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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Prior to the third quarter of 2022, we operated as three reportable and operating segments. 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 costs on pension and other post-employment benefit (“OPEB”) liabilities and dividends and accretion of redeemable preferred stock. 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 five 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 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 investment in the majority stake of 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 costs on pension and OPEB liabilities, and dividends and accretion of redeemable preferred stock, (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, 2022
Year Ended December 31, 2022
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Revenues
Total revenues$149,661 $60,289 $4,117 $— $— $47,899 $261,966 
Expenses
Operating expenses84,863 56,417 17,072 826 10 48,969 208,157 
General and administrative— — — — — 10,891 10,891 
Acquisition and transaction expenses763 64 — 458 280 15,279 16,844 
Management fees and incentive allocation to affiliate— — — — — 12,964 12,964 
Depreciation and amortization20,164 39,318 9,322 — — 1,945 70,749 
Total expenses105,790 95,799 26,394 1,284 290 90,048 319,605 
Other expense
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 taxes40,424 (64,625)(23,867)(61,298)(5,179)(68,504)(183,049)
Provision for income taxes1,287 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 subsidiaries15 (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
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Adjusted EBITDA$64,286 $18,490 $(12,743)$18,039 $(2,334)$(24,710)$61,028 
Add: Non-controlling share of Adjusted EBITDA16,279 
Add: Equity in losses of unconsolidated entities(67,399)
Less: Interest costs on pension and OPEB liabilities(1,232)
Less: Dividends and accretion of redeemable preferred stock(23,657)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities(13,939)
Less: Interest expense(53,239)
Less: Depreciation and amortization expense(70,749)
Less: Incentive allocations— 
Less: Asset impairment charges— 
Less: Changes in fair value of non-hedge derivative instruments1,125 
Less: Losses on the modification or extinguishment of debt and capital lease obligations— 
Less: Acquisition and transaction expenses(16,844)
Less: Equity-based compensation expense(4,146)
Less: Provision for income taxes(4,468)
Net loss attributable to stockholders and Former Parent$(177,241)

II. For the Year Ended December 31, 2021
Year Ended December 31, 2021
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Revenues
Total revenues$62,250 $46,352 $11,617 $— $— $— $120,219 
Expenses
Operating expenses35,824 48,255 14,304 99 — 59 98,541 
General and administrative— — — — — 8,737 8,737 
Acquisition and transaction expenses2,841 — — — — 11,985 14,826 
Management fees and incentive allocation to affiliate— — — — — 15,638 15,638 
Depreciation and amortization8,951 36,013 9,052 — — — 54,016 
Total expenses47,616 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 taxes14,152 (57,454)(12,870)(17,478)(372)(35,949)(109,971)
Provision for (benefit from) income taxes64 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
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Adjusted EBITDA$26,449 $10,631 $(4,149)$25,524 $(372)$(24,372)$33,711 
Add: Non-controlling share of Adjusted EBITDA12,508 
Add: Equity in losses of unconsolidated entities(13,499)
Less: Interest costs on pension and OPEB liabilities(445)
Less: Dividends and accretion of redeemable preferred stock— 
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities(29,095)
Less: Interest expense(16,019)
Less: Depreciation and amortization expense(54,016)
Less: Incentive allocations— 
Less: Asset impairment charges— 
Less: Changes in fair value of non-hedge derivative instruments2,220 
Less: Losses on the modification or extinguishment of debt and capital lease obligations— 
Less: Acquisition and transaction expenses(14,826)
Less: Equity-based compensation expense(4,038)
Less: Benefit from income taxes3,630 
Net loss attributable to Former Parent$(79,869)



III. For the Year Ended December 31, 2020
Year Ended December 31, 2020
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Revenues
Total revenues$4,424 $60,283 $3,855 $— $— $— $68,562 
Expenses
Operating expenses5,992 53,072 8,971 1,356 — — 69,391 
General and administrative— — — — — 8,522 8,522 
Acquisition and transaction expenses— — — 907 — 751 1,658 
Management fees and incentive allocation to affiliate— — — — — 13,073 13,073 
Depreciation and amortization583 29,034 1,497 — — — 31,114 
Total expenses6,575 82,106 10,468 2,263 — 22,346 123,758 
Other income (expense)
Equity in (losses) earnings of unconsolidated entities— — — (3,222)— 115 (3,107)
Loss on sale of assets, net— (8)— — — — (8)
Loss on extinguishment of debt— (4,724)— — — (4,724)
Interest expense(3)(9,426)(1,335)— — — (10,764)
Other income— 92 — — — — 92 
Total other (expense) income(3)(14,066)(1,335)(3,222)— 115 (18,511)
Loss before income taxes(2,154)(35,889)(7,948)(5,485)— (22,231)(73,707)
Provision for (benefit from) income taxes— 278 — (2,265)— 3 (1,984)
Net loss(2,154)(36,167)(7,948)(3,220)— (22,234)(71,723)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries— (16,483)(39)— — — (16,522)
Net loss attributable to Former Parent$(2,154)$(19,684)$(7,909)$(3,220)$— $(22,234)$(55,201)











The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to Former Parent:
Year Ended December 31, 2020
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Adjusted EBITDA$(1,568)$16,118 $(4,548)$1,948 $— $(21,759)$(9,809)
Add: Non-controlling share of Adjusted EBITDA9,637 
Add: Equity in losses of unconsolidated entities(3,107)
Less: Interest costs on pension and OPEB liabilities— 
Less: Dividends and accretion of redeemable preferred stock— 
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities(3,140)
Less: Interest expense(10,764)
Less: Depreciation and amortization expense(31,114)
Less: Incentive allocations— 
Less: Asset impairment charges— 
Less: Changes in fair value of non-hedge derivative instruments(181)
Less: Losses on the modification or extinguishment of debt and capital lease obligations(4,724)
Less: Acquisition and transaction expenses(1,658)
Less: Equity-based compensation expense(2,325)
Less: Provision for income taxes1,984 
Net loss attributable to Former Parent$(55,201)

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, 2022
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Current assets$56,631 $166,252 $16,888 $396 $20,747 $16,890 $277,804 
Non-current assets672,275 1,136,095 289,132 8,142 84,390 10,561 2,200,595 
Total assets728,906 1,302,347 306,020 8,538 105,137 27,451 2,478,399 
Debt, net10,000 732,145 25,000 — — 463,012 1,230,157 
Current liabilities51,902 81,147 5,958 906 — 19,668 159,581 
Non-current liabilities59,698 790,687 28,163 187,165 — 463,721 1,529,434 
Total liabilities111,600 871,834 34,121 188,071 — 483,389 1,689,015 
Redeemable preferred stock— — — — — 264,590 264,590 
Non-controlling interests in equity of consolidated subsidiaries1,403 (33,048)1,093 — — 3,723 (26,829)
Total equity617,306 430,513 271,899 (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 
December 31, 2021
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Current assets$72,965 $296,753 $34,943 $357 $7,680 $286 $412,984 
Non-current assets695,632 987,678 281,599 — 53,152 11,256 2,029,317 
Total assets768,597 1,284,431 316,542 357 60,832 11,542 2,442,301 
Debt, net— 693,624 25,000 — — — 718,624 
Current liabilities56,690 67,612 5,135 19 — 11 129,467 
Non-current liabilities52,180 753,113 27,965 17,530 — — 850,788 
Total liabilities108,870 820,725 33,100 17,549 — 11 980,255 
Non-controlling interests in equity of consolidated subsidiaries— (2,604)1,888 — — 625 (91)
Total equity659,727 463,706 283,442 (17,192)60,832 11,531 1,462,046 
Total liabilities and equity$768,597 $1,284,431 $316,542 $357 $60,832 $11,542 $2,442,301