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SEGMENT INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 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 March 31, 2024
| Three Months Ended March 31, 2024
|  |  | Ports and Terminals |  |  |  |  |  |  |  |
| Railroad |  | Jefferson Terminal |  | Repauno |  | Power and Gas |  | Sustainability and Energy Transition |  | Corporate and Other |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues | $ | 46,312 |  |  | $ | 18,616 |  |  | $ | 4,079 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,528 |  |  | $ | 82,535 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses | 24,842 |  |  | 19,132 |  |  | 6,171 |  |  | 692 |  |  | — |  |  | 13,738 |  |  | 64,575 |
General and administrative | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,861 |  |  | 4,861 |
Acquisition and transaction expenses | 184 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 740 |  |  | 926 |
Management fees and incentive allocation to affiliate | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,001 |  |  | 3,001 |
Depreciation and amortization | 5,012 |  |  | 12,330 |  |  | 2,444 |  |  | — |  |  | — |  |  | 735 |  |  | 20,521 |
Total expenses | 30,038 |  |  | 31,464 |  |  | 8,615 |  |  | 692 |  |  | — |  |  | 23,075 |  |  | 93,884 |
Other (expense) income |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in (losses) earnings of unconsolidated entities | — |  |  | — |  |  | — |  |  | (7,037) |  |  | (4,874) |  |  | 9 |  |  | (11,902) |
Loss on sale of assets, net | (13) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13) |
Interest expense | (69) |  |  | (9,297) |  |  | (146) |  |  | — |  |  | — |  |  | (18,081) |  |  | (27,593) |
Other (expense) income | (603) |  |  | 6 |  |  | — |  |  | 2,302 |  |  | 660 |  |  | — |  |  | 2,365 |
Total other expense | (685) |  |  | (9,291) |  |  | (146) |  |  | (4,735) |  |  | (4,214) |  |  | (18,072) |  |  | (37,143) |
Income (loss) before income taxes | 15,589 |  |  | (22,139) |  |  | (4,682) |  |  | (5,427) |  |  | (4,214) |  |  | (27,619) |  |  | (48,492) |
Provision for (benefit from) income taxes | 1,092 |  |  | (554) |  |  | (136) |  |  | — |  |  | — |  |  | 1,403 |  |  | 1,805 |
Net income (loss) | 14,497 |  |  | (21,585) |  |  | (4,546) |  |  | (5,427) |  |  | (4,214) |  |  | (29,022) |  |  | (50,297) |
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 61 |  |  | (10,465) |  |  | (286) |  |  | — |  |  | — |  |  | — |  |  | (10,690) |
Less: Dividends and accretion of redeemable preferred stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,975 |  |  | 16,975 |
Net income (loss) attributable to stockholders | $ | 14,436 |  |  | $ | (11,120) |  |  | $ | (4,260) |  |  | $ | (5,427) |  |  | $ | (4,214) |  |  | $ | (45,997) |  |  | $ | (56,582) |
| Three Months Ended March 31, 2023
|  |  | Port and Terminals |  |  |  |  |  |  |  |
| Railroad |  | Jefferson Terminal |  | Repauno |  | Power and Gas |  | Sustainability and Energy Transition |  | Corporate and Other |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues | $ | 41,005 |  |  | $ | 19,092 |  |  | $ | (1,453) |  |  | $ | — |  |  | $ | — |  |  | $ | 17,850 |  |  | $ | 76,494 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses | 25,235 |  |  | 16,425 |  |  | 4,929 |  |  | 424 |  |  | 1 |  |  | 18,148 |  |  | 65,162 |
General and administrative | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,201 |  |  | 3,201 |
Acquisition and transaction expenses | 183 |  |  | — |  |  | — |  |  | 22 |  |  | 1 |  |  | 63 |  |  | 269 |
Management fees and incentive allocation to affiliate | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,982 |  |  | 2,982 |
Depreciation and amortization | 5,101 |  |  | 11,869 |  |  | 2,245 |  |  | — |  |  | — |  |  | 920 |  |  | 20,135 |
Asset impairment | 141 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 141 |
Total expenses | 30,660 |  |  | 28,294 |  |  | 7,174 |  |  | 446 |  |  | 2 |  |  | 25,314 |  |  | 91,890 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings (losses) of unconsolidated entities | — |  |  | — |  |  | — |  |  | 7,761 |  |  | (3,416) |  |  | 21 |  |  | 4,366 |
Loss on sale of assets, net | (124) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (124) |
Interest expense | (955) |  |  | (7,884) |  |  | (588) |  |  | (2) |  |  | — |  |  | (13,821) |  |  | (23,250) |
Other (expense) income | (552) |  |  | (1,063) |  |  | — |  |  | 1,229 |  |  | 607 |  |  | — |  |  | 221 |
Total other (expense) income | (1,631) |  |  | (8,947) |  |  | (588) |  |  | 8,988 |  |  | (2,809) |  |  | (13,800) |  |  | (18,787) |
Income (loss) before income taxes | 8,714 |  |  | (18,149) |  |  | (9,215) |  |  | 8,542 |  |  | (2,811) |  |  | (21,264) |  |  | (34,183) |
Provision for income taxes | 598 |  |  | 198 |  |  | 114 |  |  | — |  |  | — |  |  | 819 |  |  | 1,729 |
Net income (loss) | 8,116 |  |  | (18,347) |  |  | (9,329) |  |  | 8,542 |  |  | (2,811) |  |  | (22,083) |  |  | (35,912) |
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 18 |  |  | (9,185) |  |  | (498) |  |  |  |  | — |  |  | (228) |  |  | (9,893) |
Less: Dividends and accretion of redeemable preferred stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,570 |  |  | 14,570 |
Net income (loss) attributable to stockholders | $ | 8,098 |  |  | $ | (9,162) |  |  | $ | (8,831) |  |  | $ | 8,542 |  |  | $ | (2,811) |  |  | $ | (36,425) |  |  | $ | (40,589) |
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 March 31, 2024
|  |  | Ports and Terminals |  |  |  |  |  |  |  |
| Railroad |  | Jefferson Terminal |  | Repauno |  | Power and Gas |  | Sustainability and Energy Transition |  | Corporate and Other |  | Total
Adjusted EBITDA | $ | 21,658 |  |  | $ | 6,801 |  |  | $ | (1,683) |  |  | $ | 10,392 |  |  | $ | (1,859) |  |  | $ | (8,078) |  |  | $ | 27,231 |
Add: Non-controlling share of Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  | 5,682 |
Add: Equity in losses of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  | (11,902) |
Less: Interest and other costs on pension and OPEB liabilities |  |  |  |  |  |  |  |  |  |  |  |  | (600) |
Less: Dividends and accretion of redeemable preferred stock |  |  |  |  |  |  |  |  |  |  |  |  | (16,975) |
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  | (6,257) |
Less: Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (27,593) |
Less: Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  |  |  | (21,097) |
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 |  |  |  |  |  |  |  |  |  |  |  |  | — |
Less: Acquisition and transaction expenses |  |  |  |  |  |  |  |  |  |  |  |  | (926) |
Less: Equity-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  | (2,340) |
Less: Provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  | (1,805) |
Less: Other non-recurring items |  |  |  |  |  |  |  |  |  |  |  |  | — |
Net loss attributable to stockholders |  |  |  |  |  |  |  |  |  |  |  |  | $ | (56,582) |
The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders:
| Three Months Ended March 31, 2023
|  |  | Port and Terminals |  |  |  |  |  |  |  |
| Railroad |  | Jefferson Terminal |  | Repauno |  | Power and Gas |  | Sustainability and Energy Transition |  | Corporate and Other |  | Total
Adjusted EBITDA | $ | 17,151 |  |  | $ | 6,518 |  |  | $ | (4,861) |  |  | $ | 11,314 |  |  | $ | (1,710) |  |  | $ | (6,516) |  |  | $ | 21,896 |
Add: Non-controlling share of Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  | 5,221 |
Add: Equity in earnings of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  | 4,366 |
Less: Interest and other costs on pension and OPEB liabilities |  |  |  |  |  |  |  |  |  |  |  |  | (480) |
Less: Dividends and accretion of redeemable preferred stock |  |  |  |  |  |  |  |  |  |  |  |  | (14,570) |
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  | (8,190) |
Less: Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (23,250) |
Less: Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  |  |  | (20,135) |
Less: Incentive allocations |  |  |  |  |  |  |  |  |  |  |  |  | — |
Less: Asset impairment charges |  |  |  |  |  |  |  |  |  |  |  |  | (141) |
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 |  |  |  |  |  |  |  |  |  |  |  |  | — |
Less: Acquisition and transaction expenses |  |  |  |  |  |  |  |  |  |  |  |  | (269) |
Less: Equity-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  | (895) |
Less: Provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  | (1,729) |
Less: Other non-recurring items |  |  |  |  |  |  |  |  |  |  |  |  | (1,288) |
Net loss attributable to stockholders |  |  |  |  |  |  |  |  |  |  |  |  | $ | (40,589) |
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.
| March 31, 2024
|  |  | Ports and Terminals |  |  |  |  |  |  |  |
| Railroad |  | Jefferson Terminal |  | Repauno |  | Power and Gas |  | Sustainability and Energy Transition |  | Corporate and Other |  | Total
Current assets | $ | 55,389 |  |  | $ | 73,112 |  |  | $ | 6,977 |  |  | $ | — |  |  | $ | 23,065 |  |  | $ | 5,988 |  |  | $ | 164,531 |
Non-current assets | 664,043 |  |  | 1,126,457 |  |  | 296,307 |  |  | 6,713 |  |  | 73,036 |  |  | 13,594 |  |  | 2,180,150 |
Total assets | 719,432 |  |  | 1,199,569 |  |  | 303,284 |  |  | 6,713 |  |  | 96,101 |  |  | 19,582 |  |  | 2,344,681 |
Total debt, net | — |  |  | 738,283 |  |  | 44,250 |  |  | — |  |  | — |  |  | 561,656 |  |  | 1,344,189 |
Current liabilities | 49,639 |  |  | 141,146 |  |  | 7,694 |  |  | 1,518 |  |  | — |  |  | 39,770 |  |  | 239,767 |
Non-current liabilities | 56,024 |  |  | 720,071 |  |  | 47,670 |  |  | 54,798 |  |  | — |  |  | 563,610 |  |  | 1,442,173 |
Total liabilities | 105,663 |  |  | 861,217 |  |  | 55,364 |  |  | 56,316 |  |  | — |  |  | 603,380 |  |  | 1,681,940 |
Redeemable preferred stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 342,207 |  |  | 342,207 |
Non-controlling interests in equity of consolidated subsidiaries | 3,027 |  |  | (84,743) |  |  | (299) |  |  | — |  |  | — |  |  | — |  |  | (82,015) |
Total equity | 613,769 |  |  | 338,352 |  |  | 247,920 |  |  | (49,603) |  |  | 96,101 |  |  | (926,005) |  |  | 320,534 |
Total liabilities, redeemable preferred stock and equity | $ | 719,432 |  |  | $ | 1,199,569 |  |  | $ | 303,284 |  |  | $ | 6,713 |  |  | $ | 96,101 |  |  | $ | 19,582 |  |  | $ | 2,344,681 |
| December 31, 2023
|  |  | Ports and Terminals |  |  |  |  |  |  |  |
| Railroad |  | Jefferson Terminal |  | Repauno |  | Power and Gas |  | Sustainability and Energy Transition |  | Corporate and Other |  | Total
Current assets | $ | 58,114 |  |  | $ | 88,542 |  |  | $ | 9,267 |  |  | $ | 2 |  |  | $ | 22,405 |  |  | $ | 7,173 |  |  | $ | 185,503 |
Non-current assets | 667,501 |  |  | 1,137,510 |  |  | 295,685 |  |  | 6,825 |  |  | 77,540 |  |  | 9,045 |  |  | 2,194,106 |
Total assets | 725,615 |  |  | 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 liabilities | 54,150 |  |  | 65,052 |  |  | 4,912 |  |  | 828 |  |  | — |  |  | 25,695 |  |  | 150,637 |
Non-current liabilities | 55,975 |  |  | 797,854 |  |  | 47,816 |  |  | 29,310 |  |  | — |  |  | 559,926 |  |  | 1,490,881 |
Total liabilities | 110,125 |  |  | 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 subsidiaries | 2,861 |  |  | (74,278) |  |  | (13) |  |  | — |  |  | — |  |  | — |  |  | (71,430) |
Total equity | 615,490 |  |  | 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 |

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