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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
14. SEGMENT INFORMATION
During the first quarter of 2023 we modified our definition of Adjusted EBITDA to exclude the impact of other non-recurring items, such as severance expense. 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 six 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, Jefferson Terminal South 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 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, 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 and other costs on pension and OPEB liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (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, 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 as determined in accordance with U.S. GAAP.
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
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Revenues
Total revenues$46,312 $18,616 $4,079 $— $— $13,528 $82,535 
Expenses
Operating expenses24,842 19,132 6,171 692 — 13,738 64,575 
General and administrative— — — — — 4,861 4,861 
Acquisition and transaction expenses184 2 — — — 740 926 
Management fees and incentive allocation to affiliate— — — — — 3,001 3,001 
Depreciation and amortization5,012 12,330 2,444 — — 735 20,521 
Total expenses30,038 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 taxes15,589 (22,139)(4,682)(5,427)(4,214)(27,619)(48,492)
Provision for (benefit from) income taxes1,092 (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 subsidiaries61 (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)
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
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Adjusted EBITDA$21,658 $6,801 $(1,683)$10,392 $(1,859)$(8,078)$27,231 
Add: Non-controlling share of Adjusted EBITDA5,682 
Add: Equity in losses of unconsolidated entities(11,902)
Less: Interest and other costs on pension and OPEB liabilities(600)
Less: Dividends and accretion of redeemable preferred stock(16,975)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities(6,257)
Less: Interest expense(27,593)
Less: Depreciation and amortization expense(21,097)
Less: Incentive allocations— 
Less: Asset impairment charges— 
Less: Changes in fair value of non-hedge derivative instruments— 
Less: Losses on the modification or extinguishment of debt and capital lease obligations— 
Less: Acquisition and transaction expenses(926)
Less: Equity-based compensation expense(2,340)
Less: Provision for income taxes(1,805)
Less: Other non-recurring items— 
Net loss attributable to stockholders$(56,582)
II. For the Three Months Ended March 31, 2023
Three Months Ended March 31, 2023
Port and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Revenues
Total revenues$41,005 $19,092 $(1,453)$— $— $17,850 $76,494 
Expenses
Operating expenses25,235 16,425 4,929 424 1 18,148 65,162 
General and administrative— — — — — 3,201 3,201 
Acquisition and transaction expenses183 — — 22 1 63 269 
Management fees and incentive allocation to affiliate — — — — — 2,982 2,982 
Depreciation and amortization5,101 11,869 2,245 — — 920 20,135 
Asset impairment141 — — — — — 141 
Total expenses30,660 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 taxes8,714 (18,149)(9,215)8,542 (2,811)(21,264)(34,183)
Provision for income taxes598 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 subsidiaries18 (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)
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
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Adjusted EBITDA$17,151 $6,518 $(4,861)$11,314 $(1,710)$(6,516)$21,896 
Add: Non-controlling share of Adjusted EBITDA5,221 
Add: Equity in earnings of unconsolidated entities4,366 
Less: Interest and other costs on pension and OPEB liabilities(480)
Less: Dividends and accretion of redeemable preferred stock(14,570)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities(8,190)
Less: Interest expense(23,250)
Less: Depreciation and amortization expense(20,135)
Less: Incentive allocations— 
Less: Asset impairment charges(141)
Less: Changes in fair value of non-hedge derivative instruments(1,125)
Less: Losses on the modification or extinguishment of debt and capital lease obligations— 
Less: Acquisition and transaction expenses(269)
Less: Equity-based compensation expense(895)
Less: Provision for income taxes(1,729)
Less: Other non-recurring items(1,288)
Net loss attributable to stockholders$(40,589)
III. Balance Sheet
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
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Current assets$55,389 $73,112 $6,977 $— $23,065 $5,988 $164,531 
Non-current assets664,043 1,126,457 296,307 6,713 73,036 13,594 2,180,150 
Total assets719,432 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 liabilities49,639 141,146 7,694 1,518 — 39,770 239,767 
Non-current liabilities56,024 720,071 47,670 54,798 — 563,610 1,442,173 
Total liabilities105,663 861,217 55,364 56,316 — 603,380 1,681,940 
Redeemable preferred stock— — — — — 342,207 342,207 
Non-controlling interests in equity of consolidated subsidiaries3,027 (84,743)(299)— — — (82,015)
Total equity613,769 338,352 247,920 (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
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