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Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Revenue From External Customers



	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

Revenue from external customers for the Company’s consolidated reportable segments were ($ in millions):



	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

Schedule of EBITDA for Reportable Segments

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



	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

Reconciliations of total reportable segments’ EBITDA excluding non-cash items to consolidated net income from continuing operations before income taxes were ($ in millions):



	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

Schedule of Capital Expenditures

Capital expenditures, on a cash basis, for the Company’s reportable segments were ($ in millions):



	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

Schedule of Reconciliation of Assets of Reportable Segments

Property, equipment, land and leasehold improvements, net, goodwill and total assets for the Company’s reportable segments and its reconciliation to consolidated total assets were ($ in millions):



	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