XML 52 R40.htm IDEA: XBRL DOCUMENT v3.24.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables set forth certain information for each reportable segment:
I. For the Three Months Ended September 30, 2024
Three Months Ended September 30, 2024
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Revenues
Total revenues$44,781 $19,682 $3,951 $— $— $14,897 $83,311 
Expenses
Operating expenses24,723 17,138 6,764 1 — 14,140 62,766 
General and administrative— — — — — 2,989 2,989 
Acquisition and transaction expenses95 — — 1,681 — 750 2,526 
Management fees and incentive allocation to affiliate— — — — — 2,807 2,807 
Depreciation and amortization4,936 11,988 2,489 — — 79 19,492 
Total expenses29,754 29,126 9,253 1,682 — 20,765 90,580 
Other (expense) income
Equity in (losses) earnings of unconsolidated entities— — — (10,474)(3,844)10 (14,308)
Gain on sale of assets, net5 2,753 — — — — 2,758 
Gain on modification or extinguishment of debt— 747 — — — — 747 
Interest expense(78)(13,107)(92)— — (18,236)(31,513)
Other income819 916 — 3,594 1,206 2 6,537 
Total other income (expense)746 (8,691)(92)(6,880)(2,638)(18,224)(35,779)
Income (loss) before income taxes15,773 (18,135)(5,394)(8,562)(2,638)(24,092)(43,048)
Provision for (benefit from) income taxes1,174 (426)(73)— — (767)(92)
Net income (loss)14,599 (17,709)(5,321)(8,562)(2,638)(23,325)(42,956)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries71 (9,700)(334)— — — (9,963)
Less: Dividends and accretion of redeemable preferred stock— — — — — 16,978 16,978 
Net income (loss) attributable to stockholders$14,528 $(8,009)$(4,987)$(8,562)$(2,638)$(40,303)$(49,971)
Three Months Ended September 30, 2023
Port and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Revenues
Total revenues$41,864 $16,610 $4,087 $— $— $18,145 $80,706 
Expenses
Operating expenses24,332 17,548 6,179 1,393 — 18,964 68,416 
General and administrative— — — — — 2,485 2,485 
Acquisition and transaction expenses186 80 — — — 383 649 
Management fees and incentive allocation to affiliate — — — — — 3,238 3,238 
Depreciation and amortization4,362 12,643 2,390 — — 755 20,150 
Asset impairment— — — — — — — 
Total expenses28,880 30,271 8,569 1,393 — 25,825 94,938 
Other (expense) income
Equity in (losses) earnings of unconsolidated entities— — — (7,057)(2,867)10 (9,914)
(Loss) gain on sale of assets, net(264)1 — — — — (263)
Loss on extinguishment of debt(937)— — — — (1,083)(2,020)
Interest expense(82)(8,280)(642)— — (16,995)(25,999)
Other (expense) income(520)109 — 2,149 649 — 2,387 
Total other expense(1,803)(8,170)(642)(4,908)(2,218)(18,068)(35,809)
Income (loss) before income taxes11,181 (21,831)(5,124)(6,301)(2,218)(25,748)(50,041)
Provision for (benefit from) income taxes524 (126)103 — — (493)8 
Net income (loss)10,657 (21,705)(5,227)(6,301)(2,218)(25,255)(50,049)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries37 (9,688)(281)— — — (9,932)
Less: Dividends and accretion of redeemable preferred stock— — — — — 15,984 15,984 
Net income (loss) attributable to stockholders$10,620 $(12,017)$(4,946)$(6,301)$(2,218)$(41,239)$(56,101)
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:
Three Months Ended September 30, 2024
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Adjusted EBITDA$21,080 $11,764 $(1,406)$11,105 $(673)$(4,942)$36,928 
Add: Non-controlling share of Adjusted EBITDA6,318 
Add: Equity in losses of unconsolidated entities(14,308)
Less: Interest and other costs on pension and OPEB liabilities248 
Less: Dividends and accretion of redeemable preferred stock(16,978)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities(5,625)
Less: Interest expense(31,513)
Less: Depreciation and amortization expense(20,725)
Less: Incentive allocations— 
Less: Asset impairment charges— 
Less: Changes in fair value of non-hedge derivative instruments— 
Less: Gains on the modification or extinguishment of debt and capital lease obligations747 
Less: Acquisition and transaction expenses(2,526)
Less: Equity-based compensation expense(2,629)
Less: Provision for income taxes92 
Less: Other non-recurring items— 
Net loss attributable to stockholders$(49,971)
II. For the Nine Months Ended September 30, 2024
Nine Months Ended September 30, 2024
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Revenues
Total revenues$136,731 $59,472 $11,892 $— $— $42,638 $250,733 
Expenses
Operating expenses73,266 54,245 18,533 1,023 7 41,492 188,566 
General and administrative— — — — — 10,690 10,690 
Acquisition and transaction expenses432 10 — 2,079 — 1,852 4,373 
Management fees and incentive allocation to affiliate— — — — — 8,584 8,584 
Depreciation and amortization14,808 36,618 7,413 — — 1,337 60,176 
Total expenses88,506 90,873 25,946 3,102 7 63,955 272,389 
Other (expense) income
Equity in (losses) earnings of unconsolidated entities— — — (24,847)(14,182)31 (38,998)
(Loss) gain on sale of assets, net(158)2,753 — — — — 2,595 
Loss on modification or extinguishment of debt— (8,423)— — — — (8,423)
Interest expense(245)(33,594)(480)— — (54,477)(88,796)
Other income467 4,453 — 8,787 2,156 2 15,865 
Total other income (expense)64 (34,811)(480)(16,060)(12,026)(54,444)(117,757)
Income (loss) before income taxes48,289 (66,212)(14,534)(19,162)(12,033)(75,761)(139,413)
Provision for (benefit from) income taxes3,358 (1,592)(234)— — 448 1,980 
Net income (loss)44,931 (64,620)(14,300)(19,162)(12,033)(76,209)(141,393)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries179 (31,339)(893)— — — (32,053)
Less: Dividends and accretion of redeemable preferred stock— — — — — 51,563 51,563 
Net income (loss) attributable to stockholders$44,752 $(33,281)$(13,407)$(19,162)$(12,033)$(127,772)$(160,903)
The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders:
Nine Months Ended September 30, 2024
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Adjusted EBITDA$64,859 $30,893 $(4,591)$30,343 $(5,316)$(17,773)$98,415 
Add: Non-controlling share of Adjusted EBITDA20,305 
Add: Equity in losses of unconsolidated entities(38,998)
Less: Interest and other costs on pension and OPEB liabilities(214)
Less: Dividends and accretion of redeemable preferred stock(51,563)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities(15,090)
Less: Interest expense(88,796)
Less: Depreciation and amortization expense(63,418)
Less: Incentive allocations— 
Less: Asset impairment charges— 
Less: Changes in fair value of non-hedge derivative instruments— 
Less: Losses on the modification or extinguishment of debt and capital lease obligations(8,423)
Less: Acquisition and transaction expenses(4,373)
Less: Equity-based compensation expense(6,768)
Less: Provision for income taxes(1,980)
Less: Other non-recurring items— 
Net loss attributable to stockholders$(160,903)
The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders:
Three Months Ended September 30, 2023
Port and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Adjusted EBITDA$17,434 $7,763 $(959)$7,970 $(1,005)$(6,548)$24,655 
Add: Non-controlling share of Adjusted EBITDA5,410 
Add: Equity in losses of unconsolidated entities(9,914)
Less: Interest and other costs on pension and OPEB liabilities(480)
Less: Dividends and accretion of redeemable preferred stock(15,984)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities(5,554)
Less: Interest expense(25,999)
Less: Depreciation and amortization expense(20,150)
Less: Incentive allocations— 
Less: Asset impairment charges— 
Less: Changes in fair value of non-hedge derivative instruments— 
Less: Losses on the modification or extinguishment of debt and capital lease obligations(2,020)
Less: Acquisition and transaction expenses(649)
Less: Equity-based compensation expense(4,277)
Less: Provision for income taxes(8)
Less: Other non-recurring items(1,131)
Net loss attributable to stockholders$(56,101)
IV. For the Nine Months Ended September 30, 2023
Nine Months Ended September 30, 2023
Port and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Revenues
Total revenues$125,415 $52,806 $6,581 $— $— $54,230 $239,032 
Expenses
Operating expenses71,824 49,963 16,884 1,990 29 55,663 196,353 
General and administrative— — — — — 9,388 9,388 
Acquisition and transaction expenses553 116 — 71 1 813 1,554 
Management fees and incentive allocation to affiliate— — — — — 9,304 9,304 
Depreciation and amortization14,588 36,656 6,916 — — 2,417 60,577 
Asset impairment743 — — — — — 743 
Total expenses87,708 86,735 23,800 2,061 30 77,585 277,919 
Other income (expense)
Equity in earnings (losses) of unconsolidated entities— — — 2,343 (9,560)44 (7,173)
(Loss) gain on sale of assets, net(473)733 — — — — 260 
Loss on extinguishment of debt(937)— — — — (1,083)(2,020)
Interest expense(2,252)(24,142)(1,845)(3)— (45,189)(73,431)
Other (expense) income(1,616)(1,303)— 5,021 1,876 — 3,978 
Total other (expense) income(5,278)(24,712)(1,845)7,361 (7,684)(46,228)(78,386)
Income (loss) before income taxes32,429 (58,641)(19,064)5,300 (7,714)(69,583)(117,273)
Provision for income taxes1,842 224 257 — — 237 2,560 
Net income (loss)30,587 (58,865)(19,321)5,300 (7,714)(69,820)(119,833)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries83 (28,921)(1,034)— — (229)(30,101)
Less: Dividends and accretion of redeemable preferred stock— — — — — 45,811 45,811 
Net income (loss) attributable to stockholders$30,504 $(29,944)$(18,287)$5,300 $(7,714)$(115,402)$(135,543)
The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders:
Nine Months Ended September 30, 2023
Port and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Adjusted EBITDA$54,889 $21,363 $(7,456)$29,687 $(4,163)$(20,092)$74,228 
Add: Non-controlling share of Adjusted EBITDA15,577 
Add: Equity in losses of unconsolidated entities(7,173)
Less: Interest and other costs on pension and OPEB liabilities(1,440)
Less: Dividends and accretion of redeemable preferred stock(45,811)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities(20,630)
Less: Interest expense(73,431)
Less: Depreciation and amortization expense(60,577)
Less: Incentive allocations— 
Less: Asset impairment charges(743)
Less: Changes in fair value of non-hedge derivative instruments(1,125)
Less: Losses on the modification or extinguishment of debt and capital lease obligations(2,020)
Less: Acquisition and transaction expenses(1,554)
Less: Equity-based compensation expense(5,814)
Less: Provision for income taxes(2,560)
Less: Other non-recurring items(2,470)
Net loss attributable to stockholders$(135,543)
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.
September 30, 2024
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Current assets$46,629 $160,820 $2,526 $1 $27,066 $10,025 $247,067 
Non-current assets666,005 1,121,292 302,739 21,440 65,282 13,664 2,190,422 
Total assets712,634 1,282,112 305,265 21,441 92,348 23,689 2,437,489 
Total debt, net— 924,756 44,250 — — 566,673 1,535,679 
Current liabilities45,551 67,919 14,828 3,257 2 42,119 173,676 
Non-current liabilities32,374 996,185 47,571 — — 567,579 1,643,709 
Total liabilities77,925 1,064,104 62,399 3,257 2 609,698 1,817,385 
Redeemable preferred stock— — — — — 366,913 366,913 
Non-controlling interests in equity of consolidated subsidiaries3,982 (120,656)(906)— — — (117,580)
Total equity634,709 218,008 242,866 18,184 92,346 (952,922)253,191 
Total liabilities, redeemable preferred stock and equity$712,634 $1,282,112 $305,265 $21,441 $92,348 $23,689 $2,437,489 

December 31, 2023
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Current assets$58,114 $88,542 $9,267 $2 $22,405 $7,173 $185,503 
Non-current assets667,501 1,137,510 295,685 6,825 77,540 9,045 2,194,106 
Total assets725,615 1,226,052 304,952 6,827 99,945 16,218 2,379,609 
Total debt, net— 737,335 44,250 — — 559,325 1,340,910 
Current liabilities54,150 65,052 4,912 828 — 25,695 150,637 
Non-current liabilities55,975 797,854 47,816 29,310 — 559,926 1,490,881 
Total liabilities110,125 862,906 52,728 30,138 — 585,621 1,641,518 
Redeemable preferred stock— — — — — 325,232 325,232 
Non-controlling interests in equity of consolidated subsidiaries2,861 (74,278)(13)— — — (71,430)
Total equity615,490 363,146 252,224 (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