Cover page
Cover page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 20, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-37386 | ||
Entity Registrant Name | FTAI INFRASTRUCTURE INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 87-4407005 | ||
Entity Address, Address Line One | 1345 Avenue of the Americas, 45th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10105 | ||
City Area Code | 212 | ||
Local Phone Number | 798-6100 | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | FIP | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 361.3 | ||
Entity Common Stock, Shares Outstanding | 101,693,823 | ||
Documents Incorporated by Reference | Portions of the registrant's definitive proxy statement for the registrant's 2024 annual meeting, to be filed within 120 days after the close of the registrant's fiscal year, are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Financial Statement Error Correction | false | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001899883 | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | New York, New York |
CONSOLIDATED AND COMBINED CONSO
CONSOLIDATED AND COMBINED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 29,367 | $ 36,486 |
Restricted cash | 58,112 | 113,156 |
Accounts receivable, net | 55,990 | 60,807 |
Other current assets | 42,034 | 67,355 |
Total current assets | 185,503 | 277,804 |
Leasing equipment, net | 35,587 | 34,907 |
Operating lease right-of-use assets, net | 69,748 | 71,015 |
Property, plant, and equipment, net | 1,630,829 | 1,673,808 |
Investments | 72,701 | 73,589 |
Intangible assets, net | 52,621 | 60,195 |
Goodwill | 275,367 | 260,252 |
Other assets | 57,253 | 26,829 |
Total assets | 2,379,609 | 2,478,399 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 130,796 | 136,048 |
Operating lease liabilities | 7,218 | 7,045 |
Other current liabilities | 12,623 | 16,488 |
Total current liabilities | 150,637 | 159,581 |
Debt, net | 1,340,910 | 1,230,157 |
Operating lease liabilities | 62,441 | 63,147 |
Other liabilities | 87,530 | 236,130 |
Total liabilities | 1,641,518 | 1,689,015 |
Commitments and contingencies | 0 | 0 |
Redeemable preferred stock ($0.01 par value per share; 200,000,000 shares authorized; 300,000 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively; redemption amount of $446.5 million and $448.2 million as of December 31, 2023 and December 31, 2022, respectively) | 325,232 | 264,590 |
Equity | ||
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 100,589,572 and 99,445,074 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively) | 1,006 | 994 |
Additional paid in capital | 843,971 | 911,599 |
Accumulated deficit | (182,173) | (60,837) |
Accumulated other comprehensive loss | (178,515) | (300,133) |
Stockholders' equity | 484,289 | 551,623 |
Non-controlling interests in equity of consolidated subsidiaries | (71,430) | (26,829) |
Total equity | 412,859 | 524,794 |
Total liabilities, redeemable preferred stock and equity | $ 2,379,609 | $ 2,478,399 |
CONSOLIDATED AND COMBINED CON_2
CONSOLIDATED AND COMBINED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Redeemable preferred stock, par value (dollars per share) | $ 0.01 | |
Redeemable preferred stock, shares authorized (in shares) | 200,000,000 | |
Redeemable preferred stock, shares issued (in shares) | 300,000 | 300,000 |
Redeemable preferred stock, shares outstanding (in shares) | 300,000 | 300,000 |
Redeemable preferred stock, redemption amount | $ 446.5 | $ 448.2 |
Common stock, par value (usd per share) | $ 0.01 | |
Common stock, shares authorized (in shares) | 2,000,000,000 | |
Common stock, shares issued (in shares) | 100,589,572 | 99,445,074 |
Common stock, shares outstanding (in shares) | 100,589,572 | 99,445,074 |
CONSOLIDATED AND COMBINED CON_3
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Revenue | $ 320,472 | $ 261,966 | $ 120,219 |
Expenses | |||
Operating expenses | 253,672 | 208,157 | 98,541 |
General and administrative | 12,833 | 10,891 | 8,737 |
Acquisition and transaction expenses | 4,140 | 16,844 | 14,826 |
Depreciation and amortization | 80,992 | 70,749 | 54,016 |
Total expenses | 364,847 | 319,605 | 191,758 |
Other (expense) income | |||
Equity in losses of unconsolidated entities | (24,707) | (67,399) | (13,499) |
Gain (loss) on sale of assets, net | 6,855 | (1,603) | 16 |
Loss on extinguishment of debt | (2,036) | 0 | 0 |
Interest expense | (99,603) | (53,239) | (16,019) |
Other income (expense) | 6,586 | (3,169) | (8,930) |
Total other expense | (112,905) | (125,410) | (38,432) |
Loss before income taxes | (157,280) | (183,049) | (109,971) |
Provision for (benefit from) income taxes | 2,470 | 4,468 | (3,630) |
Net loss | (159,750) | (187,517) | (106,341) |
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | (38,414) | (33,933) | (26,472) |
Less: Dividends and accretion of redeemable preferred stock | 62,400 | 23,657 | 0 |
Net loss attributable to stockholders and Former Parent | $ (183,736) | $ (177,241) | $ (79,869) |
Loss per share: | |||
Basic (dollar per share) | $ (1.78) | $ (1.73) | $ (0.80) |
Diluted (dollars per share) | $ (1.79) | $ (1.73) | $ (0.80) |
Weighted average shares outstanding: | |||
Basic (in shares) | 102,960,812 | 102,747,121 | 99,387,467 |
Diluted (in shares) | 102,960,812 | 102,747,121 | 99,387,467 |
Management fee | $ 12,467 | $ 12,964 | $ 15,638 |
CONSOLIDATED AND COMBINED CON_4
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (159,750) | $ (187,517) | $ (106,341) | |
Other comprehensive income (loss): | ||||
Other comprehensive income related to equity method investees, net | [1] | 123,845 | (149,078) | (128,990) |
Changes in pension and other employee benefit accounts | (2,227) | 4,409 | (237) | |
Other Comprehensive Income (Loss), Net of Tax | 121,618 | (144,669) | (129,227) | |
Comprehensive loss | (38,132) | (332,186) | (235,568) | |
Comprehensive loss attributable to non-controlling interests | (38,414) | (33,933) | (26,472) | |
Comprehensive income (loss) attributable to stockholders/Former Parent | $ 282 | $ (298,253) | $ (209,096) | |
[1] Net of deferred tax (benefit) expense of $—, $— and $(936) for the years ended December 31, 2023, 2022 and 2021, respectively. |
CONSOLIDATED AND COMBINED CON_5
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Cash flow hedge tax | $ 0 | $ 0 | $ (936) |
CONSOLIDATED AND COMBINED CON_6
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock | Net Former Parent Investment | Additional Paid in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Non-Controlling Interests in Equity of Consolidated Subsidiaries |
Beginning balance at Dec. 31, 2020 | $ 995,397 | $ 999,291 | $ (26,237) | $ 22,343 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Net loss | (106,341) | (79,869) | (26,472) | ||||
Other comprehensive loss | (129,227) | (129,227) | |||||
Comprehensive loss | (235,568) | (79,869) | (129,227) | (26,472) | |||
Net transfers from Former Parent | 698,179 | 698,179 | |||||
Dividends and accretion of redeemable preferred stock | 0 | ||||||
Equity-based compensation | 4,038 | 4,038 | |||||
Ending balance at Dec. 31, 2021 | 1,462,046 | 1,617,601 | (155,464) | (91) | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Net loss | (187,517) | (92,747) | $ (60,837) | (33,933) | |||
Other comprehensive loss | (144,669) | (144,669) | |||||
Comprehensive loss | (332,186) | (92,747) | (60,837) | (144,669) | (33,933) | ||
Net transfers from Former Parent | (617,321) | (617,321) | |||||
Distribution by Former Parent | 0 | $ 994 | (907,533) | $ 906,539 | |||
Acquisition of consolidated subsidiary | 3,054 | 3,054 | |||||
Contributions from non-controlling interests | 731 | 731 | |||||
Distributions to non-controlling interests | (143) | (143) | |||||
Issuance of warrants | 13,750 | 13,750 | |||||
Issuance of Manager options | 18,127 | 18,127 | |||||
Dividends and accretion of redeemable preferred stock | (23,657) | (23,657) | |||||
Dividends declared on common stock | (3,082) | (3,082) | |||||
Distributions to Manager | (78) | (78) | |||||
Settlement of equity-based compensation | (593) | (593) | |||||
Equity-based compensation | 4,146 | 4,146 | |||||
Ending balance at Dec. 31, 2022 | 524,794 | 994 | 0 | 911,599 | (60,837) | (300,133) | (26,829) |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Net loss | (159,750) | (121,336) | (38,414) | ||||
Other comprehensive loss | 121,618 | 121,618 | |||||
Comprehensive loss | (38,132) | 0 | (121,336) | 121,618 | (38,414) | ||
Acquisition of consolidated subsidiary | (4,448) | (953) | (3,495) | ||||
Distributions to non-controlling interests | (1,647) | (1,647) | |||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 28 | 12 | 16 | ||||
Dividends and accretion of redeemable preferred stock | (62,400) | (62,400) | |||||
Dividends declared on common stock | (12,372) | (12,372) | |||||
Settlement of equity-based compensation | (2,163) | (1,629) | (534) | ||||
Equity-based compensation | 9,199 | 9,710 | (511) | ||||
Ending balance at Dec. 31, 2023 | $ 412,859 | $ 1,006 | $ 0 | $ 843,971 | $ (182,173) | $ (178,515) | $ (71,430) |
CONSOLIDATED AND COMBINED CON_7
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (159,750) | $ (187,517) | $ (106,341) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | |||
Equity in losses of unconsolidated entities | 24,707 | 67,399 | 13,499 |
Gain (Loss) on Disposition of Assets | 6,855 | (1,603) | 16 |
Loss on extinguishment of debt | 2,036 | 0 | 0 |
Equity-based compensation | 9,199 | 4,146 | 4,038 |
Depreciation and amortization | 80,992 | 70,749 | 54,016 |
Asset impairment | 743 | 0 | 0 |
Change in deferred income taxes | 2,016 | 3,982 | (3,867) |
Change in fair value of non-hedge derivatives | 1,125 | (1,125) | (2,220) |
Amortization of deferred financing costs | 6,769 | 4,393 | 2,599 |
Bad debt expense | 1,977 | 575 | 74 |
Amortization of bond discount | 4,853 | 1,903 | 0 |
Change in: | |||
Accounts receivable | 2,840 | (3,303) | (26,798) |
Other assets | 25,183 | (7,799) | (18,414) |
Accounts payable and accrued liabilities | 8,553 | 7,013 | 15,475 |
Other liabilities | 1,125 | (4,709) | 6,239 |
Net cash provided by (used in) operating activities | 5,513 | (42,690) | (61,716) |
Cash flows from investing activities: | |||
Investment in unconsolidated entities | (7,077) | (5,996) | (55,223) |
Acquisition of business, net of cash acquired | (1,724) | 0 | 0 |
Acquisition of property, plant and equipment | (99,022) | (217,141) | (140,897) |
Investment in convertible promissory notes | (36,044) | (47,454) | (10,000) |
Proceeds from sale of property, plant and equipment | 1,087 | 7,144 | 4,494 |
Net cash used in investing activities | (147,123) | (267,266) | (828,716) |
Cash flows from financing activities: | |||
Proceeds from debt | 181,350 | 519,025 | 451,100 |
Repayment of debt | (75,131) | 0 | 0 |
Payment of deferred financing costs | (8,834) | (13,605) | (12,413) |
Proceeds from issuance of redeemable preferred stock | 0 | 291,000 | 0 |
Redeemable preferred stock issuance costs | 0 | (16,433) | 0 |
Distributions to Manager | 0 | (78) | 0 |
Capital contributions from non-controlling interests | 0 | 731 | 0 |
Distributions to non-controlling interests | (1,647) | (143) | 0 |
Settlement of equity-based compensation | (2,161) | (593) | 0 |
Net transfers to (from) Former Parent | 0 | (617,321) | 698,179 |
Cash dividends - common stock | (12,372) | (3,082) | 0 |
Cash dividends - redeemable preferred stock | (1,758) | (1,758) | 0 |
Net cash provided by financing activities | 79,447 | 157,743 | 1,136,866 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (62,163) | (152,213) | 246,434 |
Cash and cash equivalents and restricted cash, beginning of period | 149,642 | 301,855 | 55,421 |
Cash and cash equivalents and restricted cash, end of period | 87,479 | 149,642 | 301,855 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 88,411 | 38,083 | 7,302 |
Cash paid for taxes | 459 | 379 | 334 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Acquisition of property, plant and equipment | (1,670) | (5,662) | (581) |
Dividends and accretion of redeemable preferred stock | (60,642) | (21,898) | 0 |
Conversion of interests in unconsolidated subsidiaries | 0 | (21,302) | 0 |
Non-cash change in equity method investment | 123,845 | (149,078) | (128,990) |
Proceeds from sale of leasing equipment | 105 | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | $ 4,448 | $ 3,819 | $ 627,090 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION FTAI Infrastructure Inc. (“we”, “us”, “our”, or the “Company”) is a Delaware corporation and was originally formed as a limited liability company on December 13, 2021 in connection with the spin-off of the infrastructure business (“FTAI Infrastructure”) of FTAI Aviation Ltd. (previously Fortress Transportation and Infrastructure Investors LLC; “FTAI” or “Former Parent”). The Company owns and operates (i) six freight railroads and one switching company that provide rail service to certain manufacturing and production facilities (“Transtar”), (ii) a multi-modal crude oil and refined products terminal in Beaumont, Texas (“Jefferson Terminal”), (iii) a deep-water port located along the Delaware River with an underground storage cavern, a multipurpose dock, a rail-to-ship transloading system and multiple industrial development opportunities (“Repauno”), (iv) an equity method investment in a multi-modal terminal located along the Ohio River with multiple industrial development opportunities, including a power plant (“Long Ridge”), and (v) an equity method investment in two ventures developing battery and metal recycling technology (“Aleon” and “Gladieux”). Additionally, we own and lease shipping containers (“Containers”) and operate a railcar cleaning business (“KRS”) as well as an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries (“FYX”). We have five reportable segments: (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas, and (v) Sustainability and Energy Transition, which all operate in the infrastructure sector (see Note 15). On August 1, 2022 (the “Spin-off Date”), FTAI distributed to the holders of FTAI common shares, one share of FTAI Infrastructure Inc. common stock for each FTAI common share held by such shareholder at the close of business on July 21, 2022 and we became an independent, publicly-traded company trading on The Nasdaq Global Select Market under the symbol “FIP.” The Company is headquartered in New York, New York. |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: Consolidated and Combined Consolidated Financial Statements The Company’s financial statements for the periods through the Spin-off Date are combined consolidated financial statements. The Company’s financial statements for the period after the Spin-off Date through December 31, 2023 are consolidated financial statements based on the reported results of FTAI Infrastructure Inc. as a standalone company. The historical results of operations, financial position, and cash flows of FTAI Infrastructure represented in the combined consolidated financial statements may not be indicative of what they would have been had FTAI Infrastructure actually been a separate standalone entity during such periods, nor are they necessarily indicative of our future results of operations, financial position, and cash flows. Basis of Presentation: Prior to Spin-off The Company’s financial statements for the periods through the Spin-off Date were prepared on a standalone basis as if the operations had been conducted independently from the Former Parent and have been derived from the consolidated financial statements and accounting records of the Former Parent. Accordingly, Former Parent’s net investment in our operations (Net Former Parent investment) was shown in lieu of stockholders’ equity in the accompanying combined consolidated financial statements, which include the historical operations comprising the infrastructure business of FTAI. Prior to the Spin-off Date, the combined consolidated financial statements include certain assets and liabilities that have historically been held by the Former Parent but are specifically identifiable or otherwise attributable to FTAI Infrastructure. All significant intercompany transactions between Former Parent and FTAI Infrastructure have been included as components of Net Former Parent investment in the combined consolidated financial statements, as they are to be considered effectively settled upon effectiveness of the spin-off. The combined consolidated financial statements are presented as if our businesses had been combined for all periods presented. Principles of Combination —FTAI Infrastructure had elected the principles of combined consolidated financial statements as the basis of presentation for the periods through the Spin-off Date due to common ownership and management of the entities, which includes the financial results of the Railroad, Jefferson Terminal, Repauno, Power and Gas, and Sustainability and Energy Transition segments. Cash and Cash Equivalents —The cash and cash equivalents reflected in the financial statements through the Spin-off Date are cash and cash equivalents that were legally held by FTAI Infrastructure during the periods presented in the financial statements and are directly attributed to and used in the operations of FTAI Infrastructure. Debt and the Corresponding Interest Expense —The debt reflected in the financial statements through the Spin-off Date was debt that was directly attributable to, and legally incurred by, FTAI Infrastructure. The corresponding interest expense presented in the financial statements was derived solely from the debt directly attributed to FTAI Infrastructure. Corporate Function —For the periods through the Spin-off Date, the combined consolidated financial statements include all revenues and costs directly attributable to FTAI Infrastructure and an allocation of certain expenses. The Former Parent was externally managed by FIG LLC (the “Manager”), an affiliate of Fortress Investment Group LLC (“Fortress”), which performed the Former Parent’s corporate function, and incurred a variety of expenses including, but not limited to, information technology, accounting, treasury, tax, legal, corporate finance and communications. For purposes of the Combined Consolidated Statements of Operations, an allocation of these expenses was included to reflect our portion of such corporate overhead from the Former Parent. The charges reflected have either been specifically identified or allocated based on an estimate of time spent on FTAI Infrastructure. These allocated costs were recorded in general and administrative, and acquisition and transaction expenses in the Combined Consolidated Statements of Operations. We believe the assumptions regarding allocations of the Former Parent’s Corporate expenses are reasonable. Nevertheless, the allocations may not be indicative of the actual expense that would have been incurred had FTAI Infrastructure operated as an independent, standalone public entity, nor are they indicative of the Company’s future expenses. Actual costs that may have been incurred if FTAI Infrastructure had been a standalone company would depend on a number of factors, including the organizational structure, what functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure. The Former Parent funded FTAI Infrastructure’s operating and investing activities as needed. Cash transfers to and from the Former Parent are reflected in the Combined Consolidated Statements of Cash Flows as “Net transfers from Former Parent”. Refer to Note 14 for additional discussion on corporate costs allocated from the Former Parent that are included in these combined consolidated financial statements. Subsequent to the Spin-off Date, the Company operated as a standalone company based on actual expenses incurred. Principles of Consolidation —We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. We use the equity method of accounting for investments in entities in which we exercise significant influence but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities as well as the proportionate interest in adjustments to other comprehensive income (loss). Use of Estimates —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated and combined consolidated financial statements and the reported amounts of revenues and expenses during the reporting period, including allocations from the Former Parent during the period prior to the spin-off. Actual results could differ from those estimates. Risks and Uncertainties —In the normal course of business, we encounter several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which we operate, which could adversely impact the pricing of the services offered by us or a lessee’s or customer’s ability to make payments. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. We do not have significant exposure to foreign currency risk as all of our leasing and revenue arrangements are denominated in U.S. dollars. Liquidity —In performing the first step of the evaluation under ASC 205-40, management concluded that the Company’s current liquidity and forecasted cash flows from operations are not sufficient to support, in full, the repayment of Jefferson Terminal’s Taxable Series 2020B Bonds totaling $79.1 million that mature on January 1, 2025, the Company’s operating and capital expenditure commitments and dividend payments on Series A Preferred Stock. In performing the second step of this assessment, the Company evaluated whether it is probable that the Company’s plans will be effectively implemented within one year after the financial statements are issued and whether it is probable that those plans will alleviate the liquidity risk raised in the first step of the evaluation. Management has approved a plan to alleviate liquidity risk by: (i) refinancing the Taxable Series 2020B Bonds prior to their maturity date, including contributing additional unencumbered assets as collateral; (ii) delaying planned capital expenditures; (iii) electing to defer payment of the management fee and expense reimbursements to the Manager; (iv) continuing to accrue paid-in-kind dividends on its Series A Senior Preferred Stock; and (v) eliminating future dividends on common stock, excluding the common dividend that our board of directors declared on February 29, 2024 that will be paid on April 5, 2024. Management concluded that such plans are probable of being implemented and the Company will have sufficient liquidity to meet its obligations as they become due over the next twelve months from the date that the consolidated and combined consolidated financial statements were issued. Management will continue to evaluate its liquidity and financial position and update future plans accordingly. Variable Interest Entities —The assessment of whether an entity is a VIE and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Delaware River Partners LLC During 2016, through Delaware River Partners LLC (“DRP”), a consolidated subsidiary, we purchased the assets of Repauno, which consisted primarily of land, a storage cavern, and riparian rights for the acquired land, site improvements and rights. Upon acquisition there were no operational processes that could be applied to these assets that would result in outputs without significant green field development. We currently hold an approximately 98% economic interest, and a 100% voting interest in DRP. DRP is solely reliant on us to finance its activities and therefore is a VIE. We concluded that we are the primary beneficiary and, accordingly, DRP has been presented on a consolidated basis in the accompanying consolidated and combined consolidated financial statements. Total VIE assets of DRP were $305.0 million and $306.0 million, and total VIE liabilities of DRP were $52.7 million and $34.1 million as of December 31, 2023 and 2022, respectively. Cash and Cash Equivalents —We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. Restricted Cash —Restricted cash consists of prepaid interest and principal pursuant to the requirements of certain of our debt agreements (see Note 7) and other qualifying construction projects at Jefferson Terminal. Property, Plant and Equipment, Leasing Equipment and Depreciation —Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over their estimated useful lives, to estimated residual values which are summarized as follows: Asset Range of Estimated Useful Lives Residual Value Estimates Railcars and locomotives 40 - 50 years from date of manufacture Scrap value at end of useful life Track and track related assets 15 - 50 years from date of manufacture Scrap value at end of useful life Land, site improvements and rights N/A N/A Bridges and tunnels 15 - 55 years Scrap value at end of useful life Buildings and site improvements 20 - 30 years Scrap value at end of useful life Railroad equipment 3 - 15 years from date of manufacture Scrap value at end of useful life Terminal machinery and equipment 15 - 25 years from date of manufacture Scrap value at end of useful life Vehicles 5 - 7 years from date of manufacture Scrap value at end of useful life Furniture and fixtures 3 - 6 years from date of purchase None Computer hardware and software 3 - 5 years from date of purchase None Construction in progress N/A N/A Major improvements and modifications incurred in connection with the acquisition of property, plant and equipment and leasing equipment that are required to get the asset ready for initial service are capitalized and depreciated over the remaining life of the asset. Project costs of major additions and betterments, including capitalizable engineering costs and other costs directly related to the development or construction of project, are capitalized and depreciation commences once it is placed into service. Interest costs directly related to and incurred during the construction period of property, plant and equipment are capitalized. Significant spare parts are depreciated in conjunction with the underlying property, plant and equipment asset when placed in service. We review our depreciation policies on a regular basis to determine whether changes have taken place that would suggest that a change in our depreciation policies, useful lives of our equipment or the assigned residual values is warranted. Capitalized Interest —The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. We capitalized interest of $5.0 million, $9.2 million and $8.2 million during the years ended December 31, 2023, 2022 and 2021, respectively. Repairs and Maintenance —Repair and maintenance costs that do not extend the lives of the assets are expensed as incurred. Our repairs and maintenance expenses were $19.2 million, $13.4 million and $5.9 million during the years ended December 31, 2023, 2022 and 2021, respectively, and are included in Operating expenses in the Consolidated and Combined Consolidated Statements of Operations. Impairment of Long-Lived Assets —We perform a recoverability assessment of each of our long-lived assets whenever events or changes in circumstances, or indicators, indicate that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant change in market conditions; or the introduction of newer technology. When performing a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its net book value. The undiscounted cash flows consist of cash flows from terminal services contracts and currently contracted leases, future projected leases, terminal service and freight rail rates, transition costs, and estimated residual or scrap values. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge. Management develops the assumptions used in the recoverability analysis based on its knowledge of active contracts, current and future expectations of the demand for a particular asset and historical experience, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in contracted lease rates, terminal service, and freight rail rates, residual values, economic conditions, technology, demand for a particular asset type and other factors. Other Current Assets —Other current assets is primarily comprised of commodities inventory of $0.3 million and $3.6 million, deposits of $— million and $22.8 million, note receivable of $21.4 million and $20.0 million, prepaid expenses of $8.9 million and $16.4 million, other receivables of $5.7 million and $— million and other assets of $5.7 million and $4.5 million as of December 31, 2023 and 2022, respectively. Other Assets —Other assets consists of a note receivable of $11.7 million and $10.8 million as of December 31, 2023 and 2022, respectively, from CarbonFree, a business that develops technologies to capture carbon dioxide from industrial emissions sources. We elected the fair value option for this note receivable to better align the reported results with the underlying changes in the value of this note receivable. The Company records interest income, which is included in Other income (expense), on this note receivable using the contractual interest rate. Other assets also consists of capitalized contract costs of $17.6 million and $— million as of December 31, 2023 and 2022. Accounts Payable and Accrued Liabilities —Accounts payable and accrued liabilities primarily include payables relating to construction projects, interline payables to other railroads, accrued compensation, interest and payables to the Manager. Other Current Liabilities —Other current liabilities primarily include environmental liabilities of $0.5 million and $4.1 million, insurance premium liabilities of $3.2 million and $6.2 million, and deferred revenue of $5.8 million and $3.3 million as of December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, the Company recognized revenue of $1.3 million that was included in the deferred revenue balance at the beginning of the year. Goodwill —Goodwill includes the excess of the purchase price over the fair value of the net tangible and intangible assets associated with the acquisition of Jefferson Terminal, Transtar and FYX. As of December 31, 2023, the carrying amount of goodwill within the Jefferson Terminal, Railroad and Corporate and Other segments was $122.7 million, $147.2 million, and $5.4 million, respectively. As of December 31, 2022, the carrying amount of goodwill within the Jefferson Terminal, Railroad and Corporate and Other segments was $122.7 million, $132.1 million, and $5.4 million, respectively. During 2023, an immaterial adjustment was recorded to the goodwill and property, plant and equipment balances of the Railroad segment. We review the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment review is conducted as of October 1st of each year. Additionally, we review the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment. For an annual goodwill impairment assessment, an optional qualitative analysis may be performed. If the option is not elected or if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a goodwill impairment test is performed to identify potential goodwill impairment and measure an impairment loss. A goodwill impairment assessment compares the fair value of a respective reporting unit with its carrying amount, including goodwill. The estimate of fair value of the respective reporting unit is based on the best information available as of the date of assessment, which primarily incorporates certain factors including our assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. If the estimated fair value of the reporting unit is less than the carrying amount, a goodwill impairment is recorded to the extent that the carrying value of the reporting unit exceeds the fair value. As of October 1, 2023, we elected to complete a qualitative impairment assessment of the goodwill related to our Transtar and FYX reporting units and concluded that it was more likely than not that the fair value of the Transtar and FYX reporting units exceeded their respective carrying values. Therefore, no quantitative impairment evaluation was completed. As part of our assessment, we considered numerous factors, including: • macroeconomic conditions and their potential impact on reporting unit fair value; • industry and market conditions; • cost factors such as increases in raw materials, labor or other costs; • actual financial performance compared with budget and prior projections; and • events that may change the composition or carrying value of its net assets. For our Jefferson Terminal reporting unit, we completed a quantitative analysis. We estimate the fair value of Jefferson Terminal using an income approach, specifically a discounted cash flow analysis. This analysis requires us to make significant assumptions and estimates about the forecasted revenue growth rates, EBITDA margins, capital expenditures and discount rates. The estimates and assumptions used consider historical performance if indicative of future performance and are consistent with the assumptions used in determining future profit plans for the reporting units. In connection with our impairment analysis, although we believe the estimates of fair value are reasonable, the determination of certain valuation inputs is subject to management's judgment. Changes in these inputs, including as a result of events beyond our control, could materially affect the results of the impairment review. If the forecasted cash flows or other key inputs are negatively revised in the future, the estimated fair value of the reporting unit could be adversely impacted, potentially leading to an impairment in the future that could materially affect our operating results. The Jefferson Terminal reporting unit had an estimated fair value that exceeded its carrying value by more than 10% but less than 20% as of October 1, 2023. The Jefferson Terminal reporting unit forecasted revenue is dependent on the ramp up of volumes under current and expected future contracts for storage and throughput of heavy and light crude and refined products, expansion of refined product distribution to Mexico, expansion of volumes and execution of contracts related to sustainable fuels and movements in future oil spreads. At October 1, 2023, approximately 6.2 million barrels of storage was operational. Our discount rate for our 2023 goodwill impairment analysis was 10.3% and our assumed terminal growth rate was 2.5%. If our strategy changes from planned capacity downward due to an inability to source contracts or expand volumes, the fair value of the reporting unit would be negatively affected, which could lead to an impairment. The expansion of refineries in the Beaumont/Port Arthur area, as well as growing crude oil and natural gas production in the U.S. and Canada, are expected to result in increased demand for storage on the U.S. Gulf Coast. Although we do not have significant direct exposure to volatility of crude oil prices, changes in crude oil pricing that affect long term refining planned output could impact Jefferson Terminal operations. We expect the Jefferson Terminal reporting unit to continue to generate positive Adjusted EBITDA in future years. Further delays in executing anticipated contracts or achieving our projected volumes could adversely affect the fair value of the reporting unit. There were no impairments of goodwill for the years ended December 31, 2023, 2022, and 2021. Intangibles and Amortization —Intangible assets include the value of existing customer relationships acquired in connection with the acquisition of Jefferson Terminal and Transtar. Customer relationship intangible assets are amortized on a straight-line basis over their useful lives as the pattern in which the asset’s economic benefits are consumed cannot reliably be determined. Customer relationship intangible assets have useful lives ranging from 5 to 15 years, no estimated residual value, and amortization is recorded as a component of Depreciation and amortization in the Consolidated and Combined Consolidated Statements of Operations. The weighted-average remaining amortization period for customer relationships was 144 months and 148 months as of December 31, 2023 and 2022, respectively. Redeemable Preferred Stock —We classify the Series A Senior Preferred Stock ("Redeemable Preferred Stock") as temporary equity in the Consolidated Balance Sheets due to certain contingent redemption clauses that are at the election of the holders. The carrying value of the Redeemable Preferred Stock is accreted to the redemption value at the earliest redemption date, which has been determined to be August 1, 2030. We use the interest method to accrete to the redemption value. Deferred Financing Costs —Costs incurred in connection with obtaining long-term financing are capitalized and amortized to interest expense over the term of the underlying loans. Unamortized deferred financing costs of $31.3 million and $30.9 million as of December 31, 2023 and 2022, respectively, are included in Debt, net in the Consolidated Balance Sheets. Amortization expense was $6.8 million, $4.4 million and $2.6 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is included in Interest expense in the Consolidated and Combined Consolidated Statements of Operations. Terminal Services Revenues —Terminal services are provided to customers for the receipt and redelivery of various commodities. These revenues relate to performance obligations that are recognized over time using the right to invoice practical expedient, i.e., invoiced as the services are rendered and the customer simultaneously receives and consumes the benefit over the contract term. The Company’s performance of service and right to invoice corresponds with the value delivered to our customers. Revenues are typically invoiced and paid on a monthly basis. Rail Revenues —Rail revenues generally consist of the following performance obligations: industrial switching, interline services, demurrage and storage. Switching revenues are derived from the performance of switching services, which involve the movement of cars from one point to another within the limits of an individual plant, industrial area, or a rail yard. Switching revenues are recognized as the services are performed, and the services are generally completed on the same day they are initiated. Interline revenues are derived from transportation services for railcars that originate or terminate at our railroads and involve one or more other carriers. For interline traffic, one railroad typically invoices a customer on behalf of all railroads participating in the route directed by the customer. The invoicing railroad then pays the other railroads its portion of the total amount invoiced on a monthly basis. We record revenue related to interline traffic for transportation service segments provided by carriers along railroads that are not owned or controlled by us on a net basis. Interline revenues are recognized as the transportation movements occur. Our ancillary services revenue primarily relates to demurrage and storage services. Demurrage represents charges assessed by railroads for the detention of cars by shippers or receivers of freight beyond a specified free time and is recognized on a per day basis. Storage services revenue is earned for the provision of storage of shippers’ railcars and is generally recognized on a per day, per car basis, as the storage services are provided. Lease Income —Lease income consists of rental income from tenants for storage space. Lease income is recognized on a straight-line basis over the terms of the relevant lease agreement. Roadside Services Revenues —Roadside services revenue is revenue related to providing roadside assistance services to customers in the intermodal and over-the-road trucking industries. Revenue is recognized when a performance obligation is satisfied by completing a repair service at a point in time. Revenues are typically invoiced for each repair and generally have 30-day payment terms. Other Revenue —Other revenue primarily consists of revenue related to the handling, storage and sale of raw materials. Revenues for the handling and storage of raw materials relate to performance obligations that are recognized over time using the right to invoice practical expedient, i.e., invoiced as the services are rendered and the customer simultaneously receives and consumes the benefit over the contract term. Our performance of service and right to invoice corresponds with the value delivered to our customers. Revenues for the sale of raw materials relate to contracts that contain performance obligations to deliver the product over the term of the contract. The revenues are recognized when the control of the product is transferred to the customer, based on the volume delivered and the price within the contract. Other revenues are typically invoiced and paid on a monthly basis. Additionally, other revenue includes revenue related to derivative trading activities. Payment terms for revenues are generally short term in nature. Leasing Arrangements —At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized in Operating lease right-of-use assets, net and Operating lease liabilities within current liabilities and non-current liabilities in our Consolidated Balance Sheets, respectively. Finance lease ROU assets are recognized in Property, plant and equipment, net and lease liabilities are recognized in Other current liabilities and Other liabilities in our Consolidated Balance Sheets. All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. The finance lease ROU assets are subsequently amortized using the straight-line method. Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs. We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets and lease liabilities; and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred. Concentration of Credit Risk —We are subject to concentrations of credit risk with respect to amounts due from customers. We attempt to limit our credit risk by performing ongoing credit evaluations. We earned approximately 12%, 10% and 15% of our consolidated revenue from one customer within the Jefferson Terminal segment during the years ended December 31, 2023, 2022 and 2021, respectively, and 51%, 51% and 45% from one customer within the Railroad segment during the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, accounts receivable from three customers within the Jefferson Terminal and Railroad segments represented 56% of total accounts receivable, net. As of December 31, 2022, accounts receivable from three customers within the Jefferson Terminal and Railroad segments represented 55% of total account |
LEASING EQUIPMENT, NET
LEASING EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASING EQUIPMENT, NET | LEASING EQUIPMENT, NET AND PROPERTY Leasing equipment, net is summarized as follows: December 31, 2023 2022 Leasing equipment $ 45,982 $ 44,179 Less: Accumulated depreciation (10,395) (9,272) Leasing equipment, net $ 35,587 $ 34,907 Depreciation expense for leasing equipment is summarized as follows: Year Ended December 31, 2023 2022 2021 Depreciation expense for leasing equipment $ 1,148 $ 1,105 $ 1,103 |
Lessor, Sales-type Leases | Sales-Type Leases In December 2023, Jefferson Terminal entered into an agreement to lease land to an entity controlled by an affiliate of the Manager. The lease is initially for a two-year construction period and eight years post-completion with renewals that extend the lease up to 32 years. We expect all renewals to be exercised as the cost to remove the assets will be significant. We determined that the lease is a sales-type lease as the present value of the lease payments is substantially all of fair value. Lease payments will increase based on an inflation escalator and be treated as variable lease payments as they occur. At lease commencement, we recorded $6.6 million of gain on sales-type lease which is recorded in Gain (loss) on sale of assets in the Consolidated and Combined Consolidated Statements of Operations during the year ended December 31, 2023. We also recorded $0.1 million of interest income which is included in Revenues in the Consolidated and Combined Consolidated Statements of Operations during the year ended December 31, 2023. As of December 31, 2023, we recorded $7.9 million of lease receivable and $0.6 million of unguaranteed residual value which are included in Other assets on the Consolidated Balance Sheets, as well as $0.8 million of short-term lease receivable which is included in Other current assets on the Consolidated Balance Sheets. The following table presents future minimum lease payments under the sales-type lease as of December 31, 2023: 2024 $ 780 2025 780 2026 780 2027 780 2028 780 Thereafter 21,060 Total undiscounted lease payments 24,960 Less: Imputed interest 16,222 Total lease receivable $ 8,738 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net is summarized as follows: December 31, 2023 2022 Land, site improvements and rights $ 182,319 $ 183,640 Construction in progress 76,491 127,941 Buildings and improvements 18,769 19,356 Bridges and tunnels 176,753 173,868 Terminal machinery and equipment 1,215,197 1,141,505 Track and track related assets 103,888 100,068 Railroad equipment 8,999 8,463 Railcars and locomotives 85,162 100,200 Computer hardware and software 16,058 11,733 Furniture and fixtures 1,887 1,745 Other 21,613 11,336 1,907,136 1,879,855 Less: Accumulated depreciation (276,307) (206,047) Property, plant and equipment, net $ 1,630,829 $ 1,673,808 We had net additions of property, plant and equipment of $27.3 million and $218.2 million during the years ended December 31, 2023 and 2022, respectively, which primarily consisted of terminal machinery and equipment placed in service or under development at Jefferson Terminal and the $5.0 million purchase of track and bridges by Transtar from Long Ridge Energy and Power LLC, our equity method investment, in October 2023. Long Ridge Energy and Power LLC recorded a $2.2 million gain on sale of assets, which was eliminated upon equity pick-up (see Note 5). Depreciation expense for property, plant and equipment was $72.3 million, $62.1 million, and $47.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS | INVESTMENTS The following table presents the ownership interests and carrying values of our investments: Carrying Value Investment Ownership Percentage December 31, 2023 December 31, 2022 Intermodal Finance I, Ltd. Equity method 51% $ — $ — Long Ridge Energy & Power LLC (1) Equity method 50% — — Long Ridge West Virginia LLC Equity method 50% 6,825 — GM-FTAI Holdco LLC Equity method See below 55,740 68,025 Clean Planet Energy USA LLC Equity method 50% 10,136 5,564 $ 72,701 $ 73,589 ______________________________________________________________________________________ (1) The carrying value of $(29.3) million and $(187.2) million as of December 31, 2023 and 2022, respectively, is included in Other liabilities in the Consolidated Balance Sheets. We did not recognize any other-than-temporary impairments for the years ended December 31, 2023, 2022 or 2021. The following table presents our proportionate share of equity in losses: Year Ended December 31, 2023 2022 2021 Intermodal Finance I, Ltd. $ 56 $ 151 $ 470 Long Ridge Energy & Power LLC (9,556) (60,538) (13,597) Long Ridge West Virginia LLC (393) — — GM-FTAI Holdco LLC (12,285) (5,571) (205) Clean Planet Energy USA LLC (2,529) (1,441) (167) Total $ (24,707) $ (67,399) $ (13,499) Equity Method Investments Intermodal Finance I, Ltd. In 2012, we acquired a 51% non-controlling interest in Intermodal Finance I, Ltd. (“Intermodal”). Intermodal is governed by a board of directors, and its shareholders have voting rights through their equity interests. As such, Intermodal is not within the scope of ASC 810-20 and should be evaluated for consolidation under the voting interest model. Due to the existence of substantive participating rights of the 49% equity investor, including the joint approval of material operating and capital decisions, such as material contracts and capital expenditures consistent with ASC 810-10-25-11, we do not have unilateral rights over this investment and, therefore, we do not consolidate Intermodal but account for this investment in accordance with the equity method. We do not have a variable interest in this investment as none of the criteria of ASC 810-10-15-14 were met. As of December 31, 2023, Intermodal owns a portfolio of approximately 185 shipping containers subject to multiple operating leases. Long Ridge Energy & Power LLC In December 2019, Ohio River Shareholder LLC (“ORP”), a wholly owned subsidiary, contributed its equity interests in Long Ridge into Long Ridge Energy & Power LLC and sold a 49.9% interest (the “Long Ridge Transaction”) for $150.0 million in cash, plus an earn out. We no longer have a controlling interest in Long Ridge but still maintain significant influence through our retained interest and, therefore, now account for this investment in accordance with the equity method. Following the sale, we deconsolidated ORP, which held the assets of Long Ridge. In addition to our equity method investment, in October 2022 we entered into a shareholder loan agreement maturing on October 15, 2023 and accruing paid-in-kind (“PIK”) interest at a 13% rate. During 2023, the maturity date was extended to May 1, 2032. The Company made an additional $36.0 million of investment in Long Ridge as part of the shareholder loan agreement during the year ended December 31, 2023. As of December 31, 2023 the balance of the note receivable was $71.0 million recorded as part of the Long Ridge investment in Other liabilities on the Consolidated Balance Sheet. The tables below present summarized fin ancial information for Long Ridge Energy & Power LLC: December 31, Balance Sheet 2023 2022 Assets Current assets Cash and cash equivalents $ 3,362 $ 2,192 Restricted cash 23,691 20,732 Accounts receivable, net 5,633 31,727 Other current assets 7,357 5,732 Total current assets 40,043 60,383 Property, plant, and equipment, net 828,232 827,886 Intangible assets, net 4,180 4,560 Goodwill 86,460 86,460 Other assets 4,041 8,540 Total assets $ 962,956 $ 987,829 Liabilities Current liabilities Accounts payable and accrued liabilities $ 49,538 $ 87,498 Debt, net 4,450 38,526 Derivative liabilities 39,891 125,134 Other current liabilities 2,136 913 Total current liabilities 96,015 252,071 Debt, net 699,372 599,499 Derivative liabilities 360,710 557,708 Other liabilities 4,941 6,932 Total liabilities 1,161,038 1,416,210 Equity Total equity (198,082) (428,381) Total liabilities and equity $ 962,956 $ 987,829 Year Ended December 31, Statement of Operations 2023 2022 2021 Revenue $ 154,290 $ 50,230 $ 85,638 Expenses Operating expenses 61,154 61,835 28,310 Depreciation and amortization 49,502 51,243 24,836 Interest expense 61,332 53,409 11,005 Total expenses 171,988 166,487 64,151 Other income (expense) 801 (4,577) (44,302) Loss before income taxes (16,897) (120,834) (22,815) Provision for income taxes — — — Net loss $ (16,897) $ (120,834) $ (22,815) GM-FTAI Holdco LLC In September 2021, we acquired 1% of the Class A shares and 50% of the Class B shares of GM-FTAI Holdco LLC for $52.5 million. GM-FTAI Holdco LLC owns 100% interest in Gladieux Metals Recycling LLC (“GMR”) and Aleon Renewable Metals LLC (“Aleon”). GMR specializes in recycling spent catalyst produced in the petroleum refining industry. Aleon plans to develop a lithium-ion battery recycling business across the United States. Each planned location will collect, discharge and disassemble lithium-ion batteries to extract various metals in high-purity form for resale into the lithium-ion battery production market. Aleon and GMR are governed by separate boards of directors. Our ownership of Class A and B shares in GM-FTAI Holdco LLC provides us with 1% and 50% economic interest in GMR and Aleon, respectively. We account for our investment in GM-FTAI Holdco LLC as an equity method investment as we have significant influence through our ownership of Class A and Class B shares of GM-FTAI Holdco LLC. On June 15, 2022, we exchanged our Class B shares which gave us economic interest in Aleon for an additional 20% interest in Class A shares. In addition, we also terminated our credit agreements with GMR and Aleon in exchange for an approximate 8.5% of additional interest in Class A shares of GM-FTAI Holdco LLC. As a result of these exchange transactions, we own approximately 27% of GM-FTAI Holdco LLC, which owns 100% of both GMR and Aleon. Clean Planet Energy USA LLC In November 2021, we acquired 50% of the Class A shares of Clean Planet Energy USA LLC (“CPE” or “Clean Planet”) with an initial investment of $1.0 million. CPE intends on building waste plastic-to-fuel plants in the United States. The plants will convert various grades of non-recyclable waste plastic to renewable diesel in the form of jet fuel, diesel, naphtha, and low sulfur fuel oil. We account for our investment in CPE as an equity method investment as we have significant influence through our ownership of Class A shares. Long Ridge West Virginia LLC In November 2023, we sold a 49.9% interest in Long Ridge West Virginia LLC (“Long Ridge WV”), previously a wholly owned subsidiary, for $7.5 million in cash. Long Ridge WV is a VIE as defined in U.S. GAAP, but we are not the primary beneficiary. Following the sale, we no longer have a controlling interest in Long Ridge WV, but we still maintain significant influence through our retained interest and account for this investment in accordance with the equity method. Long Ridge WV was formed to build an energy generating property in West Virginia similar to that of Long Ridge Energy and Power LLC. On the deconsolidation, no gain was recorded as all the assets consist of unproved undeveloped gas properties. We recorded our investment in the legal entity at the cost basis of $7.2 million as of November 17, 2023. Equity Investments FYX Trust Holdco LLC FYX Trust Holdco LLC (“FYX”) has developed a mobile and web-based application that connects fleet managers, owner-operators, and drivers with repair vendors to efficiently and reliably quote, dispatch, monitor, and bill roadside repair services. In May 2022, FTAI purchased an additional 51% interest in FYX from an unrelated third party for a purchase price of $4.6 million, which resulted in a 66% ownership and majority stake in the entity. At the purchase date, assets of FYX were $13.7 million, including cash of $0.7 million, liabilities were $10.1 million, and goodwill of $5.4 million was recorded. In March 2023, we purchased the remaining non-controlling interest of FYX from an affiliate of our Manager for a purchase price of $4.4 million. This resulted in 100% ownership in FYX and the elimination of any non-controlling interest. From the purchase date in May 2022 through and as of December 31, 2023, FYX is presented on a consolidated basis in the Consolidated and Combined Consolidated Statements of Operations and the Consolidated Balance Sheets. |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets and Liabilities Disclosure [Abstract] | |
INTANGIBLE ASSETS, NET | INTANGIBLE ASSETS, NET Intangible assets, net are summarized as follows: December 31, 2023 Jefferson Terminal Railroad Total Customer relationships $ 35,513 $ 60,000 $ 95,513 Less: Accumulated amortization (33,145) (9,747) (42,892) Total intangible assets, net $ 2,368 $ 50,253 $ 52,621 December 31, 2022 Jefferson Terminal Railroad Total Customer relationships $ 35,513 $ 60,000 $ 95,513 Less: Accumulated amortization (29,591) (5,727) (35,318) Total intangible assets, net $ 5,922 $ 54,273 $ 60,195 Amortization of customer relationships is included in Depreciation and amortization in the Consolidated and Combined Consolidated Statements of Operations and is as follows: Classification in Consolidated and Combined Consolidated Statements of Operations Year Ended December 31, 2023 2022 2021 Customer relationships Depreciation and amortization $ 7,574 $ 7,542 $ 5,292 Estimated net annual amortization of intangibles is as follows: 2024 $ 6,369 2025 4,000 2026 4,000 2027 4,000 2028 4,000 Thereafter 30,252 Total $ 52,621 |
DEBT, NET
DEBT, NET | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT, NET | 7. DEBT, NET Our debt, net is summarized as follows: Outstanding Borrowings Stated Interest Rate Maturity Date December 31, 2023 December 31, 2022 Loans payable DRP Revolver (1) (i) Base Rate + 2.75%; or (ii) Base Rate + 3.75% (Term SOFR) 11/5/26 $ 44,250 $ 25,000 EB-5 Loan Agreement 5.75% (i) 1/25/26 63,800 62,200 Transtar Revolver (2) (i) Base Rate + 2.00%; or (ii) Adjusted Term SOFR + 3.00% 12/27/25 — 10,000 Total loans payable 108,050 97,200 Bonds payable Series 2020 Bonds (i) Tax Exempt Series 2020A Bonds: 3.625% (ii) Tax Exempt Series 2020A Bonds: 4.00% (iii) Taxable Series 2020B Bonds: 6.00% (i) 1/1/35 263,980 263,980 Series 2021 Bonds (i) Series 2021A Bonds: 1.875% to 3.00% (ii) Series 2021B Bonds: 4.10% (i) 1/1/26 to 1/1/50 425,000 425,000 Senior Notes due 2027 (3) 10.500% 6/1/27 575,181 474,828 Total bonds payable 1,264,161 1,163,808 Total debt 1,372,211 1,261,008 Less: Debt issuance costs (31,301) (30,851) Total debt, net $ 1,340,910 $ 1,230,157 Total debt due within one year $ — $ — ______________________________________________________________________________________ (1) Requires a quarterly commitment fee at a rate of 1.000% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (2) Required a quarterly commitment fee at a rate of 0.500% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (3) Includes an unamortized discount of $24,819 and $25,172 at December 31, 2023 and 2022, respectively. DRP Revolver —On November 5, 2018, our subsidiary entered into a revolving credit facility (the “DRP Revolver”) that provides for revolving loans in the aggregate amount of $25.0 million. The DRP Revolver is secured by the capital stock of certain of our direct subsidiaries as defined in the related credit agreement. On November 5, 2021, we entered into an amendment to the DRP Revolver, which extended the maturity date under the DRP Revolver to November 5, 2024. On December 22, 2023, we entered into a second amendment to the DRP Revolver which increased the aggregate revolving facility by $25.0 million from $25.0 million to $50.0 million and extended the maturity date under the DRP Revolver to November 5, 2026. The DRP Revolver includes financial covenants requiring the maintenance of (i) consolidated cash balance of at least $3.0 million at each quarter end date, and (ii) consolidated tangible net worth of at least $180.0 million at each quarter end date in 2022, $190.0 million in 2023, and $200.0 million thereafter. EB-5 Loan Agreement —On January 25, 2021, Jefferson Terminal entered into a non-recourse loan agreement under the U.S. Citizenship and Immigration Services EB-5 Program (“EB-5 Loan Agreement”) to pay for the development, construction and acquisition of certain facilities at Jefferson Terminal. The maximum aggregate principal amount available under the EB-5 Loan Agreement is $61.2 million, of which $26.1 million was available under the first tranche and $35.1 million was available under the second tranche. The loans mature in five years from the funding of each individual tranche with an option to extend the maturity for both tranches by two one-year periods. If the option to extend the maturity is exercised, the interest rate will increase to 6.25% from 5.75% for the extension period. On March 11, 2022, Jefferson Terminal entered into a new EB-5 loan agreement (“EB-5.2 Loan Agreement”). This loan was issued with substantially the same terms as the EB-5 Loan Agreement discussed above and matures in four years from the funding date. The maximum aggregate principal amount available under the EB-5.2 Loan Agreement is $9.7 million. On November 16, 2022, Jefferson Terminal entered into a new EB-5 loan agreement (“EB-5.3 Loan Agreement”). This loan was issued with substantially the same terms as the EB-5 Loan Agreement discussed above and matures in five years from the funding date. The maximum aggregate principal amount available under the EB-5.3 Loan Agreement is $28.0 million. Transtar Revolver —On December 27, 2022, our subsidiary entered into a revolving credit facility (the “Transtar Revolver”) that provided for revolving loans in the aggregate amount of $25.0 million. The Transtar Revolver was guaranteed by the Company and certain subsidiaries of Transtar including a pledge of substantially all of their respective assets. The Transtar Revolver included financial covenants requiring the maintenance of (i) a consolidated maximum ratio of total leverage of 3.00 to 1.00 per the terms of the credit agreement and (ii) a consolidated minimum fixed charge coverage ratio of 1.20 to 1.00 per the terms of the credit agreement. In January 2023, our subsidiary entered into an amendment to the Transtar Revolver for an additional $25.0 million , for a total facility of $50.0 million . In July 2023, we issued an additional $100.0 million aggregate principal amount of 10.500% Senior Notes due 2027 (see below), and used a portion of the net proceeds to repay in full and terminate the Transtar Revolver. We recognized a loss on extinguishment of debt of $0.9 million in the Consolidated and Combined Consolidated Statements of Operations during the year ended December 31, 2023 . Series 2020 Bonds —On February 11, 2020, Jefferson Terminal issued Series 2020 Bonds in an aggregate principal amount of $264.0 million (“Jefferson Refinancing”). The Series 2020 Bonds are designated as $184.9 million of Series 2020A Dock and Wharf Facility Revenue Bonds (the “Tax Exempt Series 2020A Bonds”), and $79.1 million of Series 2020B Taxable Facility Revenue Bonds (the “Taxable Series 2020B Bonds”). The Tax Exempt Series 2020A Bonds maturing on January 1, 2035 ($53.5 million aggregate principal amount) bear interest at a fixed rate of 3.625%. The Tax Exempt Series 2020A Bonds maturing on January 1, 2050 ($131.4 million aggregate principal amount) bear interest at a fixed rate of 4.00%. The Taxable Series 2020B Bonds will mature on January 1, 2025 and bear interest at a fixed rate of 6.00%. Jefferson Terminal used a portion of the net proceeds from this offering to refund, redeem and defease certain indebtedness, and used a portion of the net proceeds to pay for or reimburse the cost of development, construction and acquisition of certain facilities, to fund certain reserve and funded interest accounts related to the Series 2020 Bonds, and to pay for or reimburse certain costs of issuance of the Series 2020 Bonds. Series 2021 Bonds —On August 18, 2021, Jefferson Terminal issued $425.0 million aggregate principal amount of Series 2021 Bonds, which are designated as $225.0 million of Series 2021A Dock and Wharf Facility Revenue Bonds (the “Series 2021A Bonds”) and $200.0 million of Series 2021B Taxable Facility Revenue Bonds (the “Taxable Series 2021B Bonds”). The Series 2021A Bonds consist of: i) $39.1 million aggregate principal amount of Serial Bonds maturing between January 1, 2026 and January 1, 2031, and bearing interest at specified fixed rates ranging from 1.875% to 2.625% per annum, ii) $38.2 million aggregate principal amount of Term Bonds maturing January 1, 2036, and bearing interest at a fixed rate of 2.750% per annum, iii) $44.9 million aggregate principal amount of Term Bonds maturing January 1, 2041, and bearing interest at a fixed rate of 2.875% per annum, and iv) $102.8 million aggregate principal amount of Term Bonds maturing January 1, 2050, and bearing interest at a fixed rate of 3.00% per annum. The Taxable Series 2021B Bonds will mature on January 1, 2028, and bear interest at a fixed rate of 4.100% per annum. Jefferson Terminal has used a portion of the net proceeds to pay for or reimburse the cost of development, construction and acquisition of certain facilities. Credit Agreement On May 18, 2023, we entered into a credit agreement, which provided for a $25.0 million secured loan facility (the “Credit Agreement”). In July 2023, we issued an additional $100.0 million aggregate principal amount of 10.500% Senior Notes due 2027 (see below), and used a portion of the net proceeds to repay the Credit Agreement in full. We recognized a loss on extinguishment of debt of $1.1 million. Senior Notes due 2027 —In connection with the spin-off, we issued $500.0 million aggregate principal amount of Senior Notes due 2027 (the “2027 Notes”). The 2027 Notes bear interest at a rate of 10.500% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2022. The 2027 Notes were issued at an issue price equal to 94.585%. The 2027 Notes are guaranteed by the Company and the subsidiaries of Transtar including a pledge of substantially all of their respective assets. On July 5, 2023, we issued an additional $100.0 million aggregate principal amount of 10.500% Senior Notes due 2027, at an issue price equal to 95.50% of principal, plus accrued interest from and including June 1, 2023. These notes have identical terms as the original Senior Notes due 2027, other than with respect to the date of issuance and the issue price, and bear interest at a rate of 10.500% per annum, payable semi-annually in arrears on June 1 and December 1 of each year. We were in compliance with all debt covenants as of December 31, 2023. As of December 31, 2023, scheduled principal repayments under our debt agreements for the next five years and thereafter are summarized as follows: 2024 2025 2026 2027 2028 Thereafter Total DRP Revolver $ — $ — $ 44,250 $ — $ — $ — $ 44,250 EB-5 Loan Agreement — — 35,800 28,000 — — 63,800 Series 2020 Bonds — 79,060 3,590 4,165 4,770 172,395 263,980 Series 2021 Bonds — — 9,025 4,750 205,415 205,810 425,000 Senior Notes due 2027 — — — 600,000 — — 600,000 Total principal payments on loans and bonds payable $ — $ 79,060 $ 92,665 $ 636,915 $ 210,185 $ 378,205 $ 1,397,030 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. • Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: • Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts. • Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). The following tables set forth our financial assets measured at fair value on a recurring basis by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2023 December 31, 2023 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 29,367 $ 29,367 $ — $ — Market Restricted cash 58,112 58,112 — — Market Notes receivable 11,664 — 11,664 — Market Total assets $ 99,143 $ 87,479 $ 11,664 $ — Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2022 December 31, 2022 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 36,486 $ 36,486 $ — $ — Market Restricted cash 113,156 113,156 — — Market Notes receivable 10,800 — 10,800 — Market Derivative assets 1,125 — 1,125 — Income Total assets $ 161,567 $ 149,642 $ 11,925 $ — Our cash and cash equivalents and restricted cash consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy. The fair value of our commodity derivative assets classified as Level 2 measurements are estimated by applying the income and market approaches, based on quotes of observable market transactions, and adjusted for estimated differential factors based on quality and delivery locations. Except as discussed below, our financial instruments other than cash and cash equivalents and restricted cash consist principally of accounts receivable, notes receivable, accounts payable and accrued liabilities, and loans payable, whose fair values approximate their carrying values based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles. The fair value of our bonds, notes payable and loans payable reported as Debt, net in the Consolidated Balance Sheets are presented in the table below: December 31, 2023 2022 Series 2020 A Bonds (1) $ 138,666 $ 139,101 Series 2020 B Bonds (1) 75,928 74,543 Series 2021 A Bonds (1) 154,306 152,848 Series 2021 B Bonds (1) 165,208 163,238 Senior Notes due 2027 625,038 498,035 EB-5 Loan Agreement 21,240 19,261 EB-5.2 Loan Agreement 8,183 7,540 EB-5.3 Loan Agreement 22,491 19,877 ______________________________________________________________________________________ (1) Fair value is based upon market prices for similar municipal securities. The fair value of all other items reported as Debt, net in the Consolidated Balance Sheets approximate their carrying values due to their bearing market rates of interest and are classified as Level 2 within the fair value hierarchy. We measure the fair value of certain assets on a non-recurring basis when U.S. GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include goodwill, intangible assets, property, plant and equipment and leasing equipment. We record such assets at fair value when it is determined the carrying value may not be recoverable. Fair value measurements for assets subject to impairment tests are based on an income approach which uses Level 3 inputs, which include our assumptions as to future cash flows from operation of the underlying businesses. |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES We disaggregate our revenue from contracts with customers by products and services provided for each of our segments, as we believe it best depicts the nature, amount, timing and uncertainty of our revenue. Revenues are within the scope of ASC 606, Revenue from Contracts with Customers , unless otherwise noted. We have elected to exclude sales and other similar taxes from revenues. Year Ended December 31, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 1,652 $ 1,437 $ — $ — $ — $ — $ 3,089 Rail revenues 167,793 — — — — — 167,793 Terminal services revenues — 70,709 12,641 — — — 83,350 Roadside services revenues — — — — — 68,190 68,190 Other revenue — — (1,950) — — — (1,950) Total revenues $ 169,445 $ 72,146 $ 10,691 $ — $ — $ 68,190 $ 320,472 Year Ended December 31, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 1,943 $ 1,278 $ — $ — $ — $ — $ 3,221 Rail revenues 147,718 — 86 — — — 147,804 Terminal services revenues — 59,011 563 — — — 59,574 Roadside services revenues — — — — — 47,899 47,899 Other revenue — — 3,468 — — — 3,468 Total revenues $ 149,661 $ 60,289 $ 4,117 $ — $ — $ 47,899 $ 261,966 Year Ended December 31, 2021 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 736 $ 1,688 $ — $ — $ — $ — $ 2,424 Rail revenues 61,514 — — — — — 61,514 Terminal services revenues — 44,664 374 — — — 45,038 Other revenue — — 11,243 — — — 11,243 Total revenues $ 62,250 $ 46,352 $ 11,617 $ — $ — $ — $ 120,219 Presented below are the contracted minimum future annual revenues to be received under existing operating leases within the Jefferson Terminal segment as of December 31, 2023: Operating Leases 2024 $ 704 2025 459 2026 421 2027 — 2028 — Thereafter — Total $ 1,584 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | LEASES We have commitments as lessees under lease agreements primarily for real estate, equipment and vehicles. Our leases have remaining lease terms ranging from approximately four months to 38.5 years. The following table presents lease related costs: Year Ended December 31, 2023 2022 2021 Finance leases Amortization of right-of-use assets $ 1,102 $ 945 $ 380 Interest on lease liabilities 79 52 27 Finance lease expense 1,181 997 407 Operating lease expense 7,619 7,306 5,682 Short-term lease expense 2,617 1,714 587 Variable lease expense 3,620 2,690 1,590 Total lease expense $ 15,037 $ 12,707 $ 8,266 The following table presents information related to our operating leases as of and for the years ended December 31, 2023 and 2022: December 31, 2023 2022 Right-of-use assets, net $ 69,748 $ 71,015 Short-term lease liabilities 7,218 7,045 Long-term lease liabilities 62,441 63,147 Total lease liabilities $ 69,659 $ 70,192 Weighted average remaining lease term 33.0 years 33.8 years Weighted average incremental borrowing rate 5.7 % 5.7 % The following table presents supplemental cash flow information for the years ended December 31, 2023, 2022, and 2021: December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 7,187 $ 7,005 $ 5,602 Noncash - ROU assets recorded for new and modified leases 2,828 2,640 12,228 The following table presents future minimum lease payments under non-cancellable operating leases as of December 31, 2023: 2024 $ 7,287 2025 6,965 2026 6,293 2027 5,821 2028 5,134 Thereafter 133,661 Total undiscounted lease payments 165,161 Less: Imputed interest 95,502 Total lease liabilities $ 69,659 |
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
EQUITY-BASED COMPENSATION | EQUITY-BASED COMPENSATION On August 1, 2022, we established a Nonqualified Stock Option and Incentive Award Plan (“Incentive Plan”) which provides for the ability to grant equity compensation awards in the form of stock options, stock appreciation rights, restricted stock, and performance awards to eligible employees, consultants, directors, and other individuals who provide services to us, each as determined by the Compensation Committee of the board of directors. As of December 31, 2023, the Incentive Plan provides for the issuance of up to 30.0 million shar es. We account for equity-based compensation expense in accordance with ASC 718, Compensation-Stock Compensation and we report equity-based compensation within Operating expenses and General and administrative in the Consolidated and Combined Consolidated Statements of Operations. Subsidiary Stock-Based Compensation The following table presents the expense related to our subsidiary stock-based compensation arrangements recognized in the Consolidated and Combined Consolidated Statements of Operations: Year Ended December 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2023 2022 2021 Restricted Shares $ 949 $ 2,020 $ 3,215 $ — 0.0 Common Units 1,812 2,126 823 2,094 1.1 Total $ 2,761 $ 4,146 $ 4,038 $ 2,094 Restricted Stock Units to Subsidiary Employees During the year ended December 31, 2023, we issued restricted stock units (“RSUs”) of our common stock that had a grant date fair value of $16.9 million, based on the closing price of FIP’s stock on the grant date, and vest over three years. These awards were made to employees of certain of our subsidiaries, are subject to continued employment, and the compensation expense is recognized ratably over the vesting periods. This grant fully canceled and replaced the vested and unvested restricted shares of our subsidiary issued in the first quarter of 2021. The following table presents the expense related to our restricted stock units to subsidiary employees recognized in the Consolidated and Combined Consolidated Statements of Operations: Expense Recognized During the Year Ended December 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2023 2022 2021 Restricted Stock Units $ 6,268 $ — $ — $ 7,335 0.8 Total $ 6,268 $ — $ — $ 7,335 The following tables present information for our stock options, restricted shares of our subsidiary, common units of our subsidiary and restricted stock units to subsidiary employees: Stock Options Restricted Shares Common Units Restricted Stock Units Options Weighted Average Exercise Price Shares Weighted Average Issuance Price Units Weighted Average Issuance Price Units Weighted Average Issuance Price Outstanding as of December 31, 2022 14,394,835 $ 2.77 328,780 $ 8.10 2,820,362 $ 1.02 — $ — Granted 2,173,914 2.76 — — 1,726,423 1.20 4,807,763 3.51 Less: exercised or vested 25,998 2.09 184,959 7.70 1,649,684 1.13 1,608,676 3.51 Less: forfeited and canceled — — 143,821 8.44 850,000 1.00 — — Outstanding as of December 31, 2023 16,542,751 — 2,047,101 3,199,087 Stock Options Restricted Shares Common Units Restricted Stock Units As of December 31, 2023: Weighted average exercise / issuance price (per share) $ 2.76 $ — $ 1.11 $ 3.51 Aggregate intrinsic value (in thousands) $ 18,765 $ — $ 2,371 $ 11,229 Weighted average remaining contractual term 8.1 years 0.0 years 1.1 years 0.8 years During the year ended December 31, 2023, certain of the Manager’s employees exercised 25,998 options at a weighted average exercise price of $2.09 and received a net 17,903 shares of our common stock. Stock Options In connection with the spin-off and our redeemable preferred stock raise (see Notes 14, 16 and 17 for details), we granted options to purchase our common stock to the Manager. The fair value of these options of $18 million, calculated using a binomial lattice model at issuance date, was recorded as an increase in equity with an offsetting reduction of proceeds received. The following table presents information related to the options to purchase our common stock: Number of options 10,869,565 Fair value at grant date ($ millions) $18.1 Expected volatility The expected stock volatility is based on an assessment of the volatility of our publicly traded common stock. 60.00% Risk free interest rate The risk-free rate is determined using the implied yield currently available on U.S. government bonds with a term consistent with the expected term on the date of grant. 2.58% Expected dividend yield The expected dividend yield is based on management’s expected dividend rate. 3.60% Early exercise multiple Assumption that options will be exercised when the share price to strike price ratio reaches a certain threshold. 2.5 Expected term Expected term used represents the period of time the options granted are expected to be outstanding. 10.0 years Number of time steps The number of time steps between the valuation and expiration dates. 1,000 During the year ended December 31, 2023, the Manager transferred 2,173,914 of its op tions to certain employees of the Manager. Restricted Shares We issued restricted shares of our subsidiary to certain employees during the year ended December 31, 2021 that had a grant date fair value of $5.6 million, and generally vest over three years . We did not issue any restricted shares during the years ended December 31, 2022 and December 31, 2023. These awards are subject to continued employment, and the compensation expense is recognized ratably over the vesting peri ods. The fair value of these awards was based on the fair value of the operating subsidiary on each grant date, which was estimated using a discounted cash flow analysis that requires the application of discount factors and terminal multiples to projected cash flows. Discount factors and terminal multiples were based on market-based inputs and transactions, as available at the measurement date. The grant for restricted stock units to subsidiary employees fully canceled and replaced these vested and unvested restricted shares of our subsidiary issued in the first quarter of 2021. Common Units We issued 1,243,089 and 1,900,000 common units of our subsidiaries to certain employees for the years ended December 31, 2023 and 2022, respectively, that had grant date fair values of $1.6 million and $1.9 million, respectively, and vest over three years. These awards are subject to continued employment and compensation expense is recognized ratably over the vesting periods. The fair value was based on the fair value of the operating subsidiary on the grant date, which is estimated using a discounted cash flow analysis that requires the application of discount factors and terminal multiples to projected cash flows. Discount factors and terminal multiples were based on market-based inputs and transactions, as available at the measurement date. Additionally, during the year ended December 31, 2023, we issued 150,000 separate common units of our subsidiary that had a grant date fair value of $0.2 million and vest over three years. These awards are subject to performance targets based on EBITDA as defined in the agreements, and the total expected compensation expense is recognized ratably over the vesting periods if it is probable that the performance conditions will be met. The fair value of these awards was based on the fair value of the operating subsidiary on the grant date, which was estimated using a discounted cash flow analysis that requires the application of discount factors and terminal multiples to projected cash flows. Discount factors and terminal multiples were based on market-based inputs and transactions, as available at the measurement date. |
RETIREMENT BENEFIT PLANS
RETIREMENT BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFIT PLANS | 12. RETIREMENT BENEFIT PLANS We established a defined benefit pension plan as well as a postretirement benefit plan to assume certain retirement benefit obligations related to eligible Transtar employees. Defined Benefit Pensions Our underfunded pension plan is a tax qualified plan, and we will make contributions accordingly. Our pension plan covers certain eligible Transtar employees and is noncontributory. Pension benefits earned are generally based on years of service and compensation during active employment. The accumulated benefit obligation at December 31, 2023 and 2022 is $4.6 million and $2.5 million, respectively. Postretirement Benefits Our unfunded postretirement plan provides healthcare and life insurance benefits for eligible retirees and dependents of Transtar. Depending on retirement date and employee classification, certain healthcare plans contain contribution and cost-sharing features such as deductibles and co-insurance. The remaining healthcare and life insurance plans are non-contributory. The following table summarizes the changes in our projected benefit obligation and plan assets as of December 31, 2023 and 2022. Service costs are recorded in Operating expenses, and interest costs are recorded in Other income (expense) in the Consolidated and Combined Consolidated Statements of Operations. Year Ended December 31, 2023 2022 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Projected Benefit Obligation Projected benefit obligation, beginning of period $ 8,932 $ 28,523 $ 9,805 $ 30,033 Transtar acquisition — — — (2,854) Plan amendment — — — 1,470 Service costs 1,383 1,783 1,763 2,143 Interest costs 534 1,498 315 917 Actuarial (gains) losses 1,546 893 (2,814) (3,065) Benefit paid (113) (93) (137) (121) Projected benefit obligation, end of period $ 12,282 $ 32,604 $ 8,932 $ 28,523 Plan Assets Fair value of plan assets, beginning of period $ 1,711 $ — $ — $ — Asset adjustment — — 1 — Actual return on plan assets 114 — 1 — Employer contributions 1,476 — 1,846 — Other benefits paid (113) — (137) — Fair value of plan assets, end of period $ 3,188 $ — $ 1,711 $ — Funded status at end of year $ (9,094) $ (32,604) $ (7,221) $ (28,523) As of December 31, 2023 and 2022, the following amounts were recognized in the Consolidated Balance Sheets: Year Ended December 31, 2023 2022 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Current liabilities $ — $ 531 $ — $ 251 Non-current liabilities 9,094 32,073 7,221 28,272 Net amounts recognized at end of period $ 9,094 $ 32,604 $ 7,221 $ 28,523 Our retirement plan costs for the years ended December 31, 2023, 2022 and 2021 were $1.9 million, $2.1 million and $0.8 million for pension benefits and $3.4 million, $3.1 million and $1.2 million for postretirement benefits, respectively. The following table summarizes the components of net periodic pension cost and other amounts recognized in Other comprehensive income (loss) in the Consolidated and Combined Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 2021 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Prior service cost $ — $ — $ — $ 1,470 $ — $ — Amortization of prior service cost — (159) — — — — Actuarial loss (gain) 1,432 893 (2,814) (3,065) (20) 334 Amortization of actuarial gain 61 — — — — — Total recognized in other comprehensive loss (income) $ 1,493 $ 734 $ (2,814) $ (1,595) $ (20) $ 334 Weighted-average assumptions used to determine the estimated benefit obligation and period costs as of and for the year ended December 31, 2023 and 2022 are as follows: Year Ended December 31, 2023 2022 2021 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Weighted-average assumptions used to determine pension benefit obligation: Discount rate 5.06 % 5.06 % 5.31 % 5.29 % 3.02 % 3.00 % Rate of compensation increase 3.50 % N/A 3.50 % N/A 3.50 % N/A Initial healthcare cost trend rate N/A 7.50 % N/A 5.80 % N/A 10% pre-Med; 3% Medicare Ultimate healthcare cost trend rate N/A 4.04 % N/A 3.94 % N/A 3.94 % Year ultimate healthcare cost trend rate is reached N/A 2075 N/A 2075 N/A 2075 Weighted-average assumptions used to determine net periodic pension and postretirement costs: Discount rate 5.31 % 5.29 % 3.02 % 3.00 % 2.88 % 2.86 % Rate of compensation increases 3.50 % N/A 3.50 % N/A 3.50 % N/A Average future working lifetime 10.50 years 9.24 years 11.01 years 11.32 years 10.93 years 11.34 years Initial healthcare cost trend rate N/A 5.80 % N/A 6.00 % N/A 6.00 % Ultimate healthcare cost trend rate N/A 3.94 % N/A 3.94 % N/A 3.80 % Year ultimate healthcare cost trend rate is reached N/A 2075 N/A 2075 N/A 2075 The following benefit payments, which reflect expected future service and compensation increases, as appropriate, are expected to be made from the Transtar defined benefit plans: Pension Benefits Postretirement Benefits 2024 $ 269 $ 545 2025 482 810 2026 701 1,096 2027 905 1,319 2028 1,089 1,580 Years 2029-2033 7,191 10,252 The pension plan assets are held in a master trust that is invested in a pooled separate account categorized as a money market fund. The assets are valued at fair value and are classified as a Level 2 investment. The pooled separate account invests in a portfolio of high quality, short-term instruments; the fair values of these instruments are used in determining the NAV of the pooled separate account, which is not publicly quoted. We expect to make $1.9 million of contributions to the pension plan during 2024. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The current and deferred components of the income tax provision (benefit) included in the Consolidated and Combined Consolidated Statements of Operations are as follows: Year Ended December 31, 2023 2022 2021 Current: Federal $ 7 $ 2 $ 13 State and local 447 482 224 Total current provision 454 484 237 Deferred: Federal 1,082 3,824 (3,820) State and local 934 154 (44) Foreign — 6 (3) Total deferred provision (benefit) 2,016 3,984 (3,867) Total $ 2,470 $ 4,468 $ (3,630) Prior to the spin-off, we were taxed as a disregarded entity for U.S. federal income tax purposes and our taxable income or loss generated was allocated to investors by our Former Parent, which was treated as a partnership for U.S. federal income tax purposes. In addition, certain of our subsidiaries were taxed as separate corporations for U.S. federal income tax purposes. Taxable income or loss generated by us and our corporate subsidiaries following the spin-off and by our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business. A valuation allowance has been established against our net U.S. federal and state deferred tax assets, including net operating loss carryforwards. As a result, our income tax provision is primarily related to separate company state taxes, deferred taxes for tax deductible goodwill, and deferred taxes for certain long-lived assets. Our effective tax rate differs from the U.S. federal tax rate of 21% primarily due to state taxes and the valuation allowances against a significant portion of the deferred tax assets of our corporate subsidiaries. The difference between our reported total provision for income taxes and the U.S. federal statutory rate of 21% is as follows: Year Ended December 31, 2023 2022 2021 U.S. federal tax at statutory rate 21.00 % 21.00 % 21.00 % Income not subject to tax at statutory rate — % — % 9.91 % State and local taxes 1.79 % 1.77 % (0.06) % Noncontrolling interest (2.17) % (2.58) % — % Deferred adjustment (3.71) % — % — % Other (0.61) % 0.46 % (4.43) % Change in valuation allowance (17.88) % (23.09) % (23.05) % Provision for income taxes (1.58) % (2.44) % 3.37 % Significant components of our deferred tax assets and liabilities are as follows: December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 166,668 $ 142,067 Accrued expenses 3,385 2,118 Interest expense 58,455 35,624 Operating lease liabilities 72,612 58,919 Investment in partnerships 13,992 49,488 Other 11,324 3,623 Total deferred tax assets 326,436 291,839 Less valuation allowance (215,082) (214,003) Net deferred tax assets 111,354 77,836 Deferred tax liabilities: Fixed assets and goodwill (50,462) (29,051) Operating lease right-of-use assets (63,955) (52,624) Other (2,793) — Net deferred tax liabilities $ (5,856) $ (3,839) Deferred tax assets and liabilities are reported net in Other assets or Other liabilities in the Consolidated Balance Sheets. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. We have analyzed our deferred tax assets and have determined, based on the weight of available evidence, that it is more likely than not that a significant portion will not be realized. Accordingly, valuation allowances have been recognized as of December 31, 2023, 2022, and 2021 of $215.1 million, $214.0 million, and $143.6 million, respectively, related to certain deductible temporary differences and net operating loss carryforwards. A summary of the changes in the valuation allowance is as follows: December 31, 2023 2022 2021 Valuation allowance at beginning of period $ 214,003 $ 143,604 $ 94,139 Change due to current year losses 1,079 70,399 49,465 Valuation allowance at end of period $ 215,082 $ 214,003 $ 143,604 As of December 31, 2023, certain of our corporate subsidiaries had U.S. federal and state net operating loss carryforwards of approximately $736.6 million and $184.8 million, respectively, that are available to offset future taxable income. In regards to federal net operating loss carryforwards, $168.5 million of these carryforwards will begin to expire in the year 2032 and $568.1 million of these carryforwards have no expiration date. As for state and local net operating loss carryforwards, most of these carryforwards will expire with the earliest year of expiration being 2024. The utilization of the net operating loss carryforwards to reduce future income taxes will depend on the relevant corporate subsidiary's ability to generate sufficient taxable income prior to the expiration of the carryforward period, if any. In addition, the maximum annual use of net operating loss carryforwards may be limited after certain changes in stock ownership. As of and for the year ended December 31, 2023, we had not established a liability for uncertain tax positions as no such positions existed. In general, our tax returns and the tax returns of our corporate subsidiaries are subject to U.S. federal, state, local and foreign income tax examinations by tax authorities. Generally, we are not subject to examination by taxing authorities for tax years prior to 2019. We do not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date. |
MANAGEMENT AGREEMENT AND AFFILI
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS | 14. MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS We are externally managed by the Manager. The Manager is paid annual fees and incentive fees in exchange for advising us on various aspects of our business, formulating our investment strategies, arranging for the acquisition and disposition of assets, arranging for financing, monitoring performance, and managing our day-to-day operations, inclusive of all costs incidental thereto. In addition, the Manager may be reimbursed for various expenses incurred by the Manager on our behalf, including the costs of legal, accounting and other administrative activities. On July 31, 2022, in connection with the spin-off, we and the Manager entered into the Management Agreement with an initial term of six years. The Manager is entitled to a management fee, incentive fees (comprised of an Income Incentive Fee and a Capital Gains Incentive Fee, described below) and reimbursement of certain expenses. The Management fee is determined by taking the average value of total equity (including redeemable preferred stock and excluding non-controlling interests) of the Company determined on a consolidated basis in accordance with U.S. GAAP at the end of the two most recently completed months multiplied by an annual rate of 1.50%, and is payable monthly in arrears in cash. The Income Incentive Fee is calculated and distributable quarterly in arrears based on the pre-incentive fee net income for the immediately preceding calendar quarter (the “Income Incentive Fee”). For this purpose, pre-incentive fee net income means, with respect to a calendar quarter, net income attributable to stockholders during such quarter calculated in accordance with U.S. GAAP excluding our pro rata share of (1) realized or unrealized gains and losses, and (2) certain non-cash or one-time items, and (3) any other adjustments as may be approved by the independent directors. Pre-incentive allocation net income does not include any Income Incentive Fee or Capital Gains Incentive Fee (described below) paid to the Manager during the relevant quarter. The Manager is entitled to an Income Incentive Fee with respect to its pre-incentive fee net income in each calendar quarter as follows: (1) no Income Incentive Fee in any calendar quarter in which pre-incentive fee net income, expressed as a rate of return on the average value of the Company’s net equity capital (excluding non-controlling interests) at the end of the two most recently completed calendar quarters, does not exceed 2% for such quarter (8% annualized); (2) 100% of pre-incentive fee net income of the Company with respect to that portion of such pre-incentive fee net income, if any, that equals or exceeds 2% but does not exceed 2.2223% for such quarter; and (3) 10% of pre-incentive fee net income of the Company, if any, that exceeds 2.2223% for portions of such quarter. These calculations will be prorated for any periods of less than three months. The Capital Gains Incentive Fee is calculated and paid in arrears as of the end of each calendar year and is equal to 10% of our pro rata share of cumulative realized gains from the date of the spin-off through the end of the applicable calendar year, net of our pro rata share of cumulative realized or unrealized losses, the cumulative non-cash portion of equity-based compensation expenses and all realized gains upon which prior performance-based Capital Gains Incentive Fee payments were made to the Manager. The Management fee, Income Incentive Fee, and Capital Gains Incentive Fee that are attributable to the operations of FTAI Infrastructure is recorded in the Management fees and incentive allocation to affiliate on the Consolidated and Combined Consolidated Statements of Operations. These amounts are allocated on the following basis: Management fee— Management fee is allocated to FTAI Infrastructure by applying the calculation methodology described above to the equity of FTAI Infrastructure included in these consolidated and combined consolidated financial statements. Income Incentive Fee and Capital Gains Incentive Fee —The Income Incentive Fee and Capital Gains Incentive Fee are allocated to FTAI Infrastructure by applying the allocation calculation methodology described above to FTAI Infrastructure’s financial results in each respective period. The following table summarizes the Management fees, Income Incentive Allocation and Capital Gains Incentive Allocation included in these consolidated and combined consolidated financial statements: Year Ended December 31, 2023 2022 2021 Management fees $ 12,467 $ 12,964 $ 15,638 Income incentive allocation — — — Capital gains incentive allocation — — — Total $ 12,467 $ 12,964 $ 15,638 For periods post-spin, we pay all of our operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. For periods pre-spin, the Former Parent paid all of its operating expenses, except those specifically required to be borne by the Manager under the management agreement between the Former Parent and the Manager. The expenses required to be paid by the Company include, but are not limited to, issuance and transaction costs incident to the acquisition, disposition and financing of its assets, legal and auditing fees and expenses, the compensation and expenses of the Company’s independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings, costs and expenses incurred in contracting with third parties (including affiliates of the Manager), the costs of printing and mailing proxies and reports to the stockholders, costs incurred by the Manager or its affiliates for travel on our behalf, costs associated with any computer software or hardware that is used by the Company, costs to obtain liability insurance to indemnify the Company’s directors and officers and the compensation and expenses of the transfer agent. We pay or reimburse the Manager and its affiliates for performing certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements are no greater than those which would be paid to outside professionals or consultants. The Manager is responsible for all of its other costs incident to the performance of its duties under the Management Agreement, including compensation of the Manager’s employees, rent for facilities and other “overhead” expenses; we do not reimburse the Manager for these expenses. The following table summarizes our reimbursements to the Manager: Year Ended December 31, 2023 2022 2021 Classification in the Consolidated and Combined Consolidated Statements of Operations: General and administrative expenses $ 5,598 $ 4,286 $ 3,937 Acquisition and transaction expenses 1,222 1,067 1,105 Total $ 6,820 $ 5,353 $ 5,042 If we terminate the Management Agreement, we will generally be required to pay the Manager a termination fee. Pursuant to the terms of the Management Agreement, the termination fee is equal to the amount of the management fee during the 12 months immediately preceding such termination and an amount equal to the Income Incentive Fee and the Capital Gains Incentive Fee that would be paid to the Manager if the Company’s assets were sold for cash at their then current fair market value (as determined by an appraisal, taking into account, among other things, the expected future value of the underlying investments). Upon the successful completion of an offering of our common stock or other equity securities (including securities issued as consideration in an acquisition), we grant the Manager options to purchase common stock in an amount equal to 10% of the number of common stock being sold in the offering (or if the issuance relates to equity securities other than our common stock, options to purchase an amount of common stock equal to 10% of the gross capital raised in the equity issuance divided by the fair market value of our common stock as of the date of issuance), with an exercise price equal to the offering price per share paid by the public or other ultimate purchaser or attributed to such securities in connection with an acquisition (or the fair market value of our common stock as of the date of the equity issuance if it relates to equity securities other than our common stock). Any ultimate purchaser of common stock for which such options are granted may be an affiliate of Fortress. In connection with the spin-off, we issued 10.9 million options to purchase common stock to the Manager, with a term of 10 years and strike price of $2.76 as compensation to the Manager for services rendered in connection with the Redeemable Preferred Stock raise, as discussed in Notes 16 and 17. The following table summarizes amounts due to the Manager, which are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheets: December 31, 2023 2022 Accrued management fee $ 6,400 $ 3,092 Other payables 5,595 810 As of December 31, 2023 and 2022, there were no receivables from the Manager. Other Affiliate Transactions As of December 31, 2023 and 2022, affiliates of our Manager and their related parties collectively own an approxi mately 20% interest in Jefferson Terminal which has been accounted for as a component of non-controlling interest in consolidated subsidiaries in the accompanying consolidated and combined consolidated financial statements. The carrying amount of this non-controlling interest as of December 31, 2023 and 2022 was $(78.0) million a nd $(41.1) million, respectively. The following table presents the amount of this non-controlling interest share of net loss: Year Ended December 31, 2023 2022 2021 Non-controlling interest share of net loss $ (36,918) $ (32,018) $ (26,472) In July 2020, we purchased a 14% interest in FYX from an affiliate of our Manager, which retained a non-controlling interest in FYX subsequent to the transaction. In May 2022, FTAI purchased an additional 51% interest in FYX from an unrelated third party for a purchase price of $4.6 million, which resulted in our ownership of a majority stake in the entity. In March 2023, we purchased the remaining non-controlling interest of FYX from an affiliate of our Manager for a purchase price of $4.4 million. This resulted in 100% ownership in FYX and the elimination of any non-controlling interest in FYX. In October 2022, we entered into a shareholder loan agreement with our equity method investee, Long Ridge. Refer to Note 5 for additional information. The Company subleases a portion of office space from an entity controlled by certain principals of Fortress since February 2023. For the year ended December 31, 2023, the Company incurred approximat ely $0.4 million o f rent and office related expenses. On May 22, 2023, Fortress and Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital (“Mubadala”), announced that they have entered into definitive agreements pursuant to which, among other things, certain members of Fortress management and affiliates of Mubadala will acquire 100% of the equity of Fortress that is currently indirectly held by SoftBank Group Corp. (“SoftBank”). After the closing of the transaction, Fortress will continue to operate as an independent investment manager under the Fortress brand, with autonomy over investment processes and decision making, personnel and operations. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION During the third quarter of 2022, we reorganized our historical operating segments into five operating segments as described below. Additionally, during the third quarter of 2022, we modified our definition of Adjusted EBITDA to exclude the impact of interest and other costs on pension and other post-employment benefits (“OPEB”) liabilities and dividends and accretion of redeemable preferred stock. During the first quarter of 2023, we modified our definition of Adjusted EBITDA to exclude the impact of other non-recurring items, such as severance expense. All segment data and related disclosures for earlier periods presented herein have been recast to reflect the new segment reporting structure. Our reportable segments represent strategic business units comprised of investments in different types of infrastructure assets. We have five reportable segments which operate in infrastructure businesses across several market sectors, all in North America. Our reportable segments are (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas and (v) Sustainability and Energy Transition. The Railroad segment is comprised of six freight railroads and one switching company that provide rail service to certain manufacturing and production facilities, in addition to KRS, a railcar cleaning operation. The Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal, Jefferson Terminal South and other related assets. The Repauno segment consists of a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern, a new multipurpose dock, a rail-to-ship transloading system and multiple industrial development opportunities. The Power and Gas segment is comprised of an equity method investment in Long Ridge, which is a 1,660-acre multi-modal terminal located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant in operation. The Sustainability and Energy Transition segment is comprised of Aleon/Gladieux, Clean Planet, and CarbonFree, and all three investments are development stage businesses focused on sustainability and recycling. Corporate and Other primarily consists of unallocated corporate general and administrative expenses, management fees, debt and redeemable preferred stock. Additionally, Corporate and Other includes an investment in an unconsolidated entity engaged in the acquisition and leasing of shipping containers and an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The chief operating decision maker (“CODM”) evaluates investment performance for each reportable segment primarily based on Adjusted EBITDA. Adjusted EBITDA is defined as net income (loss) attributable to stockholders and Former Parent, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and OPEB liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA. We believe that net income (loss) attributable to stockholders and Former Parent, as defined by U.S. GAAP, is the most appropriate earnings measure with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to stockholders and Former Parent as determined in accordance with U.S. GAAP. The following tables set forth certain information for each reportable segment: I. For the Year Ended December 31, 2023 Year Ended December 31, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 169,445 $ 72,146 $ 10,691 $ — $ — $ 68,190 320,472 Expenses Operating expenses 92,972 66,576 22,203 2,726 29 69,166 253,672 General and administrative — — — — — 12,833 12,833 Acquisition and transaction expenses 737 1,370 — 94 1 1,938 4,140 Management fees and incentive allocation to affiliate — — — — — 12,467 12,467 Depreciation and amortization 19,590 48,916 9,336 — — 3,150 80,992 Asset impairment 743 — — — — — 743 Total expenses 114,042 116,862 31,539 2,820 30 99,554 364,847 Other (expense) income Equity in (losses) earnings of unconsolidated entities — — — (9,949) (14,814) 56 (24,707) (Loss) gain on sale of assets, net (437) 7,292 — — — — 6,855 Loss on extinguishment of debt (937) — — — — (1,099) (2,036) Interest expense (2,284) (32,443) (2,557) (3) — (62,316) (99,603) Other (expense) income (2,164) (1,302) — 7,523 2,529 — 6,586 Total other expense (5,822) (26,453) (2,557) (2,429) (12,285) (63,359) (112,905) Income (loss) before income taxes 49,581 (71,169) (23,405) (5,249) (12,315) (94,723) (157,280) (Benefit from) provision for income taxes (561) 2,468 496 — — 67 2,470 Net income (loss) 50,142 (73,637) (23,901) (5,249) (12,315) (94,790) (159,750) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 143 (36,917) (1,412) — — (228) (38,414) Less: Dividends and accretion of redeemable preferred stock — — — — — 62,400 62,400 Net income (loss) attributable to stockholders $ 49,999 $ (36,720) $ (22,489) $ (5,249) $ (12,315) $ (156,962) $ (183,736) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders: Year Ended December 31, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 78,521 $ 35,694 $ (8,061) $ 34,784 $ (7,253) $ (26,163) $ 107,522 Add: Non-controlling share of Adjusted EBITDA 21,515 Add: Equity in losses of unconsolidated entities (24,707) Less: Interest and other costs on pension and OPEB liabilities (2,130) Less: Dividends and accretion of redeemable preferred stock (62,400) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (20,209) Less: Interest expense (99,603) Less: Depreciation and amortization expense (81,541) Less: Incentive allocations — Less: Asset impairment charges (743) Less: Changes in fair value of non-hedge derivative instruments (1,125) Less: Losses on the modification or extinguishment of debt and capital lease obligations (2,036) Less: Acquisition and transaction expenses (4,140) Less: Equity-based compensation expense (9,199) Less: Provision for income taxes (2,470) Less: Other non-recurring items (2,470) Net loss attributable to stockholders $ (183,736) II. For the Year Ended December 31, 2022 Year Ended December 31, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 149,661 $ 60,289 $ 4,117 $ — $ — $ 47,899 261,966 Expenses Operating expenses 84,863 56,417 17,072 826 10 48,969 208,157 General and administrative — — — — — 10,891 10,891 Acquisition and transaction expenses 763 64 — 458 280 15,279 16,844 Management fees and incentive allocation to affiliate — — — — — 12,964 12,964 Depreciation and amortization 20,164 39,318 9,322 — — 1,945 70,749 Total expenses 105,790 95,799 26,394 1,284 290 90,048 $ 319,605 Other (expense) income Equity in (losses) earnings of unconsolidated entities — — — (60,538) (7,012) 151 (67,399) Loss on sale of assets, net (1,603) — — — — — (1,603) Interest expense (212) (24,798) (1,590) — — (26,639) (53,239) Other (expense) income (1,632) (4,317) — 524 2,123 133 (3,169) Total other expense (3,447) (29,115) (1,590) (60,014) (4,889) (26,355) (125,410) Income (loss) before income taxes 40,424 (64,625) (23,867) (61,298) (5,179) (68,504) (183,049) Provision for income taxes 1,287 3,016 165 — — — 4,468 Net income (loss) 39,137 (67,641) (24,032) (61,298) (5,179) (68,504) (187,517) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 15 (32,018) (1,242) — — (688) (33,933) Less: Dividends and accretion of redeemable preferred stock — — — — — 23,657 23,657 Net income (loss) attributable to stockholders and Former Parent $ 39,122 $ (35,623) $ (22,790) $ (61,298) $ (5,179) $ (91,473) $ (177,241) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders and Former Parent: Year Ended December 31, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 64,286 $ 18,490 $ (12,743) $ 18,039 $ (2,334) $ (24,710) $ 61,028 Add: Non-controlling share of Adjusted EBITDA 16,279 Add: Equity in losses of unconsolidated entities (67,399) Less: Interest and other costs on pension and OPEB liabilities (1,232) Less: Dividends and accretion of redeemable preferred stock (23,657) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (13,939) Less: Interest expense (53,239) Less: Depreciation and amortization expense (70,749) Less: Incentive allocations — Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments 1,125 Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (16,844) Less: Equity-based compensation expense (4,146) Less: Provision for income taxes (4,468) Less: Other non-recurring items — Net loss attributable to stockholders and Former Parent $ (177,241) III. For the Year Ended December 31, 2021 Year Ended December 31, 2021 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 62,250 $ 46,352 $ 11,617 $ — $ — $ — 120,219 Expenses Operating expenses 35,824 48,255 14,304 99 — 59 98,541 General and administrative — — — — — 8,737 8,737 Acquisition and transaction expenses 2,841 — — — — 11,985 14,826 Management fees and incentive allocation to affiliate — — — — — 15,638 15,638 Depreciation and amortization 8,951 36,013 9,052 — — — 54,016 Total expenses 47,616 84,268 23,356 99 — 36,419 191,758 Other (expense) income Equity in (losses) earnings of unconsolidated entities — — — (13,597) (372) 470 (13,499) Gain on sale of assets, net — — 16 — — — 16 Interest expense (60) (14,812) (1,147) — — — (16,019) Other expense (422) (4,726) — (3,782) — — (8,930) Total other (expense) income (482) (19,538) (1,131) (17,379) (372) 470 (38,432) Income (loss) before income taxes 14,152 (57,454) (12,870) (17,478) (372) (35,949) (109,971) Provision for (benefit from) income taxes 64 229 — (3,930) — 7 (3,630) Net income (loss) 14,088 (57,683) (12,870) (13,548) (372) (35,956) (106,341) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries — (26,250) (222) — — — (26,472) Net income (loss) attributable to Former Parent $ 14,088 $ (31,433) $ (12,648) $ (13,548) $ (372) $ (35,956) $ (79,869) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to Former Parent: Year Ended December 31, 2021 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 26,449 $ 10,631 $ (4,149) $ 25,524 $ (372) $ (24,372) $ 33,711 Add: Non-controlling share of Adjusted EBITDA 12,508 Add: Equity in losses of unconsolidated entities (13,499) Less: Interest and other costs on pension and OPEB liabilities (445) Less: Dividends and accretion of redeemable preferred stock — Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (29,095) Less: Interest expense (16,019) Less: Depreciation and amortization expense (54,016) Less: Incentive allocations — Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments 2,220 Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (14,826) Less: Equity-based compensation expense (4,038) Less: Benefit from income taxes 3,630 Less: Other non-recurring items — Net loss attributable to Former Parent $ (79,869) IV. Balance Sheet The following tables sets forth the summarized balance sheet. All property, plant and equipment and leasing equipment are located in North America. December 31, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Current assets $ 58,114 $ 88,542 $ 9,267 $ 2 $ 22,405 $ 7,173 $ 185,503 Non-current assets 667,501 1,137,510 295,685 6,825 77,540 9,045 2,194,106 Total assets 725,615 1,226,052 304,952 6,827 99,945 16,218 2,379,609 Debt, net — 737,335 44,250 — — 559,325 1,340,910 Current liabilities 54,150 65,052 4,912 828 — 25,695 150,637 Non-current liabilities 55,975 797,854 47,816 29,310 — 559,926 1,490,881 Total liabilities 110,125 862,906 52,728 30,138 — 585,621 1,641,518 Redeemable preferred stock — — — — — 325,232 325,232 Non-controlling interests in equity of consolidated subsidiaries 2,861 (74,278) (13) — — — (71,430) Total equity 615,490 363,146 252,224 (23,311) 99,945 (894,635) 412,859 Total liabilities, redeemable preferred stock and equity $ 725,615 $ 1,226,052 $ 304,952 $ 6,827 $ 99,945 $ 16,218 $ 2,379,609 December 31, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Current assets $ 56,631 $ 166,252 $ 16,888 $ 396 $ 20,747 $ 16,890 $ 277,804 Non-current assets 672,275 1,136,095 289,132 8,142 84,390 10,561 2,200,595 Total assets 728,906 1,302,347 306,020 8,538 105,137 27,451 2,478,399 Debt, net 10,000 732,145 25,000 — — 463,012 1,230,157 Current liabilities 51,902 81,147 5,958 906 — 19,668 159,581 Non-current liabilities 59,698 790,687 28,163 187,165 — 463,721 1,529,434 Total liabilities 111,600 871,834 34,121 188,071 — 483,389 1,689,015 Redeemable preferred stock — — — — — 264,590 264,590 Non-controlling interests in equity of consolidated subsidiaries 1,403 (33,048) 1,093 — — 3,723 (26,829) Total equity 617,306 430,513 271,899 (179,533) 105,137 (720,528) 524,794 Total liabilities, redeemable preferred stock and equity $ 728,906 $ 1,302,347 $ 306,020 $ 8,538 $ 105,137 $ 27,451 $ 2,478,399 |
REDEEMABLE PREFERRED STOCK
REDEEMABLE PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
REDEEMABLE PREFERRED STOCK | 16. REDEEMABLE PREFERRED STOCK On August 1, 2022, the Company issued and sold 300,000 shares of Redeemable Preferred Stock at a price of $1,000 per share and $0.01 par value. The shares were issued at a 3% discount for net proceeds of $291.0 million. The Company also issued two classes of warrants to the preferred stockholders (see Note 17). The fair value of the Redeemable Preferred Stock and the warrants at issuance were determined to be $242.7 million and $13.8 million, respectively. The Company incurred $16.4 million of issuance costs related to the Redeemable Preferred Stock and warrants. Additionally, the Company issued options to the Manager with a total fair value of $18.1 million (see Note 14). The Redeemable Preferred Stock has the following rights, preferences and restrictions: Voting Each holder of the Redeemable Preferred Stock will have one vote per share on any matter on which holders of the Redeemable Preferred Stock are entitled to vote separately as a class, whether at a meeting or by written consent. The holders of shares of the Redeemable Preferred Stock do not otherwise have any voting rights. Liquidation Preference The Redeemable Preferred Stock ranks senior to the common stock with respect to dividend rights and rights upon the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. Upon a liquidation, dissolution or winding up of the affairs of the Company, each share of Redeemable Preferred Stock will be entitled to receive an amount per share equal to the greater of (i) the purchase price paid by the purchaser, plus all accrued and unpaid dividends (the “Liquidation Preference”) and (ii) the purchase price, plus $150.0 million of cash Dividends (the ”Base Preferred Return Amount”). Dividends Dividends on the Redeemable Preferred Stock are payable at a rate equal to 14.0% per annum subject to increase in accordance with the terms of the Redeemable Preferred Stock. Specifically, the rate will be increased by 2.0% per annum for any periods during the first two years following closing of the issuance of the Redeemable Preferred Stock, where the dividend is not paid in cash. Prior to the second anniversary of the issuance date, such dividends will automatically accrue and accumulate on each share of Redeemable Preferred Stock, whether or not declared and paid, or they may be paid in cash at our discretion. After the second anniversary of the issuance date, we are required to pay such dividends in cash. Failure to pay such dividends will result in a dividend rate equal to 18.0% per annum, and a failure to pay cash dividends for 12 monthly dividend periods (whether or not consecutive) following the second anniversary of the issuance date will constitute an event of noncompliance. The dividend rate on the Redeemable Preferred Stock will increase by 1.0% per annum beginning on the fifth anniversary of the issuance date of the Redeemable Preferred Stock. As of December 31, 2023, the Company has $73.3 million of PIK dividends, increasing our Redeemable Preferred Stock balance. The Company had dividends paid in cash of $1.8 million and $1.8 million as of December 31, 2023 and 2022, respectively. Dividends recorded in Dividends and accretion of redeemable preferred stock on the Consolidated and Combined Consolidated Statement of Operations totaled $55.8 million and $21.0 million for the years ended December 31, 2023 and 2022, respectively. The Company has presented the Redeemable Preferred Stock in temporary equity and is accreting the discount and debt issuance costs using the interest method to the earliest redemption date of August 1, 2030. Such accretion, recorded in Dividends and accretion of redeemable preferred stock on the Consolidated and Combined Consolidated Statements of Operations, totaled $6.6 million and $2.7 million for the years ended December 31, 2023 and 2022, respectively. Redemption Mandatory Redemption : The Redeemable Preferred Stock is not mandatorily redeemable at the option of the holders, except upon the occurrence of any (i) bankruptcy event, (ii) any change of control event, or (iii) any debt acceleration event (together with any bankruptcy event and change of control event) (each a “Mandatory Redemption Event”). Upon the occurrence of a Mandatory Redemption Event, to the extent not prohibited by law, we will be required to redeem all preferred stock in cash at the greater of the (i) Liquidation Preference, and (ii) the Base Preferred Return Amount at the date of redemption. Optional Redemption : The Redeemable Preferred Stock is optionally redeemable at the option of the Company, at any time, at the greater of the (i) Liquidation Preference, and (ii) the Base Preferred Return Amount at the date of redemption. Upon certain contingent events or events of noncompliance, the preferred stockholders have the right to a majority of the board seats of the Company. If the Redeemable Preferred Stock were redeemed as of December 31, 2023, it would be redeemable for $446.5 million. Amendment to Certificate of Designations of Our Series A Preferred Stock On July 5, 2023, a Certificate of Amendment (the “Amendment”) to the Certificate of Designations for its Series A Preferred Stock (the “Certificate of Designations”) became effective, amending certain provisions of the Certificate of Designations to increase the aggregate principal amount of outstanding indebtedness that the Company and its subsidiaries may incur in order to facilitate the issuance of the additional $100.0 million of Senior Notes due 2027 (the “Additional Notes”). The holders of our Series A Preferred Stock received a customary fee for their consent and purchased $33.4 million aggregate principal amount of the Additional Notes. |
EARNINGS PER SHARE AND EQUITY
EARNINGS PER SHARE AND EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE AND EQUITY | EARNINGS PER SHARE AND EQUITY Basic loss per share of common stock (“LPS”) is calculated by dividing net loss attributable to stockholders and Former Parent by the weighted average number of common stock outstanding, plus any participating securities. Diluted LPS is calculated by dividing net loss attributable to stockholders and Former Parent by the weighted average number of common stock outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method. The calculation of basic and diluted LPS is presented below: Year Ended December 31, (in thousands, except per share data) 2023 2022 2021 Net loss $ (159,750) $ (187,517) $ (106,341) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (38,414) (33,933) (26,472) Less: Dividends and accretion of redeemable preferred stock 62,400 23,657 — Net loss attributable to stockholders and Former Parent $ (183,736) $ (177,241) $ (79,869) Weighted Average Common Stock Outstanding - Basic (1) 102,960,812 102,747,121 99,387,467 Weighted Average Common Stock Outstanding - Diluted (1) 102,960,812 102,747,121 99,387,467 Loss per share: Basic $ (1.78) $ (1.73) $ (0.80) Diluted (2) $ (1.79) $ (1.73) $ (0.80) ______________________________________________________________________________________ (1) The year ended December 31, 2023 includes penny warrants which can be converted into a fixed amount of our stock. (2) Diluted LPS for the year ended December 31, 2023 includes the dilutive effect of subsidiary earnings per share. For the years ended December 31, 2023 and 2022, 2,917,041 a nd 586,269 shares of common stock, respectively, have been excluded from the calculation of Diluted LPS because the impact would be anti-dilutive. On the Spin-off Date, FTAI distributed one share of FTAI Infrastructure, Inc. common stock for each FTAI common share held by FTAI’s shareholders of record as of the record date. As of that date, 99,387,467 shares of common stock were distributed. This number of shares is utilized for the calculation of basic and diluted loss per share for all periods presented prior to the spin-off. For the year ended December 31, 2021, these shares are treated as issued and outstanding for purposes of calculating historical earnings per share. For periods prior to the spin-off, it is assumed that there are no dilutive equity instruments as there were no equity awards of FTAI Infrastructure, Inc. outstanding prior to the spin-off. In addition, as of the Spin-off Date, each FTAI option held by the Manager or by the directors, officers, employees, service providers, consultants and advisors of the Manager was converted into an adjusted FTAI option and a new FTAI Infrastructure Inc. option. The exercise price of each adjusted FTAI Infrastructure Inc. option was set to collectively maintain the intrinsic value of the FTAI option immediately prior to the spin-off and to maintain the ratio of the exercise price of the adjusted FTAI option and the FTAI Infrastructure Inc. option, respectively, to the fair market value of the underlying shares. The terms and conditions applicable to each FTAI Infrastructure option are substantially similar to the terms and conditions otherwise applicable to the FTAI option. On August 1, 2022, we issued 10.9 million options to purchase common stock to the Manager, with a term of 10 years and strike price of $2.76 as compensation to the Manager for services rendered in connection with the Redeemable Preferred Stock raise, as discussed in Note 16. We issued 15,000 options to purchase common stock to certain directors as compensation during the year ended December 31, 2022. Common Stock Warrants On August 1, 2022, in connection with the Redeemable Preferred Stock raise, the Company issued two classes of warrants to the redeemable preferred stockholders. The Series I Warrants represent the right to purchase 3,342,566 shares of common stock, at an exercise price of $10.00 per share, and the Series II Warrants represent the right to purchase 3,342,566 shares of common stock at an exercise price of $0.01 per share. Both classes of warrants expire on the earlier of August 1, 2030 or a change in control. The Series II Warrants participate on an as-converted basis in any dividends with respect to the common stock. A summary of the status of the Company’s outstanding stock warrants and changes during the year ended December 31, 2023 is as follows: Number of Warrants Weighted Average Exercise Price Outstanding as of December 31, 2022 6,685,132 $ 5.01 Issued — — Expired — — Exercised — — Outstanding as of December 31, 2023 (1) 6,685,132 $ 4.93 Warrants exercisable as of December 31, 2023 (1) 6,685,132 $ 4.93 ______________________________________________________________________________________ (1) Weighted average exercise price as of December 31, 2023 includes adjustments for quarterly dividend payments. The weighted average remaining contractual term of the outstanding warrants as of December 31, 2023 is 6.6 years. The aggregate intrinsic value of the warrants as of December 31, 2023 is $13.0 million. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES In the normal course of business we, and our subsidiaries, may be involved in various claims, legal proceedings, or may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. We have also entered into an arrangement with our non-controlling interest holder of Repauno, as part of the initial acquisition, whereby the non-controlling interest holder may receive additional payments contingent upon the achievement of certain conditions, not to exceed $15.0 million. We will account for such amounts when and if such conditions are achieved. The contingency related to $5.0 million of the total $15.0 million was resolved and paid during the year ended December 31, 2021, and the contingency related to an additional $5.0 million of the total $15.0 million was resolved and paid during the year ended December 31, 2022. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividends On February 29, 2024, our board of directors declared a cash dividend on our common stock of $0.03 per share for the quarter ended December 31, 2023, payable on April 5, 2024 to the holders of record on March 27, 2024. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: Consolidated and Combined Consolidated Financial Statements The Company’s financial statements for the periods through the Spin-off Date are combined consolidated financial statements. The Company’s financial statements for the period after the Spin-off Date through December 31, 2023 are consolidated financial statements based on the reported results of FTAI Infrastructure Inc. as a standalone company. The historical results of operations, financial position, and cash flows of FTAI Infrastructure represented in the combined consolidated financial statements may not be indicative of what they would have been had FTAI Infrastructure actually been a separate standalone entity during such periods, nor are they necessarily indicative of our future results of operations, financial position, and cash flows. Basis of Presentation: Prior to Spin-off The Company’s financial statements for the periods through the Spin-off Date were prepared on a standalone basis as if the operations had been conducted independently from the Former Parent and have been derived from the consolidated financial statements and accounting records of the Former Parent. Accordingly, Former Parent’s net investment in our operations (Net Former Parent investment) was shown in lieu of stockholders’ equity in the accompanying combined consolidated financial statements, which include the historical operations comprising the infrastructure business of FTAI. Prior to the Spin-off Date, the combined consolidated financial statements include certain assets and liabilities that have historically been held by the Former Parent but are specifically identifiable or otherwise attributable to FTAI Infrastructure. All significant intercompany transactions between Former Parent and FTAI Infrastructure have been included as components of Net Former Parent investment in the combined consolidated financial statements, as they are to be considered effectively settled upon effectiveness of the spin-off. The combined consolidated financial statements are presented as if our businesses had been combined for all periods presented. Principles of Combination —FTAI Infrastructure had elected the principles of combined consolidated financial statements as the basis of presentation for the periods through the Spin-off Date due to common ownership and management of the entities, which includes the financial results of the Railroad, Jefferson Terminal, Repauno, Power and Gas, and Sustainability and Energy Transition segments. |
Cash and Cash Equivalents | Cash and Cash Equivalents —The cash and cash equivalents reflected in the financial statements through the Spin-off Date are cash and cash equivalents that were legally held by FTAI Infrastructure during the periods presented in the financial statements and are directly attributed to and used in the operations of FTAI Infrastructure. Cash and Cash Equivalents —We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. |
Debt and the Corresponding Interest Expense | Debt and the Corresponding Interest Expense —The debt reflected in the financial statements through the Spin-off Date was debt that was directly attributable to, and legally incurred by, FTAI Infrastructure. The corresponding interest expense presented in the financial statements was derived solely from the debt directly attributed to FTAI Infrastructure. |
Corporate Function and Principles of Consolidation | Corporate Function —For the periods through the Spin-off Date, the combined consolidated financial statements include all revenues and costs directly attributable to FTAI Infrastructure and an allocation of certain expenses. The Former Parent was externally managed by FIG LLC (the “Manager”), an affiliate of Fortress Investment Group LLC (“Fortress”), which performed the Former Parent’s corporate function, and incurred a variety of expenses including, but not limited to, information technology, accounting, treasury, tax, legal, corporate finance and communications. For purposes of the Combined Consolidated Statements of Operations, an allocation of these expenses was included to reflect our portion of such corporate overhead from the Former Parent. The charges reflected have either been specifically identified or allocated based on an estimate of time spent on FTAI Infrastructure. These allocated costs were recorded in general and administrative, and acquisition and transaction expenses in the Combined Consolidated Statements of Operations. We believe the assumptions regarding allocations of the Former Parent’s Corporate expenses are reasonable. Nevertheless, the allocations may not be indicative of the actual expense that would have been incurred had FTAI Infrastructure operated as an independent, standalone public entity, nor are they indicative of the Company’s future expenses. Actual costs that may have been incurred if FTAI Infrastructure had been a standalone company would depend on a number of factors, including the organizational structure, what functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure. The Former Parent funded FTAI Infrastructure’s operating and investing activities as needed. Cash transfers to and from the Former Parent are reflected in the Combined Consolidated Statements of Cash Flows as “Net transfers from Former Parent”. Refer to Note 14 for additional discussion on corporate costs allocated from the Former Parent that are included in these combined consolidated financial statements. Subsequent to the Spin-off Date, the Company operated as a standalone company based on actual expenses incurred. Principles of Consolidation —We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. We use the equity method of accounting for investments in entities in which we exercise significant influence but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities as well as the proportionate interest in adjustments to other comprehensive income (loss). |
Use of Estimates | Use of Estimates —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated and combined consolidated financial statements and the reported amounts of revenues and expenses during the reporting period, including allocations from the Former Parent during the period prior to the spin-off. Actual results could differ from those estimates. |
Risks and Uncertainties | Risks and Uncertainties —In the normal course of business, we encounter several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which we operate, which could adversely impact the pricing of the services offered by us or a lessee’s or customer’s ability to make payments. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. We do not have significant exposure to foreign currency risk as all of our leasing and revenue arrangements are denominated in U.S. dollars. Liquidity —In performing the first step of the evaluation under ASC 205-40, management concluded that the Company’s current liquidity and forecasted cash flows from operations are not sufficient to support, in full, the repayment of Jefferson Terminal’s Taxable Series 2020B Bonds totaling $79.1 million that mature on January 1, 2025, the Company’s operating and capital expenditure commitments and dividend payments on Series A Preferred Stock. In performing the second step of this assessment, the Company evaluated whether it is probable that the Company’s plans will be effectively implemented within one year after the financial statements are issued and whether it is probable that those plans will alleviate the liquidity risk raised in the first step of the evaluation. Management has approved a plan to alleviate liquidity risk by: (i) refinancing the Taxable Series 2020B Bonds prior to their maturity date, including contributing additional unencumbered assets as collateral; (ii) delaying planned capital expenditures; (iii) electing to defer payment of the management fee and expense reimbursements to the Manager; (iv) continuing to accrue paid-in-kind dividends on its Series A Senior Preferred Stock; and (v) eliminating future dividends on common stock, excluding the common dividend that our board of directors declared on February 29, 2024 that will be paid on April 5, 2024. Management concluded that such plans are probable of being implemented and the Company will have sufficient liquidity to meet its obligations as they become due over the next twelve months from the date that the consolidated and combined consolidated financial statements were issued. Management will continue to evaluate its liquidity and financial position and update future plans accordingly. |
Variable Interest Entities | Variable Interest Entities —The assessment of whether an entity is a VIE and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. |
Restricted Cash | Restricted Cash —Restricted cash consists of prepaid interest and principal pursuant to the requirements of certain of our debt agreements (see Note 7) and other qualifying construction projects at Jefferson Terminal. |
Property, Plant and Equipment, Leasing Equipment and Depreciation | Property, Plant and Equipment, Leasing Equipment and Depreciation —Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over their estimated useful lives, to estimated residual values which are summarized as follows: Asset Range of Estimated Useful Lives Residual Value Estimates Railcars and locomotives 40 - 50 years from date of manufacture Scrap value at end of useful life Track and track related assets 15 - 50 years from date of manufacture Scrap value at end of useful life Land, site improvements and rights N/A N/A Bridges and tunnels 15 - 55 years Scrap value at end of useful life Buildings and site improvements 20 - 30 years Scrap value at end of useful life Railroad equipment 3 - 15 years from date of manufacture Scrap value at end of useful life Terminal machinery and equipment 15 - 25 years from date of manufacture Scrap value at end of useful life Vehicles 5 - 7 years from date of manufacture Scrap value at end of useful life Furniture and fixtures 3 - 6 years from date of purchase None Computer hardware and software 3 - 5 years from date of purchase None Construction in progress N/A N/A Major improvements and modifications incurred in connection with the acquisition of property, plant and equipment and leasing equipment that are required to get the asset ready for initial service are capitalized and depreciated over the remaining life of the asset. Project costs of major additions and betterments, including capitalizable engineering costs and other costs directly related to the development or construction of project, are capitalized and depreciation commences once it is placed into service. Interest costs directly related to and incurred during the construction period of property, plant and equipment are capitalized. Significant spare parts are depreciated in conjunction with the underlying property, plant and equipment asset when placed in service. We review our depreciation policies on a regular basis to determine whether changes have taken place that would suggest that a change in our depreciation policies, useful lives of our equipment or the assigned residual values is warranted. |
Capitalized Interest | Capitalized Interest |
Repairs and Maintenance | Repairs and Maintenance |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets —We perform a recoverability assessment of each of our long-lived assets whenever events or changes in circumstances, or indicators, indicate that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant change in market conditions; or the introduction of newer technology. When performing a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its net book value. The undiscounted cash flows consist of cash flows from terminal services contracts and currently contracted leases, future projected leases, terminal service and freight rail rates, transition costs, and estimated residual or scrap values. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge. Management develops the assumptions used in the recoverability analysis based on its knowledge of active contracts, current and future expectations of the demand for a particular asset and historical experience, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in contracted lease rates, terminal service, and freight rail rates, residual values, economic conditions, technology, demand for a particular asset type and other factors. |
Goodwill | Goodwill —Goodwill includes the excess of the purchase price over the fair value of the net tangible and intangible assets associated with the acquisition of Jefferson Terminal, Transtar and FYX. As of December 31, 2023, the carrying amount of goodwill within the Jefferson Terminal, Railroad and Corporate and Other segments was $122.7 million, $147.2 million, and $5.4 million, respectively. As of December 31, 2022, the carrying amount of goodwill within the Jefferson Terminal, Railroad and Corporate and Other segments was $122.7 million, $132.1 million, and $5.4 million, respectively. During 2023, an immaterial adjustment was recorded to the goodwill and property, plant and equipment balances of the Railroad segment. We review the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment review is conducted as of October 1st of each year. Additionally, we review the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment. For an annual goodwill impairment assessment, an optional qualitative analysis may be performed. If the option is not elected or if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a goodwill impairment test is performed to identify potential goodwill impairment and measure an impairment loss. A goodwill impairment assessment compares the fair value of a respective reporting unit with its carrying amount, including goodwill. The estimate of fair value of the respective reporting unit is based on the best information available as of the date of assessment, which primarily incorporates certain factors including our assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. If the estimated fair value of the reporting unit is less than the carrying amount, a goodwill impairment is recorded to the extent that the carrying value of the reporting unit exceeds the fair value. As of October 1, 2023, we elected to complete a qualitative impairment assessment of the goodwill related to our Transtar and FYX reporting units and concluded that it was more likely than not that the fair value of the Transtar and FYX reporting units exceeded their respective carrying values. Therefore, no quantitative impairment evaluation was completed. As part of our assessment, we considered numerous factors, including: • macroeconomic conditions and their potential impact on reporting unit fair value; • industry and market conditions; • cost factors such as increases in raw materials, labor or other costs; • actual financial performance compared with budget and prior projections; and • events that may change the composition or carrying value of its net assets. For our Jefferson Terminal reporting unit, we completed a quantitative analysis. We estimate the fair value of Jefferson Terminal using an income approach, specifically a discounted cash flow analysis. This analysis requires us to make significant assumptions and estimates about the forecasted revenue growth rates, EBITDA margins, capital expenditures and discount rates. The estimates and assumptions used consider historical performance if indicative of future performance and are consistent with the assumptions used in determining future profit plans for the reporting units. In connection with our impairment analysis, although we believe the estimates of fair value are reasonable, the determination of certain valuation inputs is subject to management's judgment. Changes in these inputs, including as a result of events beyond our control, could materially affect the results of the impairment review. If the forecasted cash flows or other key inputs are negatively revised in the future, the estimated fair value of the reporting unit could be adversely impacted, potentially leading to an impairment in the future that could materially affect our operating results. The Jefferson Terminal reporting unit had an estimated fair value that exceeded its carrying value by more than 10% but less than 20% as of October 1, 2023. The Jefferson Terminal reporting unit forecasted revenue is dependent on the ramp up of volumes under current and expected future contracts for storage and throughput of heavy and light crude and refined products, expansion of refined product distribution to Mexico, expansion of volumes and execution of contracts related to sustainable fuels and movements in future oil spreads. At October 1, 2023, approximately 6.2 million barrels of storage was operational. Our discount rate for our 2023 goodwill impairment analysis was 10.3% and our assumed terminal growth rate was 2.5%. If our strategy changes from planned capacity downward due to an inability to source contracts or expand volumes, the fair value of the reporting unit would be negatively affected, which could lead to an impairment. The expansion of refineries in the Beaumont/Port Arthur area, as well as growing crude oil and natural gas production in the U.S. and Canada, are expected to result in increased demand for storage on the U.S. Gulf Coast. Although we do not have significant direct exposure to volatility of crude oil prices, changes in crude oil pricing that affect long term refining planned output could impact Jefferson Terminal operations. We expect the Jefferson Terminal reporting unit to continue to generate positive Adjusted EBITDA in future years. Further delays in executing anticipated contracts or achieving our projected volumes could adversely affect the fair value of the reporting unit. There were no impairments of goodwill for the years ended December 31, 2023, 2022, and 2021. |
Intangibles and amortization | Intangibles and Amortization —Intangible assets include the value of existing customer relationships acquired in connection with the acquisition of Jefferson Terminal and Transtar. |
Redeemable Preferred Stock | Redeemable Preferred Stock —We classify the Series A Senior Preferred Stock ("Redeemable Preferred Stock") as temporary equity in the Consolidated Balance Sheets due to certain contingent redemption clauses that are at the election of the holders. The carrying value of the Redeemable Preferred Stock is accreted to the redemption value at the earliest redemption date, which has been determined to be August 1, 2030. We use the interest method to accrete to the redemption value. |
Infrastructure Revenues | Terminal Services Revenues —Terminal services are provided to customers for the receipt and redelivery of various commodities. These revenues relate to performance obligations that are recognized over time using the right to invoice practical expedient, i.e., invoiced as the services are rendered and the customer simultaneously receives and consumes the benefit over the contract term. The Company’s performance of service and right to invoice corresponds with the value delivered to our customers. Revenues are typically invoiced and paid on a monthly basis. Rail Revenues —Rail revenues generally consist of the following performance obligations: industrial switching, interline services, demurrage and storage. Switching revenues are derived from the performance of switching services, which involve the movement of cars from one point to another within the limits of an individual plant, industrial area, or a rail yard. Switching revenues are recognized as the services are performed, and the services are generally completed on the same day they are initiated. Interline revenues are derived from transportation services for railcars that originate or terminate at our railroads and involve one or more other carriers. For interline traffic, one railroad typically invoices a customer on behalf of all railroads participating in the route directed by the customer. The invoicing railroad then pays the other railroads its portion of the total amount invoiced on a monthly basis. We record revenue related to interline traffic for transportation service segments provided by carriers along railroads that are not owned or controlled by us on a net basis. Interline revenues are recognized as the transportation movements occur. Our ancillary services revenue primarily relates to demurrage and storage services. Demurrage represents charges assessed by railroads for the detention of cars by shippers or receivers of freight beyond a specified free time and is recognized on a per day basis. Storage services revenue is earned for the provision of storage of shippers’ railcars and is generally recognized on a per day, per car basis, as the storage services are provided. Lease Income —Lease income consists of rental income from tenants for storage space. Lease income is recognized on a straight-line basis over the terms of the relevant lease agreement. Roadside Services Revenues —Roadside services revenue is revenue related to providing roadside assistance services to customers in the intermodal and over-the-road trucking industries. Revenue is recognized when a performance obligation is satisfied by completing a repair service at a point in time. Revenues are typically invoiced for each repair and generally have 30-day payment terms. Other Revenue —Other revenue primarily consists of revenue related to the handling, storage and sale of raw materials. Revenues for the handling and storage of raw materials relate to performance obligations that are recognized over time using the right to invoice practical expedient, i.e., invoiced as the services are rendered and the customer simultaneously receives and consumes the benefit over the contract term. Our performance of service and right to invoice corresponds with the value delivered to our customers. Revenues for the sale of raw materials relate to contracts that contain performance obligations to deliver the product over the term of the contract. The revenues are recognized when the control of the product is transferred to the customer, based on the volume delivered and the price within the contract. Other revenues are typically invoiced and paid on a monthly basis. Additionally, other revenue includes revenue related to derivative trading activities. Payment terms for revenues are generally short term in nature. |
Leasing Arrangements | Leasing Arrangements —At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized in Operating lease right-of-use assets, net and Operating lease liabilities within current liabilities and non-current liabilities in our Consolidated Balance Sheets, respectively. Finance lease ROU assets are recognized in Property, plant and equipment, net and lease liabilities are recognized in Other current liabilities and Other liabilities in our Consolidated Balance Sheets. All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. The finance lease ROU assets are subsequently amortized using the straight-line method. Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs. We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets and lease liabilities; and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred. |
Concentration of Credit Risk | Concentration of Credit Risk —We are subject to concentrations of credit risk with respect to amounts due from customers. We attempt to limit our credit risk by performing ongoing credit evaluations. We earned approximately 12%, 10% and 15% of our consolidated revenue from one customer within the Jefferson Terminal segment during the years ended December 31, 2023, 2022 and 2021, respectively, and 51%, 51% and 45% from one customer within the Railroad segment during the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, accounts receivable from three customers within the Jefferson Terminal and Railroad segments represented 56% of total accounts receivable, net. As of December 31, 2022, accounts receivable from three customers within the Jefferson Terminal and Railroad segments represented 55% of total accounts receivable, net. We maintain cash and restricted cash balances, which generally exceed federally insured limits, and subject us to credit risk, in high credit quality financial institutions. We monitor the financial condition of these institutions and have not experienced any losses associated with these accounts. |
Acquisition and Transaction expenses | Acquisition and Transaction Expenses —Acquisition and transaction expense is comprised of costs related to business combinations, dispositions and terminated deal costs related to asset acquisitions, including advisory, legal, accounting, valuation and other professional or consulting fees. |
Comprehensive Loss | Comprehensive Income (Loss) —Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. Our comprehensive loss represents net loss, as presented in the Consolidated and Combined Consolidated Statements of Operations, adjusted for fair value changes recorded in other comprehensive loss related to cash flow hedges of our equity method investees and pension and other employee benefit accounts. |
Derivative Financial Instruments | Derivative Financial Instruments Electricity Derivatives — Our equity method investee, Long Ridge, enters into derivative contracts as part of a risk management program to mitigate price risk associated with certain electricity price exposures. Long Ridge primarily uses swap derivative contracts, which are agreements to buy or sell a quantity of electricity at a predetermined future date and at a predetermined price. Cash Flow Hedges Certain of these derivative instruments are designated and qualify as cash flow hedges. Our share of the derivative's gain or loss is reported as Other comprehensive income (loss) related to equity method investees in our Consolidated and Combined Consolidated Statements of Comprehensive Income (Loss) and recorded in Accumulated other comprehensive loss Derivatives Not Designated As Hedging Instruments Certain of these derivative instruments are not designated as hedging instruments for accounting purposes. Our share of the change in fair value of these contracts is recognized in Equity in losses of unconsolidated entities in the Consolidated and Combined Consolidated Statements of Operations. The cash flow impact of derivative contracts that are not designated as hedging instruments is recognized in Equity in losses of unconsolidated entities in our Consolidated and Combined Consolidated Statements of Cash Flows. |
Income Taxes | Income Taxes —Prior to the spin-off, we were taxed as a disregarded entity for U.S. federal income tax purposes and our taxable income or loss generated was allocated to investors by our Former Parent, which was treated as a partnership for U.S. federal income tax purposes. In addition, certain of our subsidiaries were taxed as separate corporations for U.S. federal income tax purposes. The income tax provision included in the consolidated and combined consolidated financial statements prior to the spin-off was prepared on a separate return method. Post spin-off, FTAI Infrastructure’s tax structure, certain return elections and assertions are different, including a single consolidated federal tax filing in the U.S., and therefore the income taxes presented prior to the spin-off in the consolidated and combined consolidated financial statements are not expected to be indicative of the Company’s future income taxes. We account for these taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. Some of our entities file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and in certain foreign jurisdictions. The income tax returns filed by us and our subsidiaries are subject to examination by the U.S. federal, state and foreign tax authorities. We recognize tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the Provision for (benefit from) income taxes in the Consolidated and Combined Consolidated Statements of Operations. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits |
Recent Accounting Pronouncements | Recent Accounting Pronouncements —In August 2023, the FASB issued ASU 2023-05, Business Combination – Joint Venture Formations. This ASU is intended to address the accounting for contributions made to a joint venture and requires joint ventures to measure all assets and liabilities at fair value upon formation. This standard is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. We adopted this guidance in the fourth quarter of 2023, and it did not have a material impact on our consolidated and combined consolidated financial statements. Unadopted Accounting Pronouncements —In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements – Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU incorporates certain Securities and Exchange Commission (“SEC”) disclosure requirements related to various subtopics into the FASB Accounting Standards Codification. This standard is effective for each subtopic amendment on the date that the SEC removes the related disclosure requirement from Regulation S-X or Regulation S-K, with early adoption prohibited. If the SEC has not removed the requirements by June 30, 2027, this pending amendment will be removed from the Codification and will not become effective for any entity. We do not expect the adoption of this guidance to have a material impact on our consolidated and combined consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. This ASU will require entities to provide additional disclosures around significant segment expenses that are regularly provided to the chief operating decision maker, as well as an amount and description of its composition of other segment items. This standard is effective retrospectively for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact this guidance will have on our consolidated and combined consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. This ASU enhances the transparency and decision usefulness of income tax disclosures by expanding the disclosures of an entity’s income tax rate reconciliation and disaggregation of income taxes paid and income tax expense. This standard is effective prospectively for all public entities for annual periods beginning after December 15, 2024, with early adoption and retrospective application permitted. We are currently assessing the impact this guidance will have on our consolidated and combined consolidated financial statements and related disclosures. |
Fair Value Measurement | Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. • Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: • Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts. • Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). |
LEASING EQUIPMENT, NET (Tables)
LEASING EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessor, Operating Lease, Carrying Value of Assets Subject to Leases | Leasing equipment, net is summarized as follows: December 31, 2023 2022 Leasing equipment $ 45,982 $ 44,179 Less: Accumulated depreciation (10,395) (9,272) Leasing equipment, net $ 35,587 $ 34,907 |
Operating Lease, Lease Income | Depreciation expense for leasing equipment is summarized as follows: Year Ended December 31, 2023 2022 2021 Depreciation expense for leasing equipment $ 1,148 $ 1,105 $ 1,103 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | The following table presents future minimum lease payments under the sales-type lease as of December 31, 2023: 2024 $ 780 2025 780 2026 780 2027 780 2028 780 Thereafter 21,060 Total undiscounted lease payments 24,960 Less: Imputed interest 16,222 Total lease receivable $ 8,738 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment, net is summarized as follows: December 31, 2023 2022 Land, site improvements and rights $ 182,319 $ 183,640 Construction in progress 76,491 127,941 Buildings and improvements 18,769 19,356 Bridges and tunnels 176,753 173,868 Terminal machinery and equipment 1,215,197 1,141,505 Track and track related assets 103,888 100,068 Railroad equipment 8,999 8,463 Railcars and locomotives 85,162 100,200 Computer hardware and software 16,058 11,733 Furniture and fixtures 1,887 1,745 Other 21,613 11,336 1,907,136 1,879,855 Less: Accumulated depreciation (276,307) (206,047) Property, plant and equipment, net $ 1,630,829 $ 1,673,808 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | The following table presents the ownership interests and carrying values of our investments: Carrying Value Investment Ownership Percentage December 31, 2023 December 31, 2022 Intermodal Finance I, Ltd. Equity method 51% $ — $ — Long Ridge Energy & Power LLC (1) Equity method 50% — — Long Ridge West Virginia LLC Equity method 50% 6,825 — GM-FTAI Holdco LLC Equity method See below 55,740 68,025 Clean Planet Energy USA LLC Equity method 50% 10,136 5,564 $ 72,701 $ 73,589 ______________________________________________________________________________________ (1) The carrying value of $(29.3) million and $(187.2) million as of December 31, 2023 and 2022, respectively, is included in Other liabilities in the Consolidated Balance Sheets. The following table presents our proportionate share of equity in losses: Year Ended December 31, 2023 2022 2021 Intermodal Finance I, Ltd. $ 56 $ 151 $ 470 Long Ridge Energy & Power LLC (9,556) (60,538) (13,597) Long Ridge West Virginia LLC (393) — — GM-FTAI Holdco LLC (12,285) (5,571) (205) Clean Planet Energy USA LLC (2,529) (1,441) (167) Total $ (24,707) $ (67,399) $ (13,499) |
Equity Method Investments Financial Information | The tables below present summarized fin ancial information for Long Ridge Energy & Power LLC: December 31, Balance Sheet 2023 2022 Assets Current assets Cash and cash equivalents $ 3,362 $ 2,192 Restricted cash 23,691 20,732 Accounts receivable, net 5,633 31,727 Other current assets 7,357 5,732 Total current assets 40,043 60,383 Property, plant, and equipment, net 828,232 827,886 Intangible assets, net 4,180 4,560 Goodwill 86,460 86,460 Other assets 4,041 8,540 Total assets $ 962,956 $ 987,829 Liabilities Current liabilities Accounts payable and accrued liabilities $ 49,538 $ 87,498 Debt, net 4,450 38,526 Derivative liabilities 39,891 125,134 Other current liabilities 2,136 913 Total current liabilities 96,015 252,071 Debt, net 699,372 599,499 Derivative liabilities 360,710 557,708 Other liabilities 4,941 6,932 Total liabilities 1,161,038 1,416,210 Equity Total equity (198,082) (428,381) Total liabilities and equity $ 962,956 $ 987,829 Year Ended December 31, Statement of Operations 2023 2022 2021 Revenue $ 154,290 $ 50,230 $ 85,638 Expenses Operating expenses 61,154 61,835 28,310 Depreciation and amortization 49,502 51,243 24,836 Interest expense 61,332 53,409 11,005 Total expenses 171,988 166,487 64,151 Other income (expense) 801 (4,577) (44,302) Loss before income taxes (16,897) (120,834) (22,815) Provision for income taxes — — — Net loss $ (16,897) $ (120,834) $ (22,815) |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets and Liabilities Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets and Liabilities | ntangible assets, net are summarized as follows: December 31, 2023 Jefferson Terminal Railroad Total Customer relationships $ 35,513 $ 60,000 $ 95,513 Less: Accumulated amortization (33,145) (9,747) (42,892) Total intangible assets, net $ 2,368 $ 50,253 $ 52,621 December 31, 2022 Jefferson Terminal Railroad Total Customer relationships $ 35,513 $ 60,000 $ 95,513 Less: Accumulated amortization (29,591) (5,727) (35,318) Total intangible assets, net $ 5,922 $ 54,273 $ 60,195 |
Schedule of Amortization of Intangibles | Amortization of customer relationships is included in Depreciation and amortization in the Consolidated and Combined Consolidated Statements of Operations and is as follows: Classification in Consolidated and Combined Consolidated Statements of Operations Year Ended December 31, 2023 2022 2021 Customer relationships Depreciation and amortization $ 7,574 $ 7,542 $ 5,292 |
Schedule of Net Annual Amortization of Intangibles | Estimated net annual amortization of intangibles is as follows: 2024 $ 6,369 2025 4,000 2026 4,000 2027 4,000 2028 4,000 Thereafter 30,252 Total $ 52,621 |
DEBT, NET (Tables)
DEBT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Our debt, net is summarized as follows: Outstanding Borrowings Stated Interest Rate Maturity Date December 31, 2023 December 31, 2022 Loans payable DRP Revolver (1) (i) Base Rate + 2.75%; or (ii) Base Rate + 3.75% (Term SOFR) 11/5/26 $ 44,250 $ 25,000 EB-5 Loan Agreement 5.75% (i) 1/25/26 63,800 62,200 Transtar Revolver (2) (i) Base Rate + 2.00%; or (ii) Adjusted Term SOFR + 3.00% 12/27/25 — 10,000 Total loans payable 108,050 97,200 Bonds payable Series 2020 Bonds (i) Tax Exempt Series 2020A Bonds: 3.625% (ii) Tax Exempt Series 2020A Bonds: 4.00% (iii) Taxable Series 2020B Bonds: 6.00% (i) 1/1/35 263,980 263,980 Series 2021 Bonds (i) Series 2021A Bonds: 1.875% to 3.00% (ii) Series 2021B Bonds: 4.10% (i) 1/1/26 to 1/1/50 425,000 425,000 Senior Notes due 2027 (3) 10.500% 6/1/27 575,181 474,828 Total bonds payable 1,264,161 1,163,808 Total debt 1,372,211 1,261,008 Less: Debt issuance costs (31,301) (30,851) Total debt, net $ 1,340,910 $ 1,230,157 Total debt due within one year $ — $ — ______________________________________________________________________________________ (1) Requires a quarterly commitment fee at a rate of 1.000% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (2) Required a quarterly commitment fee at a rate of 0.500% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (3) Includes an unamortized discount of $24,819 and $25,172 at December 31, 2023 and 2022, respectively. |
Schedule of Maturities of Long-term Debt | As of December 31, 2023, scheduled principal repayments under our debt agreements for the next five years and thereafter are summarized as follows: 2024 2025 2026 2027 2028 Thereafter Total DRP Revolver $ — $ — $ 44,250 $ — $ — $ — $ 44,250 EB-5 Loan Agreement — — 35,800 28,000 — — 63,800 Series 2020 Bonds — 79,060 3,590 4,165 4,770 172,395 263,980 Series 2021 Bonds — — 9,025 4,750 205,415 205,810 425,000 Senior Notes due 2027 — — — 600,000 — — 600,000 Total principal payments on loans and bonds payable $ — $ 79,060 $ 92,665 $ 636,915 $ 210,185 $ 378,205 $ 1,397,030 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following tables set forth our financial assets measured at fair value on a recurring basis by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2023 December 31, 2023 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 29,367 $ 29,367 $ — $ — Market Restricted cash 58,112 58,112 — — Market Notes receivable 11,664 — 11,664 — Market Total assets $ 99,143 $ 87,479 $ 11,664 $ — Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2022 December 31, 2022 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 36,486 $ 36,486 $ — $ — Market Restricted cash 113,156 113,156 — — Market Notes receivable 10,800 — 10,800 — Market Derivative assets 1,125 — 1,125 — Income Total assets $ 161,567 $ 149,642 $ 11,925 $ — |
Fair Value, by Balance Sheet Grouping | The fair value of our bonds, notes payable and loans payable reported as Debt, net in the Consolidated Balance Sheets are presented in the table below: December 31, 2023 2022 Series 2020 A Bonds (1) $ 138,666 $ 139,101 Series 2020 B Bonds (1) 75,928 74,543 Series 2021 A Bonds (1) 154,306 152,848 Series 2021 B Bonds (1) 165,208 163,238 Senior Notes due 2027 625,038 498,035 EB-5 Loan Agreement 21,240 19,261 EB-5.2 Loan Agreement 8,183 7,540 EB-5.3 Loan Agreement 22,491 19,877 ______________________________________________________________________________________ (1) Fair value is based upon market prices for similar municipal securities. |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Year Ended December 31, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 1,652 $ 1,437 $ — $ — $ — $ — $ 3,089 Rail revenues 167,793 — — — — — 167,793 Terminal services revenues — 70,709 12,641 — — — 83,350 Roadside services revenues — — — — — 68,190 68,190 Other revenue — — (1,950) — — — (1,950) Total revenues $ 169,445 $ 72,146 $ 10,691 $ — $ — $ 68,190 $ 320,472 Year Ended December 31, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 1,943 $ 1,278 $ — $ — $ — $ — $ 3,221 Rail revenues 147,718 — 86 — — — 147,804 Terminal services revenues — 59,011 563 — — — 59,574 Roadside services revenues — — — — — 47,899 47,899 Other revenue — — 3,468 — — — 3,468 Total revenues $ 149,661 $ 60,289 $ 4,117 $ — $ — $ 47,899 $ 261,966 Year Ended December 31, 2021 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 736 $ 1,688 $ — $ — $ — $ — $ 2,424 Rail revenues 61,514 — — — — — 61,514 Terminal services revenues — 44,664 374 — — — 45,038 Other revenue — — 11,243 — — — 11,243 Total revenues $ 62,250 $ 46,352 $ 11,617 $ — $ — $ — $ 120,219 |
Lessor, Operating Lease, Payments to be Received, Maturity | Presented below are the contracted minimum future annual revenues to be received under existing operating leases within the Jefferson Terminal segment as of December 31, 2023: Operating Leases 2024 $ 704 2025 459 2026 421 2027 — 2028 — Thereafter — Total $ 1,584 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease, Cost | The following table presents lease related costs: Year Ended December 31, 2023 2022 2021 Finance leases Amortization of right-of-use assets $ 1,102 $ 945 $ 380 Interest on lease liabilities 79 52 27 Finance lease expense 1,181 997 407 Operating lease expense 7,619 7,306 5,682 Short-term lease expense 2,617 1,714 587 Variable lease expense 3,620 2,690 1,590 Total lease expense $ 15,037 $ 12,707 $ 8,266 |
Supplemental Information Related to Leases | The following table presents information related to our operating leases as of and for the years ended December 31, 2023 and 2022: December 31, 2023 2022 Right-of-use assets, net $ 69,748 $ 71,015 Short-term lease liabilities 7,218 7,045 Long-term lease liabilities 62,441 63,147 Total lease liabilities $ 69,659 $ 70,192 Weighted average remaining lease term 33.0 years 33.8 years Weighted average incremental borrowing rate 5.7 % 5.7 % |
Supplemental Cash Flow Information | The following table presents supplemental cash flow information for the years ended December 31, 2023, 2022, and 2021: December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 7,187 $ 7,005 $ 5,602 Noncash - ROU assets recorded for new and modified leases 2,828 2,640 12,228 |
Lessee, Operating Lease, Liability, Maturity | The following table presents future minimum lease payments under non-cancellable operating leases as of December 31, 2023: 2024 $ 7,287 2025 6,965 2026 6,293 2027 5,821 2028 5,134 Thereafter 133,661 Total undiscounted lease payments 165,161 Less: Imputed interest 95,502 Total lease liabilities $ 69,659 |
EQUITY-BASED COMPENSATION (Tabl
EQUITY-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Arrangements | The following table presents the expense related to our subsidiary stock-based compensation arrangements recognized in the Consolidated and Combined Consolidated Statements of Operations: Year Ended December 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2023 2022 2021 Restricted Shares $ 949 $ 2,020 $ 3,215 $ — 0.0 Common Units 1,812 2,126 823 2,094 1.1 Total $ 2,761 $ 4,146 $ 4,038 $ 2,094 The following table presents the expense related to our restricted stock units to subsidiary employees recognized in the Consolidated and Combined Consolidated Statements of Operations: Expense Recognized During the Year Ended December 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2023 2022 2021 Restricted Stock Units $ 6,268 $ — $ — $ 7,335 0.8 Total $ 6,268 $ — $ — $ 7,335 |
Summary of Activity | The following tables present information for our stock options, restricted shares of our subsidiary, common units of our subsidiary and restricted stock units to subsidiary employees: Stock Options Restricted Shares Common Units Restricted Stock Units Options Weighted Average Exercise Price Shares Weighted Average Issuance Price Units Weighted Average Issuance Price Units Weighted Average Issuance Price Outstanding as of December 31, 2022 14,394,835 $ 2.77 328,780 $ 8.10 2,820,362 $ 1.02 — $ — Granted 2,173,914 2.76 — — 1,726,423 1.20 4,807,763 3.51 Less: exercised or vested 25,998 2.09 184,959 7.70 1,649,684 1.13 1,608,676 3.51 Less: forfeited and canceled — — 143,821 8.44 850,000 1.00 — — Outstanding as of December 31, 2023 16,542,751 — 2,047,101 3,199,087 Stock Options Restricted Shares Common Units Restricted Stock Units As of December 31, 2023: Weighted average exercise / issuance price (per share) $ 2.76 $ — $ 1.11 $ 3.51 Aggregate intrinsic value (in thousands) $ 18,765 $ — $ 2,371 $ 11,229 Weighted average remaining contractual term 8.1 years 0.0 years 1.1 years 0.8 years |
Summary of Options to Purchase Common Shares | The following table presents information related to the options to purchase our common stock: Number of options 10,869,565 Fair value at grant date ($ millions) $18.1 Expected volatility The expected stock volatility is based on an assessment of the volatility of our publicly traded common stock. 60.00% Risk free interest rate The risk-free rate is determined using the implied yield currently available on U.S. government bonds with a term consistent with the expected term on the date of grant. 2.58% Expected dividend yield The expected dividend yield is based on management’s expected dividend rate. 3.60% Early exercise multiple Assumption that options will be exercised when the share price to strike price ratio reaches a certain threshold. 2.5 Expected term Expected term used represents the period of time the options granted are expected to be outstanding. 10.0 years Number of time steps The number of time steps between the valuation and expiration dates. 1,000 |
RETIREMENT BENEFIT PLANS (Table
RETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule Of Estimated Benefit Obligation Weighted Average Assumptions Table Text Block | Weighted-average assumptions used to determine the estimated benefit obligation and period costs as of and for the year ended December 31, 2023 and 2022 are as follows: Year Ended December 31, 2023 2022 2021 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Weighted-average assumptions used to determine pension benefit obligation: Discount rate 5.06 % 5.06 % 5.31 % 5.29 % 3.02 % 3.00 % Rate of compensation increase 3.50 % N/A 3.50 % N/A 3.50 % N/A Initial healthcare cost trend rate N/A 7.50 % N/A 5.80 % N/A 10% pre-Med; 3% Medicare Ultimate healthcare cost trend rate N/A 4.04 % N/A 3.94 % N/A 3.94 % Year ultimate healthcare cost trend rate is reached N/A 2075 N/A 2075 N/A 2075 Weighted-average assumptions used to determine net periodic pension and postretirement costs: Discount rate 5.31 % 5.29 % 3.02 % 3.00 % 2.88 % 2.86 % Rate of compensation increases 3.50 % N/A 3.50 % N/A 3.50 % N/A Average future working lifetime 10.50 years 9.24 years 11.01 years 11.32 years 10.93 years 11.34 years Initial healthcare cost trend rate N/A 5.80 % N/A 6.00 % N/A 6.00 % Ultimate healthcare cost trend rate N/A 3.94 % N/A 3.94 % N/A 3.80 % Year ultimate healthcare cost trend rate is reached N/A 2075 N/A 2075 N/A 2075 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service and compensation increases, as appropriate, are expected to be made from the Transtar defined benefit plans: Pension Benefits Postretirement Benefits 2024 $ 269 $ 545 2025 482 810 2026 701 1,096 2027 905 1,319 2028 1,089 1,580 Years 2029-2033 7,191 10,252 |
Schedule of Changes in Expected Benefit Obligation and Plan Assets | The following table summarizes the changes in our projected benefit obligation and plan assets as of December 31, 2023 and 2022. Service costs are recorded in Operating expenses, and interest costs are recorded in Other income (expense) in the Consolidated and Combined Consolidated Statements of Operations. Year Ended December 31, 2023 2022 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Projected Benefit Obligation Projected benefit obligation, beginning of period $ 8,932 $ 28,523 $ 9,805 $ 30,033 Transtar acquisition — — — (2,854) Plan amendment — — — 1,470 Service costs 1,383 1,783 1,763 2,143 Interest costs 534 1,498 315 917 Actuarial (gains) losses 1,546 893 (2,814) (3,065) Benefit paid (113) (93) (137) (121) Projected benefit obligation, end of period $ 12,282 $ 32,604 $ 8,932 $ 28,523 Plan Assets Fair value of plan assets, beginning of period $ 1,711 $ — $ — $ — Asset adjustment — — 1 — Actual return on plan assets 114 — 1 — Employer contributions 1,476 — 1,846 — Other benefits paid (113) — (137) — Fair value of plan assets, end of period $ 3,188 $ — $ 1,711 $ — Funded status at end of year $ (9,094) $ (32,604) $ (7,221) $ (28,523) |
Schedule of Amounts Recognized in Balance Sheet | As of December 31, 2023 and 2022, the following amounts were recognized in the Consolidated Balance Sheets: Year Ended December 31, 2023 2022 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Current liabilities $ — $ 531 $ — $ 251 Non-current liabilities 9,094 32,073 7,221 28,272 Net amounts recognized at end of period $ 9,094 $ 32,604 $ 7,221 $ 28,523 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table summarizes the components of net periodic pension cost and other amounts recognized in Other comprehensive income (loss) in the Consolidated and Combined Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 2021 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Prior service cost $ — $ — $ — $ 1,470 $ — $ — Amortization of prior service cost — (159) — — — — Actuarial loss (gain) 1,432 893 (2,814) (3,065) (20) 334 Amortization of actuarial gain 61 — — — — — Total recognized in other comprehensive loss (income) $ 1,493 $ 734 $ (2,814) $ (1,595) $ (20) $ 334 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | The current and deferred components of the income tax provision (benefit) included in the Consolidated and Combined Consolidated Statements of Operations are as follows: Year Ended December 31, 2023 2022 2021 Current: Federal $ 7 $ 2 $ 13 State and local 447 482 224 Total current provision 454 484 237 Deferred: Federal 1,082 3,824 (3,820) State and local 934 154 (44) Foreign — 6 (3) Total deferred provision (benefit) 2,016 3,984 (3,867) Total $ 2,470 $ 4,468 $ (3,630) |
Schedule of Effective Income Tax Rate Reconciliation | The difference between our reported total provision for income taxes and the U.S. federal statutory rate of 21% is as follows: Year Ended December 31, 2023 2022 2021 U.S. federal tax at statutory rate 21.00 % 21.00 % 21.00 % Income not subject to tax at statutory rate — % — % 9.91 % State and local taxes 1.79 % 1.77 % (0.06) % Noncontrolling interest (2.17) % (2.58) % — % Deferred adjustment (3.71) % — % — % Other (0.61) % 0.46 % (4.43) % Change in valuation allowance (17.88) % (23.09) % (23.05) % Provision for income taxes (1.58) % (2.44) % 3.37 % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows: December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 166,668 $ 142,067 Accrued expenses 3,385 2,118 Interest expense 58,455 35,624 Operating lease liabilities 72,612 58,919 Investment in partnerships 13,992 49,488 Other 11,324 3,623 Total deferred tax assets 326,436 291,839 Less valuation allowance (215,082) (214,003) Net deferred tax assets 111,354 77,836 Deferred tax liabilities: Fixed assets and goodwill (50,462) (29,051) Operating lease right-of-use assets (63,955) (52,624) Other (2,793) — Net deferred tax liabilities $ (5,856) $ (3,839) |
Summary of Valuation Allowance | A summary of the changes in the valuation allowance is as follows: December 31, 2023 2022 2021 Valuation allowance at beginning of period $ 214,003 $ 143,604 $ 94,139 Change due to current year losses 1,079 70,399 49,465 Valuation allowance at end of period $ 215,082 $ 214,003 $ 143,604 |
MANAGEMENT AGREEMENT AND AFFI_2
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Management fees, income incentive allocation and capital gains incentive allocation | The following table summarizes the Management fees, Income Incentive Allocation and Capital Gains Incentive Allocation included in these consolidated and combined consolidated financial statements: Year Ended December 31, 2023 2022 2021 Management fees $ 12,467 $ 12,964 $ 15,638 Income incentive allocation — — — Capital gains incentive allocation — — — Total $ 12,467 $ 12,964 $ 15,638 |
Reimbursement to Manager | The following table summarizes our reimbursements to the Manager: Year Ended December 31, 2023 2022 2021 Classification in the Consolidated and Combined Consolidated Statements of Operations: General and administrative expenses $ 5,598 $ 4,286 $ 3,937 Acquisition and transaction expenses 1,222 1,067 1,105 Total $ 6,820 $ 5,353 $ 5,042 |
Amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets | The following table summarizes amounts due to the Manager, which are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheets: December 31, 2023 2022 Accrued management fee $ 6,400 $ 3,092 Other payables 5,595 810 |
Non-controlling interest share of net loss | The following table presents the amount of this non-controlling interest share of net loss: Year Ended December 31, 2023 2022 2021 Non-controlling interest share of net loss $ (36,918) $ (32,018) $ (26,472) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables set forth certain information for each reportable segment: I. For the Year Ended December 31, 2023 Year Ended December 31, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 169,445 $ 72,146 $ 10,691 $ — $ — $ 68,190 320,472 Expenses Operating expenses 92,972 66,576 22,203 2,726 29 69,166 253,672 General and administrative — — — — — 12,833 12,833 Acquisition and transaction expenses 737 1,370 — 94 1 1,938 4,140 Management fees and incentive allocation to affiliate — — — — — 12,467 12,467 Depreciation and amortization 19,590 48,916 9,336 — — 3,150 80,992 Asset impairment 743 — — — — — 743 Total expenses 114,042 116,862 31,539 2,820 30 99,554 364,847 Other (expense) income Equity in (losses) earnings of unconsolidated entities — — — (9,949) (14,814) 56 (24,707) (Loss) gain on sale of assets, net (437) 7,292 — — — — 6,855 Loss on extinguishment of debt (937) — — — — (1,099) (2,036) Interest expense (2,284) (32,443) (2,557) (3) — (62,316) (99,603) Other (expense) income (2,164) (1,302) — 7,523 2,529 — 6,586 Total other expense (5,822) (26,453) (2,557) (2,429) (12,285) (63,359) (112,905) Income (loss) before income taxes 49,581 (71,169) (23,405) (5,249) (12,315) (94,723) (157,280) (Benefit from) provision for income taxes (561) 2,468 496 — — 67 2,470 Net income (loss) 50,142 (73,637) (23,901) (5,249) (12,315) (94,790) (159,750) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 143 (36,917) (1,412) — — (228) (38,414) Less: Dividends and accretion of redeemable preferred stock — — — — — 62,400 62,400 Net income (loss) attributable to stockholders $ 49,999 $ (36,720) $ (22,489) $ (5,249) $ (12,315) $ (156,962) $ (183,736) Year Ended December 31, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 149,661 $ 60,289 $ 4,117 $ — $ — $ 47,899 261,966 Expenses Operating expenses 84,863 56,417 17,072 826 10 48,969 208,157 General and administrative — — — — — 10,891 10,891 Acquisition and transaction expenses 763 64 — 458 280 15,279 16,844 Management fees and incentive allocation to affiliate — — — — — 12,964 12,964 Depreciation and amortization 20,164 39,318 9,322 — — 1,945 70,749 Total expenses 105,790 95,799 26,394 1,284 290 90,048 $ 319,605 Other (expense) income Equity in (losses) earnings of unconsolidated entities — — — (60,538) (7,012) 151 (67,399) Loss on sale of assets, net (1,603) — — — — — (1,603) Interest expense (212) (24,798) (1,590) — — (26,639) (53,239) Other (expense) income (1,632) (4,317) — 524 2,123 133 (3,169) Total other expense (3,447) (29,115) (1,590) (60,014) (4,889) (26,355) (125,410) Income (loss) before income taxes 40,424 (64,625) (23,867) (61,298) (5,179) (68,504) (183,049) Provision for income taxes 1,287 3,016 165 — — — 4,468 Net income (loss) 39,137 (67,641) (24,032) (61,298) (5,179) (68,504) (187,517) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 15 (32,018) (1,242) — — (688) (33,933) Less: Dividends and accretion of redeemable preferred stock — — — — — 23,657 23,657 Net income (loss) attributable to stockholders and Former Parent $ 39,122 $ (35,623) $ (22,790) $ (61,298) $ (5,179) $ (91,473) $ (177,241) Year Ended December 31, 2021 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 62,250 $ 46,352 $ 11,617 $ — $ — $ — 120,219 Expenses Operating expenses 35,824 48,255 14,304 99 — 59 98,541 General and administrative — — — — — 8,737 8,737 Acquisition and transaction expenses 2,841 — — — — 11,985 14,826 Management fees and incentive allocation to affiliate — — — — — 15,638 15,638 Depreciation and amortization 8,951 36,013 9,052 — — — 54,016 Total expenses 47,616 84,268 23,356 99 — 36,419 191,758 Other (expense) income Equity in (losses) earnings of unconsolidated entities — — — (13,597) (372) 470 (13,499) Gain on sale of assets, net — — 16 — — — 16 Interest expense (60) (14,812) (1,147) — — — (16,019) Other expense (422) (4,726) — (3,782) — — (8,930) Total other (expense) income (482) (19,538) (1,131) (17,379) (372) 470 (38,432) Income (loss) before income taxes 14,152 (57,454) (12,870) (17,478) (372) (35,949) (109,971) Provision for (benefit from) income taxes 64 229 — (3,930) — 7 (3,630) Net income (loss) 14,088 (57,683) (12,870) (13,548) (372) (35,956) (106,341) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries — (26,250) (222) — — — (26,472) Net income (loss) attributable to Former Parent $ 14,088 $ (31,433) $ (12,648) $ (13,548) $ (372) $ (35,956) $ (79,869) |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders: Year Ended December 31, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 78,521 $ 35,694 $ (8,061) $ 34,784 $ (7,253) $ (26,163) $ 107,522 Add: Non-controlling share of Adjusted EBITDA 21,515 Add: Equity in losses of unconsolidated entities (24,707) Less: Interest and other costs on pension and OPEB liabilities (2,130) Less: Dividends and accretion of redeemable preferred stock (62,400) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (20,209) Less: Interest expense (99,603) Less: Depreciation and amortization expense (81,541) Less: Incentive allocations — Less: Asset impairment charges (743) Less: Changes in fair value of non-hedge derivative instruments (1,125) Less: Losses on the modification or extinguishment of debt and capital lease obligations (2,036) Less: Acquisition and transaction expenses (4,140) Less: Equity-based compensation expense (9,199) Less: Provision for income taxes (2,470) Less: Other non-recurring items (2,470) Net loss attributable to stockholders $ (183,736) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders and Former Parent: Year Ended December 31, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 64,286 $ 18,490 $ (12,743) $ 18,039 $ (2,334) $ (24,710) $ 61,028 Add: Non-controlling share of Adjusted EBITDA 16,279 Add: Equity in losses of unconsolidated entities (67,399) Less: Interest and other costs on pension and OPEB liabilities (1,232) Less: Dividends and accretion of redeemable preferred stock (23,657) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (13,939) Less: Interest expense (53,239) Less: Depreciation and amortization expense (70,749) Less: Incentive allocations — Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments 1,125 Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (16,844) Less: Equity-based compensation expense (4,146) Less: Provision for income taxes (4,468) Less: Other non-recurring items — Net loss attributable to stockholders and Former Parent $ (177,241) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to Former Parent: Year Ended December 31, 2021 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 26,449 $ 10,631 $ (4,149) $ 25,524 $ (372) $ (24,372) $ 33,711 Add: Non-controlling share of Adjusted EBITDA 12,508 Add: Equity in losses of unconsolidated entities (13,499) Less: Interest and other costs on pension and OPEB liabilities (445) Less: Dividends and accretion of redeemable preferred stock — Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (29,095) Less: Interest expense (16,019) Less: Depreciation and amortization expense (54,016) Less: Incentive allocations — Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments 2,220 Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (14,826) Less: Equity-based compensation expense (4,038) Less: Benefit from income taxes 3,630 Less: Other non-recurring items — Net loss attributable to Former Parent $ (79,869) |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | The following tables sets forth the summarized balance sheet. All property, plant and equipment and leasing equipment are located in North America. December 31, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Current assets $ 58,114 $ 88,542 $ 9,267 $ 2 $ 22,405 $ 7,173 $ 185,503 Non-current assets 667,501 1,137,510 295,685 6,825 77,540 9,045 2,194,106 Total assets 725,615 1,226,052 304,952 6,827 99,945 16,218 2,379,609 Debt, net — 737,335 44,250 — — 559,325 1,340,910 Current liabilities 54,150 65,052 4,912 828 — 25,695 150,637 Non-current liabilities 55,975 797,854 47,816 29,310 — 559,926 1,490,881 Total liabilities 110,125 862,906 52,728 30,138 — 585,621 1,641,518 Redeemable preferred stock — — — — — 325,232 325,232 Non-controlling interests in equity of consolidated subsidiaries 2,861 (74,278) (13) — — — (71,430) Total equity 615,490 363,146 252,224 (23,311) 99,945 (894,635) 412,859 Total liabilities, redeemable preferred stock and equity $ 725,615 $ 1,226,052 $ 304,952 $ 6,827 $ 99,945 $ 16,218 $ 2,379,609 December 31, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Current assets $ 56,631 $ 166,252 $ 16,888 $ 396 $ 20,747 $ 16,890 $ 277,804 Non-current assets 672,275 1,136,095 289,132 8,142 84,390 10,561 2,200,595 Total assets 728,906 1,302,347 306,020 8,538 105,137 27,451 2,478,399 Debt, net 10,000 732,145 25,000 — — 463,012 1,230,157 Current liabilities 51,902 81,147 5,958 906 — 19,668 159,581 Non-current liabilities 59,698 790,687 28,163 187,165 — 463,721 1,529,434 Total liabilities 111,600 871,834 34,121 188,071 — 483,389 1,689,015 Redeemable preferred stock — — — — — 264,590 264,590 Non-controlling interests in equity of consolidated subsidiaries 1,403 (33,048) 1,093 — — 3,723 (26,829) Total equity 617,306 430,513 271,899 (179,533) 105,137 (720,528) 524,794 Total liabilities, redeemable preferred stock and equity $ 728,906 $ 1,302,347 $ 306,020 $ 8,538 $ 105,137 $ 27,451 $ 2,478,399 |
EARNINGS PER SHARE AND EQUITY (
EARNINGS PER SHARE AND EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculation of basic and diluted LPS is presented below: Year Ended December 31, (in thousands, except per share data) 2023 2022 2021 Net loss $ (159,750) $ (187,517) $ (106,341) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (38,414) (33,933) (26,472) Less: Dividends and accretion of redeemable preferred stock 62,400 23,657 — Net loss attributable to stockholders and Former Parent $ (183,736) $ (177,241) $ (79,869) Weighted Average Common Stock Outstanding - Basic (1) 102,960,812 102,747,121 99,387,467 Weighted Average Common Stock Outstanding - Diluted (1) 102,960,812 102,747,121 99,387,467 Loss per share: Basic $ (1.78) $ (1.73) $ (0.80) Diluted (2) $ (1.79) $ (1.73) $ (0.80) ______________________________________________________________________________________ (1) The year ended December 31, 2023 includes penny warrants which can be converted into a fixed amount of our stock. (2) Diluted LPS for the year ended December 31, 2023 includes the dilutive effect of subsidiary earnings per share. |
Schedule of Stockholders' Equity Note, Warrants or Rights | A summary of the status of the Company’s outstanding stock warrants and changes during the year ended December 31, 2023 is as follows: Number of Warrants Weighted Average Exercise Price Outstanding as of December 31, 2022 6,685,132 $ 5.01 Issued — — Expired — — Exercised — — Outstanding as of December 31, 2023 (1) 6,685,132 $ 4.93 Warrants exercisable as of December 31, 2023 (1) 6,685,132 $ 4.93 |
ORGANIZATION (Details)
ORGANIZATION (Details) | 12 Months Ended | ||||
Dec. 31, 2023 freightRailroad | Dec. 31, 2023 switchingCompany | Dec. 31, 2023 venture | Dec. 31, 2023 segment | Aug. 01, 2022 | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 5 | ||||
Convertible common stock, conversion ratio | 1 | ||||
Equity Method Investments, Number Of Ventures | venture | 2 | ||||
Railroad | |||||
Segment Reporting Information [Line Items] | |||||
Number of segment components | 6 | 1 |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) bbl in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 01, 2023 bbl | Feb. 11, 2020 USD ($) | |
Accounting Policies [Line Items] | |||||
Total assets | $ 2,379,609,000 | $ 2,478,399,000 | |||
Total liabilities | 1,641,518,000 | 1,689,015,000 | |||
Inventory, crude oil | 300,000 | 3,600,000 | |||
Interest paid, capitalized | 5,000,000 | 9,200,000 | $ 8,200,000 | ||
Cost of property repairs and maintenance | 19,200,000 | 13,400,000 | 5,900,000 | ||
Deposits | 0 | 22,800,000 | |||
Note receivable | 21,400,000 | 20,000,000 | |||
Prepaid expense | 8,900,000 | 16,400,000 | |||
Other current assets | 42,034,000 | 67,355,000 | |||
Other assets | 57,253,000 | 26,829,000 | |||
Insurance premium liabilities | 3,200,000 | 6,200,000 | |||
Environmental liabilities | 500,000 | 4,100,000 | |||
Goodwill | 275,367,000 | 260,252,000 | |||
Barrels for storage capacity in operation | bbl | 6.2 | ||||
Goodwill, impairment loss | 0 | ||||
Debt issuance cost | (31,301,000) | (30,851,000) | |||
Amortization | $ 6,800,000 | 4,400,000 | 2,600,000 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Accumulated other comprehensive loss | ||||
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accumulated other comprehensive loss | ||||
Bad debt expense | $ 1,977,000 | 575,000 | 74,000 | ||
Deferred Revenue | 5,800,000 | 3,300,000 | |||
Other receivables | 5,700,000 | 0 | |||
Bad debt expense | 1,977,000 | 575,000 | $ 74,000 | ||
Capitalized Contract Cost, Net, Noncurrent | 17,600,000 | 0 | |||
Deferred Revenue, Revenue Recognized | 1,300,000 | ||||
Corporate, Non-Segment | |||||
Accounting Policies [Line Items] | |||||
Total assets | 16,218,000 | 27,451,000 | |||
Total liabilities | 585,621,000 | 483,389,000 | |||
Bad debt expense | 2,200,000 | ||||
Bad debt expense | 2,200,000 | ||||
Series 2020B Taxable Facility Revenue Bonds | |||||
Accounting Policies [Line Items] | |||||
Debt, face amount | $ 79,100,000 | ||||
Debt, face amount | $ 79,100,000 | ||||
Jefferson Terminal | |||||
Accounting Policies [Line Items] | |||||
Goodwill | 122,700,000 | 122,700,000 | |||
Railroad | |||||
Accounting Policies [Line Items] | |||||
Goodwill | 147,200,000 | 132,100,000 | |||
Corporate and Other | |||||
Accounting Policies [Line Items] | |||||
Goodwill | $ 5,400,000 | 5,400,000 | |||
Goodwill | Measurement Input, Growth Rate | |||||
Accounting Policies [Line Items] | |||||
Alternative investment, measurement input | 0.025 | ||||
Goodwill | Measurement Input, Discount Rate | |||||
Accounting Policies [Line Items] | |||||
Alternative investment, measurement input | 0.103 | ||||
CarbonFee | |||||
Accounting Policies [Line Items] | |||||
Other assets | $ 11,700,000 | 10,800,000 | |||
Other Assets | |||||
Accounting Policies [Line Items] | |||||
Other current assets | $ 5,700,000 | $ 4,500,000 | |||
Jefferson Terminal | Sales Revenue, Segment | Customer Concentration Risk | |||||
Accounting Policies [Line Items] | |||||
Concentration risk percentage | 12% | 10% | 15% | ||
Three Customers | Accounts Receivable | Customer Concentration Risk | |||||
Accounting Policies [Line Items] | |||||
Concentration risk percentage | 56% | 55% | |||
One Customer In Railroad Segment | Sales Revenue, Segment | Customer Concentration Risk | |||||
Accounting Policies [Line Items] | |||||
Concentration risk percentage | 51% | 51% | 45% | ||
Maximum | Customer relationships | |||||
Accounting Policies [Line Items] | |||||
Finite-lived intangible asset, useful life | 15 years | ||||
Weighted average amortization period | 144 months | 148 months | |||
Minimum | Customer relationships | |||||
Accounting Policies [Line Items] | |||||
Finite-lived intangible asset, useful life | 5 years | ||||
Variable Interest Entity, Primary Beneficiary | Delaware River Partners LLC | |||||
Accounting Policies [Line Items] | |||||
Ownership Percentage | 98% | ||||
Variable Interest Entity, Primary Beneficiary | Delaware River Partners LLC | |||||
Accounting Policies [Line Items] | |||||
Interest held in VIE | 100% | ||||
Total assets | $ 305,000,000 | $ 306,000,000 | |||
Total liabilities | $ 52,700,000 | $ 34,100,000 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Life (Details) | Dec. 31, 2023 |
Minimum | Railcars and locomotives | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 40 years |
Minimum | Track and track related assets | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 15 years |
Minimum | Bridges and tunnels | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 15 years |
Minimum | Buildings and site improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 20 years |
Minimum | Railroad equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 3 years |
Minimum | Terminal machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 15 years |
Minimum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 3 years |
Minimum | Computer hardware and software | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 3 years |
Minimum | Vehicles | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 5 years |
Maximum | Railcars and locomotives | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 50 years |
Maximum | Track and track related assets | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 50 years |
Maximum | Bridges and tunnels | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 55 years |
Maximum | Buildings and site improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 30 years |
Maximum | Railroad equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 15 years |
Maximum | Terminal machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 25 years |
Maximum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 6 years |
Maximum | Computer hardware and software | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 5 years |
Maximum | Vehicles | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life | 7 years |
LEASING EQUIPMENT, NET (Details
LEASING EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | |||
Leasing equipment, net | $ 35,587 | $ 34,907 | |
Jefferson Terminal | |||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | |||
Sales-type Lease, Interest Income | 100 | ||
Sales-type Lease, Lease Receivable | 8,738 | ||
Sales-type Lease, Unguaranteed Residual Asset | 600 | ||
Sales-type Lease, Selling Profit (Loss) | 6,600 | ||
Lease receivable, long-term | 7,900 | ||
Sales Type Lease, Lease Receivable, Short-Term | 800 | ||
Sales-Type and Direct Financing Leases, Payment to be Received, Year One | 780 | ||
2024 | 780 | ||
2025 | 780 | ||
2026 | 780 | ||
2027 | 780 | ||
Thereafter | 21,060 | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 24,960 | ||
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | 16,222 | ||
Leasing Equipment | |||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | |||
Leasing equipment | 45,982 | 44,179 | |
Less: Accumulated depreciation | (10,395) | (9,272) | |
Leasing equipment, net | 35,587 | 34,907 | |
Depreciation expense for leasing equipment | $ 1,148 | $ 1,105 | $ 1,103 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,907,136 | $ 1,879,855 | |
Less: Accumulated depreciation | (276,307) | (206,047) | |
Property, plant, and equipment, net | 1,630,829 | 1,673,808 | |
Property, plant and equipment acquired | 27,300 | 218,200 | |
Transtar | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment acquired | $ 5,000 | ||
Land, site improvements and rights | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 182,319 | 183,640 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 76,491 | 127,941 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 18,769 | 19,356 | |
Bridges and tunnels | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 176,753 | 173,868 | |
Terminal machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,215,197 | 1,141,505 | |
Track and track related assets | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 103,888 | 100,068 | |
Railroad equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 8,999 | 8,463 | |
Railcars and locomotives | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 85,162 | 100,200 | |
Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 16,058 | 11,733 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,887 | 1,745 | |
Other | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 21,613 | $ 11,336 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment acquired | $ 27,300 | $ 218,200 | ||
Depreciation expense for property, plant and equipment | 72,300 | 62,100 | $ 47,600 | |
Gain (Loss) on Disposition of Assets | $ 6,855 | $ (1,603) | $ 16 | |
Long Ridge Energy & Power LLC | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain (Loss) on Disposition of Assets | $ 2,200 |
INVESTMENTS - Ownership Carryin
INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Nov. 17, 2023 | Dec. 31, 2022 | Jun. 15, 2022 | Nov. 30, 2021 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | ||||||
Investments | $ 72,701 | $ 73,589 | ||||
Intermodal Finance I, Ltd. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 51% | 51% | ||||
Investments | $ 0 | 0 | ||||
Long Ridge Energy & Power LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 50% | |||||
Investments | $ 0 | 0 | ||||
Long Ridge Energy & Power LLC | Other Liabilities | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments | (29,300) | (187,200) | ||||
GM-FTAI Holdco LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 27% | |||||
Investments | $ 55,740 | 68,025 | ||||
Clean Planet Energy USA LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 50% | 50% | ||||
Investments | $ 10,136 | 5,564 | $ 1,000 | |||
Long Ridge West Virginia LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership Percentage | 50% | |||||
Investments | $ 6,825 | $ 7,200 | $ 0 |
INVESTMENTS - Equity in (losses
INVESTMENTS - Equity in (losses) earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | $ (24,707) | $ (67,399) | $ (13,499) |
Intermodal Finance I, Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | 56 | 151 | 470 |
Long Ridge Energy & Power LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | (9,556) | (60,538) | (13,597) |
GM-FTAI Holdco LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | (12,285) | (5,571) | (205) |
Clean Planet Energy USA LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | (2,529) | (1,441) | (167) |
Long Ridge West Virginia LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | $ (393) | $ 0 | $ 0 |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||||||||
May 31, 2022 USD ($) | Nov. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | May 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2023 USD ($) shippingContainer | Dec. 31, 2012 | Nov. 17, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 01, 2022 | Jun. 15, 2022 | Nov. 30, 2021 USD ($) | |
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Investments | $ 72,701,000 | $ 73,589,000 | |||||||||||
Sale of stock, purchase option, percentage of common shares sold | 10% | ||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Investments | $ 72,701,000 | 73,589,000 | |||||||||||
Existing substantive participation rights percentage | 49% | ||||||||||||
Sale of stock, purchase option, percentage of common shares sold | 10% | ||||||||||||
Total assets | $ 2,379,609,000 | 2,478,399,000 | |||||||||||
Total liabilities | 1,641,518,000 | 1,689,015,000 | |||||||||||
Goodwill | 275,367,000 | 260,252,000 | |||||||||||
FYX Investment | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Subsidiary of LLC ownership Interest | 100% | ||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Subsidiary of LLC ownership Interest | 100% | ||||||||||||
FYX Investment | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 4,400,000 | ||||||||||||
FYX Investment | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Total assets | $ 13,700,000 | $ 13,700,000 | |||||||||||
Cash | 700,000 | 700,000 | |||||||||||
Total liabilities | 10,100,000 | 10,100,000 | |||||||||||
Goodwill | $ 5,400,000 | $ 5,400,000 | |||||||||||
Long Ridge Energy & Power LLC | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Investments | 0 | 0 | |||||||||||
Investment in Promissory Notes | 36,000,000 | ||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Investments | 0 | 0 | |||||||||||
Ownership percentage sold | 49.90% | ||||||||||||
Proceeds from sale of equity investment | $ 150,000,000 | ||||||||||||
PIK interest rate | 13% | ||||||||||||
Investment in Promissory Notes | 36,000,000 | ||||||||||||
Note receivable | $ 71,000,000 | ||||||||||||
Ownership Percentage | 50% | ||||||||||||
Long Ridge Energy & Power LLC | Other Liabilities | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Investments | $ (29,300,000) | (187,200,000) | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Investments | (29,300,000) | (187,200,000) | |||||||||||
Intermodal Finance I, Ltd. | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Investments | 0 | 0 | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Investments | $ 0 | 0 | |||||||||||
Number of components owned in portfolio | shippingContainer | 185 | ||||||||||||
Ownership Percentage | 51% | 51% | |||||||||||
GM-FTAI Holdco LLC | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Investments | $ 55,740,000 | 68,025,000 | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Investments | $ 55,740,000 | 68,025,000 | |||||||||||
Ownership Percentage | 27% | ||||||||||||
Payments to acquire investment | $ 52,500,000 | ||||||||||||
GM-FTAI Holdco LLC | Common Class A | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership Percentage | 1% | ||||||||||||
Increase in ownership percentage from exchange of share | 20% | ||||||||||||
Increase in ownership percentage from debt termination | 8.50% | ||||||||||||
GM-FTAI Holdco LLC | Common Class A | Gladieux Metals Recycling | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership Percentage | 1% | ||||||||||||
GM-FTAI Holdco LLC | Common Class B | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership Percentage | 50% | ||||||||||||
GM-FTAI Holdco LLC | Common Class B | Aleon Renewable Metals LLC (“Aleon”) | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership Percentage | 50% | ||||||||||||
Gladieux Metals Recycling | GM-FTAI Holdco LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership Percentage | 100% | 100% | |||||||||||
Clean Planet Energy USA LLC | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Investments | $ 10,136,000 | 5,564,000 | $ 1,000,000 | ||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Investments | $ 10,136,000 | 5,564,000 | $ 1,000,000 | ||||||||||
Ownership Percentage | 50% | 50% | |||||||||||
Long Ridge West Virginia LLC | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Investments | $ 6,825,000 | $ 7,200,000 | 0 | ||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Investments | $ 6,825,000 | $ 7,200,000 | $ 0 | ||||||||||
Ownership percentage sold | 49.90% | ||||||||||||
Proceeds from sale of equity investment | $ 7,500,000 | ||||||||||||
Ownership Percentage | 50% | ||||||||||||
FYX Investment | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Sale of stock, purchase option, percentage of common shares sold | 51% | 460,000,000% | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership Percentage | 66% | ||||||||||||
Sale of stock, purchase option, percentage of common shares sold | 51% | 460,000,000% |
INVESTMENTS - Equity Method Inv
INVESTMENTS - Equity Method Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jul. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 31, 2022 | |
Assets | |||||
Cash and cash equivalents | $ 29,367 | $ 36,486 | |||
Restricted cash | 58,112 | 113,156 | |||
Accounts receivable, net | 55,990 | 60,807 | |||
Other current assets | 42,034 | 67,355 | |||
Total current assets | 185,503 | 277,804 | |||
Property, plant, and equipment, net | 1,630,829 | 1,673,808 | |||
Total intangible assets, net | 52,621 | 60,195 | |||
Goodwill | 275,367 | 260,252 | |||
Other assets | 57,253 | 26,829 | |||
Total assets | 2,379,609 | 2,478,399 | |||
Liabilities | |||||
Accounts payable and accrued liabilities | 130,796 | 136,048 | |||
Debt, net | 1,340,910 | 1,230,157 | |||
Other current liabilities | 12,623 | 16,488 | |||
Total current liabilities | 150,637 | 159,581 | |||
Debt, net | 1,340,910 | 1,230,157 | |||
Other liabilities | 87,530 | 236,130 | |||
Total liabilities | 1,641,518 | 1,689,015 | |||
Equity | |||||
Total liabilities, redeemable preferred stock and equity | 2,379,609 | 2,478,399 | |||
Statement of Operations | |||||
Revenue | 320,472 | 261,966 | $ 120,219 | ||
Operating expenses | 253,672 | 208,157 | 98,541 | ||
Depreciation and amortization | 80,992 | 70,749 | 54,016 | ||
Interest expense | (99,603) | (53,239) | (16,019) | ||
Total expenses | 364,847 | 319,605 | 191,758 | ||
Other income (expense) | 6,586 | (3,169) | (8,930) | ||
Provision for (benefit from) income taxes | 2,470 | 4,468 | (3,630) | ||
Net loss | $ (159,750) | (187,517) | (106,341) | ||
Sale of stock, purchase option, percentage of common shares sold | 10% | ||||
Investments | $ 72,701 | 73,589 | |||
FYX Trust HoldCo LLC | |||||
Statement of Operations | |||||
Sale of stock, purchase option, percentage of common shares sold | 14% | ||||
Long Ridge Energy & Power LLC | |||||
Assets | |||||
Cash and cash equivalents | 3,362 | 2,192 | |||
Restricted cash | 23,691 | 20,732 | |||
Accounts receivable, net | 5,633 | 31,727 | |||
Other current assets | 7,357 | 5,732 | |||
Total current assets | 40,043 | 60,383 | |||
Property, plant, and equipment, net | 828,232 | 827,886 | |||
Total intangible assets, net | 4,180 | 4,560 | |||
Goodwill | 86,460 | 86,460 | |||
Other assets | 4,041 | 8,540 | |||
Total assets | 962,956 | 987,829 | |||
Liabilities | |||||
Accounts payable and accrued liabilities | 49,538 | 87,498 | |||
Debt, net | 4,450 | 38,526 | |||
Derivative liabilities | 39,891 | 125,134 | |||
Other current liabilities | 2,136 | 913 | |||
Total current liabilities | 96,015 | 252,071 | |||
Debt, net | 699,372 | 599,499 | |||
Derivative liabilities | 360,710 | 557,708 | |||
Other liabilities | 4,941 | 6,932 | |||
Total liabilities | 1,161,038 | 1,416,210 | |||
Equity | |||||
Total equity | (198,082) | (428,381) | |||
Total liabilities, redeemable preferred stock and equity | 962,956 | 987,829 | |||
Statement of Operations | |||||
Revenue | 154,290 | 50,230 | 85,638 | ||
Operating expenses | 61,154 | 61,835 | 28,310 | ||
Depreciation and amortization | 49,502 | 51,243 | 24,836 | ||
Interest expense | 61,332 | 53,409 | 11,005 | ||
Total expenses | 171,988 | 166,487 | 64,151 | ||
Other income (expense) | 801 | (4,577) | (44,302) | ||
Loss before income taxes | (16,897) | (120,834) | (22,815) | ||
Provision for (benefit from) income taxes | 0 | 0 | 0 | ||
Net loss | $ (16,897) | $ (120,834) | $ (22,815) | ||
FYX Investment | |||||
Assets | |||||
Goodwill | $ 5,400 | ||||
Total assets | 13,700 | ||||
Liabilities | |||||
Total liabilities | 10,100 | ||||
Statement of Operations | |||||
Cash | $ 700 |
INTANGIBLE ASSETS, NET - Summar
INTANGIBLE ASSETS, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Total intangible assets, net | $ 52,621 | $ 60,195 |
Customer relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Customer relationships | 95,513 | 95,513 |
Less: Accumulated amortization | (42,892) | (35,318) |
Total intangible assets, net | 60,195 | |
Jefferson Terminal | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Total intangible assets, net | 2,368 | |
Jefferson Terminal | Customer relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Customer relationships | 35,513 | 35,513 |
Less: Accumulated amortization | (33,145) | (29,591) |
Total intangible assets, net | 5,922 | |
Railroad | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Total intangible assets, net | 50,253 | |
Railroad | Customer relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Customer relationships | 60,000 | 60,000 |
Less: Accumulated amortization | $ (9,747) | (5,727) |
Total intangible assets, net | $ 54,273 |
INTANGIBLE ASSETS, NET - Intang
INTANGIBLE ASSETS, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Customer relationships | Depreciation and amortization | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 7,574 | $ 7,542 | $ 5,292 |
INTANGIBLE ASSETS, NET - Schedu
INTANGIBLE ASSETS, NET - Schedule of Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2024 | $ 6,369 |
2025 | 4,000 |
2026 | 4,000 |
2027 | 4,000 |
2028 | 4,000 |
Thereafter | 30,252 |
Total intangible assets, net | $ 52,621 |
DEBT, NET - Schedule of Debt (D
DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2023 | Dec. 22, 2023 | Dec. 01, 2023 | Jul. 31, 2023 | Jul. 05, 2023 | Jan. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Aug. 18, 2021 | Feb. 11, 2020 | |
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 1,372,211 | $ 1,261,008 | ||||||||
Less: Debt issuance costs | (31,301) | (30,851) | ||||||||
Debt, net | 1,340,910 | 1,230,157 | ||||||||
Total debt due within one year | 0 | 0 | ||||||||
DRP Revolver | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | 44,250 | |||||||||
EB-5 Loan Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | 63,800 | |||||||||
Transtar Revolver | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 50,000 | $ 25,000 | ||||||||
Series 2020 Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | 263,980 | |||||||||
Series 2020A Maturing in 2035 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated rate | 3.625% | |||||||||
Series 2020A Maturing in 2050 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated rate | 4% | |||||||||
Series 2021 Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | 425,000 | |||||||||
Debt, net | $ 425,000 | |||||||||
Series 2021A Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, net | 225,000 | |||||||||
Series 2021B Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, net | $ 200,000 | |||||||||
Senior Notes due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | 600,000 | |||||||||
Loans Payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | 108,050 | 97,200 | ||||||||
Loans Payable | DRP Revolver | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 44,250 | $ 50,000 | $ 25,000 | 25,000 | ||||||
Basis spread on variable rate | 2.75% | |||||||||
Quarterly commitment fee rate | 1% | |||||||||
Loans Payable | EB-5 Loan Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 63,800 | 62,200 | ||||||||
Stated rate | 5.75% | |||||||||
Loans Payable | Transtar Revolver | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 0 | 10,000 | ||||||||
Quarterly commitment fee rate | 0.50% | |||||||||
Bonds payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 1,264,161 | 1,163,808 | ||||||||
Bonds payable | EB-5 Loan Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated rate | 5.75% | |||||||||
Bonds payable | Series 2020 Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 263,980 | 263,980 | ||||||||
Bonds payable | Series 2020A Maturing in 2035 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated rate | 3.625% | |||||||||
Bonds payable | Series 2020A Maturing in 2050 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated rate | 4% | |||||||||
Bonds payable | Series 2020B Maturing in 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated rate | 6% | |||||||||
Bonds payable | Series 2021 Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 425,000 | 425,000 | ||||||||
Bonds payable | Series 2021A Bonds | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated rate | 1.875% | |||||||||
Bonds payable | Series 2021A Bonds | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated rate | 3% | |||||||||
Bonds payable | Series 2021B Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated rate | 4.10% | |||||||||
Bonds payable | Series 2021B Bonds | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated rate | 4.10% | |||||||||
Bonds payable | Senior Notes due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 100,000 | $ 100,000 | ||||||||
Total debt | $ 575,181 | $ 474,828 | ||||||||
Stated rate | 10.50% | 10.50% | ||||||||
Unamortized discount | $ 24,819 | |||||||||
Eurodollar | Loans Payable | DRP Revolver | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 3.75% | |||||||||
Base Rate | Loans Payable | Transtar Revolver | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2% | |||||||||
Secured Overnight Financing Rate (SOFR) | Loans Payable | Transtar Revolver | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 3% |
DEBT, NET - Narrative (Details)
DEBT, NET - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Jul. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) Rate | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 22, 2023 USD ($) | Dec. 01, 2023 USD ($) | Jul. 27, 2023 USD ($) | Jul. 05, 2023 USD ($) | May 18, 2023 USD ($) | Jan. 31, 2023 USD ($) | Jan. 01, 2023 USD ($) | Dec. 27, 2022 Rate | Nov. 16, 2022 USD ($) | Mar. 11, 2022 USD ($) | Nov. 05, 2021 USD ($) | Aug. 18, 2021 USD ($) | Feb. 11, 2020 USD ($) | Nov. 05, 2018 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, net | $ 1,340,910,000 | $ 1,230,157,000 | ||||||||||||||||
Loss on extinguishment of debt | $ (1,100,000) | 2,036,000 | 0 | $ 0 | ||||||||||||||
Loans Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Total debt | 108,050,000 | 97,200,000 | ||||||||||||||||
Total debt | 108,050,000 | 97,200,000 | ||||||||||||||||
DRP Revolver | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Total debt | 44,250,000 | |||||||||||||||||
Total debt | 44,250,000 | |||||||||||||||||
DRP Revolver | Loans Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, face amount | $ 25,000,000 | |||||||||||||||||
Required consolidated cash balance | $ 3,000,000 | |||||||||||||||||
Total debt | 44,250,000 | 25,000,000 | $ 50,000,000 | $ 25,000,000 | ||||||||||||||
Total debt | 44,250,000 | 25,000,000 | $ 50,000,000 | $ 25,000,000 | ||||||||||||||
DRP Revolver | Loans Payable | Year One | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Required consolidated tangible net worth | 180,000,000 | |||||||||||||||||
DRP Revolver | Loans Payable | YearTwo | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Required consolidated tangible net worth | 190,000,000 | |||||||||||||||||
DRP Revolver | Loans Payable | Year Three | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Required consolidated tangible net worth | $ 200,000,000 | |||||||||||||||||
EB-5 Loan Agreement | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Total debt | 63,800,000 | |||||||||||||||||
Total debt | 63,800,000 | |||||||||||||||||
EB-5 Loan Agreement | Loans Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, face amount | $ 61,200,000 | |||||||||||||||||
Stated rate | 5.75% | |||||||||||||||||
Total debt | $ 63,800,000 | 62,200,000 | ||||||||||||||||
Total debt | $ 63,800,000 | 62,200,000 | ||||||||||||||||
EB-5 Loan Agreement | Bonds payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate percentage increase | 6.25% | |||||||||||||||||
Stated rate | 5.75% | |||||||||||||||||
EB-5 Loan Agreement Tranche One | Loans Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, net | $ 26,100,000 | |||||||||||||||||
EB-5 Loan Agreement Tranche Two | Loans Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, net | 35,100,000 | |||||||||||||||||
Transtar Revolver | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Total debt | $ 50,000,000 | $ 25,000,000 | ||||||||||||||||
Total debt | $ 50,000,000 | $ 25,000,000 | ||||||||||||||||
Transtar Revolver | Loans Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt to equity ratio, maximum | Rate | 300% | |||||||||||||||||
Fixed charge coverage ratio, minimum | Rate | 120% | |||||||||||||||||
Total debt | 0 | 10,000,000 | ||||||||||||||||
Total debt | 0 | 10,000,000 | ||||||||||||||||
Series 2020 Bonds | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, face amount | $ 264,000,000 | |||||||||||||||||
Total debt | 263,980,000 | |||||||||||||||||
Total debt | 263,980,000 | |||||||||||||||||
Series 2020 Bonds | Bonds payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Total debt | 263,980,000 | 263,980,000 | ||||||||||||||||
Total debt | $ 263,980,000 | 263,980,000 | ||||||||||||||||
Series 2020A Dock and Wharf Facility Revenue Bonds | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, face amount | 184,900,000 | |||||||||||||||||
Series 2020B Taxable Facility Revenue Bonds | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, face amount | $ 79,100,000 | |||||||||||||||||
Stated rate | 6% | |||||||||||||||||
Series 2020A Maturing in 2035 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, face amount | $ 53,500,000 | |||||||||||||||||
Stated rate | 3.625% | |||||||||||||||||
Series 2020A Maturing in 2035 | Bonds payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated rate | 3.625% | |||||||||||||||||
Series 2020A Maturing in 2050 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, face amount | $ 131,400,000 | |||||||||||||||||
Stated rate | 4% | |||||||||||||||||
Series 2020A Maturing in 2050 | Bonds payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated rate | 4% | |||||||||||||||||
Series 2021 Bonds | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, net | $ 425,000,000 | |||||||||||||||||
Total debt | $ 425,000,000 | |||||||||||||||||
Total debt | 425,000,000 | |||||||||||||||||
Series 2021 Bonds | Bonds payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Total debt | 425,000,000 | 425,000,000 | ||||||||||||||||
Total debt | $ 425,000,000 | $ 425,000,000 | ||||||||||||||||
Series 2021A Bonds | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, net | 225,000,000 | |||||||||||||||||
Series 2021A Bonds | Bonds payable | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated rate | 1.875% | |||||||||||||||||
Series 2021A Bonds | Bonds payable | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated rate | 3% | |||||||||||||||||
Series 2021B Bonds | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, net | $ 200,000,000 | |||||||||||||||||
Series 2021B Bonds | Bonds payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated rate | 4.10% | |||||||||||||||||
Series 2021B Bonds | Bonds payable | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated rate | 4.10% | |||||||||||||||||
Series 2021A Bonds Due 2026 Through 2031 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, net | $ 39,100,000 | |||||||||||||||||
Series 2021A Bonds Due 2031 | Bonds payable | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated rate | 1.875% | |||||||||||||||||
Series 2021A Bonds Due 2031 | Bonds payable | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated rate | 2.625% | |||||||||||||||||
Series 2021A Bonds Due 2036 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, net | $ 38,200,000 | |||||||||||||||||
Series 2021A Bonds Due 2036 | Bonds payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated rate | 2.75% | |||||||||||||||||
Series 2021A Bonds Due 2041 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, net | $ 44,900,000 | |||||||||||||||||
Series 2021A Bonds Due 2041 | Bonds payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated rate | 2.875% | |||||||||||||||||
Series 2021A Bonds Due 2050 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, net | $ 102,800,000 | |||||||||||||||||
Series 2021A Bonds Due 2050 | Bonds payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated rate | 3% | |||||||||||||||||
Senior Notes due 2027 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Total debt | $ 600,000,000 | |||||||||||||||||
Total debt | $ 600,000,000 | |||||||||||||||||
Senior Notes due 2027 | Bonds payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, face amount | $ 500,000,000 | |||||||||||||||||
Stated rate | 10.50% | 10.50% | ||||||||||||||||
Issuance price percentage | Rate | 94.585% | |||||||||||||||||
Total debt | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||
Debt Instrument Issuance Price | 0.9550 | |||||||||||||||||
Total debt | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||
Debt Instrument Issuance Price | 0.9550 | |||||||||||||||||
Senior Notes due 2027 | Bonds payable | Series A Preferred Stock | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Total debt | $ 33,400,000 | |||||||||||||||||
Total debt | $ 33,400,000 | |||||||||||||||||
EB-5.2 Loan Agreement | Loans Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, face amount | $ 9,700,000 | |||||||||||||||||
EB-5.3 Loan Agreement | Loans Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt, face amount | $ 28,000,000 | |||||||||||||||||
Bridge Loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Total debt | $ 25,000,000 | |||||||||||||||||
Total debt | $ 25,000,000 |
DEBT, NET - Debt Maturities (De
DEBT, NET - Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 31, 2023 | Jan. 01, 2023 |
DRP Revolver | |||
Debt Instrument [Line Items] | |||
2024 | $ 0 | ||
2025 | 0 | ||
2026 | 44,250 | ||
2027 | 0 | ||
2028 | 0 | ||
Thereafter | 0 | ||
Total debt | 44,250 | ||
EB-5 Loan Agreement | |||
Debt Instrument [Line Items] | |||
2024 | 0 | ||
2025 | 0 | ||
2026 | 35,800 | ||
2027 | 28,000 | ||
2028 | 0 | ||
Thereafter | 0 | ||
Total debt | 63,800 | ||
Series 2020 Bonds | |||
Debt Instrument [Line Items] | |||
2024 | 0 | ||
2025 | 79,060 | ||
2026 | 3,590 | ||
2027 | 4,165 | ||
2028 | 4,770 | ||
Thereafter | 172,395 | ||
Total debt | 263,980 | ||
Series 2021 Bonds | |||
Debt Instrument [Line Items] | |||
2024 | 0 | ||
2025 | 0 | ||
2026 | 9,025 | ||
2027 | 4,750 | ||
2028 | 205,415 | ||
Thereafter | 205,810 | ||
Total debt | 425,000 | ||
Transtar Revolver | |||
Debt Instrument [Line Items] | |||
Total debt | $ 50,000 | $ 25,000 | |
Senior Notes due 2027 | |||
Debt Instrument [Line Items] | |||
2024 | 0 | ||
2025 | 0 | ||
2026 | 0 | ||
2027 | 600,000 | ||
2028 | 0 | ||
Thereafter | 0 | ||
Total debt | 600,000 | ||
Total principal payments on loans and bonds payable | |||
Debt Instrument [Line Items] | |||
2024 | 0 | ||
2025 | 79,060 | ||
2026 | 92,665 | ||
2027 | 636,915 | ||
2028 | 210,185 | ||
Thereafter | 378,205 | ||
Total debt | $ 1,397,030 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Receivables, Fair Value Disclosure | $ 11,664 | $ 10,800 |
Level 1 | Market | ||
Assets: | ||
Receivables, Fair Value Disclosure | 0 | 0 |
Level 2 | Market | ||
Assets: | ||
Receivables, Fair Value Disclosure | 11,664 | 10,800 |
Level 3 | Market | ||
Assets: | ||
Receivables, Fair Value Disclosure | 0 | 0 |
Recurring | ||
Assets: | ||
Total assets | 99,143 | 161,567 |
Recurring | Market | ||
Assets: | ||
Cash and cash equivalents | 29,367 | 36,486 |
Restricted cash | 58,112 | 113,156 |
Recurring | Income | ||
Assets: | ||
Derivative assets | 1,125 | |
Recurring | Level 1 | ||
Assets: | ||
Total assets | 87,479 | 149,642 |
Recurring | Level 1 | Market | ||
Assets: | ||
Cash and cash equivalents | 29,367 | 36,486 |
Restricted cash | 58,112 | 113,156 |
Recurring | Level 1 | Income | ||
Assets: | ||
Derivative assets | 0 | |
Recurring | Level 2 | ||
Assets: | ||
Total assets | 11,664 | 11,925 |
Recurring | Level 2 | Market | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Recurring | Level 2 | Income | ||
Assets: | ||
Derivative assets | 1,125 | |
Recurring | Level 3 | ||
Assets: | ||
Total assets | 0 | 0 |
Recurring | Level 3 | Market | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | $ 0 | 0 |
Recurring | Level 3 | Income | ||
Assets: | ||
Derivative assets | $ 0 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Series A 2020 Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt payable | $ 138,666 | $ 139,101 |
Series B 2020 Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt payable | 75,928 | 74,543 |
Series 2021A Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt payable | 154,306 | 152,848 |
Series 2021B Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt payable | 165,208 | 163,238 |
Senior Notes due 2027 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt payable | 625,038 | 498,035 |
EB-5 Loan Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt payable | 21,240 | 19,261 |
EB-5.2 Loan Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt payable | 8,183 | 7,540 |
EB-5.3 Loan Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt payable | $ 22,491 | $ 19,877 |
REVENUES - Components of Revenu
REVENUES - Components of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 320,472 | $ 261,966 | $ 120,219 |
Capitalized Contract Cost, Net | 19,800 | ||
Capitalized Contract Cost, Net, Current | 2,200 | ||
Capitalized Contract Cost, Amortization | 500 | ||
Lease income | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,089 | 3,221 | 2,424 |
Rail revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 167,793 | 147,804 | 61,514 |
Terminal services revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 83,350 | 59,574 | 45,038 |
Roadside services revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 68,190 | 47,899 | |
Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | (1,950) | 3,468 | 11,243 |
Operating Segments | Railroad | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 169,445 | 149,661 | 62,250 |
Operating Segments | Jefferson Terminal | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 72,146 | 60,289 | 46,352 |
Operating Segments | Repauno | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 10,691 | 4,117 | 11,617 |
Operating Segments | Power and Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Sustainability and Energy Transition | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Lease income | Railroad | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,652 | 1,943 | 736 |
Operating Segments | Lease income | Jefferson Terminal | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,437 | 1,278 | 1,688 |
Operating Segments | Lease income | Repauno | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Lease income | Power and Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Lease income | Sustainability and Energy Transition | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Rail revenues | Railroad | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 167,793 | 147,718 | 61,514 |
Operating Segments | Rail revenues | Jefferson Terminal | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Rail revenues | Repauno | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 86 | 0 |
Operating Segments | Rail revenues | Power and Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Rail revenues | Sustainability and Energy Transition | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Terminal services revenues | Railroad | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Terminal services revenues | Jefferson Terminal | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 70,709 | 59,011 | 44,664 |
Operating Segments | Terminal services revenues | Repauno | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 12,641 | 563 | 374 |
Operating Segments | Terminal services revenues | Power and Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Terminal services revenues | Sustainability and Energy Transition | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Roadside services revenues | Railroad | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | |
Operating Segments | Roadside services revenues | Jefferson Terminal | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | |
Operating Segments | Roadside services revenues | Repauno | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | |
Operating Segments | Roadside services revenues | Power and Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | |
Operating Segments | Roadside services revenues | Sustainability and Energy Transition | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | |
Operating Segments | Other revenue | Railroad | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Other revenue | Jefferson Terminal | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Other revenue | Repauno | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | (1,950) | 3,468 | 11,243 |
Operating Segments | Other revenue | Power and Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Other revenue | Sustainability and Energy Transition | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Corporate, Non-Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 68,190 | 47,899 | 0 |
Corporate, Non-Segment | Lease income | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Corporate, Non-Segment | Rail revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Corporate, Non-Segment | Terminal services revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Corporate, Non-Segment | Roadside services revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 68,190 | 47,899 | |
Corporate, Non-Segment | Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 0 |
REVENUES - Lease Revenue (Detai
REVENUES - Lease Revenue (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Revenue from Contract with Customer [Abstract] | |
2024 | $ 704 |
2025 | 459 |
2026 | 421 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total | $ 1,584 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 4 months |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 38 years 6 months |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Amortization of right-of-use assets | $ 1,102 | $ 945 | $ 380 |
Interest on lease liabilities | 79 | 52 | 27 |
Finance lease expense | 1,181 | 997 | 407 |
Operating lease expense | 7,619 | 7,306 | 5,682 |
Short-term lease expense | 2,617 | 1,714 | 587 |
Variable lease expense | 3,620 | 2,690 | 1,590 |
Total lease expense | $ 15,037 | $ 12,707 | $ 8,266 |
LEASES - Supplemental Informati
LEASES - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Right-of-use assets, net | $ 69,748 | $ 71,015 |
Short-term lease liabilities | 7,218 | 7,045 |
Long-term lease liabilities | 62,441 | 63,147 |
Total lease liabilities | $ 69,659 | $ 70,192 |
Weighted average remaining lease term | 33 years | 33 years 9 months 18 days |
Weighted average incremental borrowing rate | 5.70% | 5.70% |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 7,187 | $ 7,005 | $ 5,602 |
Noncash - ROU assets recorded for new and modified leases | $ 2,828 | $ 2,640 | $ 12,228 |
LEASES - Future Payments (Detai
LEASES - Future Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 7,287 | |
2025 | 6,965 | |
2026 | 6,293 | |
2027 | 5,821 | |
2028 | 5,134 | |
Thereafter | 133,661 | |
Total undiscounted lease payments | 165,161 | |
Less: Imputed interest | 95,502 | |
Operating lease liabilities | $ 69,659 | $ 70,192 |
EQUITY-BASED COMPENSATION - Nar
EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Options exercised (in shares) | 25,998 | ||
Shares issued (in shares) | 46,509 | ||
Exercised (dollars per share) | $ 2.09 | ||
Grant date fair value, common units | $ 16,900 | ||
Management | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Shares issued (in shares) | 17,903 | ||
Restricted Shares | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Grant date fair value, restricted shares | $ 5,600 | ||
Shares other than options granted in period (in shares) | 0 | ||
Common Units | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Shares other than options granted in period (in shares) | 1,726,423 | ||
Common Stock Units, Time Vesting | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Shares other than options granted in period (in shares) | 1,243,089 | 1,900,000 | |
Vesting period | 3 years | ||
Shares other than options granted aggregate intrinsic value | $ 1,600 | $ 1,900 | |
Common Stock Units, Performance Based Vesting | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Shares other than options granted in period (in shares) | 150,000 | ||
Vesting period | 3 years | ||
Grant date fair value, common units | $ 200 | ||
Options Granted To Manager | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Fair value at grant date ($ millions) | $ 18,100 | ||
Nonqualified Stock Option and Incentive Award Plan | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Shares authorized (in shares) | 30,000,000 |
EQUITY-BASED COMPENSATION - Exp
EQUITY-BASED COMPENSATION - Expenses Related to Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Equity-based compensation | $ 9,199 | $ 4,146 | $ 4,038 |
Schedule of Stock-based Compensation Arrangements | The following table presents the expense related to our subsidiary stock-based compensation arrangements recognized in the Consolidated and Combined Consolidated Statements of Operations: Year Ended December 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2023 2022 2021 Restricted Shares $ 949 $ 2,020 $ 3,215 $ — 0.0 Common Units 1,812 2,126 823 2,094 1.1 Total $ 2,761 $ 4,146 $ 4,038 $ 2,094 The following table presents the expense related to our restricted stock units to subsidiary employees recognized in the Consolidated and Combined Consolidated Statements of Operations: Expense Recognized During the Year Ended December 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2023 2022 2021 Restricted Stock Units $ 6,268 $ — $ — $ 7,335 0.8 Total $ 6,268 $ — $ — $ 7,335 | ||
FIG | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Equity-based compensation | $ 6,268 | 0 | 0 |
Remaining expense to be recognized, if all vesting conditions are met | 7,335 | ||
Continuing Operations | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Equity-based compensation | 2,761 | 4,146 | 4,038 |
Remaining expense to be recognized, if all vesting conditions are met | $ 2,094 | ||
Restricted Shares | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Weighted average remaining contractual term (in years) | 0 years | ||
Restricted Shares | FIG | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Equity-based compensation | $ 6,268 | 0 | 0 |
Remaining expense to be recognized, if all vesting conditions are met | $ 7,335 | ||
Weighted average remaining contractual term (in years) | 9 months 18 days | ||
Restricted Shares | Continuing Operations | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Equity-based compensation | $ 949 | 2,020 | 3,215 |
Remaining expense to be recognized, if all vesting conditions are met | $ 0 | ||
Common Units | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Weighted average remaining contractual term (in years) | 1 year 1 month 6 days | ||
Common Units | Continuing Operations | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Equity-based compensation | $ 1,812 | $ 2,126 | $ 823 |
Remaining expense to be recognized, if all vesting conditions are met | $ 2,094 | ||
Common Units | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Weighted average remaining contractual term (in years) | 1 year 1 month 6 days |
EQUITY-BASED COMPENSATION - Sum
EQUITY-BASED COMPENSATION - Summary of Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Options | |
Stock options outstanding, beginning balance (in shares) | shares | 14,394,835 |
Granted (in shares) | shares | 2,173,914 |
Less: exercised or vested (in shares) | shares | 25,998 |
Less: forfeited and canceled (in shares) | shares | 0 |
Stock options outstanding, ending balance (in shares) | shares | 16,542,751 |
Weighted Average Exercise Price | |
Stock options outstanding, beginning balance (dollars per share) | $ / shares | $ 2.77 |
Granted (in dollars per share) | $ / shares | 2.76 |
Exercised (dollars per share) | $ / shares | 2.09 |
Forfeited and cancelled (dollars per share) | $ / shares | 0 |
Weighed average exercise / issuance price (dollars per share) | $ / shares | $ 2.76 |
Aggregate intrinsic value (in thousands) | $ | $ 18,765 |
Weighted average remaining contractual term (in years) | 8 years 1 month 6 days |
Restricted Shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning, shares outstanding (in shares) | shares | 328,780 |
Granted (in shares) | shares | 0 |
Less: exercised / vested (in shares) | shares | 184,959 |
Less: forfeited and canceled (in shares) | shares | (143,821) |
Ending, shares outstanding (in shares) | shares | 0 |
Weighted Average Issuance Price | |
Beginning, weighted average exercise price (dollars per share) | $ / shares | $ 8.10 |
Granted (dollars per share) | $ / shares | 0 |
Less: exercised/vested (dollars per share) | $ / shares | 7.70 |
Less: forfeited and canceled (dollars per share) | $ / shares | 8.44 |
Weighted average exercise / issuance price (dollars per share) | $ / shares | $ 0 |
Aggregate intrinsic value (in thousands) | $ | $ 0 |
Weighted average remaining contractual term (in years) | 0 years |
Common Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning, shares outstanding (in shares) | shares | 2,820,362 |
Granted (in shares) | shares | 1,726,423 |
Less: exercised / vested (in shares) | shares | 1,649,684 |
Less: forfeited and canceled (in shares) | shares | (850,000) |
Ending, shares outstanding (in shares) | shares | 2,047,101 |
Weighted Average Issuance Price | |
Beginning, weighted average exercise price (dollars per share) | $ / shares | $ 1.02 |
Granted (dollars per share) | $ / shares | 1.20 |
Less: exercised/vested (dollars per share) | $ / shares | 1.13 |
Less: forfeited and canceled (dollars per share) | $ / shares | 1 |
Weighted average exercise / issuance price (dollars per share) | $ / shares | $ 1.11 |
Aggregate intrinsic value (in thousands) | $ | $ 2,371 |
Weighted average remaining contractual term (in years) | 1 year 1 month 6 days |
Restricted Stock Units (RSUs) | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning, shares outstanding (in shares) | shares | 0 |
Granted (in shares) | shares | 4,807,763 |
Less: exercised / vested (in shares) | shares | 1,608,676 |
Less: forfeited and canceled (in shares) | shares | 0 |
Ending, shares outstanding (in shares) | shares | 3,199,087 |
Weighted Average Issuance Price | |
Beginning, weighted average exercise price (dollars per share) | $ / shares | $ 0 |
Granted (dollars per share) | $ / shares | 3.51 |
Less: exercised/vested (dollars per share) | $ / shares | 3.51 |
Less: forfeited and canceled (dollars per share) | $ / shares | 0 |
Weighted average exercise / issuance price (dollars per share) | $ / shares | $ 3.51 |
Aggregate intrinsic value (in thousands) | $ | $ 11,229 |
Weighted average remaining contractual term (in years) | 9 months 18 days |
EQUITY-BASED COMPENSATION - S_2
EQUITY-BASED COMPENSATION - Summary of Options to Purchase Common Shares (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) time_step Rate shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of options (in shares) | 2,173,914 |
Options Granted To Manager | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of options (in shares) | 10,869,565 |
Fair value at grant date ($ millions) | $ | $ 18.1 |
Expected volatility | 60% |
Risk free interest rate | 2.58% |
Expected dividend yield | 3.60% |
Early exercise multiple | Rate | 250% |
Expected term | 10 years |
Number of time steps | time_step | 1,000 |
RETIREMENT BENEFIT PLANS - Narr
RETIREMENT BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated benefit obligation | $ 4.6 | $ 2.5 | |
Expected employer contribution | 1.9 | ||
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Retirement plan costs | 1.9 | 2.1 | $ 0.8 |
Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Retirement plan costs | $ 3.4 | $ 3.1 | $ 1.2 |
RETIREMENT BENEFIT PLANS - Sche
RETIREMENT BENEFIT PLANS - Schedule of Changes in Expected Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Projected Benefit Obligation | |||
Interest costs | $ 2,130 | $ 1,232 | $ 445 |
Pension Benefits | |||
Projected Benefit Obligation | |||
Benefit obligation, beginning of period | 8,932 | 9,805 | |
Transtar acquisition | 0 | 0 | |
Plan amendment | 0 | 0 | |
Service costs | 1,383 | 1,763 | |
Interest costs | 534 | 315 | |
Actuarial (gains) losses | 1,546 | (2,814) | |
Benefit paid | (113) | (137) | |
Benefit obligation, ending of period | 12,282 | 8,932 | 9,805 |
Plan Assets | |||
Plan assets, beginning balance | 1,711 | 0 | |
Asset adjustment | 0 | 1 | |
Actual return on plan assets | 114 | 1 | |
Employer contributions | 1,476 | 1,846 | |
Other benefits paid | (113) | (137) | |
Plan assets, ending balance | 3,188 | 1,711 | 0 |
Funded status at end of year | (9,094) | (7,221) | |
Postretirement Benefits | |||
Projected Benefit Obligation | |||
Benefit obligation, beginning of period | 28,523 | 30,033 | |
Transtar acquisition | 0 | (2,854) | |
Plan amendment | 0 | 1,470 | |
Service costs | 1,783 | 2,143 | |
Interest costs | 1,498 | 917 | |
Actuarial (gains) losses | 893 | (3,065) | |
Benefit paid | (93) | (121) | |
Benefit obligation, ending of period | 32,604 | 28,523 | 30,033 |
Plan Assets | |||
Plan assets, beginning balance | 0 | 0 | |
Asset adjustment | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 0 | 0 | |
Other benefits paid | 0 | 0 | |
Plan assets, ending balance | 0 | 0 | $ 0 |
Funded status at end of year | $ (32,604) | $ (28,523) |
RETIRMENT BENEFIT PLANS - Sched
RETIRMENT BENEFIT PLANS - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current liabilities | $ 0 | $ 0 |
Non-current liabilities | 9,094 | 7,221 |
Net amounts recognized at end of period | 9,094 | 7,221 |
Postretirement Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current liabilities | 531 | 251 |
Non-current liabilities | 32,073 | 28,272 |
Net amounts recognized at end of period | $ 32,604 | $ 28,523 |
RETIREMENT BENEFIT PLANS - Sc_2
RETIREMENT BENEFIT PLANS - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Prior service cost | $ 0 | $ 0 | $ 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Actuarial loss (gain) | 1,432 | (2,814) | (20) |
Amortization of actuarial gain | 61 | 0 | 0 |
Total recognized in other comprehensive loss (income) | 1,493 | (2,814) | (20) |
Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Prior service cost | 0 | 1,470 | 0 |
Amortization of prior service cost | (159) | 0 | 0 |
Actuarial loss (gain) | 893 | (3,065) | 334 |
Amortization of actuarial gain | 0 | 0 | 0 |
Total recognized in other comprehensive loss (income) | $ 734 | $ (1,595) | $ 334 |
RETIREMENT BENEFIT PALNS - Defi
RETIREMENT BENEFIT PALNS - Defined Benefit Plan, Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2023 Rate | Dec. 31, 2022 Rate | Dec. 31, 2021 | |
Pension Benefits | |||
Weighted-average assumptions used to determine pension benefit obligation: | |||
Discount rate | 5.06% | 5.31% | 3.02% |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Weighted-average assumptions used to determine net periodic pension and postretirement costs: | |||
Discount rate | 5.31% | 3.02% | 2.88% |
Rate of compensation increases | 3.50% | 3.50% | 3.50% |
Average future working lifetime | 10 years 6 months | 11 years 3 days | 10 years 11 months 4 days |
Postretirement Benefits | |||
Weighted-average assumptions used to determine pension benefit obligation: | |||
Discount rate | 5.06% | 5.29% | 3% |
Medicare healthcare cost trend rate | 3% | ||
Pre-Med healthcare cost trend rate | 10% | ||
Initial healthcare cost trend rate | 7.50% | 5.80% | |
Ultimate healthcare cost trend rate | 0.0404 | 0.0394 | 0.0394 |
Year ultimate healthcare cost trend rate is reached | 2075 | 2075 | 2075 |
Weighted-average assumptions used to determine net periodic pension and postretirement costs: | |||
Discount rate | 5.29% | 3% | 2.86% |
Average future working lifetime | 9 years 2 months 26 days | 11 years 3 months 25 days | 11 years 4 months 2 days |
Initial healthcare cost trend rate | 5.80% | 6% | 6% |
Ultimate healthcare cost trend rate | 3.94% | 3.94% | 3.80% |
Year ultimate healthcare cost trend rate is reached | 2075 | 2075 | 2075 |
RETIREMENT BENEFIT PLANS - Sc_3
RETIREMENT BENEFIT PLANS - Schedule of Expected Benefit Payments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) shares | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Granted (in shares) | shares | 2,173,914 |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | $ 269 |
2025 | 482 |
2026 | 701 |
2027 | 905 |
2028 | 1,089 |
Years 2029-2033 | 7,191 |
Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | 545 |
2025 | 810 |
2026 | 1,096 |
2027 | 1,319 |
2028 | 1,580 |
Years 2029-2033 | $ 10,252 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 7 | $ 2 | $ 13 |
State and local | 447 | 482 | 224 |
Total current provision | 454 | 484 | 237 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred: | 1,082 | 3,824 | (3,820) |
Federal | 934 | 154 | (44) |
State and local | 0 | 6 | (3) |
Foreign | 2,016 | 3,984 | (3,867) |
Total | $ 2,470 | $ 4,468 | $ (3,630) |
INCOME TAXES - Provision for In
INCOME TAXES - Provision for Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. federal tax at statutory rate | 21% | 21% | 21% |
Income not subject to tax at statutory rate | 0% | 0% | 9.91% |
State and local taxes | 1.79% | 1.77% | (0.06%) |
Noncontrolling interest | (2.17%) | (2.58%) | 0% |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent | (3.71%) | 0% | 0% |
Other | (0.61%) | 0.46% | (4.43%) |
Change in valuation allowance | (17.88%) | (23.09%) | (23.05%) |
Provision for income taxes | (1.58%) | (2.44%) | 3.37% |
INCOME TAXES - Components of De
INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||||
Net operating loss carryforwards | $ 166,668 | $ 142,067 | ||
Accrued expenses | 3,385 | 2,118 | ||
Interest expense | 58,455 | 35,624 | ||
Operating lease liabilities | 72,612 | 58,919 | ||
Investment in partnerships | 13,992 | 49,488 | ||
Other | 11,324 | 3,623 | ||
Total deferred tax assets | 326,436 | 291,839 | ||
Less valuation allowance | (215,082) | (214,003) | $ (143,604) | $ (94,139) |
Net deferred tax assets | 111,354 | 77,836 | ||
Deferred tax liabilities: | ||||
Fixed assets and goodwill | (50,462) | (29,051) | ||
Deferred Tax Liabilities, Other | (2,793) | 0 | ||
Operating lease right-of-use assets | (63,955) | (52,624) | ||
Net deferred tax liabilities | $ (5,856) | |||
Net deferred tax liabilities | $ (3,839) |
INCOME TAXES - Changes in Valua
INCOME TAXES - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowance [Roll Forward] | |||
Valuation allowance at beginning of period | $ 214,003 | $ 143,604 | $ 94,139 |
Change due to current year losses | 1,079 | 70,399 | 49,465 |
Valuation allowance at end of period | $ 215,082 | $ 214,003 | $ 143,604 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
U.S. federal tax rate | 21% | 21% | 21% | |
Valuation allowance | $ 215,082 | $ 214,003 | $ 143,604 | $ 94,139 |
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | 215,082 | $ 214,003 | $ 143,604 | $ 94,139 |
Operating loss carryforwards, not subject to expiration | 568,100 | |||
Geographic Distribution, Domestic | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 736,600 | |||
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 184,800 | |||
Tax Year 2034 | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 168,500 |
MANAGEMENT AGREEMENT AND AFFI_3
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Aug. 01, 2022 | May 31, 2022 | Mar. 31, 2023 | May 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 31, 2022 | |
Related Party Transaction [Line Items] | |||||||
Agreement term | 6 years | ||||||
Sale of stock, purchase option, percentage of common shares sold | 10% | ||||||
Sale of stock, purchase option, percentage of gross capital in equity issuance | 10% | ||||||
Granted (in shares) | 2,173,914 | ||||||
Strike price (dollars per share) | $ 2.76 | $ 2.77 | |||||
FYX Investment | |||||||
Related Party Transaction [Line Items] | |||||||
Sale of stock, purchase option, percentage of common shares sold | 51% | 460,000,000% | |||||
FYX Investment | |||||||
Related Party Transaction [Line Items] | |||||||
Subsidiary of LLC ownership Interest | 100% | ||||||
Stock options | |||||||
Related Party Transaction [Line Items] | |||||||
Granted (in shares) | 10,900,000 | ||||||
Expiration period | 10 years | ||||||
Manager | |||||||
Related Party Transaction [Line Items] | |||||||
Management fee percentage rate | 1.50% | ||||||
Operating Lease, Expense | $ 400 | ||||||
Manager | Jefferson Terminal | |||||||
Related Party Transaction [Line Items] | |||||||
Remaining non-controlling interest | 20% | 20% | |||||
Non-controlling interest by private equity fund | $ (78,000) | $ (41,100) | |||||
Fortress Worldwide Transportation and Infrastructure Master GP LLP | |||||||
Related Party Transaction [Line Items] | |||||||
Capital gains allocation percentage | 10% | ||||||
Fortress Worldwide Transportation and Infrastructure Master GP LLP | Threshold 1 | Income Incentive Allocation | |||||||
Related Party Transaction [Line Items] | |||||||
Percent of pre-incentive allocation net income | 0% | ||||||
Annual percent threshold of pre-incentive allocation net income | 8% | ||||||
Fortress Worldwide Transportation and Infrastructure Master GP LLP | Threshold 2 | Income Incentive Allocation | |||||||
Related Party Transaction [Line Items] | |||||||
Percent of pre-incentive allocation net income | 100% | ||||||
Fortress Worldwide Transportation and Infrastructure Master GP LLP | Threshold 2 | Income Incentive Allocation | Minimum | |||||||
Related Party Transaction [Line Items] | |||||||
Quarterly percent threshold of pre-incentive allocation net income | 2% | ||||||
Fortress Worldwide Transportation and Infrastructure Master GP LLP | Threshold 2 | Income Incentive Allocation | Maximum | |||||||
Related Party Transaction [Line Items] | |||||||
Quarterly percent threshold of pre-incentive allocation net income | 2.2223% | ||||||
Fortress Worldwide Transportation and Infrastructure Master GP LLP | Threshold 3 | Income Incentive Allocation | |||||||
Related Party Transaction [Line Items] | |||||||
Percent of pre-incentive allocation net income | 10% |
MANAGEMENT AGREEMENT AND AFFI_4
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Management fee | $ 12,467 | $ 12,964 | $ 15,638 |
General Partner | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, (Income) Expenses From Transactions with Related Party | 12,467 | 12,964 | 15,638 |
Manager | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, (Income) Expenses From Transactions with Related Party | 6,820 | 5,353 | 5,042 |
Manager | Accounts Payable and Accrued Liabilities | |||
Related Party Transaction [Line Items] | |||
Management fee payable | 6,400 | 3,092 | |
Accounts Payable, Other | 5,595 | 810 | |
Manager | Jefferson Terminal | |||
Related Party Transaction [Line Items] | |||
Non-controlling interest share of net loss | (36,918) | (32,018) | (26,472) |
Management fees | General Partner | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, (Income) Expenses From Transactions with Related Party | 12,467 | 12,964 | 15,638 |
Capital gains incentive allocation | General Partner | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, (Income) Expenses From Transactions with Related Party | 0 | 0 | 0 |
General and administrative expenses | Manager | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, (Income) Expenses From Transactions with Related Party | 5,598 | 4,286 | 3,937 |
Acquisition and transaction expenses | Manager | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, (Income) Expenses From Transactions with Related Party | 1,222 | 1,067 | 1,105 |
Income Incentive Allocation | General Partner | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, (Income) Expenses From Transactions with Related Party | $ 0 | $ 0 | $ 0 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 segment | Dec. 31, 2023 a freightRailroad | Dec. 31, 2023 a switchingCompany | Dec. 31, 2023 a segment | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 5 | |||
Number of primary businesses | segment | 5 | |||
Railroad | ||||
Segment Reporting Information [Line Items] | ||||
Number of segment components | 6 | 1 | ||
Repauno | ||||
Segment Reporting Information [Line Items] | ||||
Area of real estate | a | 1,630 | 1,630 | 1,630 | |
Long Ridge Energy & Power LLC | ||||
Segment Reporting Information [Line Items] | ||||
Area of real estate | a | 1,660 | 1,660 | 1,660 |
SEGMENT INFORMATION - Statement
SEGMENT INFORMATION - Statement of Income by Segment (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | ||||
Revenue | $ 320,472 | $ 261,966 | $ 120,219 | |
Expenses | ||||
Operating expenses | 253,672 | 208,157 | 98,541 | |
General and administrative | 12,833 | 10,891 | 8,737 | |
Acquisition and transaction expenses | 4,140 | 16,844 | 14,826 | |
Depreciation and amortization | 80,992 | 70,749 | 54,016 | |
Asset impairment | 743 | 0 | 0 | |
Total expenses | 364,847 | 319,605 | 191,758 | |
Other income (expense) | ||||
Equity in losses of unconsolidated entities | (24,707) | (67,399) | (13,499) | |
Loss on sale of assets, net | 6,855 | (1,603) | 16 | |
Loss on extinguishment of debt | $ 1,100 | (2,036) | 0 | 0 |
Interest expense | (99,603) | (53,239) | (16,019) | |
Other income (expense) | 6,586 | (3,169) | (8,930) | |
Total other expense | (112,905) | (125,410) | (38,432) | |
Income (loss) before income taxes | (157,280) | (183,049) | (109,971) | |
Provision for (benefit from) income taxes | 2,470 | 4,468 | (3,630) | |
Net (loss) income from continuing operations | (159,750) | (187,517) | (106,341) | |
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | (38,414) | (33,933) | (26,472) | |
Less: Dividends and accretion of redeemable preferred stock | 62,400 | 23,657 | ||
Net income (loss) attributable to stockholders and Former Parent | (183,736) | (177,241) | (79,869) | |
Interest expense | 99,603 | 53,239 | 16,019 | |
Management fee | 12,467 | 12,964 | 15,638 | |
Operating Segments | Infrastructure [Member] | ||||
Other income (expense) | ||||
Loss on extinguishment of debt | 0 | |||
Operating Segments | Railroad | ||||
Revenues | ||||
Revenue | 169,445 | 149,661 | 62,250 | |
Expenses | ||||
Operating expenses | 92,972 | 84,863 | 35,824 | |
General and administrative | 0 | 0 | 0 | |
Acquisition and transaction expenses | 737 | 763 | 2,841 | |
Depreciation and amortization | 19,590 | 20,164 | 8,951 | |
Asset impairment | 743 | |||
Total expenses | 114,042 | 105,790 | 47,616 | |
Other income (expense) | ||||
Equity in losses of unconsolidated entities | 0 | 0 | 0 | |
Loss on sale of assets, net | (437) | (1,603) | 0 | |
Loss on extinguishment of debt | 900 | |||
Interest expense | (2,284) | (212) | (60) | |
Other income (expense) | (2,164) | (1,632) | (422) | |
Total other expense | (5,822) | (3,447) | (482) | |
Income (loss) before income taxes | 49,581 | 40,424 | 14,152 | |
Provision for (benefit from) income taxes | (561) | 1,287 | 64 | |
Net (loss) income from continuing operations | 50,142 | 39,137 | 14,088 | |
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | 143 | 15 | 0 | |
Less: Dividends and accretion of redeemable preferred stock | 0 | 0 | ||
Net income (loss) attributable to stockholders and Former Parent | 49,999 | 39,122 | 14,088 | |
Management fee | 0 | 0 | 0 | |
Operating Segments | Railroad | Infrastructure [Member] | ||||
Other income (expense) | ||||
Loss on extinguishment of debt | (937) | |||
Operating Segments | Jefferson Terminal | ||||
Revenues | ||||
Revenue | 72,146 | 60,289 | 46,352 | |
Expenses | ||||
Operating expenses | 66,576 | 56,417 | 48,255 | |
General and administrative | 0 | 0 | 0 | |
Acquisition and transaction expenses | 1,370 | 64 | 0 | |
Depreciation and amortization | 48,916 | 39,318 | 36,013 | |
Asset impairment | 0 | |||
Total expenses | 116,862 | 95,799 | 84,268 | |
Other income (expense) | ||||
Equity in losses of unconsolidated entities | 0 | 0 | 0 | |
Loss on sale of assets, net | 7,292 | 0 | 0 | |
Interest expense | (32,443) | (24,798) | (14,812) | |
Other income (expense) | (1,302) | (4,317) | (4,726) | |
Total other expense | (26,453) | (29,115) | (19,538) | |
Income (loss) before income taxes | (71,169) | (64,625) | (57,454) | |
Provision for (benefit from) income taxes | 2,468 | 3,016 | 229 | |
Net (loss) income from continuing operations | (73,637) | (67,641) | (57,683) | |
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | (36,917) | (32,018) | (26,250) | |
Less: Dividends and accretion of redeemable preferred stock | 0 | 0 | ||
Net income (loss) attributable to stockholders and Former Parent | (36,720) | (35,623) | (31,433) | |
Management fee | 0 | 0 | 0 | |
Operating Segments | Repauno | ||||
Revenues | ||||
Revenue | 10,691 | 4,117 | 11,617 | |
Expenses | ||||
Operating expenses | 22,203 | 17,072 | 14,304 | |
General and administrative | 0 | 0 | 0 | |
Acquisition and transaction expenses | 0 | 0 | 0 | |
Depreciation and amortization | 9,336 | 9,322 | 9,052 | |
Asset impairment | 0 | |||
Total expenses | 31,539 | 26,394 | 23,356 | |
Other income (expense) | ||||
Equity in losses of unconsolidated entities | 0 | 0 | 0 | |
Loss on sale of assets, net | 0 | 0 | 16 | |
Interest expense | (2,557) | (1,590) | (1,147) | |
Other income (expense) | 0 | 0 | 0 | |
Total other expense | (2,557) | (1,590) | (1,131) | |
Income (loss) before income taxes | (23,405) | (23,867) | (12,870) | |
Provision for (benefit from) income taxes | 496 | 165 | 0 | |
Net (loss) income from continuing operations | (23,901) | (24,032) | (12,870) | |
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | (1,412) | (1,242) | (222) | |
Less: Dividends and accretion of redeemable preferred stock | 0 | 0 | ||
Net income (loss) attributable to stockholders and Former Parent | (22,489) | (22,790) | (12,648) | |
Management fee | 0 | 0 | 0 | |
Operating Segments | Power and Gas | ||||
Revenues | ||||
Revenue | 0 | 0 | 0 | |
Expenses | ||||
Operating expenses | 2,726 | 826 | 99 | |
General and administrative | 0 | 0 | 0 | |
Acquisition and transaction expenses | 94 | 458 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | |
Asset impairment | 0 | |||
Total expenses | 2,820 | 1,284 | 99 | |
Other income (expense) | ||||
Equity in losses of unconsolidated entities | (9,949) | (60,538) | (13,597) | |
Loss on sale of assets, net | 0 | 0 | 0 | |
Interest expense | (3) | 0 | 0 | |
Other income (expense) | 7,523 | 524 | (3,782) | |
Total other expense | (2,429) | (60,014) | (17,379) | |
Income (loss) before income taxes | (5,249) | (61,298) | (17,478) | |
Provision for (benefit from) income taxes | 0 | 0 | (3,930) | |
Net (loss) income from continuing operations | (5,249) | (61,298) | (13,548) | |
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | 0 | 0 | 0 | |
Less: Dividends and accretion of redeemable preferred stock | 0 | 0 | ||
Net income (loss) attributable to stockholders and Former Parent | (5,249) | (61,298) | (13,548) | |
Management fee | 0 | 0 | 0 | |
Operating Segments | Sustainability and Energy Transition | ||||
Revenues | ||||
Revenue | 0 | 0 | 0 | |
Expenses | ||||
Operating expenses | 29 | 10 | 0 | |
General and administrative | 0 | 0 | 0 | |
Acquisition and transaction expenses | 1 | 280 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | |
Asset impairment | 0 | |||
Total expenses | 30 | 290 | 0 | |
Other income (expense) | ||||
Equity in losses of unconsolidated entities | (14,814) | (7,012) | (372) | |
Loss on sale of assets, net | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | |
Other income (expense) | 2,529 | 2,123 | 0 | |
Total other expense | (12,285) | (4,889) | (372) | |
Income (loss) before income taxes | (12,315) | (5,179) | (372) | |
Provision for (benefit from) income taxes | 0 | 0 | 0 | |
Net (loss) income from continuing operations | (12,315) | (5,179) | (372) | |
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | 0 | 0 | 0 | |
Less: Dividends and accretion of redeemable preferred stock | 0 | 0 | ||
Net income (loss) attributable to stockholders and Former Parent | (12,315) | (5,179) | (372) | |
Management fee | 0 | 0 | 0 | |
Operating Segments | Power and Gas | Infrastructure [Member] | ||||
Other income (expense) | ||||
Loss on extinguishment of debt | 0 | |||
Corporate, Non-Segment | ||||
Revenues | ||||
Revenue | 68,190 | 47,899 | 0 | |
Expenses | ||||
Operating expenses | 69,166 | 48,969 | 59 | |
General and administrative | 12,833 | 10,891 | 8,737 | |
Acquisition and transaction expenses | 1,938 | 15,279 | 11,985 | |
Depreciation and amortization | 3,150 | 1,945 | 0 | |
Asset impairment | 0 | |||
Total expenses | 99,554 | 90,048 | 36,419 | |
Other income (expense) | ||||
Equity in losses of unconsolidated entities | 56 | 151 | 470 | |
Loss on sale of assets, net | 0 | 0 | 0 | |
Loss on extinguishment of debt | (1,099) | |||
Interest expense | (62,316) | (26,639) | 0 | |
Other income (expense) | 0 | 133 | 0 | |
Total other expense | (63,359) | (26,355) | 470 | |
Income (loss) before income taxes | (94,723) | (68,504) | (35,949) | |
Provision for (benefit from) income taxes | 67 | 0 | 7 | |
Net (loss) income from continuing operations | (94,790) | (68,504) | (35,956) | |
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | (228) | (688) | 0 | |
Less: Dividends and accretion of redeemable preferred stock | 62,400 | 23,657 | ||
Net income (loss) attributable to stockholders and Former Parent | (156,962) | (91,473) | (35,956) | |
Management fee | $ 12,467 | $ 12,964 | $ 15,638 |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Adjusted Net Income to Net Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | $ 107,522 | $ 61,028 | $ 33,711 |
Add: Non-controlling share of Adjusted EBITDA | 21,515 | 16,279 | 12,508 |
Equity in losses of unconsolidated entities | (24,707) | (67,399) | (13,499) |
Less: Interest and other costs on pension and OPEB liabilities | (2,130) | (1,232) | (445) |
Dividends and accretion of redeemable preferred stock | (62,400) | (23,657) | 0 |
Less: Dividends and accretion of redeemable preferred stock | (20,209) | (13,939) | (29,095) |
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities | (99,603) | (53,239) | (16,019) |
Less: Depreciation and amortization expense | (81,541) | (70,749) | (54,016) |
Less: Incentive allocations | 0 | 0 | 0 |
Less: Incentive allocations | (743) | 0 | 0 |
Less: Asset impairment charges | (1,125) | 1,125 | 2,220 |
Less: Changes in fair value of non-hedge derivative instruments | (2,036) | 0 | 0 |
Less: Losses on the modification or extinguishment of debt and capital lease obligations | (4,140) | (16,844) | (14,826) |
Less: Acquisition and transaction expenses | (9,199) | (4,146) | (4,038) |
Provision for (benefit from) income taxes | (2,470) | (4,468) | 3,630 |
Net income (loss) attributable to stockholders and Former Parent | (183,736) | (177,241) | (79,869) |
Other Nonrecurring (Income) Expense | (2,470) | 0 | 0 |
Operating Segments | Railroad | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 78,521 | 64,286 | 26,449 |
Equity in losses of unconsolidated entities | 0 | 0 | 0 |
Less: Incentive allocations | (743) | ||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | (737) | (763) | (2,841) |
Provision for (benefit from) income taxes | 561 | (1,287) | (64) |
Net income (loss) attributable to stockholders and Former Parent | 49,999 | 39,122 | 14,088 |
Operating Segments | Jefferson Terminal | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 35,694 | 18,490 | 10,631 |
Equity in losses of unconsolidated entities | 0 | 0 | 0 |
Less: Incentive allocations | 0 | ||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | (1,370) | (64) | 0 |
Provision for (benefit from) income taxes | (2,468) | (3,016) | (229) |
Net income (loss) attributable to stockholders and Former Parent | (36,720) | (35,623) | (31,433) |
Operating Segments | Repauno | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | (8,061) | (12,743) | (4,149) |
Equity in losses of unconsolidated entities | 0 | 0 | 0 |
Less: Incentive allocations | 0 | ||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | 0 | 0 | 0 |
Provision for (benefit from) income taxes | (496) | (165) | 0 |
Net income (loss) attributable to stockholders and Former Parent | (22,489) | (22,790) | (12,648) |
Operating Segments | Power and Gas | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 34,784 | 18,039 | 25,524 |
Operating Segments | Sustainability and Energy Transition | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | (7,253) | (2,334) | (372) |
Equity in losses of unconsolidated entities | (14,814) | (7,012) | (372) |
Less: Incentive allocations | 0 | ||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | (1) | (280) | 0 |
Provision for (benefit from) income taxes | 0 | 0 | 0 |
Net income (loss) attributable to stockholders and Former Parent | (12,315) | (5,179) | (372) |
Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | (26,163) | (24,710) | (24,372) |
Equity in losses of unconsolidated entities | 56 | 151 | 470 |
Less: Incentive allocations | 0 | ||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | (1,938) | (15,279) | (11,985) |
Provision for (benefit from) income taxes | (67) | 0 | (7) |
Net income (loss) attributable to stockholders and Former Parent | $ (156,962) | $ (91,473) | $ (35,956) |
SEGMENT INFORMATION - Balance S
SEGMENT INFORMATION - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||||
Current assets | $ 185,503 | $ 277,804 | ||
Non-current assets | 2,194,106 | 2,200,595 | ||
Total assets | 2,379,609 | 2,478,399 | ||
Debt, net | 1,340,910 | 1,230,157 | ||
Current liabilities | 150,637 | 159,581 | ||
Non-current liabilities | 1,490,881 | 1,529,434 | ||
Total liabilities | 1,641,518 | 1,689,015 | ||
Redeemable preferred stock | 325,232 | 264,590 | ||
Equity [Abstract] | ||||
Non-controlling interests in equity of consolidated subsidiaries | (71,430) | (26,829) | ||
Total equity | 412,859 | 524,794 | $ 1,462,046 | $ 995,397 |
Total liabilities, redeemable preferred stock and equity | 2,379,609 | 2,478,399 | ||
Operating Segments | Railroad | ||||
Segment Reporting Information [Line Items] | ||||
Current assets | 58,114 | 56,631 | ||
Non-current assets | 667,501 | 672,275 | ||
Total assets | 725,615 | 728,906 | ||
Debt, net | 0 | 10,000 | ||
Current liabilities | 54,150 | 51,902 | ||
Non-current liabilities | 55,975 | 59,698 | ||
Total liabilities | 110,125 | 111,600 | ||
Redeemable preferred stock | 0 | 0 | ||
Equity [Abstract] | ||||
Non-controlling interests in equity of consolidated subsidiaries | 2,861 | 1,403 | ||
Total equity | 615,490 | 617,306 | ||
Total liabilities, redeemable preferred stock and equity | 725,615 | 728,906 | ||
Operating Segments | Jefferson Terminal | ||||
Segment Reporting Information [Line Items] | ||||
Current assets | 88,542 | 166,252 | ||
Non-current assets | 1,137,510 | 1,136,095 | ||
Total assets | 1,226,052 | 1,302,347 | ||
Debt, net | 737,335 | 732,145 | ||
Current liabilities | 65,052 | 81,147 | ||
Non-current liabilities | 797,854 | 790,687 | ||
Total liabilities | 862,906 | 871,834 | ||
Redeemable preferred stock | 0 | 0 | ||
Equity [Abstract] | ||||
Non-controlling interests in equity of consolidated subsidiaries | (74,278) | (33,048) | ||
Total equity | 363,146 | 430,513 | ||
Total liabilities, redeemable preferred stock and equity | 1,226,052 | 1,302,347 | ||
Operating Segments | Repauno | ||||
Segment Reporting Information [Line Items] | ||||
Current assets | 9,267 | 16,888 | ||
Non-current assets | 295,685 | 289,132 | ||
Total assets | 304,952 | 306,020 | ||
Debt, net | 44,250 | 25,000 | ||
Current liabilities | 4,912 | 5,958 | ||
Non-current liabilities | 47,816 | 28,163 | ||
Total liabilities | 52,728 | 34,121 | ||
Redeemable preferred stock | 0 | 0 | ||
Equity [Abstract] | ||||
Non-controlling interests in equity of consolidated subsidiaries | (13) | 1,093 | ||
Total equity | 252,224 | 271,899 | ||
Total liabilities, redeemable preferred stock and equity | 304,952 | 306,020 | ||
Operating Segments | Power and Gas | ||||
Segment Reporting Information [Line Items] | ||||
Current assets | 2 | 396 | ||
Non-current assets | 6,825 | 8,142 | ||
Total assets | 6,827 | 8,538 | ||
Debt, net | 0 | 0 | ||
Current liabilities | 828 | 906 | ||
Non-current liabilities | 29,310 | 187,165 | ||
Total liabilities | 30,138 | 188,071 | ||
Equity [Abstract] | ||||
Non-controlling interests in equity of consolidated subsidiaries | 0 | 0 | ||
Total equity | (23,311) | (179,533) | ||
Total liabilities, redeemable preferred stock and equity | 6,827 | 8,538 | ||
Operating Segments | Sustainability and Energy Transition | ||||
Segment Reporting Information [Line Items] | ||||
Current assets | 22,405 | 20,747 | ||
Non-current assets | 77,540 | 84,390 | ||
Total assets | 99,945 | 105,137 | ||
Debt, net | 0 | 0 | ||
Current liabilities | 0 | 0 | ||
Non-current liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Redeemable preferred stock | 0 | 0 | ||
Equity [Abstract] | ||||
Non-controlling interests in equity of consolidated subsidiaries | 0 | 0 | ||
Total equity | 99,945 | 105,137 | ||
Total liabilities, redeemable preferred stock and equity | 99,945 | 105,137 | ||
Operating Segments | Power and Gas | ||||
Segment Reporting Information [Line Items] | ||||
Redeemable preferred stock | 0 | 0 | ||
Corporate, Non-Segment | ||||
Segment Reporting Information [Line Items] | ||||
Current assets | 7,173 | 16,890 | ||
Non-current assets | 9,045 | 10,561 | ||
Total assets | 16,218 | 27,451 | ||
Debt, net | 559,325 | 463,012 | ||
Current liabilities | 25,695 | 19,668 | ||
Non-current liabilities | 559,926 | 463,721 | ||
Total liabilities | 585,621 | 483,389 | ||
Redeemable preferred stock | 325,232 | 264,590 | ||
Equity [Abstract] | ||||
Non-controlling interests in equity of consolidated subsidiaries | 0 | 3,723 | ||
Total equity | (894,635) | (720,528) | ||
Total liabilities, redeemable preferred stock and equity | $ 16,218 | $ 27,451 |
REDEEMABLE PREFERRED STOCK - Na
REDEEMABLE PREFERRED STOCK - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Aug. 01, 2022 USD ($) vote $ / shares shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) | |
Temporary Equity [Line Items] | |||
Redeemable preferred stock, par value (dollars per share) | $ / shares | $ 0.01 | ||
Redeemable preferred stock | $ 325,232 | $ 264,590 | |
Fair value of warrants | 13,000 | ||
Dividends paid-in-kind | 73,300 | ||
Dividends paid in cash | 1,800 | 1,800 | |
Accretion of dividends | 6,600 | 2,700 | |
Liquidation preference | 446,500 | 448,200 | |
Temporary Equity, Dividends Paid | $ 55,800 | $ 21,000 | |
Stock options | |||
Temporary Equity [Line Items] | |||
Fair value of options | $ 18,100 | ||
Temporary equity, voting rights | vote | 1 | ||
Series I And II Warrants | |||
Temporary Equity [Line Items] | |||
Fair value of warrants | $ 13,800 | ||
Series A Preferred Stock | |||
Temporary Equity [Line Items] | |||
Shares issued (in shares) | shares | 300,000 | ||
Price (dollars per share) | $ / shares | $ 1,000 | ||
Redeemable preferred stock, par value (dollars per share) | $ / shares | $ 0.01 | ||
Discount | 3% | ||
Proceeds from stock issued | $ 291,000 | ||
Redeemable preferred stock | 242,700 | ||
Issuance cost | 16,400 | ||
Base preferred return amount | $ 150,000 | ||
Dividend rate | 14% | ||
Series A Preferred Stock | Temporary Equity, Redemption, Period One | |||
Temporary Equity [Line Items] | |||
Dividend rate, increase per annum | 2% | ||
Series A Preferred Stock | Temporary Equity, Redemption, Period Two | |||
Temporary Equity [Line Items] | |||
Dividend rate, increase per annum | 18% | ||
Series A Preferred Stock | Temporary Equity, Redemption, Period Three | |||
Temporary Equity [Line Items] | |||
Dividend rate, increase per annum | 1% |
EARNINGS PER SHARE AND EQUITY -
EARNINGS PER SHARE AND EQUITY - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net loss | $ (159,750) | $ (187,517) | $ (106,341) |
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | (38,414) | (33,933) | (26,472) |
Less: Dividends and accretion of redeemable preferred stock | 62,400 | 23,657 | 0 |
Net loss attributable to stockholders and Former Parent | $ (183,736) | $ (177,241) | $ (79,869) |
Weighted Average Common Stock outstanding - Basic (in shares) | 102,960,812 | 102,747,121 | 99,387,467 |
Weighted Average Common Stock outstanding - Diluted (in shares) | 102,960,812 | 102,747,121 | 99,387,467 |
Loss per share - basic (dollars per share) | $ (1.78) | $ (1.73) | $ (0.80) |
Loss per share - diluted (dollars per share) | $ (1.79) | $ (1.73) | $ (0.80) |
EARNINGS PER SHARE AND EQUITY_2
EARNINGS PER SHARE AND EQUITY - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Aug. 01, 2022 $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 $ / shares shares | |
Class of Warrant or Right [Line Items] | |||
Antidilutive shares excluded from the calculation of diluted EPS (in shares) | 2,917,041 | 586,269 | |
Convertible common stock, conversion ratio | 1 | ||
Common stock, shares outstanding (in shares) | 99,387,467 | 100,589,572 | 99,445,074 |
Common stock, shares issued (in shares) | 99,387,467 | 100,589,572 | 99,445,074 |
Granted (in shares) | 2,173,914 | ||
Strike price (dollars per share) | $ / shares | $ 2.76 | $ 2.77 | |
Stock options issued (in shares) | 16,542,751 | 14,394,835 | |
Exercise price (in dollars per share) | $ / shares | $ 4.93 | $ 5.01 | |
Weighted average remaining contractual term, exercisable | 6 years 7 months 6 days | ||
Fair value of warrants | $ | $ 13 | ||
Director | |||
Class of Warrant or Right [Line Items] | |||
Granted (in shares) | 15,000 | ||
Series I Warrant | |||
Class of Warrant or Right [Line Items] | |||
Number of common shares called by warrants (in shares) | 3,342,566 | ||
Exercise price (in dollars per share) | $ / shares | $ 10 | ||
Series II Warrant | |||
Class of Warrant or Right [Line Items] | |||
Number of common shares called by warrants (in shares) | 3,342,566 | ||
Exercise price (in dollars per share) | $ / shares | $ 0.01 | ||
Stock options | |||
Class of Warrant or Right [Line Items] | |||
Granted (in shares) | 10,900,000 | ||
Expiration period | 10 years |
EARNINGS PER SHARE AND EQUITY_3
EARNINGS PER SHARE AND EQUITY - Schedule of Outstanding Stock Warrants and Changes (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Number of Warrants | |
Class of warrant or right, beginning balance (in shares) | shares | 6,685,132 |
Issued (in shares) | shares | 0 |
Expired (in shares) | shares | 0 |
Exercised (in shares) | shares | 0 |
Class of warrant or right, ending balance (in shares) | shares | 6,685,132 |
Warrants exercisable, (in shares) | shares | 6,685,132 |
Weighted Average Exercise Price | |
Exercise price, beginning balance (in dollars per share) | $ / shares | $ 5.01 |
Issued (in dollars per share) | $ / shares | 0 |
Expired (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 0 |
Exercise price, ending balance (in dollars per share) | $ / shares | 4.93 |
Warrants exercisable, weighted averaged exercise price (in dollars per share) | $ / shares | $ 4.93 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - Repauno - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||
Potential milestone payment | $ 15,000,000 | ||
Milestone payment | $ 5,000,000 | $ 5,000,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Feb. 29, 2024 | Dec. 31, 2023 | Dec. 27, 2022 | |
Subsequent Event [Line Items] | |||
Shares issued (in shares) | 46,509 | ||
Management | |||
Subsequent Event [Line Items] | |||
Shares issued (in shares) | 17,903 | ||
Transtar Revolver | Loans Payable | |||
Subsequent Event [Line Items] | |||
Maximum borrowing capacity | $ 25 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Common stock dividends declared (in dollars per share) | $ 0.03 |