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SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

Our reportable segments represent strategic business units comprised of investments in different types of transportation and infrastructure assets. We have four reportable segments which operate in the Equipment Leasing and Infrastructure businesses across several market sectors. Our reportable segments are (i) Aviation Leasing, (ii) Jefferson Terminal, (iii) Ports and Terminals and (iv) Transtar. The Aviation Leasing segment consists of aircraft and aircraft engines held for lease and are typically held long-term. The Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal and other related assets. The Ports and Terminals segment consists of Repauno, which is 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, and an equity method investment in Long Ridge, which is a 1,660 acre multi-modal port located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant in operation.

In July 2021, we acquired Transtar and it operates as a separate reportable segment within our Infrastructure business. Transtar is comprised of five freight railroads and one switching company that provide rail service to certain manufacturing and production facilities. See Note 4 for additional information.

In December 2019, we completed the sale of CMQR, which was formerly reported as our Railroad segment. Under ASC 205-20, this disposition met the criteria to be reported as discontinued operations and the assets, liabilities and results of operations have been presented as discontinued operations for all periods presented. Additionally, in accordance with ASC 280, we assessed our reportable segments. We determined that our retained investment of the railroad business no longer met the requirement as a reportable segment. Accordingly, we have presented this operating segment, along with Corporate results, within Corporate and Other effective in 2019.

Corporate and Other primarily consists of debt, unallocated corporate general and administrative expenses, and management fees. Additionally, Corporate and Other includes (i) offshore energy related assets which consist of vessels and equipment that support offshore oil and gas activities and are typically subject to operating leases, (ii) an investment in an unconsolidated entity engaged in the leasing of shipping containers, (iii) railroad assets which consist of equipment that support a railcar cleaning business and (iv) various clean technology and sustainability investments (see Note 8 for additional information).

The accounting policies of the segments are the same as those described in the summary of significant accounting policies; however, financial information presented by segment includes the impact of intercompany eliminations. The chief operating decision maker evaluates investment performance for each reportable segment primarily based on Adjusted EBITDA.

Adjusted EBITDA is defined as net income (loss) attributable to shareholders from continuing operations, 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, and interest expense, (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 shareholders, as defined by U.S. GAAP, is the most appropriate earnings measurement with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to shareholders 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, 2021

			Year Ended December 31, 2021
			Equipment Leasing						Infrastructure
			Aviation Leasing						Jefferson Terminal						Ports and Terminals						Transtar						Corporate and Other						Total
Revenues
Equipment leasing revenues			$	321,422					$	—					$	—					$	—					$	14,161					$	335,583
Infrastructure revenues			—						46,352						11,617						57,539						4,711						120,219
Total revenues			321,422						46,352						11,617						57,539						18,872						455,802
Expenses
Operating expenses			56,072						48,255						14,403						28,987						24,747						172,464
General and administrative			—						—						—						—						17,409						17,409
Acquisition and transaction expenses			3,840						—						—						2,841						15,260						21,941
Management fees and incentive allocation to affiliate			—						—						—						—						16,322						16,322
Depreciation and amortization			139,972						36,013						9,052						8,320						8,399						201,756
Asset impairment			10,463						—						—						—						—						10,463
Interest expense			—						14,812						1,147						53						155,024						171,036
Total expenses			210,347						99,080						24,602						40,201						237,161						611,391
Other income (expense)
Equity in (losses) earnings of unconsolidated entities			(1,403)						—						(11,429)						—						98						(12,734)
Gain on sale of assets, net			49,015						—						16						—						—						49,031
Loss on extinguishment of debt			—						—						—						—						(3,254)						(3,254)
Interest income			1,153						—						318						—						240						1,711
Other (expense) income			(1,680)						(4,726)						(4,100)						(423)						1						(10,928)
Total other income (expense)			47,085						(4,726)						(15,195)						(423)						(2,915)						23,826
Income (loss) from continuing operations before income taxes			158,160						(57,454)						(28,180)						16,915						(221,204)						(131,763)
Provision for (benefit from) income taxes			935						230						(3,749)						1,602						(75)						(1,057)
Net income (loss) from continuing operations			157,225						(57,684)						(24,431)						15,313						(221,129)						(130,706)
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries			—						(26,250)						(222)						—						—						(26,472)
Less: Dividends on preferred shares			—						—						—						—						24,758						24,758
Net income (loss) attributable to shareholders from continuing operations			$	157,225					$	(31,434)					$	(24,209)					$	15,313					$	(245,887)					$	(128,992)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:

			Year Ended December 31, 2021
			Equipment Leasing						Infrastructure
			Aviation Leasing						Jefferson Terminal						Ports and Terminals						Transtar						Corporate and Other						Total
Adjusted EBITDA			$	340,613					$	10,631					$	21,375					$	28,129					$	(64,433)					$	336,315
Add: Non-controlling share of Adjusted EBITDA																																	12,508
Add: Equity in losses of unconsolidated entities																																	(12,734)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities																																	(27,892)
Less: Interest expense																																	(171,036)
Less: Depreciation and amortization expense																																	(229,734)
Less: Incentive allocations																																	—
Less: Asset impairment charges																																	(10,463)
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																																	(3,254)
Less: Acquisition and transaction expenses																																	(21,941)
Less: Equity-based compensation expense																																	(4,038)
Less: Benefit from income taxes																																	1,057
Net loss attributable to shareholders from continuing operations																																	$	(128,992)

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

			Year Ended December 31, 2021
			Equipment Leasing						Infrastructure
			Aviation Leasing						Jefferson Terminal						Ports and Terminals						Transtar						Corporate and Other						Total
Revenues
Africa			$	235					$	—					$	—					$	—					$	—					$	235
Asia			114,389						—						—						—						14,161						128,550
Europe			133,537						—						—						—						—						133,537
North America			62,121						46,352						11,617						57,539						4,711						182,340
South America			11,140						—						—						—						—						11,140
Total revenues			$	321,422					$	46,352					$	11,617					$	57,539					$	18,872					$	455,802

II. For the Year Ended December 31, 2020

			Year Ended December 31, 2020
			Equipment Leasing						Infrastructure
			Aviation Leasing						Jefferson Terminal						Ports and Terminals						Transtar						Corporate and Other						Total
Revenues
Equipment leasing revenues			$	281,211					$	—					$	—					$	—					$	16,723					$	297,934
Infrastructure revenues			—						60,283						3,855						—						4,424						68,562
Total revenues			281,211						60,283						3,855						—						21,147						366,496
Expenses
Operating expenses			20,667						53,072						10,327						—						25,446						109,512
General and administrative			—						—						—						—						18,159						18,159
Acquisition and transaction expenses			6,687						—						907						—						2,274						9,868
Management fees and incentive allocation to affiliate			—						—						—						—						18,519						18,519
Depreciation and amortization			133,904						29,034						1,497						—						7,965						172,400
Asset impairment			33,978						—						—						—						—						33,978
Interest expense			—						9,426						1,335						—						87,445						98,206
Total expenses			195,236						91,532						14,066						—						159,808						460,642
Other (expense) income
Equity in (losses) earnings of unconsolidated entities			(1,932)						—						(3,222)						—						115						(5,039)
Loss on sale of assets, net			(300)						(8)						—						—						—						(308)
Loss on extinguishment of debt			—						(4,724)						—						—						(6,943)						(11,667)
Interest income			94						22						—						—						46						162
Other income			—						70						—						—						—						70
Total other expense			(2,138)						(4,640)						(3,222)						—						(6,782)						(16,782)
Income (loss) from continuing operations before income taxes			83,837						(35,889)						(13,433)						—						(145,443)						(110,928)
(Benefit from) provision for income taxes			(4,812)						278						(1,791)						—						420						(5,905)
Net income (loss) from continuing operations			88,649						(36,167)						(11,642)						—						(145,863)						(105,023)
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries			—						(16,483)						(39)						—						—						(16,522)
Less: Dividends on preferred shares			—						—						—						—						17,869						17,869
Net income (loss) attributable to shareholders from continuing operations			$	88,649					$	(19,684)					$	(11,603)					$	—					$	(163,732)					$	(106,370)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:

			Year Ended December 31, 2020
			Equipment Leasing						Infrastructure
			Aviation Leasing						Jefferson Terminal						Ports and Terminals						Transtar						Corporate and Other						Total
Adjusted EBITDA			$	288,752					$	16,118					$	(2,600)					$	—					$	(58,964)					$	243,306
Add: Non-controlling share of Adjusted EBITDA																																	9,637
Add: Equity in losses of unconsolidated entities																																	(5,039)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities																																	(1,208)
Less: Interest expense																																	(98,206)
Less: Depreciation and amortization expense																																	(202,746)
Less: Incentive allocations																																	—
Less: Asset impairment charges																																	(33,978)
Less: Changes in fair value of non-hedge derivative instruments																																	(181)
Less: Losses on the modification or extinguishment of debt and capital lease obligations																																	(11,667)
Less: Acquisition and transaction expenses																																	(9,868)
Less: Equity-based compensation expense																																	(2,325)
Less: Benefit from income taxes																																	5,905
Net loss attributable to shareholders from continuing operations																																	$	(106,370)

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

			Year Ended December 31, 2020
			Equipment Leasing						Infrastructure
			Aviation Leasing						Jefferson Terminal						Ports and Terminals						Transtar						Corporate and Other						Total
Revenues
Africa			$	10,259					$	—					$	—					$	—					$	—					$	10,259
Asia			110,057						—						—						—						16,637						126,694
Europe			124,670						—						—						—						—						124,670
North America			32,961						60,283						3,855						—						4,510						101,609
South America			3,264						—						—						—						—						3,264
Total revenues			$	281,211					$	60,283					$	3,855					$	—					$	21,147					$	366,496

III. For the Year Ended December 31, 2019

			Year Ended December 31, 2019
			Equipment Leasing						Infrastructure
			Aviation Leasing						Jefferson Terminal						Ports and Terminals						Transtar						Corporate and Other						Total
Revenues
Equipment leasing revenues			$	336,675					$	—					$	—					$	—					$	12,647					$	349,322
Infrastructure revenues			—						204,348						22,187						—						2,917						229,452
Total revenues			336,675						204,348						22,187						—						15,564						578,774
Expenses
Operating expenses			17,668						231,506						24,854						—						17,544						291,572
General and administrative			—						—						—						—						16,905						16,905
Acquisition and transaction expenses			8,641						—						5,008						—						3,974						17,623
Management fees and incentive allocation to affiliate			—						—						—						—						36,059						36,059
Depreciation and amortization			128,990						22,873						9,849						—						7,311						169,023
Asset impairment			—						—						4,726						—						—						4,726
Interest expense			—						16,189						1,712						—						77,684						95,585
Total expenses			155,299						270,568						46,149						—						159,477						631,493
Other income (expense)
Equity in losses of unconsolidated entities			(1,829)						(292)						(192)						—						(62)						(2,375)
Gain on sale of assets, net			81,954						4,636						116,660						—						—						203,250
Loss on extinguishment of debt			—						—						—						—						—						—
Interest income			104						118						289						—						20						531
Other income			—						634						1,809						—						1,002						3,445
Total other income			80,229						5,096						118,566						—						960						204,851
Income (loss) from continuing operations before income taxes			261,605						(61,124)						94,604						—						(142,953)						152,132
Provision for income taxes			2,826						284						14,700						—						—						17,810
Net income (loss) from continuing operations			258,779						(61,408)						79,904						—						(142,953)						134,322
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries			—						(17,356)						(215)						—						—						(17,571)
Less: Dividends on preferred shares			—						—						—						—						1,838						1,838
Net income (loss) attributable to shareholders from continuing operations			$	258,779					$	(44,052)					$	80,119					$	—					$	(144,791)					$	150,055

The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders from continuing operations:

			Year Ended December 31, 2019
			Equipment Leasing						Infrastructure
			Aviation Leasing						Jefferson Terminal						Ports and Terminals						Transtar						Corporate and Other						Total
Adjusted EBITDA			$	429,398					$	(6,160)					$	114,760					$	—					$	(34,590)					$	503,408
Add: Non-controlling share of Adjusted EBITDA																																	9,859
Add: Equity in losses of unconsolidated entities																																	(2,375)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities																																	1,387
Less: Interest expense																																	(95,585)
Less: Depreciation and amortization expense																																	(199,185)
Less: Incentive allocations																																	(21,231)
Less: Asset impairment charges																																	(4,726)
Less: Changes in fair value of non-hedge derivative instruments																																	(4,555)
Less: Losses on the modification or extinguishment of debt and capital lease obligations																																	—
Less: Acquisition and transaction expenses																																	(17,623)
Less: Equity-based compensation expense																																	(1,509)
Less: Provision for income taxes																																	(17,810)
Net income attributable to shareholders from continuing operations																																	$	150,055

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

			Year Ended December 31, 2019
			Equipment Leasing						Infrastructure
			Aviation Leasing						Jefferson Terminal						Ports and Terminals						Transtar						Corporate and Other						Total
Revenues
Africa			$	14,542					$	—					$	—					$	—					$	—					$	14,542
Asia			119,289						—						—						—						12,647						131,936
Europe			157,942						—						—						—						—						157,942
North America			36,391						204,348						22,187						—						2,917						265,843
South America			8,511						—						—						—						—						8,511
Total revenues			$	336,675					$	204,348					$	22,187					$	—					$	15,564					$	578,774

IV. Balance Sheet and location of long-lived assets

The following tables sets forth summarized balance sheet information and the geographic location of property, plant and equipment and leasing equipment, net:

			December 31, 2021
			Equipment Leasing						Infrastructure
			Aviation Leasing						Jefferson Terminal						Ports and Terminals						Transtar						Corporate and Other						Total
Total assets			$	2,098,979					$	1,284,432					$	316,899					$	762,294					$	401,250					$	4,863,854
Debt, net			—						693,624						25,000						—						2,501,587						3,220,211
Total liabilities			214,564						820,725						50,651						109,325						2,544,489						3,739,754
Non-controlling interests in equity of consolidated subsidiaries			—						(2,604)						1,888						—						524						(192)
Total equity			1,884,415						463,707						266,248						652,969						(2,143,239)						1,124,100
Total liabilities and equity			$	2,098,979					$	1,284,432					$	316,899					$	762,294					$	401,250					$	4,863,854

			December 31, 2021
			Equipment Leasing						Infrastructure
			Aviation Leasing						Jefferson Terminal						Ports and Terminals						Transtar						Corporate and Other						Total
Property, plant and equipment and leasing equipment, net
Asia			$	368,298					$	—					$	—					$	—					$	175,313					$	543,611
Europe			839,555						—						—						—						—						839,555
North America			265,203						786,566						280,210						481,826						5,003						1,818,808
South America			245,532						—						—						—						—						245,532
Total property, plant and equipment and leasing equipment, net			$	1,718,588					$	786,566					$	280,210					$	481,826					$	180,316					$	3,447,506

			December 31, 2020
			Equipment Leasing						Infrastructure
			Aviation Leasing						Jefferson Terminal						Ports and Terminals						Transtar						Corporate and Other						Total
Total assets			$	1,704,205					$	989,928					$	400,217					$	—					$	293,627					$	3,387,977
Debt, net			—						253,473						25,000						—						1,626,289						1,904,762
Total liabilities			219,692						365,629						38,242						—						1,665,093						2,288,656
Non-controlling interests in equity of consolidated subsidiaries			—						20,785						1,354						—						524						22,663
Total equity			1,484,513						624,299						361,975						—						(1,371,466)						1,099,321
Total liabilities and equity			$	1,704,205					$	989,928					$	400,217					$	—					$	293,627					$	3,387,977

			December 31, 2020
			Equipment Leasing						Infrastructure
			Aviation Leasing						Jefferson Terminal						Ports and Terminals						Transtar						Corporate and Other						Total
Property, plant and equipment and leasing equipment, net
Asia			$	445,566					$	—					$	—					$	—					$	56,702					$	502,268
Europe			774,300						—						—						—						—						774,300
North America			208,190						702,393						269,680						—						117,782						1,298,045
South America			25,009						—						—						—						—						25,009
Total property, plant and equipment and leasing equipment, net			$	1,453,065					$	702,393					$	269,680					$	—					$	174,484					$	2,599,622

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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