $ — $ (3 ) $ 1,484 Product revenue Lease $ — $ — $ 5 $ — $ 5 Gas — — 226 — 226 Other — — 12 — 12 Total product revenue $ — $ — $ 243 $ — $ 243 Total revenue $ 515 $ 972 $ 243 $ (3 ) $ 1,727 Year Ended December 31, 2018 IMTT Atlantic Aviation MIC Hawaii Corporate and Other Intercompany Adjustments Total Reportable Segments Service revenue Terminal services $ 89 $ — $ — $ — $ — $ 89 Lease 402 — — — (4 ) 398 Fuel — 704 — — — 704 Hangar — 88 — — — 88 Construction — — 43 — — 43 Other 19 170 4 — — 193 Total service revenue $ 510 $ 962 $ 47 $ — $ (4 ) $ 1,515 Product revenue Lease $ — $ — $ 5 $ — $ — $ 5 Gas — — 229 — — 229 Other — — 11 1 — 12 Total product revenue $ — $ — $ 245 $ 1 $ — $ 246 Total revenue $ 510 $ 962 $ 292 $ 1 $ (4 ) $ 1,761 Year Ended December 31, 2017 IMTT Atlantic Aviation MIC Hawaii Intercompany Adjustments Total Reportable Segments Service revenue Terminal services $ 85 $ — $ — $ — $ 85 Lease 431 — — (5 ) 426 Fuel — 615 — — 615 Hangar — 78 — — 78 Construction — — 54 — 54 Other 33 154 1 — 188 Total service revenue $ 549 $ 847 $ 55 $ (5 ) $ 1,446 Product revenue Lease $ — $ — $ 3 $ — $ 3 Gas — — 209 — 209 Other — — 11 — 11 Total product revenue $ — $ — $ 223 $ — $ 223 Total revenue $ 549 $ 847 $ 278 $ (5 ) $ 1,669 |
Schedule of EBITDA for Reportable Segments | EBITDA excluding non-cash items for the Company’s consolidated reportable segments from continuing operations is shown in the tables below ($ in millions). Allocations of corporate expenses, intercompany fees and the tax effect have been excluded as they are eliminated in consolidation. Year Ended December 31, 2019 IMTT Atlantic Aviation MIC Hawaii Corporate and Other Total Reportable Segments Net income (loss) $ 71 $ 69 $ 13 $ (52 ) $ 101 Interest expense, net 47 74 10 16 147 Provision (benefit) for income taxes 29 24 9 (23 ) 39 Depreciation 117 62 16 — 195 Amortization of intangibles 15 44 — — 59 Fees to Manager - related party — — — 32 32 Other non-cash expense, net 9 3 12 2 26 EBITDA excluding non-cash items $ 288 $ 276 $ 60 $ (25 ) $ 599 Year Ended December 31, 2018 IMTT Atlantic Aviation MIC Hawaii Corporate and Other Total Reportable Segments Net income (loss) $ 63 $ 96 $ (12 ) $ (82 ) $ 65 Interest expense, net 46 25 8 33 112 Provision (benefit) for income taxes 36 35 (6 ) (15 ) 50 Goodwill impairment — — 3 — 3 Depreciation 117 60 16 — 193 Amortization of intangibles 15 46 7 — 68 Fees to Manager - related party — — — 45 45 Other non-cash expense, net (1) 9 1 22 1 33 EBITDA excluding non-cash items $ 286 $ 263 $ 38 $ (18 ) $ 569 _____________ (1) Other non-cash expense, net, includes the write-down of the Company’s investment in the mechanical contractor business at MIC Hawaii. Year Ended December 31, 2017 IMTT Atlantic Aviation MIC Hawaii Corporate and Other Total Reportable Segments Net income (loss) $ 363 $ 124 $ 26 $ (79 ) $ 434 Interest expense, net 38 15 7 27 87 (Benefit) provision for income taxes (209 ) 6 9 (36 ) (230 ) Depreciation 113 51 14 — 178 Amortization of intangibles 13 49 2 — 64 Fees to Manager - related party — — — 71 71 Other non-cash expense, net 8 2 3 1 14 EBITDA excluding non-cash items $ 326 $ 247 $ 61 $ (16 ) $ 618 Reconciliation of total reportable segments’ EBITDA excluding non-cash items to consolidated net income from continuing operations before income taxes were ($ in millions): Year Ended December 31, 2019 2018 2017 Total reportable segments EBITDA excluding non-cash items $ 599 $ 569 $ 618 Interest income 7 1 — Interest expense (154 ) (113 ) (87 ) Goodwill impairment — (3 ) — Depreciation (195 ) (193 ) (178 ) Amortization of intangibles (59 ) (68 ) (64 ) Fees to Manager - related party (32 ) (45 ) (71 ) Other expense, net (26 ) (33 ) (14 ) Total consolidated net income from continuing operations before income taxes $ 140 $ 115 $ 204 |
Schedule of Capital Expenditures | Capital expenditures, on a cash basis, for the Company’s reportable segments were ($ in millions): Year Ended December 31, 2019 2018 2017 IMTT $ 176 $ 63 $ 74 Atlantic Aviation 61 67 82 MIC Hawaii 20 23 29 Corporate and Other 3 24 29 Total capital expenditures of reportable segments $ 260 $ 177 $ 214 |
Schedule of Reconciliation of Assets of Reportable Segments | Property, equipment, land and leasehold improvements, net, and total assets for the Company’s reportable segments and its reconciliation to consolidated total assets as of December 31 st were ($ in millions): Property, Equipment, Land and Leasehold Improvements, net Total Assets 2019 2018 2019 2018 IMTT $ 2,323 $ 2,249 $ 4,172 $ 4,020 Atlantic Aviation 567 565 2,060 1,676 MIC Hawaii 301 300 537 501 Corporate and Other 11 27 92 599 Total assets of reportable segments $ 3,202 $ 3,141 $ 6,861 $ 6,796 Assets held for sale — — — 648 Total consolidated assets $ 3,202 $ 3,141 $ 6,861 $ 7,444 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Dividends Paid to Manager | Since January 1, 2017, the Company paid the Manager cash dividends on shares held for the following periods: Declared Period Covered $ per Share Record Date Payable Date Cash Paid to Manager (in millions) February 14, 2020 Fourth quarter 2019 $ 1.00 March 6, 2020 March 11, 2020 (1) October 29, 2019 Third quarter 2019 1.00 November 11, 2019 November 14, 2019 $ 13 July 30, 2019 Second quarter 2019 1.00 August 12, 2019 August 15, 2019 13 April 29, 2019 First quarter 2019 1.00 May 13, 2019 May 16, 2019 13 February 14, 2019 Fourth quarter 2018 1.00 March 4, 2019 March 7, 2019 13 October 30, 2018 Third quarter 2018 1.00 November 12, 2018 November 15, 2018 12 July 31, 2018 Second quarter 2018 1.00 August 13, 2018 August 16, 2018 11 May 1, 2018 First quarter 2018 1.00 May 14, 2018 May 17, 2018 6 February 19, 2018 Fourth quarter 2017 1.44 March 5, 2018 March 8, 2018 8 October 30, 2017 Third quarter 2017 1.42 November 13, 2017 November 16, 2017 7 August 1, 2017 Second quarter 2017 1.38 August 14, 2017 August 17, 2017 7 May 2, 2017 First quarter 2017 1.32 May 15, 2017 May 18, 2017 6 February 17, 2017 Fourth quarter 2016 1.31 March 3, 2017 March 8, 2017 6 _____________ (1) The amount of dividend payable to the Manager for the fourth quarter of 2019 will be determined on March 6, 2020, 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 Fee Amount ($ in millions) Performance Fee Amount ($ in millions) Shares Issued 2019 Activities: Fourth quarter 2019 $ 9 $ — 208,881 (1) Third quarter 2019 8 — 201,827 Second quarter 2019 7 — 192,103 First quarter 2019 8 — 184,448 2018 Activities: Fourth quarter 2018 $ 9 $ — 220,208 Third quarter 2018 12 — 269,286 Second quarter 2018 11 — 277,053 First quarter 2018 13 — 265,002 2017 Activities: Fourth quarter 2017 $ 17 $ — 248,162 Third quarter 2017 18 — 240,674 Second quarter 2017 18 — 233,394 First quarter 2017 18 — 232,398 _____________ (1) The Manager elected to reinvest all of the monthly base management fees for the fourth quarter of 2019 in new primary shares. The Company issued 208,881 shares for the quarter ended December 31, 2019 , including 70,954 shares that were issued in January 2020 for the December 2019 monthly base management fee. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of 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 domestic subsidiaries, including its allocated share of the taxable income from the solar and wind facilities through the date of sale. 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. Components of the Company’s income tax provision (benefit) related to the income from continuing operations in 2019, 2018 and 2017 were ($ in millions): Year Ended December 31, 2019 2018 2017 Current taxes: State $ 12 $ 14 $ 10 Total current tax provision 12 14 10 Deferred taxes: Federal 28 31 (247 ) State (1 ) 9 6 Total deferred tax provision (benefit) 27 40 (241 ) Change in valuation allowance — (4 ) 1 Total tax provision (benefit) $ 39 $ 50 $ (230 ) |
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 from continuing operations at December 31, 2019 and 2018 were ($ in millions): At December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 30 $ 26 Operating lease liabilities 91 — Deferred revenue 9 7 Accrued expenses 34 28 Investment and foreign tax credits 1 4 Total gross deferred tax assets 165 65 Less: valuation allowance — (1 ) Net deferred tax assets 165 64 Deferred tax liabilities: Intangible assets (99 ) (93 ) Investment basis difference (19 ) (19 ) Operating lease assets, net (90 ) — Property and equipment (633 ) (624 ) Unrealized loss (gains) on derivative instruments, net 4 (2 ) Equity component of convertible senior notes (5 ) (6 ) Prepaid expenses (2 ) (1 ) Total deferred tax liabilities (844 ) (745 ) Net deferred tax liabilities $ (679 ) $ (681 ) |
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 millions): Year Ended December 31, 2019 2018 2017 Tax provision at U.S. statutory rate $ 29 $ 24 $ 71 Permanent differences and other 1 4 10 State income taxes, net of federal benefit 9 19 11 Income attributable to noncontrolling interest — 1 1 Change in investment and foreign tax credits — 6 (8 ) Change in U.S. tax law — — (316 ) Change in valuation allowance — (4 ) 1 Total tax provision (benefit) $ 39 $ 50 $ (230 ) |
Long-Term Contracted Revenue (T
Long-Term Contracted Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Contractors [Abstract] | |
Schedule of Financing Receivables, Minimum Payments | The following long-term contracted revenue were in existence at December 31, 2019 ($ in millions): Lease Revenue (ASC 842) Contract Revenue (ASC 606) Total Long-Term Revenue 2020 $ 285 $ 64 $ 349 2021 155 35 190 2022 98 29 127 2023 66 22 88 2024 25 8 33 Thereafter 90 18 108 Total $ 719 $ 176 $ 895 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payment for Pension and Other Postretirement Benefits [Abstract] | |
Schedule of Changes in Projected Benefit Obligations and Changes in Plan Assets | 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, 2019 and 2018 are ($ in millions). HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits Total 2019 2018 2019 2018 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation – beginning of year $ 49 $ 53 $ 143 $ 162 $ 28 $ 29 $ 220 $ 244 Service cost 1 1 5 6 1 1 7 8 Interest cost 2 2 6 6 1 1 9 9 Actuarial losses (gains) 5 (4 ) 23 (22 ) 2 (2 ) 30 (28 ) Benefits paid (3 ) (3 ) (9 ) (9 ) (2 ) (1 ) (14 ) (13 ) Benefit obligation – end of year $ 54 $ 49 $ 168 $ 143 $ 30 $ 28 $ 252 $ 220 Change in plan assets: Fair value of plan assets - beginning of year $ 46 $ 51 $ 88 $ 102 $ 9 $ 9 $ 143 $ 162 Actual return on plan assets 9 (2 ) 15 (5 ) 1 — 25 (7 ) Employer contributions — — — — 1 1 1 1 Benefits paid (3 ) (3 ) (9 ) (9 ) (2 ) (1 ) (14 ) (13 ) Fair value of plan assets – end of year $ 52 $ 46 $ 94 $ 88 $ 9 $ 9 $ 155 $ 143 |
Funded Status | The funded status at December 31, 2019 and 2018 , are presented in the following table ($ in millions): HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits Total 2019 2018 2019 2018 2019 2018 2019 2018 Funded status Funded status at end of year $ (2 ) $ (3 ) $ (74 ) $ (55 ) $ (21 ) $ (19 ) $ (97 ) $ (77 ) Net amount recognized in balance sheet $ (2 ) $ (3 ) $ (74 ) $ (55 ) $ (21 ) $ (19 ) $ (97 ) $ (77 ) Amounts recognized in balance sheet consisting of: Current liabilities $ — $ — $ — $ — $ (1 ) $ (1 ) $ (1 ) $ (1 ) Noncurrent liabilities (2 ) (3 ) (74 ) (55 ) (20 ) (18 ) (96 ) (76 ) Net amount recognized in balance sheet $ (2 ) $ (3 ) $ (74 ) $ (55 ) $ (21 ) $ (19 ) $ (97 ) $ (77 ) |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss in 2019 and 2018 are presented in the following table ($ in millions): HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits Total 2019 2018 2019 2018 2019 2018 2019 2018 Accumulated loss $ (8 ) $ (10 ) $ (20 ) $ (7 ) $ (5 ) $ (4 ) $ (33 ) $ (21 ) Accumulated other comprehensive loss (8 ) (10 ) (20 ) (7 ) (5 ) (4 ) (33 ) (21 ) Net periodic benefit cost in excess (deficit) of cumulative employer contributions 6 7 (54 ) (48 ) (16 ) (15 ) (64 ) (56 ) Net amount recognized in balance sheet $ (2 ) $ (3 ) $ (74 ) $ (55 ) $ (21 ) $ (19 ) $ (97 ) $ (77 ) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The components of net periodic benefit cost and other changes in other comprehensive loss (income) for the plans are shown below ($ in millions): HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits Total 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost: Service cost $ 1 $ 1 $ 1 $ 5 $ 6 $ 5 $ 1 $ 1 $ 1 $ 7 $ 8 $ 7 Interest cost 2 2 2 6 6 6 1 1 1 9 9 9 Expected return on plan assets (3 ) (3 ) (3 ) (5 ) (6 ) (6 ) — (1 ) — (8 ) (10 ) (9 ) Recognized actuarial loss 1 1 1 — — — — — — 1 1 1 Special termination benefits — — — — — 1 — — — — — 1 Net periodic benefit cost $ 1 $ 1 $ 1 $ 6 $ 6 $ 6 $ 2 $ 1 $ 2 $ 9 $ 8 $ 9 Other changes recognized in other comprehensive loss (income): Net (gain) loss arising during the year $ (1 ) $ 1 $ (2 ) $ 13 $ (11 ) $ 9 $ 1 $ (1 ) $ 1 $ 13 $ (11 ) $ 8 Amortization of loss (1 ) (1 ) (1 ) — — — — — — (1 ) (1 ) (1 ) Total recognized in other comprehensive (income) loss $ (2 ) $ — $ (3 ) $ 13 $ (11 ) $ 9 $ 1 $ (1 ) $ 1 $ 12 $ (12 ) $ 7 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 2019 2018 2017 2019 2018 2017 2019 2018 2017 Weighted average assumptions to determine benefit obligations: Discount rate 3.20 % 4.25 % 3.60 % 3.25 % 4.35 % 3.70 % 2.82% to 3.35% 3.91% to 4.35% 3.25% to 3.70% 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 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% Expected long-term rate of return on plan assets during fiscal year 4.90 % 5.90 % 5.90 % 5.50 % 5.60 % 6.25 % 5.50 % (2) 5.75 % (2) 5.75 % (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 7.25% to 7.75% 8.00% to 8.50% 6.98% to 7.00% Ultimate rate 4.50% to 5.00% 4.50% to 5.00% 4.50% to 5.00% Year ultimate rate is reached 2027 to 2028 2026 to 2027 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, 2019 and 2018 was: HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits 2019 2018 2019 2018 2019 2018 Equity securities 26 % 23 % 44 % 42 % 47 % 45 % Fixed income securities 69 % 71 % 40 % 41 % 43 % 44 % Private equity — — 8 % 7 % 2 % 1 % Global real estate fund 4 % 4 % 4 % 6 % 5 % 6 % Cash 1 % 2 % 4 % 4 % 3 % 4 % Total 100 % 100 % 100 % 100 % 100 % 100 % |
Schedule of Allocation of Plan Assets | 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, 2019 and 2018 measurement dates were ($ in millions): Fair Value Measurements at December 31, 2019 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value (NAV) Asset category: Cash and money market $ 5 $ 5 $ — $ — $ — Equity securities 59 — 59 — — Fixed income securities 77 — 77 — — Global real estate fund 6 — 6 — — Domestic private equity 8 — — — 8 Total $ 155 $ 5 $ 142 $ — $ 8 Fair Value Measurements at December 31, 2018 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value (NAV) Asset category: Cash and money market $ 5 $ 5 $ — $ — $ — Equity securities 52 — 52 — — Fixed income securities 73 — 73 — — Global real estate fund 7 — 7 — — Domestic private equity 6 — — — 6 Total $ 143 $ 5 $ 132 $ — $ 6 |
Estimated Future Benefit Payments | The estimated future benefit payments for the next ten years are ($ in millions): HG DB Plan Benefits IMTT DB Plan Benefits Other Plan Benefits Total 2020 $ 3 $ 10 $ 2 $ 15 2021 3 7 2 12 2022 3 7 2 12 2023 3 8 2 13 2024 3 8 2 13 Thereafter 16 45 9 70 Total $ 31 $ 85 $ 19 $ 135 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 . Quarter ended March 31 June 30 September 30 December 31 (In Millions, except per share data) 2019 Revenue from continuing operations $ 482 $ 416 $ 405 $ 424 Operating income from continuing operations 123 55 56 55 Net income from continuing operations attributable to MIC 64 6 15 16 Net income (loss) from discontinued operations attributable to MIC 6 5 46 (2 ) Per share information attributable to MIC (1) : Basic income per share from continuing operations attributable to MIC $ 0.75 $ 0.07 $ 0.18 $ 0.18 Basic income (loss) per share from discontinued operations attributable to MIC 0.07 0.06 0.53 (0.02 ) Basic income per share attributable to MIC 0.82 0.13 0.71 0.16 Diluted income per share from continuing operations attributable to MIC $ 0.73 $ 0.07 $ 0.18 $ 0.18 Diluted income (loss) per share from discontinued operations attributable to MIC 0.06 0.06 0.53 (0.02 ) Diluted income per share attributable to MIC 0.79 0.13 0.71 0.16 Cash dividends declared per share $ 1.00 $ 1.00 $ 1.00 $ 1.00 2018 Revenue from continuing operations $ 467 $ 436 $ 421 $ 437 Operating income from continuing operations 76 58 53 47 Net income (loss) from continuing operations attributable to MIC 40 27 2 (1 ) Net income from discontinued operations attributable to MIC 37 11 20 1 Per share information attributable to MIC (1) : 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 0.44 0.13 0.23 — Basic income (loss) per share attributable to MIC 0.91 0.45 0.25 (0.01 ) Diluted income (loss) per share from continuing operations attributable to MIC $ 0.47 $ 0.32 $ 0.02 $ (0.01 ) Diluted income per share from discontinued operations attributable to MIC 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 _____________ (1) Due to averaging of shares, quarterly earnings per share may not sum to the totals reported for the full year. |
Organization and Description _2
Organization and Description of Business (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019terminalairportsegment | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of reportable segments | segment | 4 |
United States- IMTT | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of marine terminals | 17 |
Canada- IMTT | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of marine terminals | 2 |
Atlantic Aviation | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of airport locations | airport | 70 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jul. 16, 2014 | |
Significant Accounting Policies [Line Items] | |||
Investment in unconsolidated business | $ 9,000,000 | $ 8,000,000 | |
Commercial paper, at carrying value | 40,000,000 | 0 | |
Inventory net, held for sale | 15,000,000 | 13,000,000 | |
Inventory net, materials and supplies | $ 16,000,000 | 16,000,000 | |
Weighted average remaining life of deferred financing costs | P5Y3M18D | ||
Accrued expenses | $ 86,000,000 | 86,000,000 | |
IMTT | |||
Significant Accounting Policies [Line Items] | |||
Investment in unconsolidated business | $ 9,000,000 | $ 8,000,000 | |
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Debt issuance costs amortized period | 4 years | ||
Minimum | Buildings | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Minimum | Leaseholds and Leasehold Improvements | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 8 years | ||
Minimum | Machinery and equipment | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Debt issuance costs amortized period | 12 years | ||
Maximum | Buildings | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 30 years | ||
Maximum | Leaseholds and Leasehold Improvements | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 30 years | ||
Maximum | Machinery and equipment | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 30 years | ||
IMTT Acquisition | |||
Significant Accounting Policies [Line Items] | |||
Equity interest acquired | 20.00% | ||
MIC Hawaii | Buildings | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 68 years | ||
MIC Hawaii | Leaseholds and Leasehold Improvements | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 68 years | ||
MIC Hawaii | Machinery and equipment | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 68 years |
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, 2019 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Leaseholds and Leasehold Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 8 years |
Leaseholds and Leasehold Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Furniture and fixtures | Maximum | |
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, 2019 | |
Customer relationships | Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 5 years |
Customer relationships | Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 30 years |
Contract arrangements | Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 8 years |
Contract arrangements | Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 57 years |
Non-compete agreements | Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 3 years |
Non-compete agreements | Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 10 years |
Trade names | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 20 years |
Technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 5 years |
Implementation of ASU No. 201_2
Implementation of ASU No. 2016-2 (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease assets, net | $ 336 | $ 0 | |
Operating lease, liability | $ 340 | ||
Lease Revenue (ASC 842) | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease assets, net | $ 351 | ||
Operating lease, liability | 358 | ||
Lease Revenue (ASC 842) | Discontinued Operations, Held-for-sale or Disposed of by Sale | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease assets, net | 19 | ||
Operating lease, liability | $ 21 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019renewal_option | |
Operating Leased Assets [Line Items] | |
Term of contract | 12 months |
Number of renewal options | 1 |
Weighted average remaining lease term | 18 years 8 months 12 days |
Discount rate | 8.50% |
Minimum | |
Operating Leased Assets [Line Items] | |
Renewal term | 1 year |
Maximum | |
Operating Leased Assets [Line Items] | |
Renewal term | 10 years |
Leases (Consolidated statement
Leases (Consolidated statement of operations) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Leased Assets [Line Items] | |
Total operating lease expense | $ 54 |
Operating lease, expense, leases less than one year | 6 |
Operating lease, expense, variable leases | 2 |
Selling, general and administrative | |
Operating Leased Assets [Line Items] | |
Total operating lease expense | 51 |
Service revenue | Cost of product sales | |
Operating Leased Assets [Line Items] | |
Total operating lease expense | 2 |
Product revenue | Cost of product sales | |
Operating Leased Assets [Line Items] | |
Total operating lease expense | $ 1 |
Leases (Future maturities of le
Leases (Future maturities of lease liabilities) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 46 |
2021 | 44 |
2022 | 43 |
2023 | 42 |
2024 | 42 |
Thereafter | 513 |
Total | 730 |
Less: interest | (390) |
Present value of lease liability | $ 340 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Rental Commitments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 48 |
2020 | 44 |
2021 | 41 |
2022 | 40 |
2023 | 39 |
Thereafter | 461 |
Total | $ 673 |
Discontinued Operations and D_3
Discontinued Operations and Dispositions (Narrative) (Details) $ in Millions | Oct. 12, 2018USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018MW | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Loss (gain) on write-down | $ (30) | ||||||
Design-build mechanical contractor business | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Loss (gain) on write-down | $ (9) | ||||||
Discontinued Operations, Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Transaction costs on business disposal | $ 10 | ||||||
Accrued income tax payable, current | $ 42 | ||||||
Bayonne Energy Center | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain (loss) on disposition of business | $ 80 | $ (17) | |||||
Transaction costs on business disposal | $ 9 | ||||||
Bayonne Energy Center | Discontinued Operations, Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Cash consideration from divestiture of businesses | $ 657 | ||||||
Debt assumed by buyer from divestiture of business | 244 | ||||||
Gain (loss) on disposition of business | $ (17) | ||||||
Solar and Wind Facilities | Discontinued Operations, Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Debt assumed by buyer from divestiture of business | $ 295 | $ 295 | |||||
Gain (loss) on disposition of business | 80 | ||||||
Proceeds from divestiture of businesses | 275 | ||||||
Cash consideration from divestiture of businesses net of transaction costs and taxes | $ 223 | ||||||
Solar Generating Assets | Discontinued Operations, Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Capacity of plant | MW | 142 | ||||||
Wind Generation Assets | Discontinued Operations, Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Capacity of plant | MW | 203 |
Discontinued Operations and D_4
Discontinued Operations and Dispositions (Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets | ||||
Total current assets | [1] | $ 0 | $ 648 | |
Liabilities | ||||
Total current liabilities | [1] | $ 0 | 317 | |
Noncontrolling interests | 141 | $ 184 | ||
Contracted Power Segment | Discontinued Operations, Held-for-sale or Disposed of by Sale | ||||
Assets | ||||
Cash and cash equivalents | 3 | |||
Restricted cash | 14 | |||
Accounts receivable, net | 9 | |||
Other current assets | 5 | |||
Total current assets | 31 | |||
Property, equipment, land and leasehold improvements, net | 606 | |||
Intangible assets, net | 9 | |||
Other noncurrent assets | 2 | |||
Total assets | 648 | |||
Liabilities | ||||
Accounts payable and accrued expenses | 7 | |||
Current portion of long-term debt | 20 | |||
Other current liabilities | 1 | |||
Total current liabilities | 28 | |||
Long term debt, net of current portion | 283 | |||
Other noncurrent liabilities | 6 | |||
Total liabilities | 317 | |||
Noncontrolling interests | $ 141 | |||
[1] | See Note 5, “Discontinued Operations and Dispositions”, for further discussions on assets and liabilities held for sale. |
Discontinued Operations and D_5
Discontinued Operations and Dispositions (Consolidated Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net income from discontinued operations before income taxes | [1] | $ 85 | $ 32 | $ 18 | ||||||||
(Provision) benefit for income taxes | [1] | (33) | (2) | 4 | ||||||||
Net income from discontinued operations | [1] | 52 | 30 | 22 | ||||||||
Less: net (loss) income attributable to noncontrolling interests | (3) | (39) | 5 | |||||||||
Net income from discontinued operations attributable to MIC | $ (2) | $ 46 | $ 5 | $ 6 | $ 1 | $ 20 | $ 11 | $ 37 | 55 | 69 | 17 | |
Bayonne Energy Center | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Gain (loss) on disposition of business | 80 | (17) | ||||||||||
Contracted Power Segment | Discontinued Operations, Held-for-sale or Disposed of by Sale | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Product revenue | 44 | 150 | 146 | |||||||||
Cost of product sales | (7) | (24) | (21) | |||||||||
Selling, general & administrative expenses | (19) | (25) | (25) | |||||||||
Depreciation and amortization | 0 | (38) | (60) | |||||||||
Interest expense, net | (13) | (17) | (23) | |||||||||
Other (expense) income, net | 80 | (14) | 1 | |||||||||
Net income from discontinued operations before income taxes | 85 | 32 | 18 | |||||||||
(Provision) benefit for income taxes | (33) | (2) | 4 | |||||||||
Net income from discontinued operations | 52 | 30 | 22 | |||||||||
Less: net (loss) income attributable to noncontrolling interests | (3) | (39) | 5 | |||||||||
Net income from discontinued operations attributable to MIC | $ 55 | $ 69 | $ 17 | |||||||||
[1] | See Note 5, “Discontinued Operations and Dispositions”, for discussions on businesses classified as held for sale. |
Income per Share (Schedule of R
Income per Share (Schedule of Reconciliation) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net income from continuing operations attributable to MIC | $ 16 | $ 15 | $ 6 | $ 64 | $ (1) | $ 2 | $ 27 | $ 40 | $ 101 | $ 68 | $ 434 |
Diluted net income from continuing operations attributable to MIC | 101 | 68 | 450 | ||||||||
Basic and diluted net income from discontinued operations attributable to MIC | $ (2) | $ 46 | $ 5 | $ 6 | $ 1 | $ 20 | $ 11 | $ 37 | $ 55 | $ 69 | $ 17 |
Denominator: | |||||||||||
Weighted average number of shares outstanding: basic (in shares) | 86,178,212 | 85,233,989 | 83,204,404 | ||||||||
Dilutive effect of restricted stock unit grants (in shares) | 26,089 | 15,876 | 9,495 | ||||||||
Weighted average number of shares outstanding: diluted (in shares) | 86,204,301 | 85,249,865 | 91,073,362 | ||||||||
Income per share: | |||||||||||
Basic income per share from continuing operations attributable to MIC (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.07 | $ 0.75 | $ (0.01) | $ 0.02 | $ 0.32 | $ 0.47 | $ 1.17 | $ 0.80 | $ 5.22 |
Basic income per share from discontinued operations attributable to MIC (in dollars per share) | (0.02) | 0.53 | 0.06 | 0.07 | 0 | 0.23 | 0.13 | 0.44 | 0.65 | 0.80 | 0.20 |
Basic income per share attributable to MIC (in dollars per share) | 0.16 | 0.71 | 0.13 | 0.82 | (0.01) | 0.25 | 0.45 | 0.91 | 1.82 | 1.60 | 5.42 |
Diluted income per share from continuing operations attributable to MIC (in dollars per share) | 0.18 | 0.18 | 0.07 | 0.73 | (0.01) | 0.02 | 0.32 | 0.47 | 1.17 | 0.80 | 4.94 |
Diluted income per share from discontinued operations attributable to MIC (in dollars per share) | (0.02) | 0.53 | 0.06 | 0.06 | 0 | 0.23 | 0.13 | 0.44 | 0.65 | 0.80 | 0.19 |
Diluted income per share attributable to MIC (in dollars per share) | $ 0.16 | $ 0.71 | $ 0.13 | $ 0.79 | $ (0.01) | $ 0.25 | $ 0.45 | $ 0.91 | $ 1.82 | $ 1.60 | $ 5.13 |
2.875% Convertible Senior Notes July 2019 | |||||||||||
Numerator: | |||||||||||
Interest expense attributable to convertible Senior Notes, net of taxes | $ 0 | $ 0 | $ 8 | ||||||||
Denominator: | |||||||||||
Dilutive effect of convertible Senior Notes (in shares) | 0 | 0 | 4,252,609 | ||||||||
Income per share: | |||||||||||
Interest rate | 2.875% | 2.875% | |||||||||
2.00% Convertible Senior Notes October 2023 | |||||||||||
Numerator: | |||||||||||
Interest expense attributable to convertible Senior Notes, net of taxes | $ 0 | $ 0 | $ 8 | ||||||||
Denominator: | |||||||||||
Dilutive effect of convertible Senior Notes (in shares) | 0 | 0 | 3,606,854 | ||||||||
Income per share: | |||||||||||
Interest rate | 2.00% | 2.00% |
Income per Share (Schedule of S
Income per Share (Schedule of Shares Excluded from Calculation) (Details) - shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 15, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 4,955,416 | 8,000,575 | 0 | |
2.875% Convertible senior notes due July 2019 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 1,321,243 | 4,368,725 | 0 | |
Interest rate | 2.875% | 2.875% | ||
2.00% Convertible Senior Notes October 2023 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 3,634,173 | 3,631,850 | 0 | |
Interest rate | 2.00% |
Property, Equipment, Land and_3
Property, Equipment, Land and Leasehold Improvements (Schedule of Property and Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,318 | $ 4,070 |
Less: accumulated depreciation | (1,116) | (929) |
Property, equipment, land and leasehold improvements, net | 3,202 | 3,141 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 319 | 319 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 40 | 40 |
Leasehold and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 813 | 770 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,951 | 2,783 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 52 | 45 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 143 | $ 113 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 1,312 | $ 1,313 |
Less: accumulated amortization | (583) | (524) |
Intangible assets, net | 729 | 789 |
Contractual arrangements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 921 | 921 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 14 | 14 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 352 | 353 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 16 | 16 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 9 | $ 9 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | $ 59 | $ 68 | $ 64 | |
Amount of fair value in excess of carrying amount | $ 2,200 | |||
Percentage of fair value in excess of carrying amount | 33.00% | |||
Atlantic Aviation | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amount of fair value in excess of carrying amount | $ 1,900 | |||
MIC Hawaii | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amount of fair value in excess of carrying amount | 280 | |||
IMTT | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amount of fair value in excess of carrying amount | $ 20 | |||
Percentage increase in discount rate | 0.25% | |||
Change in fair value from goodwill sensitivity | $ 70 | |||
Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite and indefinite lived trade names net | 12 | |||
Indefinite-lived Intangible Assets | Atlantic Aviation | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite and indefinite lived trade names net | 7 | |||
Indefinite-lived Intangible Assets | MIC Hawaii | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite and indefinite lived trade names net | $ 5 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill (Schedule of Estimated Future Amortization Expense) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 50 |
2021 | 45 |
2022 | 43 |
2023 | 42 |
2024 | 37 |
Thereafter | 505 |
Total | $ 722 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Goodwill acquired in business combinations, net of disposals, at December 31, 2018 | $ 2,172 | |
Accumulated impairment charges | (126) | |
Other | $ 0 | (3) |
Goodwill [Roll Forward] | ||
Balance at period start | 2,043 | |
Other | 0 | (3) |
Balance at period end | 2,043 | 2,043 |
IMTT | ||
Goodwill [Line Items] | ||
Goodwill acquired in business combinations, net of disposals, at December 31, 2018 | 1,430 | |
Accumulated impairment charges | 0 | |
Other | 1 | (3) |
Goodwill [Roll Forward] | ||
Balance at period start | 1,427 | |
Other | 1 | (3) |
Balance at period end | 1,428 | 1,427 |
Atlantic Aviation | ||
Goodwill [Line Items] | ||
Goodwill acquired in business combinations, net of disposals, at December 31, 2018 | 619 | |
Accumulated impairment charges | (123) | |
Other | (1) | 0 |
Goodwill [Roll Forward] | ||
Balance at period start | 496 | |
Other | (1) | 0 |
Balance at period end | 495 | 496 |
MIC Hawaii | ||
Goodwill [Line Items] | ||
Goodwill acquired in business combinations, net of disposals, at December 31, 2018 | 123 | |
Accumulated impairment charges | (3) | |
Other | 0 | 0 |
Goodwill [Roll Forward] | ||
Balance at period start | 120 | |
Other | 0 | 0 |
Balance at period end | $ 120 | $ 120 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Current and long-term debt | $ 2,707 | $ 3,064 |
Current portion | (12) | (361) |
Long-term portion | 2,695 | 2,703 |
Unamortized deferred financing costs | (41) | (50) |
Long-term portion less unamortized debt discount and deferred financing costs | $ 2,654 | 2,653 |
Weighted average remaining life of deferred financing costs | P5Y3M18D | |
IMTT | ||
Debt Instrument [Line Items] | ||
Current and long-term debt | $ 1,109 | 1,109 |
Atlantic Aviation | ||
Debt Instrument [Line Items] | ||
Current and long-term debt | 1,015 | 1,025 |
MIC Hawaii | ||
Debt Instrument [Line Items] | ||
Current and long-term debt | 195 | 196 |
MIC Corporate | ||
Debt Instrument [Line Items] | ||
Current and long-term debt | $ 388 | $ 734 |
Long-Term Debt (Schedule of Fut
Long-Term Debt (Schedule of Future Maturities of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 12 |
2021 | 11 |
2022 | 111 |
2023 | 494 |
2024 | 11 |
Thereafter | 2,083 |
Total | $ 2,722 |
Long-Term Debt (MIC Corporate)
Long-Term Debt (MIC Corporate) (Details) | 1 Months Ended | 12 Months Ended | |||||
Oct. 31, 2016USD ($)$ / shares | Jul. 31, 2014USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 03, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||||||
Letters of credit | $ 13,000,000 | ||||||
Unamortized deferred financing costs | 41,000,000 | $ 50,000,000 | |||||
Current and long-term debt | $ 2,707,000,000 | 3,064,000,000 | |||||
Interest rate and fees, commitment fee percentage | 0.35% | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Undrawn portion of line of credit | $ 1,610,000,000 | ||||||
MIC Corporate | |||||||
Debt Instrument [Line Items] | |||||||
Current and long-term debt | 388,000,000 | $ 734,000,000 | |||||
MIC Corporate | 2.875% Convertible Senior Notes due July 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, term | 5 years | ||||||
Interest rate | 2.875% | 2.875% | |||||
Convertible senior notes | $ 350,000,000 | $ 350,000,000 | |||||
Conversion rate | 11.7942 | ||||||
Face value of convertible senior notes | $ 1,000 | ||||||
Conversion price | $ / shares | $ 84.79 | ||||||
MIC Corporate | 2.00% Convertible Senior Notes due October 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, term | 7 years | ||||||
Unamortized debt discount | $ 15,000,000 | ||||||
Interest rate | 2.00% | 2.00% | 2.00% | 2.00% | |||
Convertible senior notes | $ 403,000,000 | ||||||
Conversion rate | 8.9364 | 9.0290 | |||||
Face value of convertible senior notes | $ 1,000 | $ 1,000 | |||||
Conversion price | $ / shares | $ 111.90 | ||||||
Proceeds from convertible senior notes | $ 392,000,000 | ||||||
Interest rate, effective | 3.10% | ||||||
Equity component of Convertible senior notes | $ 27,000,000 | ||||||
Unamortized deferred financing costs | 11,000,000 | ||||||
Issuance costs | 1,000,000 | ||||||
Current and long-term debt | $ 376,000,000 | 388,000,000 | $ 384,000,000 | ||||
Convertible debt, fair value | 370,000,000 | 335,000,000 | |||||
MIC Corporate | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, term | 5 years | ||||||
Borrowing capacity | $ 250,000,000 | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | $ 410,000,000 | $ 410,000,000 | |
London Interbank Offered Rate (LIBOR) | MIC Corporate | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Fixed portion of interest rate component | 2.00% | ||||||
Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, term | 4 years | ||||||
Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, term | 7 years |
Long-Term Debt (Schedule of 2.0
Long-Term Debt (Schedule of 2.00% Convertible Senior Notes Due October 2023) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current and long-term debt | $ 2,707 | $ 3,064 |
Unamortized deferred financing costs | (41) | (50) |
Long-term portion less unamortized debt discount and deferred financing costs | 2,654 | 2,653 |
MIC Corporate | ||
Current and long-term debt | 388 | 734 |
MIC Corporate | 2.00% Convertible Senior Notes due October 2023 | ||
Principal | 403 | 403 |
Unamortized debt discount | (15) | (19) |
Current and long-term debt | 388 | 384 |
Unamortized deferred financing costs | (6) | (7) |
Long-term portion less unamortized debt discount and deferred financing costs | 382 | 377 |
Equity Component | $ 27 | $ 27 |
Long-Term Debt (Schedule of Tot
Long-Term Debt (Schedule of Total Interest Expense Recognized) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | ||||
Amortization of debt discount | $ 4 | $ 4 | $ 3 | |
Amortization of deferred financing costs | 9 | 11 | 7 | |
Total interest expense | [1] | 154 | 113 | 87 |
MIC Corporate | 2.00% Convertible Senior Notes due October 2023 | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 8 | 8 | 8 | |
Amortization of debt discount | 4 | 4 | 3 | |
Amortization of deferred financing costs | 1 | 1 | 2 | |
Total interest expense | $ 13 | $ 13 | $ 13 | |
[1] | Interest expense includes losses on derivative instruments of $13 million and gains on derivative instruments of $8 million and $2 million in 2019, 2018 and 2017, respectively. |
Long-Term Debt (IMTT) (Details)
Long-Term Debt (IMTT) (Details) - USD ($) | Dec. 05, 2018 | Jun. 01, 2015 | May 31, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 03, 2018 | Dec. 31, 2017 | May 21, 2015 | Dec. 31, 2014 | Jul. 31, 2014 |
Debt Instrument [Line Items] | ||||||||||
Interest rate and fees, commitment fee percentage | 0.35% | |||||||||
Current and long-term debt | $ 2,707,000,000 | $ 3,064,000,000 | ||||||||
MIC Corporate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current and long-term debt | 388,000,000 | 734,000,000 | ||||||||
MIC Corporate | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing capacity | 600,000,000 | 600,000,000 | $ 600,000,000 | $ 410,000,000 | $ 410,000,000 | $ 250,000,000 | ||||
IMTT | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current and long-term debt | 1,109,000,000 | 1,109,000,000 | ||||||||
IMTT | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, fair value disclosure | $ 635,000,000 | $ 575,000,000 | ||||||||
IMTT | Senior Notes | Senior Series A Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing capacity | $ 325,000,000 | |||||||||
Interest rate | 3.92% | 3.92% | ||||||||
Current and long-term debt | $ 325,000,000 | |||||||||
IMTT | Senior Notes | Senior Series B Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing capacity | $ 275,000,000 | |||||||||
Interest rate | 4.02% | 4.02% | ||||||||
Current and long-term debt | $ 275,000,000 | |||||||||
IMTT | Tax Exempt Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing capacity | $ 509,000,000 | |||||||||
Percentage of the variable rate | 80.00% | 80.00% | ||||||||
Fixed portion of interest rate component | 0.45% | 0.45% | ||||||||
UNITED STATES | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing capacity | $ 550,000,000 | $ 550,000,000 | ||||||||
Interest rate and fees, commitment fee percentage | 0.20% | |||||||||
CANADA | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing capacity | $ 50,000,000 | $ 50,000,000 | ||||||||
Interest rate and fees, commitment fee percentage | 0.20% | |||||||||
Interest Rate Swap | IMTT | Tax Exempt Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Notional amount of derivative | $ 361,000,000 | $ 361,000,000 | ||||||||
Derivative, term of contract | 6 years | 6 years | ||||||||
Fixed interest rate | 1.677% | 1.677% | ||||||||
London Interbank Offered Rate (LIBOR) | MIC Corporate | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed portion of interest rate component | 2.00% | |||||||||
London Interbank Offered Rate (LIBOR) | UNITED STATES | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed portion of interest rate component | 1.50% | |||||||||
Bankers' Acceptances Rate | UNITED STATES | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed portion of interest rate component | 1.50% | |||||||||
Tax Exempt Bonds | IMTT | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of the variable rate | 80.00% | |||||||||
Fixed portion of interest rate component | 0.45% | |||||||||
Current and long-term debt | $ 509,000,000 |
Long-Term Debt (Atlantic Aviati
Long-Term Debt (Atlantic Aviation) (Details) - USD ($) | Dec. 06, 2018 | Dec. 06, 2018 | Jul. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 03, 2018 | Dec. 31, 2017 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||||||
Interest rate and fees, commitment fee percentage | 0.35% | |||||||
Atlantic Aviation | ||||||||
Debt Instrument [Line Items] | ||||||||
Write off of deferred debt issuance cost | $ 3,000,000 | |||||||
MIC Corporate | 2.875% Convertible Senior Notes due July 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, term | 5 years | |||||||
Interest rate | 2.875% | 2.875% | ||||||
Term Loan Facility | Atlantic Aviation | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, term | 7 years | |||||||
Borrowing capacity | $ 1,025,000,000 | 1,025,000,000 | $ 1,025,000,000 | |||||
Amount outstanding | $ 1,015,000,000 | |||||||
Amortization | 1.00% | |||||||
Revolving Credit Facility | Atlantic Aviation | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, term | 5 years | |||||||
Borrowing capacity | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||||
Interest rate and fees, commitment fee percentage | 30.00% | |||||||
Revolving Credit Facility | MIC Corporate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, term | 5 years | |||||||
Borrowing capacity | $ 250,000,000 | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | $ 410,000,000 | $ 410,000,000 | ||
Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, term | 4 years | |||||||
Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, term | 7 years | |||||||
London Interbank Offered Rate (LIBOR) | Term Loan Facility | Atlantic Aviation | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed portion of interest rate component | 3.75% | |||||||
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | MIC Corporate | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed portion of interest rate component | 2.00% | |||||||
London Interbank Offered Rate (LIBOR) | Minimum | Revolving Credit Facility | Atlantic Aviation | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed portion of interest rate component | 2.00% |
Long-Term Debt (MIC Hawaii) (De
Long-Term Debt (MIC Hawaii) (Details) | Feb. 10, 2016USD ($) | Jul. 31, 2016USD ($) | Dec. 31, 2019USD ($)extension | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||
Long-term debt, net of unamortized debt discount | $ 2,707,000,000 | $ 3,064,000,000 | ||
Interest rate and fees, commitment fee percentage | 0.35% | |||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 4 years | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 7 years | |||
MIC Hawaii | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, net of unamortized debt discount | $ 195,000,000 | 196,000,000 | ||
MIC Hawaii | Solar Power Facilities | Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity | $ 18,000,000 | |||
Fixed portion of interest rate component | 2.00% | |||
Debt instrument, term | 10 years | |||
Long-term debt, net of unamortized debt discount | $ 15,000,000 | |||
MIC Hawaii | Solar Power Facilities | Interest Rate Swap | Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.38% | |||
Hawaii Gas Business | MIC Hawaii | Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity | $ 80,000,000 | $ 80,000,000 | ||
Number of extensions | extension | 2 | |||
Extension term | 1 year | |||
Hawaii Gas Business | MIC Hawaii | Term Loan Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Fixed portion of interest rate component | 1.00% | |||
Hawaii Gas Business | MIC Hawaii | Term Loan Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Fixed portion of interest rate component | 1.75% | |||
Hawaii Gas Business | MIC Hawaii | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity | $ 60,000,000 | |||
Interest rate and fees, commitment fee percentage | 0.225% | |||
Hawaii Gas Business | MIC Hawaii | Revolving Credit Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Fixed portion of interest rate component | 1.00% | |||
Hawaii Gas Business | MIC Hawaii | Revolving Credit Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Fixed portion of interest rate component | 1.75% | |||
Hawaii Gas Business | Interest Rate Swap | MIC Hawaii | Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 0.99% | |||
Weighted average interest rate | 2.49% | |||
Hawaii Gas Business | Senior Notes | MIC Hawaii | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity | $ 100,000,000 | |||
Long-term debt | 100,000,000 | |||
Long-term debt, fair value | $ 105,000,000 | $ 100,000,000 | ||
Interest rate | 4.22% | |||
Hawaii Gas Business | London Interbank Offered Rate (LIBOR) | MIC Hawaii | Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Fixed portion of interest rate component | 1.50% | |||
Hawaii Gas Business | London Interbank Offered Rate (LIBOR) | MIC Hawaii | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Fixed portion of interest rate component | 1.25% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) gal in Millions | Dec. 06, 2018USD ($) | Dec. 05, 2018USD ($) | Jun. 01, 2015USD ($) | Jul. 31, 2016USD ($) | May 31, 2015USD ($) | Dec. 31, 2019USD ($)gal | Dec. 31, 2018USD ($) | Oct. 31, 2016USD ($) | Feb. 29, 2016USD ($) | Feb. 10, 2016USD ($) |
Derivative [Line Items] | ||||||||||
Long-term and short-term debt | $ 2,722,000,000 | $ 3,083,000,000 | ||||||||
Fixed rate debt | 1,103,000,000 | 1,453,000,000 | ||||||||
Unhedged debt | 673,000,000 | 683,000,000 | ||||||||
Interest Rate Contracts | ||||||||||
Derivative [Line Items] | ||||||||||
Debt economically hedged with interest rate contracts | $ 946,000,000 | $ 947,000,000 | ||||||||
Tax Exempt Bonds | IMTT | ||||||||||
Derivative [Line Items] | ||||||||||
Percentage of the variable rate | 80.00% | 80.00% | ||||||||
Fixed portion of interest rate component | 0.45% | 0.45% | ||||||||
Increase in unhedged debt | $ 58,000,000 | |||||||||
Borrowing capacity | $ 509,000,000 | |||||||||
Tax Exempt Bonds | IMTT | Interest Rate Swap | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | $ 361,000,000 | $ 361,000,000 | ||||||||
Derivative, term of contract | 6 years | 6 years | ||||||||
Fixed interest rate | 1.677% | 1.677% | ||||||||
Term Loan Facility | Atlantic Aviation | ||||||||||
Derivative [Line Items] | ||||||||||
Borrowing capacity | $ 1,025,000,000 | $ 1,025,000,000 | ||||||||
Debt instrument, term | 7 years | |||||||||
Term Loan Facility | Atlantic Aviation | Interest Rate Cap | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | $ 400,000,000 | |||||||||
Derivative, cap interest rate | 1.00% | |||||||||
Hawaii Gas Business | MIC Hawaii | Commodity Price Hedges | ||||||||||
Derivative [Line Items] | ||||||||||
Nonmonetary notional amount, volume | gal | 38 | |||||||||
Hawaii Gas Business | Term Loan Facility | MIC Hawaii | ||||||||||
Derivative [Line Items] | ||||||||||
Borrowing capacity | $ 80,000,000 | $ 80,000,000 | ||||||||
Hawaii Gas Business | Term Loan Facility | MIC Hawaii | Interest Rate Swap | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | $ 80,000,000 | |||||||||
Fixed interest rate | 0.99% | |||||||||
Weighted average interest rate | 2.49% | |||||||||
Solar Power Facilities | Term Loan Facility | MIC Hawaii | ||||||||||
Derivative [Line Items] | ||||||||||
Fixed portion of interest rate component | 2.00% | |||||||||
Borrowing capacity | $ 18,000,000 | |||||||||
Debt instrument, term | 10 years | |||||||||
Solar Power Facilities | Term Loan Facility | MIC Hawaii | Interest Rate Swap | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | $ 18,000,000 | |||||||||
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 Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair value of derivative instruments - other current assets | $ 3 | $ 11 |
Fair value of derivative instruments - other noncurrent assets | 2 | 15 |
Total derivative contracts - assets | 5 | 26 |
Fair value of derivative instruments - other current liabilities | (7) | (3) |
Fair value of derivative instruments - other noncurrent liabilities | 0 | 0 |
Total derivative contracts - liabilities | $ (7) | $ (3) |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Schedule of Location of Hedging Activities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments | $ (23) | $ 3 | $ 9 |
Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments | (13) | 8 | 2 |
Interest Expense | Interest Rate Cap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments | (7) | 4 | 0 |
Interest Expense | Interest Rate Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments | (6) | 4 | 2 |
Cost of product sales | Commodity swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments | $ (10) | $ (5) | $ 7 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | 12 Months Ended | ||||||
Dec. 31, 2019USD ($)director$ / sharesshares | Mar. 31, 2019 | Mar. 28, 2019shares | Mar. 27, 2019shares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016shares | |
Shares Activity [Line Items] | |||||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | ||||
Common stock, par value per share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Special stock shares issued (in shares) | 100 | 100 | |||||
Special stock par value per share (in shares) | $ / shares | $ 0.001 | $ 0.001 | |||||
Preferred stock, authorized (in shares) | 100,000,000 | 100,000,000 | |||||
Preferred stock, par value per share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||
Common shares, issued (in shares) | 86,600,302 | 85,800,303 | |||||
Preferred stock, issued (in shares) | 0 | 0 | |||||
Omnibus Employee Incentive Plan 2016 | |||||||
Shares Activity [Line Items] | |||||||
Number of Shares Authorized (in shares) | 1,500,000 | 500,000 | |||||
2014 Independent Director Equity Plan | |||||||
Shares Activity [Line Items] | |||||||
Shares available for grant (in shares) | 227,274 | ||||||
Fair Value of awards granted | $ | $ 350,000 | ||||||
2014 Independent Director Equity Plan | Maximum | |||||||
Shares Activity [Line Items] | |||||||
Shares authorized under 2014 Independent Director Equity Plan (in shares) | 300,000 | ||||||
2019 Long Term Incentive Plan | |||||||
Shares Activity [Line Items] | |||||||
Share-based payment award performance period | 3 years | ||||||
Special Stock | Macquarie Infrastructure Management (USA) Inc. | |||||||
Shares Activity [Line Items] | |||||||
Right to appoint number of directors | director | 1 | ||||||
Restricted Stock Units (RSUs) | |||||||
Shares Activity [Line Items] | |||||||
Options, nonvested (in shares) | 6,067 | 0 | |||||
Period for recognition, cost not yet recognized | 1 year 1 month 6 days | ||||||
Restricted Stock Units (RSUs) | 2019 Short Term Incentive Plan | |||||||
Shares Activity [Line Items] | |||||||
Percentage of cash component incentive award | 75.00% | ||||||
Percentage of stock component incentive award | 25.00% | ||||||
Share-based payment award performance period | 1 year | ||||||
Award vesting period | 2 years | ||||||
Options, nonvested (in shares) | 0 | ||||||
Performance Shares | |||||||
Shares Activity [Line Items] | |||||||
Options, nonvested (in shares) | 125,194 | 0 | |||||
Period for recognition, cost not yet recognized | 2 years | ||||||
Shares granted in period fair value at target | $ | $ 5,000,000 | ||||||
Share-based payment arrangement, expense | $ | 1,000,000 | ||||||
Cost not yet recognized, amount | $ | $ 4,000,000 | ||||||
Performance Shares | Minimum | |||||||
Shares Activity [Line Items] | |||||||
Options, nonvested (in shares) | 0 | ||||||
Performance Shares | Maximum | |||||||
Shares Activity [Line Items] | |||||||
Options, nonvested (in shares) | 230,566 | ||||||
Share-based Payment Arrangement, Tranche One | Restricted Stock Units (RSUs) | 2019 Short Term Incentive Plan | |||||||
Shares Activity [Line Items] | |||||||
Award vesting rights, percentage | 50.00% | ||||||
Share-based Payment Arrangement, Tranche Two | Restricted Stock Units (RSUs) | 2019 Short Term Incentive Plan | |||||||
Shares Activity [Line Items] | |||||||
Award vesting rights, percentage | 50.00% | ||||||
Special Stock | |||||||
Shares Activity [Line Items] | |||||||
Shares, outstanding | 100 | 100 | 100 | 100 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Dividends) (Details) - $ / shares | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Equity [Abstract] | |||||||||||||
Dividends per share (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1.44 | $ 1.42 | $ 1.38 | $ 1.32 | $ 1.31 |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of Stock Issued to Board of Directors) (Details) - 2014 Independent Director Equity Plan shares in Millions | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Range One | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |
Stock Units Granted (in shares) | shares | 9,435 |
Price of Stock Units Granted (in dollars per share) | $ / shares | $ 79.51 |
Range Two | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |
Stock Units Granted (in shares) | shares | 19,230 |
Price of Stock Units Granted (in dollars per share) | $ / shares | $ 39 |
Range Three | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |
Stock Units Granted (in shares) | shares | 4,416 |
Price of Stock Units Granted (in dollars per share) | $ / shares | $ 47.03 |
Range Four | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |
Stock Units Granted (in shares) | shares | 21,390 |
Price of Stock Units Granted (in dollars per share) | $ / shares | $ 42.08 |
Stockholders' Equity (Schedul_3
Stockholders' Equity (Schedule of Unvested Stock Unit) (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested at December 31, 2018 (in shares) | shares | 0 |
Granted (in shares) | shares | 6,067 |
Unvested at December 31, 2019 (in shares) | shares | 6,067 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unvested at December 31, 2018 (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 40.30 |
Unvested at December 31, 2019 (in dollars per share) | $ / shares | $ 40.30 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested at December 31, 2018 (in shares) | shares | 0 |
Granted (in shares) | shares | 134,671 |
Forfeited (in shares) | shares | (9,477) |
Unvested at December 31, 2019 (in shares) | shares | 125,194 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unvested at December 31, 2018 (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 39.59 |
Forfeited (in dollars per share) | $ / shares | 39.26 |
Unvested at December 31, 2019 (in dollars per share) | $ / shares | $ 39.62 |
Stockholders' Equity (Schedul_4
Stockholders' Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance | $ 3,117 | $ 3,351 | $ 3,148 | ||
Other comprehensive income (loss) | (7) | 4 | (1) | ||
Cumulative effect of change in accounting principle | [1] | $ 0 | |||
Balance | 2,811 | 3,117 | 3,351 | ||
Comprehensive (loss) income, net of taxes | 146 | 99 | 455 | ||
Post-Retirement Benefit Plans, net of taxes | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance | (16) | (21) | (17) | ||
Other comprehensive income (loss) | (9) | 9 | (4) | ||
Cumulative effect of change in accounting principle | (4) | ||||
Balance | (25) | (16) | (21) | ||
Other comprehensive income (loss), tax expense (benefit) | (3) | 3 | (3) | ||
Translation Adjustment, net of taxes | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance | (14) | (9) | (12) | ||
Other comprehensive income (loss) | 2 | (5) | 3 | ||
Balance | (12) | (14) | (9) | ||
Other comprehensive income (loss), tax expense (benefit) | 1 | (2) | 2 | ||
Total Stockholders' Accumulated Other Comprehensive Loss, net of taxes | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance | (30) | (30) | (29) | ||
Cumulative effect of change in accounting principle | [1] | $ (4) | |||
Balance | (37) | (30) | (30) | ||
Comprehensive (loss) income, net of taxes | $ (7) | $ 4 | $ (1) | ||
[1] | In 2018, the Company adopted ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, and made a $4 million adjustment to reclassify stranded tax effects in Accumulated Other Comprehensive Loss to Retained Earnings . |
Reportable Segments (Narrative)
Reportable Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019terminalairportsegmentfacility | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 4 |
Weighted average remaining lease term | 18 years 8 months 12 days |
Canada- IMTT | |
Segment Reporting Information [Line Items] | |
Number of marine terminals | 2 |
Canada- IMTT | Quebec Marine Terminal | |
Segment Reporting Information [Line Items] | |
Number of marine terminals | 1 |
Canada- IMTT | Newfoundland Marine Terminal | Partially Owned | |
Segment Reporting Information [Line Items] | |
Number of marine terminals | 1 |
United States- IMTT | |
Segment Reporting Information [Line Items] | |
Number of marine terminals | 17 |
Weighted average remaining lease term | 2 years |
Atlantic Aviation | |
Segment Reporting Information [Line Items] | |
Number of airport locations | airport | 70 |
MIC Hawaii | |
Segment Reporting Information [Line Items] | |
Number of solar projects | facility | 2 |
MIC Hawaii | Minimum | |
Segment Reporting Information [Line Items] | |
Life of purchase power agreements | 20 years |
Reportable Segments (Revenue fr
Reportable Segments (Revenue from external customers for the Company's consolidated reportable segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 424 | $ 405 | $ 416 | $ 482 | $ 437 | $ 421 | $ 436 | $ 467 | $ 1,727 | $ 1,761 | $ 1,669 |
Total service revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,484 | 1,515 | 1,446 | ||||||||
Terminal services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 90 | 89 | 85 | ||||||||
Lease | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 416 | 398 | 426 | ||||||||
Fuel | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 695 | 704 | 615 | ||||||||
Hangar | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 95 | 88 | 78 | ||||||||
Construction | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 43 | 54 | |||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 188 | 193 | 188 | ||||||||
Total product revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 243 | 246 | 223 | ||||||||
Lease | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 5 | 5 | 3 | ||||||||
Gas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 226 | 229 | 209 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 12 | 12 | 11 | ||||||||
Operating Segments | IMTT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 515 | 510 | 549 | ||||||||
Operating Segments | Atlantic Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 972 | 962 | 847 | ||||||||
Operating Segments | MIC Hawaii | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 243 | 292 | 278 | ||||||||
Operating Segments | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1 | ||||||||||
Operating Segments | Total service revenue | IMTT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 515 | 510 | 549 | ||||||||
Operating Segments | Total service revenue | Atlantic Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 972 | 962 | 847 | ||||||||
Operating Segments | Total service revenue | MIC Hawaii | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 47 | 55 | ||||||||
Operating Segments | Total service revenue | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Operating Segments | Terminal services | IMTT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 90 | 89 | 85 | ||||||||
Operating Segments | Terminal services | Atlantic Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Terminal services | MIC Hawaii | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Terminal services | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Operating Segments | Lease | IMTT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 419 | 402 | 431 | ||||||||
Operating Segments | Lease | Atlantic Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Lease | MIC Hawaii | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Lease | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Operating Segments | Fuel | IMTT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Fuel | Atlantic Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 695 | 704 | 615 | ||||||||
Operating Segments | Fuel | MIC Hawaii | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Fuel | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Operating Segments | Hangar | IMTT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Hangar | Atlantic Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 95 | 88 | 78 | ||||||||
Operating Segments | Hangar | MIC Hawaii | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Hangar | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Operating Segments | Construction | IMTT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | |||||||||
Operating Segments | Construction | Atlantic Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | |||||||||
Operating Segments | Construction | MIC Hawaii | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 43 | 54 | |||||||||
Operating Segments | Construction | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Operating Segments | Other | IMTT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 6 | 19 | 33 | ||||||||
Operating Segments | Other | Atlantic Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 182 | 170 | 154 | ||||||||
Operating Segments | Other | MIC Hawaii | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 4 | 1 | ||||||||
Operating Segments | Other | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Operating Segments | Total product revenue | IMTT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Total product revenue | Atlantic Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Total product revenue | MIC Hawaii | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 243 | 245 | 223 | ||||||||
Operating Segments | Total product revenue | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1 | ||||||||||
Operating Segments | Lease | IMTT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Lease | Atlantic Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Lease | MIC Hawaii | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 5 | 5 | 3 | ||||||||
Operating Segments | Lease | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Operating Segments | Gas | IMTT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Gas | Atlantic Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Gas | MIC Hawaii | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 226 | 229 | 209 | ||||||||
Operating Segments | Gas | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Operating Segments | Other | IMTT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Other | Atlantic Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Segments | Other | MIC Hawaii | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 12 | 11 | 11 | ||||||||
Operating Segments | Other | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1 | ||||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (3) | (4) | (5) | ||||||||
Segment Reconciling Items | Total service revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (3) | (4) | (5) | ||||||||
Segment Reconciling Items | Terminal services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Segment Reconciling Items | Lease | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (3) | (4) | (5) | ||||||||
Segment Reconciling Items | Fuel | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Segment Reconciling Items | Hangar | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Segment Reconciling Items | Construction | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | |||||||||
Segment Reconciling Items | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Segment Reconciling Items | Total product revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Segment Reconciling Items | Lease | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Segment Reconciling Items | Gas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Segment Reconciling Items | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 0 | $ 0 | $ 0 |
Reportable Segments (Schedule o
Reportable Segments (Schedule of EBITDA for Reportable Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Net income from continuing operations | $ 101 | $ 65 | $ 434 |
Interest expense, net | 147 | 112 | 87 |
Provision (benefit) for income taxes | 39 | 50 | (230) |
Goodwill impairment | 0 | 3 | 0 |
Depreciation | 195 | 193 | 178 |
Amortization of intangible assets | 59 | 68 | 64 |
Fees to Manager-related party | 32 | 45 | 71 |
Other non-cash expense, net | 26 | 33 | 14 |
EBITDA excluding non-cash items | 599 | 569 | 618 |
IMTT | |||
Segment Reporting Information [Line Items] | |||
Net income from continuing operations | 71 | 63 | 363 |
Interest expense, net | 47 | 46 | 38 |
Provision (benefit) for income taxes | 29 | 36 | (209) |
Goodwill impairment | 0 | ||
Depreciation | 117 | 117 | 113 |
Amortization of intangible assets | 15 | 15 | 13 |
Fees to Manager-related party | 0 | 0 | 0 |
Other non-cash expense, net | 9 | 9 | 8 |
EBITDA excluding non-cash items | 288 | 286 | 326 |
Atlantic Aviation | |||
Segment Reporting Information [Line Items] | |||
Net income from continuing operations | 69 | 96 | 124 |
Interest expense, net | 74 | 25 | 15 |
Provision (benefit) for income taxes | 24 | 35 | 6 |
Goodwill impairment | 0 | ||
Depreciation | 62 | 60 | 51 |
Amortization of intangible assets | 44 | 46 | 49 |
Fees to Manager-related party | 0 | 0 | 0 |
Other non-cash expense, net | 3 | 1 | 2 |
EBITDA excluding non-cash items | 276 | 263 | 247 |
MIC Hawaii | |||
Segment Reporting Information [Line Items] | |||
Net income from continuing operations | 13 | (12) | 26 |
Interest expense, net | 10 | 8 | 7 |
Provision (benefit) for income taxes | 9 | (6) | 9 |
Goodwill impairment | 3 | ||
Depreciation | 16 | 16 | 14 |
Amortization of intangible assets | 0 | 7 | 2 |
Fees to Manager-related party | 0 | 0 | 0 |
Other non-cash expense, net | 12 | 22 | 3 |
EBITDA excluding non-cash items | 60 | 38 | 61 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Net income from continuing operations | (52) | (82) | (79) |
Interest expense, net | 16 | 33 | 27 |
Provision (benefit) for income taxes | (23) | (15) | (36) |
Goodwill impairment | 0 | ||
Depreciation | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 |
Fees to Manager-related party | 32 | 45 | 71 |
Other non-cash expense, net | 2 | 1 | 1 |
EBITDA excluding non-cash items | $ (25) | $ (18) | $ (16) |
Reportable Segments (Schedule_2
Reportable Segments (Schedule of Reconciliation of EBITDA for Reportable Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Segment Reporting [Abstract] | ||||
Total reportable segments EBITDA excluding non-cash items | $ 599 | $ 569 | $ 618 | |
Interest income | 7 | 1 | 0 | |
Interest expense | [1] | (154) | (113) | (87) |
Accumulated impairment charges | 0 | (3) | 0 | |
Depreciation | (195) | (193) | (178) | |
Amortization of intangibles | (59) | (68) | (64) | |
Fees to Manager - related party | (32) | (45) | (71) | |
Other expense, net | (26) | (33) | (14) | |
Net income from continuing operations before income taxes | $ 140 | $ 115 | $ 204 | |
[1] | Interest expense includes losses on derivative instruments of $13 million and gains on derivative instruments of $8 million and $2 million in 2019, 2018 and 2017, respectively. |
Reportable Segments (Schedule_3
Reportable Segments (Schedule of Capital Expenditures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 260 | $ 177 | $ 214 |
IMTT | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 176 | 63 | 74 |
Atlantic Aviation | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 61 | 67 | 82 |
MIC Hawaii | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 20 | 23 | 29 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 3 | $ 24 | $ 29 |
Reportable Segments (Schedule_4
Reportable Segments (Schedule of Assets of Reportable Segments) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | $ 3,202 | $ 3,141 |
Goodwill | 2,043 | 2,043 |
Total Assets | 6,861 | 7,444 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 3,202 | 3,141 |
Total Assets | 6,861 | 6,796 |
IMTT | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 2,323 | 2,249 |
Total Assets | 4,172 | 4,020 |
Atlantic Aviation | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 495 | 496 |
Atlantic Aviation | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 567 | 565 |
Total Assets | 2,060 | 1,676 |
MIC Hawaii | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 120 | 120 |
MIC Hawaii | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 301 | 300 |
Total Assets | 537 | 501 |
Corporate and Other | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 11 | 27 |
Total Assets | 92 | 599 |
Discontinued Operations, Held-for-sale | ||
Segment Reporting Information [Line Items] | ||
Property, Equipment, Land and Leasehold Improvements, net | 0 | 0 |
Total Assets | $ 0 | $ 648 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | Nov. 01, 2018 | May 31, 2018 | Jan. 31, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 03, 2018 | Dec. 31, 2014 | Jul. 31, 2014 |
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Number of shares bought by Manager related party (in shares) | 5,987,100 | |||||||||||||||||||||
Percentage of shares held by Manager related party | 15.30% | 15.30% | ||||||||||||||||||||
Base management fees to be settled/settled in shares | $ 9,000,000 | $ 8,000,000 | $ 7,000,000 | $ 8,000,000 | $ 9,000,000 | $ 12,000,000 | $ 11,000,000 | $ 13,000,000 | $ 17,000,000 | $ 18,000,000 | $ 18,000,000 | $ 18,000,000 | ||||||||||
Performance fees to be settled/settled in shares and cash | 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
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 (in shares) | 70,954 | |||||||||||||||||||||
MIC Corporate | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Percentage of future earnings | 20.00% | |||||||||||||||||||||
Minimum threshold for sale to third party | 50.00% | |||||||||||||||||||||
MIC Corporate | Revolving Credit Facility | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Borrowing capacity | $ 600,000,000 | $ 600,000,000 | $ 410,000,000 | $ 600,000,000 | $ 600,000,000 | $ 410,000,000 | $ 600,000,000 | $ 410,000,000 | $ 250,000,000 | |||||||||||||
At the Market | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Borrowing capacity | $ 40,000,000 | |||||||||||||||||||||
Macquarie Infrastructure Management (USA) Inc. | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Shares of the Company held by Manager, a related party (in shares) | 13,253,791 | 12,477,438 | 13,253,791 | 12,477,438 | ||||||||||||||||||
Base management fees to be settled/settled in shares | $ 32,000,000 | $ 45,000,000 | 71,000,000 | |||||||||||||||||||
Number of shares issued to manager for base management fees (in shares) | 208,881 | |||||||||||||||||||||
Reimbursement of out-of-pocket expenses | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||||||||||||
Accrued professional fees | $ 294,000 | 294,000 | ||||||||||||||||||||
MIHI LLC | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Borrowing capacity | $ 50,000,000 | 50,000,000 | ||||||||||||||||||||
MIHI LLC | MIC Corporate | Revolving Credit Facility | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Interest costs incurred | 285,000 | |||||||||||||||||||||
Macquarie Capital Funding Llc | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Payment for debt extinguishment or debt prepayment cost | $ 80,000 | |||||||||||||||||||||
Macquarie Capital Funding Llc | Revolving Credit Facility | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Interest costs incurred | 155,000 | $ 454,000 | ||||||||||||||||||||
Macquarie Infrastructure And Real Assets Inc | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Proceeds from sale of equity interest to related party | $ 27,000,000 | |||||||||||||||||||||
Macquarie Energy North America Trading | IMTT | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Revenue from related party | 2,000,000 | $ 1,000,000 | ||||||||||||||||||||
Former Board Of Director | Advisory Services | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Reimbursement of out-of-pocket expenses | $ 125,000 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Dividends Paid to Manager) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Related Party Transactions [Abstract] | |||||||||||||
Cash dividend declared per share (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1.44 | $ 1.42 | $ 1.38 | $ 1.32 | $ 1.31 |
Cash Paid to Manager | $ 13 | $ 13 | $ 13 | $ 13 | $ 12 | $ 11 | $ 6 | $ 8 | $ 7 | $ 7 | $ 6 | $ 6 |
Related Party Transactions (S_2
Related Party Transactions (Schedule of Base Management Fees and Performance Fees) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |||||||||||||
Base management fees to be settled/settled in shares | $ 9,000,000 | $ 8,000,000 | $ 7,000,000 | $ 8,000,000 | $ 9,000,000 | $ 12,000,000 | $ 11,000,000 | $ 13,000,000 | $ 17,000,000 | $ 18,000,000 | $ 18,000,000 | $ 18,000,000 | |
Performance fees to be settled/settled in shares and cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Shares issued (in shares) | 208,881 | 201,827 | 192,103 | 184,448 | 220,208 | 269,286 | 277,053 | 265,002 | 248,162 | 240,674 | 233,394 | 232,398 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Net operating loss carry-forwards | $ 152 | ||
Deferred income taxes | $ 679 | 681 | |
Total tax (benefit) provision | $ 39 | $ 50 | $ (230) |
Federal income tax rate | 21.00% | 35.00% | |
Change in U.S. tax law | $ 0 | $ 0 | $ (316) |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current taxes: | |||
State | $ 12 | $ 14 | $ 10 |
Total current tax provision | 12 | 14 | 10 |
Deferred taxes: | |||
Federal | 28 | 31 | (247) |
State | (1) | 9 | 6 |
Total deferred tax provision (benefit) | 27 | 40 | (241) |
Change in valuation allowance | 0 | (4) | 1 |
Total tax provision (benefit) | $ 39 | $ 50 | $ (230) |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 30 | $ 26 |
Operating lease liabilities | 91 | |
Deferred revenue | 9 | 7 |
Accrued expenses | 34 | 28 |
Investment and foreign tax credits | 1 | 4 |
Total gross deferred tax assets | 165 | 65 |
Less: valuation allowance | 0 | (1) |
Net deferred tax assets | 165 | 64 |
Deferred tax liabilities: | ||
Intangible assets | (99) | (93) |
Investment basis difference | (19) | (19) |
Operating lease assets, net | (90) | |
Property and equipment | (633) | (624) |
Unrealized loss (gains) on derivative instruments, net | 4 | (2) |
Equity component of convertible senior notes | (5) | (6) |
Prepaid expenses | (2) | (1) |
Total deferred tax liabilities | (844) | (745) |
Net deferred tax liabilities | $ (679) | $ (681) |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Uncertainties [Abstract] | |||
Tax provision at U.S. statutory rate | $ 29 | $ 24 | $ 71 |
Permanent differences and other | 1 | 4 | 10 |
State income taxes, net of federal benefit | 9 | 19 | 11 |
Income attributable to noncontrolling interest | 0 | 1 | 1 |
Change in investment and foreign tax credits | 0 | 6 | (8) |
Change in U.S. tax law | 0 | 0 | (316) |
Change in valuation allowance | 0 | (4) | 1 |
Total tax provision (benefit) | $ 39 | $ 50 | $ (230) |
Long-Term Contracted Revenue (D
Long-Term Contracted Revenue (Details) $ in Millions | Dec. 31, 2019USD ($) |
Lease Revenue (ASC 842) | |
2020 | $ 46 |
2021 | 44 |
2022 | 43 |
2023 | 42 |
2024 | 42 |
Thereafter | 513 |
Total | 730 |
Total Long-Term Revenue | |
2020 | 349 |
2021 | 190 |
2022 | 127 |
2023 | 88 |
2024 | 33 |
Thereafter | 108 |
Total | 895 |
Lease Revenue (ASC 842) | |
Lease Revenue (ASC 842) | |
2020 | 285 |
2021 | 155 |
2022 | 98 |
2023 | 66 |
2024 | 25 |
Thereafter | 90 |
Total | 719 |
Contract Revenue (ASC 606) | |
Contract Revenue (ASC 606) | |
2020 | 64 |
2021 | 35 |
2022 | 29 |
2023 | 22 |
2024 | 8 |
Thereafter | 18 |
Total | $ 176 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contributions - defined contribution plan | $ 5,000,000 | $ 5,000,000 | $ 4,000,000 |
IMTT | DB Plans Benefits | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Consecutive period based on years of service and the employees' highest average compensation | 5 years | ||
Final year compensation (as a percentage) | 25.00% | ||
Maximum compensation amount in final year | $ 25,000 | ||
Early retirement age | 62 years | ||
IMTT | DB Plans Benefits | Bayonne Terminal Employees | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Minimum required retirement age - defined benefit plan | 65 years | ||
MIC Hawaii | DB Plans Benefits | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contributions - defined contribution plan | $ 0 | ||
Minimum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching contribution, percent of employees' gross pay | 0.00% | ||
Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching contribution, percent of employees' gross pay | 7.00% | ||
Hawaii Gas Business | MIC Hawaii | DB Plans Benefits | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contributions - defined contribution plan | $ 0 | ||
Hawaii Gas Business | MIC Hawaii | PMLI Benefits | |||
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 age for which business pays medical premium of the retirees and spouses | 64 years | ||
Maximum monthly premium after attaining age of 65 years | $ 150 | ||
Life insurance benefits for retirees - defined benefit plan | $ 1,000 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in benefit obligation: | |||
Benefit obligation – beginning of year | $ 220 | $ 244 | |
Service cost | 7 | 8 | $ 7 |
Interest cost | 9 | 9 | 9 |
Actuarial losses (gains) | 30 | (28) | |
Benefits paid | (14) | (13) | |
Benefit obligation – end of year | 252 | 220 | 244 |
Change in plan assets: | |||
Fair value of plan assets - beginning of year | 143 | 162 | |
Actual return on plan assets | 25 | (7) | |
Employer contributions | 1 | 1 | |
Benefits paid | (14) | (13) | |
Fair value of plan assets – end of year | 155 | 143 | 162 |
Other Plan Benefits | |||
Change in benefit obligation: | |||
Benefit obligation – beginning of year | 28 | 29 | |
Service cost | 1 | 1 | 1 |
Interest cost | 1 | 1 | 1 |
Actuarial losses (gains) | 2 | (2) | |
Benefits paid | (2) | (1) | |
Benefit obligation – end of year | 30 | 28 | 29 |
Change in plan assets: | |||
Fair value of plan assets - beginning of year | 9 | 9 | |
Actual return on plan assets | 1 | 0 | |
Employer contributions | 1 | 1 | |
Benefits paid | (2) | (1) | |
Fair value of plan assets – end of year | 9 | 9 | 9 |
IMTT | DB Plans Benefits | |||
Change in benefit obligation: | |||
Benefit obligation – beginning of year | 143 | 162 | |
Service cost | 5 | 6 | 5 |
Interest cost | 6 | 6 | 6 |
Actuarial losses (gains) | 23 | (22) | |
Benefits paid | (9) | (9) | |
Benefit obligation – end of year | 168 | 143 | 162 |
Change in plan assets: | |||
Fair value of plan assets - beginning of year | 88 | 102 | |
Actual return on plan assets | 15 | (5) | |
Employer contributions | 0 | 0 | |
Benefits paid | (9) | (9) | |
Fair value of plan assets – end of year | 94 | 88 | 102 |
Hawaii Gas Business | MIC Hawaii | DB Plans Benefits | |||
Change in benefit obligation: | |||
Benefit obligation – beginning of year | 49 | 53 | |
Service cost | 1 | 1 | 1 |
Interest cost | 2 | 2 | 2 |
Actuarial losses (gains) | 5 | (4) | |
Benefits paid | (3) | (3) | |
Benefit obligation – end of year | 54 | 49 | 53 |
Change in plan assets: | |||
Fair value of plan assets - beginning of year | 46 | 51 | |
Actual return on plan assets | 9 | (2) | |
Employer contributions | 0 | 0 | |
Benefits paid | (3) | (3) | |
Fair value of plan assets – end of year | $ 52 | $ 46 | $ 51 |
Employee Benefit Plans (Funded
Employee Benefit Plans (Funded Status) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Funded status | ||
Funded status at end of year | $ (97) | $ (77) |
Net amount recognized in balance sheet | (97) | (77) |
Amounts recognized in balance sheet consisting of: | ||
Current liabilities | (1) | (1) |
Noncurrent liabilities | (96) | (76) |
Net amount recognized in balance sheet | (97) | (77) |
Other Plan Benefits | ||
Funded status | ||
Funded status at end of year | (21) | (19) |
Net amount recognized in balance sheet | (21) | (19) |
Amounts recognized in balance sheet consisting of: | ||
Current liabilities | (1) | (1) |
Noncurrent liabilities | (20) | (18) |
Net amount recognized in balance sheet | (21) | (19) |
IMTT | DB Plans Benefits | ||
Funded status | ||
Funded status at end of year | (74) | (55) |
Net amount recognized in balance sheet | (74) | (55) |
Amounts recognized in balance sheet consisting of: | ||
Current liabilities | 0 | 0 |
Noncurrent liabilities | (74) | (55) |
Net amount recognized in balance sheet | (74) | (55) |
Hawaii Gas Business | MIC Hawaii | DB Plans Benefits | ||
Funded status | ||
Funded status at end of year | (2) | (3) |
Net amount recognized in balance sheet | (2) | (3) |
Amounts recognized in balance sheet consisting of: | ||
Current liabilities | 0 | 0 |
Noncurrent liabilities | (2) | (3) |
Net amount recognized in balance sheet | $ (2) | $ (3) |
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 Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||
Accumulated loss | $ (33) | $ (21) |
Accumulated other comprehensive loss | (33) | (21) |
Net periodic benefit cost in excess (deficit) of cumulative employer contributions | (64) | (56) |
Net amount recognized in balance sheet | (97) | (77) |
Other Plan Benefits | ||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||
Accumulated loss | (5) | (4) |
Accumulated other comprehensive loss | (5) | (4) |
Net periodic benefit cost in excess (deficit) of cumulative employer contributions | (16) | (15) |
Net amount recognized in balance sheet | (21) | (19) |
IMTT | DB Plans Benefits | ||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||
Accumulated loss | (20) | (7) |
Accumulated other comprehensive loss | (20) | (7) |
Net periodic benefit cost in excess (deficit) of cumulative employer contributions | (54) | (48) |
Net amount recognized in balance sheet | (74) | (55) |
Hawaii Gas Business | MIC Hawaii | DB Plans Benefits | ||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||
Accumulated loss | (8) | (10) |
Accumulated other comprehensive loss | (8) | (10) |
Net periodic benefit cost in excess (deficit) of cumulative employer contributions | 6 | 7 |
Net amount recognized in balance sheet | $ (2) | $ (3) |
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 Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of net periodic benefit cost: | |||
Service cost | $ 7 | $ 8 | $ 7 |
Interest cost | 9 | 9 | 9 |
Expected return on plan assets | (8) | (10) | (9) |
Recognized actuarial loss | 1 | 1 | 1 |
Special termination benefits | 0 | 0 | 1 |
Net periodic benefit cost | 9 | 8 | 9 |
Other changes recognized in other comprehensive loss (income): | |||
Net (gain) loss arising during the year | 13 | (11) | 8 |
Amortization of loss | (1) | (1) | (1) |
Total recognized in other comprehensive (income) loss | 12 | (12) | 7 |
Other Plan Benefits | |||
Components of net periodic benefit cost: | |||
Service cost | 1 | 1 | 1 |
Interest cost | 1 | 1 | 1 |
Expected return on plan assets | 0 | (1) | 0 |
Recognized actuarial loss | 0 | 0 | 0 |
Special termination benefits | 0 | 0 | 0 |
Net periodic benefit cost | 2 | 1 | 2 |
Other changes recognized in other comprehensive loss (income): | |||
Net (gain) loss arising during the year | 1 | (1) | 1 |
Amortization of loss | 0 | 0 | 0 |
Total recognized in other comprehensive (income) loss | $ 1 | $ (1) | $ 1 |
Weighted average assumptions to determine benefit obligations: | |||
Rate of compensation increase | 4.57% | 4.57% | 4.57% |
Weighted average assumptions to determine net cost: | |||
Expected long-term rate of return on plan assets during fiscal year | 5.50% | 5.75% | 5.75% |
Rate of compensation increase | 4.57% | 4.57% | 4.57% |
Other Plan Benefits | Maximum | |||
Weighted average assumptions to determine benefit obligations: | |||
Discount rate | 3.35% | 4.35% | 3.70% |
Weighted average assumptions to determine net cost: | |||
Discount rate | 4.35% | 3.70% | 4.25% |
Assumed healthcare cost trend rates: | |||
Initial health care cost trend rate | 7.75% | 8.50% | 7.00% |
Ultimate rate | 5.00% | 5.00% | 5.00% |
Other Plan Benefits | Minimum | |||
Weighted average assumptions to determine benefit obligations: | |||
Discount rate | 2.82% | 3.91% | 3.25% |
Weighted average assumptions to determine net cost: | |||
Discount rate | 3.91% | 3.25% | 3.56% |
Assumed healthcare cost trend rates: | |||
Initial health care cost trend rate | 7.25% | 8.00% | 6.98% |
Ultimate rate | 4.50% | 4.50% | 4.50% |
IMTT | DB Plans Benefits | |||
Components of net periodic benefit cost: | |||
Service cost | $ 5 | $ 6 | $ 5 |
Interest cost | 6 | 6 | 6 |
Expected return on plan assets | (5) | (6) | (6) |
Recognized actuarial loss | 0 | 0 | 0 |
Special termination benefits | 0 | 0 | 1 |
Net periodic benefit cost | 6 | 6 | 6 |
Other changes recognized in other comprehensive loss (income): | |||
Net (gain) loss arising during the year | 13 | (11) | 9 |
Amortization of loss | 0 | 0 | 0 |
Total recognized in other comprehensive (income) loss | $ 13 | $ (11) | $ 9 |
Weighted average assumptions to determine benefit obligations: | |||
Discount rate | 3.25% | 4.35% | 3.70% |
Rate of compensation increase | 4.57% | 4.57% | 4.57% |
Weighted average assumptions to determine net cost: | |||
Discount rate | 4.35% | 3.70% | 4.30% |
Expected long-term rate of return on plan assets during fiscal year | 5.50% | 5.60% | 6.25% |
Rate of compensation increase | 4.57% | 4.57% | 4.57% |
Hawaii Gas Business | MIC Hawaii | DB Plans Benefits | |||
Components of net periodic benefit cost: | |||
Service cost | $ 1 | $ 1 | $ 1 |
Interest cost | 2 | 2 | 2 |
Expected return on plan assets | (3) | (3) | (3) |
Recognized actuarial loss | 1 | 1 | 1 |
Special termination benefits | 0 | 0 | 0 |
Net periodic benefit cost | 1 | 1 | 1 |
Other changes recognized in other comprehensive loss (income): | |||
Net (gain) loss arising during the year | (1) | 1 | (2) |
Amortization of loss | (1) | (1) | (1) |
Total recognized in other comprehensive (income) loss | $ (2) | $ 0 | $ (3) |
Weighted average assumptions to determine benefit obligations: | |||
Discount rate | 3.20% | 4.25% | 3.60% |
Weighted average assumptions to determine net cost: | |||
Discount rate | 4.25% | 3.60% | 4.00% |
Expected long-term rate of return on plan assets during fiscal year | 4.90% | 5.90% | 5.90% |
Employee Benefit Plans (DB Plan
Employee Benefit Plans (DB Plan Weighted Average Asset Allocation) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Other Plan Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 100.00% | 100.00% |
IMTT | DB Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 100.00% | 100.00% |
Equity securities | Other Plan Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 47.00% | 45.00% |
Equity securities | IMTT | DB Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 44.00% | 42.00% |
Fixed income securities | Other Plan Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 43.00% | 44.00% |
Fixed income securities | IMTT | DB Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 40.00% | 41.00% |
Private equity | Other Plan Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 2.00% | 1.00% |
Private equity | IMTT | DB Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 8.00% | 7.00% |
Global real estate fund | Other Plan Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 5.00% | 6.00% |
Global real estate fund | IMTT | DB Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 4.00% | 6.00% |
Cash | Other Plan Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 3.00% | 4.00% |
Cash | IMTT | DB Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 4.00% | 4.00% |
Hawaii Gas Business | MIC Hawaii | DB Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 100.00% | 100.00% |
Hawaii Gas Business | Equity securities | MIC Hawaii | DB Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 26.00% | 23.00% |
Hawaii Gas Business | Fixed income securities | MIC Hawaii | DB Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 69.00% | 71.00% |
Hawaii Gas Business | Private equity | MIC Hawaii | DB Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 0.00% | 0.00% |
Hawaii Gas Business | Global real estate fund | MIC Hawaii | DB Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 4.00% | 4.00% |
Hawaii Gas Business | Cash | MIC Hawaii | DB Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DB Plan weighted average asset allocations | 1.00% | 2.00% |
Employee Benefit Plans (Asset A
Employee Benefit Plans (Asset Allocations) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | $ 155 | $ 143 | $ 162 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 5 | 5 | |
Significant Observable Inputs (Level 2) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 142 | 132 | |
Significant Unobservable Inputs (Level 3) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Net Asset Value (NAV) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 8 | 6 | |
Cash and money market | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 5 | 5 | |
Cash and money market | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 5 | 5 | |
Cash and money market | Significant Observable Inputs (Level 2) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and money market | Significant Unobservable Inputs (Level 3) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and money market | Net Asset Value (NAV) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity securities | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 59 | 52 | |
Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity securities | Significant Observable Inputs (Level 2) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 59 | 52 | |
Equity securities | Significant Unobservable Inputs (Level 3) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity securities | Net Asset Value (NAV) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 77 | 73 | |
Fixed income securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities | Significant Observable Inputs (Level 2) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 77 | 73 | |
Fixed income securities | Significant Unobservable Inputs (Level 3) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities | Net Asset Value (NAV) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Global real estate fund | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 6 | 7 | |
Global real estate fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Global real estate fund | Significant Observable Inputs (Level 2) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 6 | 7 | |
Global real estate fund | Significant Unobservable Inputs (Level 3) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Global real estate fund | Net Asset Value (NAV) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic private equity | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 8 | 6 | |
Domestic private equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic private equity | Significant Observable Inputs (Level 2) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic private equity | Significant Unobservable Inputs (Level 3) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic private equity | Net Asset Value (NAV) | |||
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Fair value of plan assets | $ 8 | $ 6 |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 15 |
2021 | 12 |
2022 | 12 |
2023 | 13 |
2024 | 13 |
Thereafter | 70 |
Total | 135 |
Other Plan Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 2 |
2021 | 2 |
2022 | 2 |
2023 | 2 |
2024 | 2 |
Thereafter | 9 |
Total | 19 |
IMTT | DB Plans Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 10 |
2021 | 7 |
2022 | 7 |
2023 | 8 |
2024 | 8 |
Thereafter | 45 |
Total | 85 |
Hawaii Gas Business | MIC Hawaii | DB Plans Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 3 |
2021 | 3 |
2022 | 3 |
2023 | 3 |
2024 | 3 |
Thereafter | 16 |
Total | $ 31 |
Legal Proceedings and Conting_2
Legal Proceedings and Contingencies (Narrative) (Details) - IMTT $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
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 | |
Legal Proceedings and Contingencies [Line Items] | |
Estimated cost of remediation | $ 30 |
Maximum | |
Legal Proceedings and Contingencies [Line Items] | |
Estimated cost of remediation | $ 65 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - $ / shares | Feb. 21, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||||||||||||
Cash dividend declared per share (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1.44 | $ 1.42 | $ 1.38 | $ 1.32 | $ 1.31 | |
Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Cash dividend declared per share (in dollars per share) | $ 1 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue from continuing operations | $ 424 | $ 405 | $ 416 | $ 482 | $ 437 | $ 421 | $ 436 | $ 467 | $ 1,727 | $ 1,761 | $ 1,669 |
Operating income from continuing operations | 55 | 56 | 55 | 123 | 47 | 53 | 58 | 76 | 289 | 234 | 282 |
Net income from continuing operations attributable to MIC | 16 | 15 | 6 | 64 | (1) | 2 | 27 | 40 | 101 | 68 | 434 |
Net income (loss) from discontinued operations attributable to MIC | $ (2) | $ 46 | $ 5 | $ 6 | $ 1 | $ 20 | $ 11 | $ 37 | $ 55 | $ 69 | $ 17 |
Per share information attributable to MIC: | |||||||||||
Basic income (loss) per share from continuing operations attributable to MIC (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.07 | $ 0.75 | $ (0.01) | $ 0.02 | $ 0.32 | $ 0.47 | $ 1.17 | $ 0.80 | $ 5.22 |
Basic income (loss) per share from discontinued operations attributable to MIC (in dollars per share) | (0.02) | 0.53 | 0.06 | 0.07 | 0 | 0.23 | 0.13 | 0.44 | 0.65 | 0.80 | 0.20 |
Basic income (loss) per share attributable to MIC (in dollars per share) | 0.16 | 0.71 | 0.13 | 0.82 | (0.01) | 0.25 | 0.45 | 0.91 | 1.82 | 1.60 | 5.42 |
Diluted income (loss) per share from continuing operations attributable to MIC (in dollars per share) | 0.18 | 0.18 | 0.07 | 0.73 | (0.01) | 0.02 | 0.32 | 0.47 | 1.17 | 0.80 | 4.94 |
Diluted income (loss) per share from discontinued operations attributable to MIC (in dollars per share) | (0.02) | 0.53 | 0.06 | 0.06 | 0 | 0.23 | 0.13 | 0.44 | 0.65 | 0.80 | 0.19 |
Diluted income (loss) per share attributable to MIC (in dollars per share) | 0.16 | 0.71 | 0.13 | 0.79 | (0.01) | 0.25 | 0.45 | 0.91 | 1.82 | 1.60 | 5.13 |
Cash dividends declared per share (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 4 | $ 4 | $ 5.56 |
Uncategorized Items - mic-20191
Label | Element | Value | |
Restricted Cash, Current | us-gaap_RestrictedCashCurrent | $ 23,000,000 | |
Restricted Cash, Current | us-gaap_RestrictedCashCurrent | 1,000,000 | |
Restricted Cash, Current | us-gaap_RestrictedCashCurrent | 10,000,000 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations | 16,000,000 | [1] |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations | 0 | [1] |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations | 17,000,000 | [1] |
Retained Earnings [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 4,000,000 | [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 discussions. | ||
[2] | In 2018, the Company adopted ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, and made a $4 million adjustment to reclassify stranded tax effects in Accumulated Other Comprehensive Loss to Retained Earnings . |