Effective October 1, 2018, BEC and substantially all of the Company’s portfolio of solar and wind power generation businesses were classified as discontinued operations and the Company’s Contracted Power segment was eliminated. All prior comparable periods have been restated to reflect this change. In July 2019, the Company completed the sales of its wind power generating portfolio and all but one of the assets in its solar power generating portfolio. The sale of the remaining solar facility closed during September 2019. On January 1, 2019, the Company also classified its majority interest in a renewable power development business as a discontinued operation, the sale of which closed in July 2019. The Company did not restate the prior period as the disposition was deemed insignificant. A remaining relationship with a third-party developer of renewable power facilities has been reported as a component of Corporate and Other through the expiration of the relationship in July 2019. For additional information, see Note 3, “Discontinued Operations and Dispositions”.

IMTT provides bulk liquid storage, handling and other services in North America through 17 terminals located in the U.S., one terminal in Quebec, Canada and one partially owned terminal in Newfoundland, Canada. IMTT derives the majority of its revenue from storage and handling of petroleum products, various chemicals, renewable fuels, and vegetable and tropical oils. Based on storage capacity, IMTT operates one of the largest third-party bulk liquid terminals businesses in the U.S.

Lease. These are contracts with predominantly non-cancelable terms for access to and the use of storage capacity at the various terminals owned and operated by the business. At September 30, 2019, these contracts had a revenue weighted average remaining contract life of 1.9 years. These contracts generally require payments in exchange for the provision of storage capacity and product movement (throughput) throughout their term based on a fixed rate per barrel of capacity leased. A majority of the contracts include terms that adjust the fixed rate annually for inflation. These contracts are accounted for as operating leases and the related lease income is recognized in service revenue over the term of the contract based upon the rate specified. Revenue is recognized in accordance with ASC 842, Leases.

Terminal services. Revenue from the provision of ancillary services includes activities such as heating, mixing and blending, and is recognized as the related services are performed (point in time) based on contract rates. Other terminal services also include payments received prior to the related services being performed or as a reimbursement for specific fixed asset additions or improvements related to a customer’s contract and are recorded as deferred revenue and ratably recognized as revenues over the contract term.

Other. Other revenue is comprised primarily of environmental response service activities through the date of sale in April 2018 and railroad operations. These revenues are generally recognized at a point in time as services are performed.

Atlantic Aviation derives the majority of its revenue from fuel delivery services and from other airport services, including de-icing and aircraft hangar rental. All of the revenue of Atlantic Aviation is generated at airports in the U.S. The business currently operates at 70 airports.

Other FBO services. Other fixed based operation (FBO) services consist principally of de-icing services, landing, concession, transient overnight hangar usage, terminal use and fuel distribution fees that are recognized as sales of services. Revenue from these transactions is recorded based on the service fee earned.

MIC Hawaii primarily comprises of (i) Hawaii Gas, Hawaii’s only government-franchised gas utility and an unregulated liquefied petroleum gas distribution business providing gas and related services to commercial, residential and governmental customers; and (ii) controlling interests in two solar facilities on Oahu.

Revenue from the Hawaii Gas business is generated from the distribution and sales of synthetic natural gas (SNG), liquefied petroleum gas (LPG), liquefied natural gas (LNG) and renewable natural gas (RNG). Revenue is primarily a function of the volume of SNG, LPG, LNG and RNG consumed by customers and the price per British Thermal Unit or gallon charged to customers. Revenue levels, without organic growth, will generally track global commodity prices, namely petroleum and natural gas, as its products are derived from these commodities.

Revenue from Hawaii Gas is recorded in product revenue. Hawaii Gas recognizes revenue when products are delivered. Sales of gas to customers are billed on a monthly-cycle basis. Earned but unbilled revenue is accrued and included in accounts receivable and revenue. This is based on the amount of gas that has been delivered but not billed to customers from the latest meter reading or billed delivery date to the end of an accounting period. The related costs are charged to expense.

The renewables projects within MIC Hawaii sell substantially all of the electricity generated at a fixed price to primarily electric utility customers pursuant to long-term power purchase agreements (PPAs) of 20 years. Substantially all of the PPAs are accounted for as operating leases and have no minimum lease payments and all of the lease income under these leases is recorded within product revenue when the electricity is delivered.

All of the MIC business segments are managed separately and management has chosen to organize the Company around the distinct products and services offered. Selected information by segment is presented in the following tables.



	Quarter Ended September 30, 2019
	IMTT		Atlantic Aviation		MIC Hawaii		Intercompany Adjustments			Total Reportable Segments
Service revenue
Terminal services	$	22	$	—	$	—	$	—		$	22
Lease	96		—		—		(1		)	95
Fuel	—		165		—		—			165
Hangar	—		24		—		—			24
Other	—		41		—		—			41
Total service revenue	$	118	$	230	$	—	$	(1	)	$	347
Product revenue
Lease	$	—	$	—	$	2	$	—		$	2
Gas	—		—		54		—			54
Other	—		—		2		—			2
Total product revenue	$	—	$	—	$	58	$	—		$	58
Total revenue	$	118	$	230	$	58	$	(1	)	$	405



	Quarter Ended September 30, 2018
	IMTT		Atlantic Aviation		MIC Hawaii		Intercompany Adjustments			Total Reportable Segments
Service revenue
Terminal services	$	19	$	—	$	—	$	—		$	19
Lease	98		—		—		(1		)	97
Fuel	—		173		—		—			173
Hangar	—		22		—		—			22
Construction	—		—		8		—			8
Other	1		40		1		—			42
Total service revenue	$	118	$	235	$	9	$	(1	)	$	361
Product revenue
Lease	$	—	$	—	$	1	$	—		$	1
Gas	—		—		55		—			55
Other	—		—		4		—			4
Total product revenue	$	—	$	—	$	60	$	—		$	60
Total revenue	$	118	$	235	$	69	$	(1	)	$	421



	Nine Months Ended September 30, 2019
	IMTT		Atlantic Aviation		MIC Hawaii		Intercompany Adjustments			Total Reportable Segments
Service revenue
Terminal services	$	68	$	—	$	—	$	—		$	68
Lease	326		—		—		(2		)	324
Fuel	—		519		—		—			519
Hangar	—		70		—		—			70
Other	4		135		—		—			139
Total service revenue	$	398	$	724	$	—	$	(2	)	$	1,120
Product revenue
Lease	$	—	$	—	$	4	$	—		$	4
Gas	—		—		171		—			171
Other	—		—		8		—			8
Total product revenue	$	—	$	—	$	183	$	—		$	183
Total revenue	$	398	$	724	$	183	$	(2	)	$	1,303



	Nine Months Ended September 30, 2018
	IMTT		Atlantic Aviation		MIC Hawaii		Intercompany Adjustments			Total Reportable Segments
Service revenue
Terminal services	$	66	$	—	$	—	$	—		$	66
Lease	304		—		—		(3		)	301
Fuel	—		524		—		—			524
Hangar	—		66		—		—			66
Construction	—		—		39		—			39
Other	16		125		3		—			144
Total service revenue	$	386	$	715	$	42	$	(3	)	$	1,140
Product revenue
Lease	$	—	$	—	$	3	$	—		$	3
Gas	—		—		172		—			172
Other	—		—		9		—			9
Total product revenue	$	—	$	—	$	184	$	—		$	184
Total revenue	$	386	$	715	$	226	$	(3	)	$	1,324

In accordance with FASB ASC 280, Segment Reporting, the Company has disclosed earnings before interest, taxes, depreciation and amortization (EBITDA) excluding non-cash items as a key performance indicator for the businesses. EBITDA excluding non-cash items is reflective of the businesses’ ability to effectively manage the volume of products sold or services provided, the operating margin earned on those transactions and the management of operating expenses independent of the capitalization and tax attributes of its businesses. The Company defines EBITDA excluding non-cash items as net income (loss) or earnings — the most comparable GAAP measure — before interest, taxes, depreciation and amortization and non-cash items including impairments, unrealized derivative gains and losses, adjustments for other non-cash items and pension expense reflected in the statements of operations.

EBITDA excluding non-cash items for the Company’s consolidated reportable segments from continuing operations is shown in the tables below ($ in millions). Allocations of corporate expenses, intercompany fees and the tax effect have been excluded as they are eliminated in consolidation.



	Quarter Ended September 30, 2019
	IMTT		Atlantic Aviation		MIC Hawaii		Corporate and Other			Total Reportable Segments
Net income (loss)	$	12	$	14	$	1	$	(12	)	$	15
Interest expense, net	10		18		3		3			34
Provision (benefit) for income taxes	5		5		1		(4		)	7
Depreciation	29		16		4		—			49
Amortization of intangibles	3		11		—		—			14
Fees to Manager-related party	—		—		—		8			8
Other non-cash expense	3		—		3		—			6
EBITDA excluding non-cash items	$	62	$	64	$	12	$	(5	)	$	133



	Quarter Ended September 30, 2018
	IMTT		Atlantic Aviation		MIC Hawaii			Corporate and Other			Total Reportable Segments
Net income (loss)	$	16	$	25	$	(18	)	$	(21	)	$	2
Interest expense, net	12		5		2			9			28
Provision (benefit) for income taxes	6		9		(7		)	(6		)	2
Goodwill impairment	—		—		3			—			3
Depreciation	29		14		6			—			49
Amortization of intangibles	4		12		4			—			20
Fees to Manager-related party	—		—		—			12			12
Other non-cash expense	2		—		5			—			7
EBITDA excluding non-cash items	$	69	$	65	$	(5	)	$	(6	)	$	123



	Nine Months Ended September 30, 2019
	IMTT		Atlantic Aviation		MIC Hawaii		Corporate and Other			Total Reportable Segments
Net income (loss)	$	62	$	48	$	11	$	(36	)	$	85
Interest expense, net	38		59		8		13			118
Provision (benefit) for income taxes	25		18		5		(15		)	33
Depreciation	87		46		12		—			145
Amortization of intangibles	11		33		—		—			44
Fees to Manager-related party	—		—		—		23			23
Other non-cash expense	7		1		10		1			19
EBITDA excluding non-cash items	$	230	$	205	$	46	$	(14	)	$	467



	Nine Months Ended September 30, 2018
	IMTT		Atlantic Aviation		MIC Hawaii			Corporate and Other			Total Reportable Segments
Net income (loss)	$	60	$	78	$	(11	)	$	(58	)	$	69
Interest expense, net	31		9		5			26			71
Provision (benefit) for income taxes	24		29		(4		)	(17		)	32
Goodwill impairment	—		—		3			—			3
Depreciation	87		43		13			—			143
Amortization of intangibles	12		35		6			—			53
Fees to Manager-related party	—		—		—			36			36
Other non-cash expense	7		1		10			—			18
EBITDA excluding non-cash items	$	221	$	195	$	22		$	(13	)	$	425



	Quarter Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Total reportable segments EBITDA excluding non-cash items	$	133		$	123		$	467		$	425
Interest income	2			—			6			—
Interest expense	(36		)	(28		)	(124		)	(71		)
Goodwill impairment	—			(3		)	—			(3		)
Depreciation	(49		)	(49		)	(145		)	(143		)
Amortization of intangibles	(14		)	(20		)	(44		)	(53		)
Fees to Manager-related party	(8		)	(12		)	(23		)	(36		)
Other expense, net	(6		)	(7		)	(19		)	(18		)
Total consolidated net income from continuing operations before income taxes	$	22		$	4		$	118		$	101



	Quarter Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
IMTT	$	47	$	18	$	111	$	42
Atlantic Aviation	17		16		44		52
MIC Hawaii	5		6		15		17
Corporate and other	1		5		2		20
Total capital expenditures of reportable segments	$	70	$	45	$	172	$	131



	Property, Equipment, Land and Leasehold Improvements, net				Goodwill				Total Assets
	September 30, 2019		December 31, 2018		September 30, 2019		December 31, 2018		September 30, 2019		December 31, 2018
IMTT	$	2,273	$	2,249	$	1,427	$	1,427	$	4,135	$	4,020
Atlantic Aviation	567		565		496		496		2,040		1,676
MIC Hawaii	303		300		120		120		528		501
Corporate and other	10		27		—		—		221		599
Total assets of reportable segments	$	3,153	$	3,141	$	2,043	$	2,043	$	6,924	$	6,796
Assets held for sale	—		—		—		—		—		648
Total consolidated assets	$	3,153	$	3,141	$	2,043	$	2,043	$	6,924	$	7,444