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INVESTMENTS | 12 Months Ended
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Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS | INVESTMENTS The following table presents the ownership interests and carrying values of our investments:
| Investment |  | Ownership Percentage |  | December 31, 2022 |  | December 31, 2021
Intermodal Finance I, Ltd. | Equity method |  | 51% |  | $ | — |  |  | $ | — |
Long Ridge Energy & Power LLC (1) | Equity method |  | 50% |  | $ | — |  |  | $ | — |
FYX Trust Holdco LLC (2) | Equity at December 31, 2021 |  | 66% and 14% as of December 31, 2022 and December 31, 2021, respectively |  | — |  |  | 1,255 |
GM-FTAI Holdco LLC | Equity method |  | See below |  | 68,025 |  |  | 52,295 |
Clean Planet Energy USA LLC | Equity method |  | 50% |  | 5,564 |  |  | 858 |
|  |  |  |  | $ | 73,589 |  |  | $ | 54,408 |
______________________________________________________________________________________ (1) The carrying value of $187.2 million and $17.5 million as of December 31, 2022 and 2021, respectively, is included in Other Liabilities in the Consolidated and Combined Consolidated Balance Sheets. (2) See “Equity Investments - FYX Trust Holdco LLC” below for additional information regarding the FYX Trust Holdco LLC acquisition in May 2022. We did not recognize any other-than-temporary impairments for the years ended December 31, 2022 or 2021. The following table presents our proportionate share of equity in (losses) earnings:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Intermodal Finance I, Ltd. | 151 |  |  | 470 |  |  | 115 |
Long Ridge Energy & Power LLC | (60,538) |  |  | (13,597) |  |  | (3,222) |
GM-FTAI Holdco LLC | (5,571) |  |  | (205) |  |  | — |
Clean Planet Energy USA LLC | (1,441) |  |  | (167) |  |  | — |
Total | $ | (67,399) |  |  | $ | (13,499) |  |  | $ | (3,107) |
Equity Method Investments Intermodal Finance I, Ltd. In 2012, we acquired a 51% non-controlling interest in Intermodal Finance I, Ltd. (“Intermodal”). Intermodal is governed by a board of directors, and its shareholders have voting rights through their equity interests. As such, Intermodal is not within the scope of ASC 810-20 and should be evaluated for consolidation under the voting interest model. Due to the existence of substantive participating rights of the 49% equity investor, including the joint approval of material operating and capital decisions, such as material contracts and capital expenditures consistent with ASC 810-10-25-11, we do not have unilateral rights over this investment and, therefore, we do not consolidate Intermodal but account for this investment in accordance with the equity method. We do not have a variable interest in this investment as none of the criteria of ASC 810-10-15-14 were met. As of December 31, 2022, Intermodal owns a portfolio of approximately 273 shipping containers subject to multiple operating leases. Long Ridge Energy & Power LLC On June 16, 2017, we, through Ohio River Partners Shareholders LLC (“ORP”), a consolidated subsidiary, purchased the assets of Long Ridge Energy & Power LLC (“Long Ridge”), which consisted primarily of land, buildings, railroad track, docks, water rights, site improvements and other rights. Long Ridge was being developed as a 485-megawatt natural gas fired, combined cycle power plant, which was completed and became operational in October 2021. Long Ridge also entered into cash flow hedges related to power generation capacity, as described in Note 2. In December 2019, ORP contributed its equity interests in Long Ridge into Long Ridge Energy & Power LLC and sold a 49.9% interest (the “Long Ridge Transaction”) for $150.0 million in cash, plus an earn out. We recognized a gain of $116.7 million in relation to the Long Ridge Transaction. We no longer have a controlling interest in Long Ridge but still maintain significant influence through our retained interest and, therefore, now account for this investment in accordance with the equity method. Following the sale, we deconsolidated ORP, which held the assets of Long Ridge. The initial equity method investment balance was $155.6 million at the date of deconsolidation and represented the fair value of our 50.1% ownership. In addition to our equity method investment, in October 2022 we entered into a shareholder loan agreement maturing on October 15, 2023 and accruing PIK interest at a 16% rate. As of December 31, 2022 the balance of the note receivable was $27.5 million recorded as part of the Long Ridge investment in Other liabilities on the Consolidated and Combined Consolidated Balance Sheet. The tables below present summarized fin ancial information for Long Ridge Energy & Power LLC:
| December 31,
Balance Sheet | 2022 |  | 2021
Assets |  |  |
Current assets |  |  |
Cash and cash equivalents | $ | 2,192 |  |  | $ | 2,932 |
Restricted cash | 20,732 |  |  | 32,469 |
Accounts receivable, net | 31,727 |  |  | 17,896 |
Other current assets | 5,732 |  |  | 8,857 |
Total current assets | 60,383 |  |  | 62,154 |
Property, plant, and equipment, net | 827,886 |  |  | 764,607 |
Intangible assets, net | 4,560 |  |  | 4,940 |
Goodwill | 86,460 |  |  | 89,390 |
Other assets | 8,540 |  |  | 5,584 |
Total assets | $ | 987,829 |  |  | $ | 926,675 |
Liabilities |  |  |
Current liabilities |  |  |
Accounts payable and accrued liabilities | $ | 87,498 |  |  | $ | 16,121 |
Debt, net | 38,526 |  |  | — |
Derivative liabilities | 125,134 |  |  | 47,369 |
Other current liabilities | 913 |  |  | 257 |
Total current liabilities | 252,071 |  |  | 63,747 |
Debt, net | 599,499 |  |  | 604,261 |
Derivative liabilities | 557,708 |  |  | 291,664 |
Other liabilities | 6,932 |  |  | 1,989 |
Total liabilities | 1,416,210 |  |  | 961,661 |
Equity |  |  |
Total equity | (428,381) |  |  | (34,986) |
Total liabilities and equity | $ | 987,829 |  |  | $ | 926,675 |
| Year Ended December 31,
Statement of Operations | 2022 |  | 2021 |  | 2020
Revenue | $ | 50,230 |  |  | $ | 85,638 |  |  | $ | 24,917 |
Expenses |  |  |  |  |
Operating expenses | 61,835 |  |  | 28,310 |  |  | 16,339 |
Depreciation and amortization | 51,243 |  |  | 24,836 |  |  | 11,004 |
Interest expense | 53,409 |  |  | 11,005 |  |  | 2,037 |
Total expenses | 166,487 |  |  | 64,151 |  |  | 29,380 |
Other expense | (4,577) |  |  | (44,302) |  |  | (1,967) |
Loss before income taxes | (120,834) |  |  | (22,815) |  |  | (6,430) |
Provision for income taxes | — |  |  | — |  |  | — |
Net Loss | $ | (120,834) |  |  | $ | (22,815) |  |  | $ | (6,430) |
GM-FTAI Holdco LLC In September 2021, we acquired 1% of the Class A shares and 50% of the Class B shares of GM-FTAI Holdco LLC for $52.5 million. GM-FTAI Holdco LLC owns 100% interest in Gladieux Metals Recycling (“GMR” or “Gladieux”) and Aleon Renewable Metals LLC (“Aleon”). GMR specializes in recycling spent catalyst produced in the petroleum refining industry. Aleon plans to develop a lithium-ion battery recycling business across the United States. Each planned location will collect, discharge and disassemble lithium-ion batteries to extract various metals in high-purity form for resale into the lithium-ion battery production market. Aleon and GMR are governed by separate boards of directors. Our ownership of Class A and B shares in GM-FTAI Holdco LLC provides us with 1% and 50% economic interest in GMR and Aleon, respectively. We account for our investment in GM-FTAI Holdco LLC as an equity method investment as we have significant influence through our ownership of Class A and Class B shares of GM-FTAI Holdco LLC. On June 15, 2022, we exchanged our Class B shares which gave us economic interest in Aleon for an additional 20% interest in Class A shares. In addition, we also terminated our credit agreements with GMR and Aleon in exchange for an approximate 8.5% of additional interest in Class A shares. As a result of these exchange transactions, we own approximately 27% of GM-FTAI Holdco LLC, which owns 100% of both GMR and Aleon. Clean Planet Energy USA LLC In November 2021, we acquired 50% of the Class A shares of Clean Planet Energy USA LLC (“CPE” or “Clean Planet USA”) for $1.0 million. CPE intends on building waste plastic-to-fuel plants in the United States. The plants will convert various grades of non-recyclable waste plastic to renewable diesel in the form of jet fuel, diesel, naphtha, and low sulfur fuel oil. We account for our investment in Clean Planet USA as an equity method investment as we have significant influence through our ownership of Class A shares. Equity Investment FYX Trust Holdco LLC In July 2020, we invested $1.3 million for a 14% interest in an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries. FYX Trust Holdco LLC (“FYX”) has developed a mobile and web-based application that connects fleet managers, owner-operators, and drivers with repair vendors to efficiently and reliably quote, dispatch, monitor, and bill roadside repair services. In May 2022, we purchased an additional 51% interest in FYX from an unrelated third party for a purchase price of $4.6 million, which resulted in our ownership of a majority stake in the entity, and subsequently purchased an additional approximate 1% interest in FYX for cash consideration of $0.1 million. From the purchase date in May 2022 through and as of December 31, 2022, FYX is presented on a consolidated basis in the Consolidated and Combined Consolidated Statements of Operations and the Consolidated and Combined Consolidated Balance Sheets. At the purchase date, assets of FYX were $13.7 million, including cash of $0.7 million, liabilities were $10.1 million, and goodwill of $5.4 million was recorded. Since acquisition, we have recorded total revenue from FYX of $47.9 million and net loss from FYX of $1.4 million. At December 31, 2022, $3.7 million is recorded as non-controlling interest for the interest held by other parties.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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