0001590364-20-000002 | 10-K | XBRL Viewer | Fortress Transportation Infrastructure Investors LLC

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)

12 Months Ended

Dec. 31, 2019

Intangible Assets and Liabilities Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets and Liabilities

Our intangible assets and liabilities, net are summarized as follows:


	December 31, 2019
	Aviation Leasing		Jefferson Terminal		Total
Intangible assets
Acquired favorable lease intangibles	$	49,762	$	—	$	49,762
Less: Accumulated amortization	(38,652)		—		(38,652)
Acquired favorable lease intangibles, net	11,110		—		11,110

Customer relationships	—		35,513		35,513
Less: Accumulated amortization	—		(18,931)		(18,931)
Acquired customer relationships, net	—		16,582		16,582

Total intangible assets, net	$	11,110	$	16,582	$	27,692

Intangible liabilities
Acquired unfavorable lease intangibles	$	5,170	$	—	$	5,170
Less: Accumulated amortization	(3,014)		—		(3,014)
Acquired unfavorable lease intangibles, net	$	2,156	$	—	$	2,156


	December 31, 2018
	Aviation Leasing		Jefferson Terminal		Total
Intangible assets
Acquired favorable lease intangibles	$	48,143	$	—	$	48,143
Less: Accumulated amortization	(29,780)		—		(29,780)
Acquired favorable lease intangibles, net	18,363		—		18,363

Customer relationships	—		35,513		35,513
Less: Accumulated amortization	—		(15,378)		(15,378)
Acquired customer relationships, net	—		20,135		20,135

Total intangible assets, net	$	18,363	$	20,135	$	38,498

Intangible liabilities
Acquired unfavorable lease intangibles	$	3,736	$	—	$	3,736
Less: Accumulated amortization	(2,114)		—		(2,114)
Acquired unfavorable lease intangibles, net	$	1,622	$	—	$	1,622

Schedule of Amortization of Intangibles

Amortization of intangible assets and liabilities is recorded as follows:


	Classification in Consolidated Statements of Operations	Year Ended December 31,
				2019			2018			2017
Lease intangibles	Equipment leasing revenues	$	7,181		$	8,588		$	4,716
Customer relationships:	Depreciation and amortization
Continuing operations		3,553			3,553			3,553
Discontinued operations		15			45			45
Total		$	10,749		$	12,186		$	8,314

Schedule of Net Annual Amortization of Intangibles

As of December 31, 2019, estimated net annual amortization of intangibles is as follows:


2020	$	7,982
2021	6,611
2022	4,833
2023	3,733
2024	2,377
Thereafter	—
Total	$	25,536

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 226,512	$ 99,601
Restricted cash	16,005	21,236
Accounts receivable, net	49,470	46,414
Leasing equipment, net	1,707,059	1,432,210
Operating lease right-of-use assets, net	37,466
Finance leases, net	8,315	18,623
Property, plant, and equipment, net	732,109	662,019
Investments	180,550	40,560
Intangible assets, net	27,692	38,498
Goodwill	122,639	115,990
Other assets	129,105	106,883
Assets of discontinued operations	0	56,744
Total assets	3,236,922	2,638,778
Liabilities
Accounts payable and accrued liabilities	144,855	100,668
Debt, net	1,420,928	1,215,108
Maintenance deposits	208,944	158,163
Security deposits	45,252	38,539
Operating lease liabilities	36,968
Other liabilities	41,118	37,055
Liabilities of discontinued operations	0	35,463
Total liabilities	1,898,065	1,584,996
Commitments and contingencies
Equity
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 84,917,448 and 84,050,889 shares issued and outstanding as of December 31, 2019 and 2018, respectively)	849	840
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 8,050,000 and 0 shares issued and outstanding as of December 31, 2019 and 2018, respectively)	81	0
Additional paid in capital	1,110,122	1,029,376
Retained earnings (accumulated deficit)	190,453	(32,817)
Accumulated other comprehensive income	372	0
Shareholders' equity	1,301,877	997,399
Non-controlling interest in equity of consolidated subsidiaries	36,980	56,383
Total equity	1,338,857	1,053,782
Total liabilities and equity	$ 3,236,922	$ 2,638,778
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	84,917,448	84,050,889
Common stock, shares outstanding (in shares)	84,917,448	84,050,889
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	8,050,000	0
Preferred stock, shares outstanding (in shares)	8,050,000	0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 207,784

$ (15,704)

$ (23,240)

Other comprehensive income (loss):

Other comprehensive income related to equity method investees, net

^[1]

372

Available-for-sale securities:

Unrealized gain in available-for-sale securities

4,276

Reclassification of gains included in net income

(11,406)

Comprehensive income (loss)

208,156

(15,704)

(30,370)

Comprehensive (loss) income attributable to non-controlling interest:

Continuing operations

(17,571)

(21,925)

(23,304)

Discontinued operations

247

339

(70)

Comprehensive income (loss) attributable to shareholders

225,480

$ 5,882

$ (6,996)

Cash flow hedge tax

$ 99

[1]	Net of deferred tax expense of $99 for the year ended December 31, 2019.

DISCONTINUED OPERATIONS (Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Total assets	$ 0	$ 56,744
Liabilities
Liabilities of discontinued operations	$ 0	35,463
Discontinued Operations, Disposed of by Sale \| CMQR
Assets
Accounts receivable, net		7,375
Property, plant and equipment, net		46,834
Intangible assets, net		15
Goodwill		594
Other assets		1,926
Total assets		56,744
Liabilities
Accounts payable and accrued liabilities		11,520
Debt, net		22,239
Other liabilities		1,704
Liabilities of discontinued operations		$ 35,463

REVENUES (Components of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Total revenues	$ 161,332	$ 152,700	$ 149,848	$ 114,894	$ 128,652	$ 92,472	$ 63,191	$ 57,797	$ 578,774	$ 342,112	$ 185,052
Total equipment leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues									349,322	253,039	170,000
Total infrastructure revenues
Disaggregation of Revenue [Line Items]
Total revenues									229,452	89,073	15,052
Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues									15,564	9,413	13,207
Corporate and Other \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues									9,796	5,659	8,433
Corporate and Other \| Maintenance revenue
Disaggregation of Revenue [Line Items]
Total revenues									0	0	0
Corporate and Other \| Finance lease income
Disaggregation of Revenue [Line Items]
Total revenues									0	1,454	1,536
Corporate and Other \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues									2,851	1,656	3,238
Corporate and Other \| Total equipment leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues									12,647	8,769	13,207
Corporate and Other \| Total infrastructure revenues
Disaggregation of Revenue [Line Items]
Total revenues									2,917	644
Equipment Leasing \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues									207,101	157,190	99,536
Equipment Leasing \| Maintenance revenue
Disaggregation of Revenue [Line Items]
Total revenues									134,914	89,870	65,651
Equipment Leasing \| Finance lease income
Disaggregation of Revenue [Line Items]
Total revenues									2,648	3,349	1,536
Equipment Leasing \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues									4,659	2,630	3,277
Equipment Leasing \| Total equipment leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues									349,322	253,039	170,000
Infrastructure \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues									3,362	1,734	1,111
Infrastructure \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues									16,991	16,713	3,712
Infrastructure \| Terminal services revenues
Disaggregation of Revenue [Line Items]
Total revenues									42,965	10,108	10,229
Infrastructure \| Crude marketing revenues
Disaggregation of Revenue [Line Items]
Total revenues									166,134	60,518
Infrastructure \| Total infrastructure revenues
Disaggregation of Revenue [Line Items]
Total revenues									229,452	89,073	15,052
Aviation Leasing \| Equipment Leasing
Disaggregation of Revenue [Line Items]
Total revenues									336,675	244,270	156,793
Aviation Leasing \| Equipment Leasing \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues									197,305	151,531	91,103
Aviation Leasing \| Equipment Leasing \| Maintenance revenue
Disaggregation of Revenue [Line Items]
Total revenues									134,914	89,870	65,651
Aviation Leasing \| Equipment Leasing \| Finance lease income
Disaggregation of Revenue [Line Items]
Total revenues									2,648	1,895	0
Aviation Leasing \| Equipment Leasing \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues									1,808	974	39
Aviation Leasing \| Equipment Leasing \| Total equipment leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues									336,675	244,270	156,793
Jefferson Terminal \| Infrastructure
Disaggregation of Revenue [Line Items]
Total revenues									204,348	70,985	10,229
Jefferson Terminal \| Infrastructure \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues									2,306	272	0
Jefferson Terminal \| Infrastructure \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues									0	87	0
Jefferson Terminal \| Infrastructure \| Terminal services revenues
Disaggregation of Revenue [Line Items]
Total revenues									35,908	10,108	10,229
Jefferson Terminal \| Infrastructure \| Crude marketing revenues
Disaggregation of Revenue [Line Items]
Total revenues									166,134	60,518
Jefferson Terminal \| Infrastructure \| Total infrastructure revenues
Disaggregation of Revenue [Line Items]
Total revenues									204,348	70,985	10,229
Ports and Terminals \| Infrastructure
Disaggregation of Revenue [Line Items]
Total revenues									22,187	17,444	4,823
Ports and Terminals \| Infrastructure \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues									1,056	1,462	1,111
Ports and Terminals \| Infrastructure \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues									14,074	15,982	3,712
Ports and Terminals \| Infrastructure \| Terminal services revenues
Disaggregation of Revenue [Line Items]
Total revenues									7,057	0	0
Ports and Terminals \| Infrastructure \| Crude marketing revenues
Disaggregation of Revenue [Line Items]
Total revenues									0	0
Ports and Terminals \| Infrastructure \| Total infrastructure revenues
Disaggregation of Revenue [Line Items]
Total revenues									$ 22,187	$ 17,444	$ 4,823

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Fortress Transportation and Infrastructure Investors LLC (“we”, “us”, “our” or the “Company”) is a Delaware limited liability company which, through its subsidiary, Fortress Worldwide Transportation and Infrastructure General Partnership (the “Partnership”), owns and leases aviation equipment and also owns and operates (i) a multi-modal crude oil and refined products terminal in Beaumont, Texas (“Jefferson Terminal”), (ii) a deep-water port located along the Delaware River with an underground storage cavern and multiple industrial development opportunities (“Repauno”) and (iii) an equity method investment in a multi-modal terminal located along the Ohio River with multiple industrial development opportunities, including a power plant under construction (“Long Ridge”). Additionally, we own and lease offshore energy equipment and shipping containers. We have three reportable segments, (i) Aviation Leasing, (ii) Jefferson Terminal and (iii) Ports and Terminals, which operate in two primary businesses, Equipment Leasing and Infrastructure (see Note 17).

DEBT, NET (Narrative) (Details) - USD ($)					1 Months Ended	12 Months Ended
DEBT, NET (Narrative) (Details) - USD ($)	Aug. 06, 2019	Feb. 08, 2019	Feb. 07, 2019	Dec. 20, 2018	Jul. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Aug. 01, 2019	May 21, 2019	Feb. 15, 2019	Dec. 19, 2018	Nov. 05, 2018
Debt Instrument [Line Items]
Loss on extinguishment of debt						$ 0	$ 0	$ 2,456,000
DRP Revolver \| Loans Payable
Debt Instrument [Line Items]
Debt, face amount													$ 25,000,000
Senior Notes Due 2022
Debt Instrument [Line Items]
Debt, face amount		$ 150,000,000
Redemption price rate, condition one		98.50%
Senior Notes due 2025
Debt Instrument [Line Items]
Debt, face amount										$ 150,000,000
Redemption price rate, condition one										99.125%
FTAI Pride Credit Agreement
Debt Instrument [Line Items]
Repayments of debt							$ 100,000,000.0
Loss on extinguishment of debt								$ (2,500,000)
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit		$ 125,000,000
Conversion ratio	300.00%	200.00%	165.00%
Revolving Credit Facility \| Jefferson Revolver
Debt Instrument [Line Items]
Debt, face amount									$ 50,000,000
Increase of credit facility				$ 25,000,000
Long-term line of credit				$ 75,000,000								$ 50,000,000
Repayments of debt					$ 23,000,000
Fixed charge coverage ratio				120.00%
Amended Credit Agreement
Debt Instrument [Line Items]
Increase of credit facility		$ 125,000,000
Long-term line of credit		$ 250,000,000
Construction Loan and Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity											$ 445,000,000
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity											154,000,000
Term Loan and Construction Loan - funding the development, construction and completion
Debt Instrument [Line Items]
Maximum borrowing capacity											$ 143,000,000

LEASES (Future Payments) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Operating leases
2020	$ 3,308
2021	3,379
2022	3,250
2023	3,194
2024	2,963
Thereafter	105,754
Total undiscounted lease payments	121,848
Less: Imputed interest	84,880
Total lease liabilities	$ 36,968

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, MMBbls in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) $ / shares MMBbls	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2019 USD ($) $ / shares MMBbls	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($)	Jan. 01, 2019 USD ($)	Dec. 31, 2016
Accounting Policies [Line Items]
Realized gain on sale of available for sale securities						$ 11,400,000
Interest paid, capitalized				$ 11,900,000	$ 10,700,000	2,600,000
Cost of property repairs and maintenance				5,000,000.0	8,300,000	4,700,000
Goodwill		$ 122,639,000	$ 115,990,000	$ 122,639,000	115,990,000
Number of barrels for storage capacity \| MMBbls		21.7		21.7
Barrels for storage capacity in operation \| MMBbls		4.4		4.4
Storage capacity In operation percentage		20.30%		20.30%
Goodwill, impairment loss				$ 0	0	0
Debt issuance cost		$ 18,111,000	14,484,000	18,111,000	14,484,000
Amortization				8,100,000	5,100,000	3,900,000
Provision for doubtful accounts		1,300,000	1,100,000	1,300,000	1,100,000
Bad debt expense				3,986,000	1,771,000	701,000
Maintenance right assets		24,500,000	1,200,000	24,500,000	1,200,000
Spare parts		$ 9,600,000	$ 7,000,000.0	$ 9,600,000	$ 7,000,000.0
Common stock dividends declared (in dollars per share) \| $ / shares		$ 0.33	$ 1.32	$ 1.32	$ 0.33
Preferred stock dividends declared (in dollars per share) \| $ / shares		$ 0.53
Operating lease right-of-use assets, net		$ 37,466,000		$ 37,466,000
Operating lease liabilities		$ 36,968,000		36,968,000
Continuing Operations
Accounting Policies [Line Items]
Bad debt expense				$ 3,800,000	$ 1,600,000	$ 600,000
JGP Energy Partners LLC
Accounting Policies [Line Items]
Ownership percentage		100.00%	50.00%	100.00%	50.00%			50.00%
Revolving Credit Facility
Accounting Policies [Line Items]
Debt issuance cost		$ 1,700,000	$ 1,500,000	$ 1,700,000	$ 1,500,000
Other Assets
Accounting Policies [Line Items]
Inventory, crude oil		5,600,000	10,400,000	5,600,000	10,400,000
Leasing equipment, purchase deposits		1,200,000	10,200,000	1,200,000	10,200,000
Lease incentive receivable		45,300,000	51,000,000.0	45,300,000	51,000,000.0
Prepaid expense		4,100,000	8,200,000	4,100,000	8,200,000
Capitalized costs, potential asset acquisitions		$ 200,000	$ 7,500,000	$ 200,000	$ 7,500,000
Customer Group One \| Customer Concentration Risk \| Sales Revenue, Segment
Accounting Policies [Line Items]
Concentration risk percentage				19.00%	16.00%
Major Accounts Receivable Customer, Customer One \| Customer Concentration Risk \| Accounts Receivable
Accounting Policies [Line Items]
Concentration risk percentage					16.00%	17.00%
Major Accounts Receivable Customer, Customer Two \| Customer Concentration Risk \| Accounts Receivable
Accounting Policies [Line Items]
Concentration risk percentage						15.00%
Variable Interest Entity, Primary Beneficiary \| Delaware River Partners LLC
Accounting Policies [Line Items]
Ownership percentage		98.00%		98.00%
Ownership of other party	8.00%
Payments to acquire businesses, gross	$ 4,500,000
Interest held in VIE				100.00%
Drydockings \| Minimum
Accounting Policies [Line Items]
Useful life, property plant and equipment				30 months
Drydockings \| Maximum
Accounting Policies [Line Items]
Useful life, property plant and equipment				60 months
Acquired Leases
Accounting Policies [Line Items]
Useful life, intangibles				24 months
Customer relationships \| Minimum
Accounting Policies [Line Items]
Useful life, intangibles				5 years
Customer relationships \| Maximum
Accounting Policies [Line Items]
Useful life, intangibles				10 years
Weighted average amortization period				56 months
Accounting Standards Update 2016-02
Accounting Policies [Line Items]
Operating lease right-of-use assets, net							$ 46,000,000
Operating lease liabilities							$ 46,000,000
Measurement Input, Discount Rate \| Valuation Technique, Discounted Cash Flow
Accounting Policies [Line Items]
Alternative investment, measurement input		0.135		0.135
Measurement Input, Growth Rate \| Valuation Technique, Discounted Cash Flow
Accounting Policies [Line Items]
Alternative investment, measurement input		0.02		0.02

INTANGIBLE ASSETS AND LIABILITIES, NET

12 Months Ended

Dec. 31, 2019

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES, NET

Our intangible assets and liabilities, net are summarized as follows:


	December 31, 2019
	Aviation Leasing		Jefferson Terminal		Total
Intangible assets
Acquired favorable lease intangibles	$	49,762	$	—	$	49,762
Less: Accumulated amortization	(38,652)		—		(38,652)
Acquired favorable lease intangibles, net	11,110		—		11,110

Customer relationships	—		35,513		35,513
Less: Accumulated amortization	—		(18,931)		(18,931)
Acquired customer relationships, net	—		16,582		16,582

Total intangible assets, net	$	11,110	$	16,582	$	27,692

Intangible liabilities
Acquired unfavorable lease intangibles	$	5,170	$	—	$	5,170
Less: Accumulated amortization	(3,014)		—		(3,014)
Acquired unfavorable lease intangibles, net	$	2,156	$	—	$	2,156


	December 31, 2018
	Aviation Leasing		Jefferson Terminal		Total
Intangible assets
Acquired favorable lease intangibles	$	48,143	$	—	$	48,143
Less: Accumulated amortization	(29,780)		—		(29,780)
Acquired favorable lease intangibles, net	18,363		—		18,363

Customer relationships	—		35,513		35,513
Less: Accumulated amortization	—		(15,378)		(15,378)
Acquired customer relationships, net	—		20,135		20,135

Total intangible assets, net	$	18,363	$	20,135	$	38,498

Intangible liabilities
Acquired unfavorable lease intangibles	$	3,736	$	—	$	3,736
Less: Accumulated amortization	(2,114)		—		(2,114)
Acquired unfavorable lease intangibles, net	$	1,622	$	—	$	1,622

Intangible liabilities relate to unfavorable lease intangibles and are included as a component of Other liabilities in the accompanying Consolidated Balance Sheets.

Amortization of intangible assets and liabilities is recorded as follows:


	Classification in Consolidated Statements of Operations	Year Ended December 31,
				2019			2018			2017
Lease intangibles	Equipment leasing revenues	$	7,181		$	8,588		$	4,716
Customer relationships:	Depreciation and amortization
Continuing operations		3,553			3,553			3,553
Discontinued operations		15			45			45
Total		$	10,749		$	12,186		$	8,314

As of December 31, 2019, estimated net annual amortization of intangibles is as follows:


2020	$	7,982
2021	6,611
2022	4,833
2023	3,733
2024	2,377
Thereafter	—
Total	$	25,536

INTANGIBLE ASSETS AND LIABILITIES, NET (Schedule of Future Amortization Expense) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2020	$ 7,982
2021	6,611
2022	4,833
2023	3,733
2024	2,377
Thereafter	0
Total	$ 25,536

INCOME TAXES (Provision for Income Tax Reconciliation) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal tax at statutory rate	21.00%	21.00%	35.00%
Income not subject to tax at statutory rate	(21.70%)	121.90%	98.20%
State and local taxes	(0.10%)	(6.10%)	(0.50%)
Foreign taxes	2.70%	7.70%	(0.20%)
Branch profit tax	0.00%	(0.50%)	(2.60%)
Change in tax rates	0.00%	0.00%	(6.90%)
Other	(0.60%)	(0.20%)	1.00%
Change in valuation allowance	7.00%	(153.30%)	(133.20%)
Provision for income taxes	8.30%	(9.50%)	(9.20%)

SEGMENT INFORMATION (Narrative) (Details)	12 Months Ended
SEGMENT INFORMATION (Narrative) (Details)	Dec. 31, 2019 a number_of_segment
Segment Reporting Information [Line Items]
Number of reportable segments \| number_of_segment	3
Repauno
Segment Reporting Information [Line Items]
Area of real estate	1,630
Long Ridge Terminal LLC
Segment Reporting Information [Line Items]
Area of real estate	1,660

EQUITY-BASED COMPENSATION (Summary of Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2019	May 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock options
Options
Stock options outstanding, beginning balance (in shares)			851,342
Granted (in shares)			1,262,362
Exercised (in shares)			0
Forfeited and canceled (in shares)			0
Stock options outstanding, ending balance (in shares)			2,113,704	851,342
Weighted-Average Exercise Price (per share)
Stock options outstanding, beginning (in usd per share)			$ 18.20
Granted (in dollars per share)			15.94
Stock options outstanding and exercisable (in usd per share)			$ 16.85	$ 18.20
Aggregate Intrinsic Value			$ 5,684
Weighted average remaining contractual term (in years)			9 years 1 month 6 days
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning, Units outstanding (in shares)			49,766
Granted (in shares)	113,121	31,340	113,121
Less: exercised / vested (in shares)	(25,138)		(58,662)
Less: forfeited and canceled (in shares)			0
Ending, Units outstanding (in shares)			104,225	49,766
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning, weighted average exercise price (in dollars per share)			$ 19.87
Granted (in dollars per share)			13.26
Less: exercised/vested (in dollars per share)			14.65
Weighted average exercise / issuance price (per share)			$ 14.23	$ 19.87
Aggregate intrinsic value (in thousands)			$ 1,483
Weighted average remaining contractual term (in years)			10 months 24 days
Common units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning, Units outstanding (in shares)			1,009,598
Granted (in shares)			1,110,000	670,000	505,050
Less: exercised / vested (in shares)			(1,162,930)
Less: forfeited and canceled (in shares)			0
Ending, Units outstanding (in shares)			956,668	1,009,598
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning, weighted average exercise price (in dollars per share)			$ 1.16
Granted (in dollars per share)			0.60
Less: exercised/vested (in dollars per share)			0.27
Weighted average exercise / issuance price (per share)			$ 1.18	$ 1.16
Aggregate intrinsic value (in thousands)			$ 1,130
Weighted average remaining contractual term (in years)			10 months 24 days

DISCONTINUED OPERATIONS (Components of Net Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Expenses
Discontinued operations									$ 1,076	$ (1,077)	$ 0
Net income (loss)	$ 71,579	$ 940	$ 785	$ 158	$ 1,577	$ (134)	$ 253	$ 2,706	73,462	4,402	(737)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	$ 146	$ 116	$ 41	$ (56)	$ 108	$ (26)	$ 51	$ 206	247	339	(70)
Discontinued Operations, Disposed of by Sale \| CMQR
Revenues
Total revenues									39,071	37,766	32,607
Expenses
Operating expense									32,815	30,944	29,966
Acquisition and transaction expenses									5,526	0	0
Depreciation and amortization									2,202	2,446	2,037
Interest expense									1,458	1,009	1,029
Total expenses									42,001	34,399	33,032
Gain (loss) on sale of assets, net									77,468	0	(312)
Other expense									0	(42)	0
Other income (expense)									77,468	(42)	(312)
Income (loss) before income taxes									74,538	3,325	(737)
Discontinued operations									1,076	(1,077)	0
Net income (loss)									73,462	4,402	(737)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries									247	339	(70)
Net income (loss) attributable to shareholders									$ 73,215	$ 4,063	$ (667)

FAIR VALUE MEASUREMENTS (Financial Assets Measured at Fair Value on a Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Total assets	$ 242,698	$ 128,307
Market
Assets:
Cash and cash equivalents	226,512	99,601
Restricted cash	16,005	21,236
Income
Assets:
Derivative assets	181	7,470
Derivative liabilities		(925)
Level 1
Assets:
Total assets	242,517	120,837
Level 1 \| Market
Assets:
Cash and cash equivalents	226,512	99,601
Restricted cash	16,005	21,236
Level 1 \| Income
Assets:
Derivative assets	0	0
Derivative liabilities		0
Level 2
Assets:
Total assets	0	0
Level 2 \| Market
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 2 \| Income
Assets:
Derivative assets	0	0
Derivative liabilities		0
Level 3
Assets:
Total assets	181	7,470
Level 3 \| Market
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 3 \| Income
Assets:
Derivative assets	$ 181	7,470
Derivative liabilities		$ (925)

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

SEGMENT INFORMATION

Our reportable segments represent strategic business units comprised of investments in different types of transportation and infrastructure assets. We have three 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 and (iii) Ports and Terminals. 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 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 under construction.

In December 2019, we completed the sale of substantially all of our railroad business, 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.

Corporate and Other primarily consists of debt, unallocated company level 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 drilling and production which are typically subject to long-term operating leases, (ii) an investment in an unconsolidated entity engaged in the acquisition and leasing of shipping containers (on both an operating lease and finance lease basis) and (iii) railroad assets retained after the December 2019 sale, which consists of equipment that support a railcar cleaning business.

During 2019, we updated our segment performance measure from Adjusted Net Income to Adjusted EBITDA (see definition below) as this is the primary performance measure that our Chief Operating Decision Maker (“CODM”) utilizes to assess operational performance, as well as make resource and allocation decisions. In connection with the change in our performance measure, in accordance with ASC 280, we also assessed our reportable segments. We determined that our Offshore Energy and Shipping Containers segments no longer met the requirement as reportable segments. In addition, with the December 2019 sale of substantially all of our railroad business, the Railroad segment no longer met the requirement as a reportable segment. Accordingly, we have presented these operating segments, along with Corporate results, within Corporate and Other effective in 2019. All prior periods have been restated for historical comparison across segments.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies (Note 2); however, financial information presented by segment includes the impact of intercompany eliminations. We evaluate investment performance for each reportable segment primarily based on net income attributable to shareholders and 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 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 GAAP.

The following tables set forth certain information for each reportable segment:

I. For the Year Ended December 31, 2019


	Year Ended December 31, 2019
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		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	14,132		231,506		24,854		17,544		288,036
General and administrative	—		—		—		20,441		20,441
Acquisition and transaction expenses	518		—		5,008		12,097		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
Interest expense	—		16,189		1,712		77,684		95,585
Total expenses	143,640		270,568		41,423		171,136		626,767

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

Asset impairment	—		—		(4,726)		—		(4,726)
Interest income	104		118		289		20		531
Other income	—		634		1,809		1,002		3,445
Total other income	80,229		5,096		113,840		960		200,125
Income (loss) from continuing operations before income taxes	273,264		(61,124)		94,604		(154,612)		152,132
Provision for income taxes	2,826		284		14,700		—		17,810


Net income (loss) from continuing operations	270,438		(61,408)		79,904		(154,612)		134,322

Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	—		(17,356)		(215)		—		(17,571)

Dividends on preferred shares	—		—		—		1,838		1,838
Net income (loss) attributable to shareholders from continuing operations	$	270,438	$	(44,052)	$	80,119	$	(156,450)	$	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		Corporate and Other		Total
Adjusted EBITDA	$	432,934	$	(6,160)	$	114,760	$	(38,126)	$	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		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

II. For the Year Ended December 31, 2018


	Year Ended December 31, 2018
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Revenues
Equipment leasing revenues	$	244,270	$	—	$	—	$	8,769	$	253,039
Infrastructure revenues	—		70,985		17,444		644		89,073
Total revenues	244,270		70,985		17,444		9,413		342,112

Expenses
Operating expenses	9,149		94,622		18,312		14,487		136,570
General and administrative	—		—		—		17,126		17,126
Acquisition and transaction expenses	315		—		—		6,653		6,968
Management fees and incentive allocation to affiliate	—		—		—		15,726		15,726
Depreciation and amortization	102,419		19,745		5,139		6,605		133,908
Interest expense	—		15,513		649		40,683		56,845
Total expenses	111,883		129,880		24,100		101,280		367,143

Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(743)		(574)		—		309		(1,008)
Gain on sale of assets, net	3,911		—		—		—		3,911


Interest income	202		270		—		16		488
Other income	—		3,983		—		—		3,983
Total other income	3,370		3,679		—		325		7,374
Income (loss) from continuing operations before income taxes	135,757		(55,216)		(6,656)		(91,542)		(17,657)
Provision for (benefit from) income taxes	2,280		261		1		(93)		2,449


Net income (loss) from continuing operations	133,477		(55,477)		(6,657)		(91,449)		(20,106)

Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	(24)		(21,801)		(100)		—		(21,925)

Dividends on preferred shares	—		—		—		—		—
Net income (loss) attributable to shareholders from continuing operations	$	133,501	$	(33,676)	$	(6,557)	$	(91,449)	$	1,819

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


	Year Ended December 31, 2018
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Adjusted EBITDA	$	265,002	$	(11,645)	$	(615)	$	(36,870)	$	215,872

Add: Non-controlling share of Adjusted EBITDA									9,744
Add: Equity in losses of unconsolidated entities									(1,008)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									(359)
Less: Interest expense									(56,845)
Less: Depreciation and amortization expense									(160,567)
Less: Incentive allocations									(407)
Less: Asset impairment charges									—
Less: Changes in fair value of non-hedge derivative instruments									5,523
Less: Losses on the modification or extinguishment of debt and capital lease obligations									—
Less: Acquisition and transaction expenses									(6,968)
Less: Equity-based compensation expense									(717)
Less: Provision for income taxes									(2,449)
Net income attributable to shareholders from continuing operations									$	1,819

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


	Year Ended December 31, 2018
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Revenues
Africa	$	10,053	$	—	$	—	$	—	$	10,053
Asia	78,374		—		—		7,315		85,689
Europe	121,546		—		—		—		121,546
North America	30,701		70,985		17,444		2,098		121,228
South America	3,596		—		—		—		3,596
Total revenues	$	244,270	$	70,985	$	17,444	$	9,413	$	342,112

III. For the Year Ended December 31, 2017


	Year Ended December 31, 2017
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Revenues
Equipment leasing revenues	$	156,793	$	—	$	—	$	13,207	$	170,000
Infrastructure revenues	—		10,229		4,823		—		15,052
Total revenues	156,793		10,229		4,823		13,207		185,052

Expenses
Operating expenses	6,247		31,213		9,117		15,842		62,419
General and administrative	—		—		—		14,570		14,570
Acquisition and transaction expenses	441		—		—		6,865		7,306
Management fees and incentive allocation to affiliate	—		—		—		15,732		15,732
Depreciation and amortization	61,795		16,193		1,658		6,427		86,073
Interest expense	—		13,568		1,088		23,142		37,798
Total expenses	68,483		60,974		11,863		82,578		223,898

Other income (expense)
Equity in losses of unconsolidated entities	(1,276)		(321)		—		(4)		(1,601)
Gain on sale of assets, net	7,188		—		—		11,405		18,593
Loss on extinguishment of debt	—		—		—		(2,456)		(2,456)

Interest income	297		376		—		15		688
Other income	—		1,980		—		1,093		3,073
Total other income	6,209		2,035		—		10,053		18,297
Income (loss) from continuing operations before income taxes	94,519		(48,710)		(7,040)		(59,318)		(20,549)
Provision for (benefit from) income taxes	1,966		42		—		(54)		1,954


Net income (loss) from continuing operations	92,553		(48,752)		(7,040)		(59,264)		(22,503)

Less: Net income (loss) from continuing operations attributable to non-controlling interests in consolidated subsidiaries	697		(22,991)		(484)		(526)		(23,304)

Dividends on preferred shares	—		—		—		—		—
Net income (loss) attributable to shareholders from continuing operations	$	91,856	$	(25,761)	$	(6,556)	$	(58,738)	$	801

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


	Year Ended December 31, 2017
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Adjusted EBITDA	$	163,828	$	(8,413)	$	(3,515)	$	(18,277)	$	133,623

Add: Non-controlling share of Adjusted EBITDA									12,535
Add: Equity in losses of unconsolidated entities									(1,601)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									243
Less: Interest expense									(37,798)
Less: Depreciation and amortization expense									(94,380)
Less: Incentive allocations									(514)
Less: Asset impairment charges									—
Less: Changes in fair value of non-hedge derivative instruments									1,022
Less: Losses on the modification or extinguishment of debt and capital lease obligations									(2,456)
Less: Acquisition and transaction expenses									(7,306)
Less: Equity-based compensation expense									(613)
Less: Provision for income taxes									(1,954)
Net income attributable to shareholders from continuing operations									$	801

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


	Year Ended December 31, 2017
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Revenues
Africa	$	9,993	$	—	$	—	$	—	$	9,993
Asia	45,794		—		—		6,074		51,868
Europe	84,023		—		—		5,597		89,620
North America	16,278		10,229		4,823		1,536		32,866
South America	705		—		—		—		705
Total revenues	$	156,793	$	10,229	$	4,823	$	13,207	$	185,052

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, 2019
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Total assets	$	1,694,837	$	781,422	$	366,402	$	394,261	$	3,236,922

Debt, net	—		233,077		25,000		1,162,851		1,420,928

Total liabilities	285,099		324,509		63,930		1,224,527		1,898,065

Non-controlling interests in equity of consolidated subsidiaries	—		35,671		785		524		36,980

Total equity	1,409,738		456,913		302,472		(830,266)		1,338,857

Total liabilities and equity	$	1,694,837	$	781,422	$	366,402	$	394,261	$	3,236,922


	December 31, 2019
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Property, plant and equipment and leasing equipment, net
Africa	$	43,348	$	—	$	—	$	—	$	43,348
Asia	487,913		—		—		37,548		525,461
Europe	647,029		—		—		—		647,029
North America	311,185		560,059		200,319		123,067		1,194,630
South America	28,700		—		—		—		28,700
Total property, plant and equipment and leasing equipment, net	$	1,518,175	$	560,059	$	200,319	$	160,615	$	2,439,168


	December 31, 2018
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total ⁽¹⁾
Total assets	$	1,367,074	$	670,682	$	277,160	$	267,118	$	2,582,034

Debt, net	—		234,862		—		980,246		1,215,108

Total liabilities	234,449		288,256		16,615		1,010,213		1,549,533

Non-controlling interests in equity of consolidated subsidiaries	—		52,058		544		523		53,125

Total equity	1,132,625		382,426		260,545		(743,095)		1,032,501

Total liabilities and equity	$	1,367,074	$	670,682	$	277,160	$	267,118	$	2,582,034

^{______________________________________________________________________________________}

⁽¹⁾Excludes assets, liabilities and equity from discontinued operations.


	December 31, 2018
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Property, plant and equipment and leasing equipment, net
Africa	$	47,353	$	—	$	—	$	—	$	47,353
Asia	383,648		—		—		34,667		418,315
Europe	592,670		—		—		121,950		714,620
North America	177,962		433,404		263,747		4,323		879,436
South America	34,505		—		—		—		34,505
Total property, plant and equipment and leasing equipment, net	$	1,236,138	$	433,404	$	263,747	$	160,940	$	2,094,229

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Year Ended December 31, 2019
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		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	14,132		231,506		24,854		17,544		288,036
General and administrative	—		—		—		20,441		20,441
Acquisition and transaction expenses	518		—		5,008		12,097		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
Interest expense	—		16,189		1,712		77,684		95,585
Total expenses	143,640		270,568		41,423		171,136		626,767

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

Asset impairment	—		—		(4,726)		—		(4,726)
Interest income	104		118		289		20		531
Other income	—		634		1,809		1,002		3,445
Total other income	80,229		5,096		113,840		960		200,125
Income (loss) from continuing operations before income taxes	273,264		(61,124)		94,604		(154,612)		152,132
Provision for income taxes	2,826		284		14,700		—		17,810


Net income (loss) from continuing operations	270,438		(61,408)		79,904		(154,612)		134,322

Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	—		(17,356)		(215)		—		(17,571)

Dividends on preferred shares	—		—		—		1,838		1,838
Net income (loss) attributable to shareholders from continuing operations	$	270,438	$	(44,052)	$	80,119	$	(156,450)	$	150,055


	Year Ended December 31, 2018
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Revenues
Equipment leasing revenues	$	244,270	$	—	$	—	$	8,769	$	253,039
Infrastructure revenues	—		70,985		17,444		644		89,073
Total revenues	244,270		70,985		17,444		9,413		342,112

Expenses
Operating expenses	9,149		94,622		18,312		14,487		136,570
General and administrative	—		—		—		17,126		17,126
Acquisition and transaction expenses	315		—		—		6,653		6,968
Management fees and incentive allocation to affiliate	—		—		—		15,726		15,726
Depreciation and amortization	102,419		19,745		5,139		6,605		133,908
Interest expense	—		15,513		649		40,683		56,845
Total expenses	111,883		129,880		24,100		101,280		367,143

Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(743)		(574)		—		309		(1,008)
Gain on sale of assets, net	3,911		—		—		—		3,911


Interest income	202		270		—		16		488
Other income	—		3,983		—		—		3,983
Total other income	3,370		3,679		—		325		7,374
Income (loss) from continuing operations before income taxes	135,757		(55,216)		(6,656)		(91,542)		(17,657)
Provision for (benefit from) income taxes	2,280		261		1		(93)		2,449


Net income (loss) from continuing operations	133,477		(55,477)		(6,657)		(91,449)		(20,106)

Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	(24)		(21,801)		(100)		—		(21,925)

Dividends on preferred shares	—		—		—		—		—
Net income (loss) attributable to shareholders from continuing operations	$	133,501	$	(33,676)	$	(6,557)	$	(91,449)	$	1,819


	Year Ended December 31, 2017
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Revenues
Equipment leasing revenues	$	156,793	$	—	$	—	$	13,207	$	170,000
Infrastructure revenues	—		10,229		4,823		—		15,052
Total revenues	156,793		10,229		4,823		13,207		185,052

Expenses
Operating expenses	6,247		31,213		9,117		15,842		62,419
General and administrative	—		—		—		14,570		14,570
Acquisition and transaction expenses	441		—		—		6,865		7,306
Management fees and incentive allocation to affiliate	—		—		—		15,732		15,732
Depreciation and amortization	61,795		16,193		1,658		6,427		86,073
Interest expense	—		13,568		1,088		23,142		37,798
Total expenses	68,483		60,974		11,863		82,578		223,898

Other income (expense)
Equity in losses of unconsolidated entities	(1,276)		(321)		—		(4)		(1,601)
Gain on sale of assets, net	7,188		—		—		11,405		18,593
Loss on extinguishment of debt	—		—		—		(2,456)		(2,456)

Interest income	297		376		—		15		688
Other income	—		1,980		—		1,093		3,073
Total other income	6,209		2,035		—		10,053		18,297
Income (loss) from continuing operations before income taxes	94,519		(48,710)		(7,040)		(59,318)		(20,549)
Provision for (benefit from) income taxes	1,966		42		—		(54)		1,954


Net income (loss) from continuing operations	92,553		(48,752)		(7,040)		(59,264)		(22,503)

Less: Net income (loss) from continuing operations attributable to non-controlling interests in consolidated subsidiaries	697		(22,991)		(484)		(526)		(23,304)

Dividends on preferred shares	—		—		—		—		—
Net income (loss) attributable to shareholders from continuing operations	$	91,856	$	(25,761)	$	(6,556)	$	(58,738)	$	801

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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		Corporate and Other		Total
Adjusted EBITDA	$	432,934	$	(6,160)	$	114,760	$	(38,126)	$	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

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


	Year Ended December 31, 2018
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Adjusted EBITDA	$	265,002	$	(11,645)	$	(615)	$	(36,870)	$	215,872

Add: Non-controlling share of Adjusted EBITDA									9,744
Add: Equity in losses of unconsolidated entities									(1,008)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									(359)
Less: Interest expense									(56,845)
Less: Depreciation and amortization expense									(160,567)
Less: Incentive allocations									(407)
Less: Asset impairment charges									—
Less: Changes in fair value of non-hedge derivative instruments									5,523
Less: Losses on the modification or extinguishment of debt and capital lease obligations									—
Less: Acquisition and transaction expenses									(6,968)
Less: Equity-based compensation expense									(717)
Less: Provision for income taxes									(2,449)
Net income attributable to shareholders from continuing operations									$	1,819

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


	Year Ended December 31, 2017
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Adjusted EBITDA	$	163,828	$	(8,413)	$	(3,515)	$	(18,277)	$	133,623

Add: Non-controlling share of Adjusted EBITDA									12,535
Add: Equity in losses of unconsolidated entities									(1,601)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									243
Less: Interest expense									(37,798)
Less: Depreciation and amortization expense									(94,380)
Less: Incentive allocations									(514)
Less: Asset impairment charges									—
Less: Changes in fair value of non-hedge derivative instruments									1,022
Less: Losses on the modification or extinguishment of debt and capital lease obligations									(2,456)
Less: Acquisition and transaction expenses									(7,306)
Less: Equity-based compensation expense									(613)
Less: Provision for income taxes									(1,954)
Net income attributable to shareholders from continuing operations									$	801

Revenue from External Customers by Geographic Areas

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		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

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


	Year Ended December 31, 2018
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Revenues
Africa	$	10,053	$	—	$	—	$	—	$	10,053
Asia	78,374		—		—		7,315		85,689
Europe	121,546		—		—		—		121,546
North America	30,701		70,985		17,444		2,098		121,228
South America	3,596		—		—		—		3,596
Total revenues	$	244,270	$	70,985	$	17,444	$	9,413	$	342,112

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


	Year Ended December 31, 2017
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Revenues
Africa	$	9,993	$	—	$	—	$	—	$	9,993
Asia	45,794		—		—		6,074		51,868
Europe	84,023		—		—		5,597		89,620
North America	16,278		10,229		4,823		1,536		32,866
South America	705		—		—		—		705
Total revenues	$	156,793	$	10,229	$	4,823	$	13,207	$	185,052

Long-lived Assets by Geographic Areas

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


	December 31, 2019
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Total assets	$	1,694,837	$	781,422	$	366,402	$	394,261	$	3,236,922

Debt, net	—		233,077		25,000		1,162,851		1,420,928

Total liabilities	285,099		324,509		63,930		1,224,527		1,898,065

Non-controlling interests in equity of consolidated subsidiaries	—		35,671		785		524		36,980

Total equity	1,409,738		456,913		302,472		(830,266)		1,338,857

Total liabilities and equity	$	1,694,837	$	781,422	$	366,402	$	394,261	$	3,236,922


	December 31, 2019
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Property, plant and equipment and leasing equipment, net
Africa	$	43,348	$	—	$	—	$	—	$	43,348
Asia	487,913		—		—		37,548		525,461
Europe	647,029		—		—		—		647,029
North America	311,185		560,059		200,319		123,067		1,194,630
South America	28,700		—		—		—		28,700
Total property, plant and equipment and leasing equipment, net	$	1,518,175	$	560,059	$	200,319	$	160,615	$	2,439,168


	December 31, 2018
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total ⁽¹⁾
Total assets	$	1,367,074	$	670,682	$	277,160	$	267,118	$	2,582,034

Debt, net	—		234,862		—		980,246		1,215,108

Total liabilities	234,449		288,256		16,615		1,010,213		1,549,533

Non-controlling interests in equity of consolidated subsidiaries	—		52,058		544		523		53,125

Total equity	1,132,625		382,426		260,545		(743,095)		1,032,501

Total liabilities and equity	$	1,367,074	$	670,682	$	277,160	$	267,118	$	2,582,034

^{______________________________________________________________________________________}

⁽¹⁾Excludes assets, liabilities and equity from discontinued operations.


	December 31, 2018
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Property, plant and equipment and leasing equipment, net
Africa	$	47,353	$	—	$	—	$	—	$	47,353
Asia	383,648		—		—		34,667		418,315
Europe	592,670		—		—		121,950		714,620
North America	177,962		433,404		263,747		4,323		879,436
South America	34,505		—		—		—		34,505
Total property, plant and equipment and leasing equipment, net	$	1,236,138	$	433,404	$	263,747	$	160,940	$	2,094,229

DEBT, NET (Schedule of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt, net	$ 1,420,928	$ 1,215,108
Debt	1,439,039	1,229,592
Less: Debt issuance costs	(18,111)	(14,484)
Total debt due within one year	182,019	49,413
FTAI Pride Credit Agreement
Debt Instrument [Line Items]
Total debt, net	36,009
DRP Revolver
Debt Instrument [Line Items]
Total debt, net	25,000
Series 2012 Bonds
Debt Instrument [Line Items]
Total debt, net	39,550
Senior Notes Due 2022
Debt Instrument [Line Items]
Total debt, net	700,000
Senior Notes due 2025
Debt Instrument [Line Items]
Total debt, net	450,000
Loans Payable
Debt Instrument [Line Items]
Total debt, net	111,009	197,548
Loans Payable \| FTAI Pride Credit Agreement
Debt Instrument [Line Items]
Total debt, net	36,009	47,743
Loans Payable \| Jefferson Revolver
Debt Instrument [Line Items]
Total debt, net	$ 50,000	49,805
Commitment fee rate	0.50%
Loans Payable \| DRP Revolver
Debt Instrument [Line Items]
Total debt, net	$ 25,000	0
Commitment fee rate	0.875%
Bonds payable
Debt Instrument [Line Items]
Total debt, net	$ 1,328,030	1,032,044
Bonds payable \| Series 2012 Bonds
Debt Instrument [Line Items]
Total debt, net	$ 41,059	42,797
Stated rate	8.25%
Unamortized premium	$ 1,509	1,577
Bonds payable \| Series 2016 Bonds
Debt Instrument [Line Items]
Total debt, net	$ 144,200	144,200
Stated rate	7.25%
Bonds payable \| Senior Notes Due 2022
Debt Instrument [Line Items]
Total debt, net	$ 697,814	549,405
Stated rate	6.75%
Unamortized premium	$ 3,243	4,559
Unamortized discount	5,429	5,154
Bonds payable \| Senior Notes due 2025
Debt Instrument [Line Items]
Total debt, net	$ 444,957	295,642
Stated rate	6.50%
Unamortized discount	$ 5,043	4,358
Revolving Credit Facility
Debt Instrument [Line Items]
Less: Debt issuance costs	(1,700)	(1,500)
Revolving Credit Facility \| Loans Payable
Debt Instrument [Line Items]
Total debt, net	$ 0	$ 100,000
London Interbank Offered Rate (LIBOR) \| Loans Payable \| FTAI Pride Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	4.50%
Base Rate \| Loans Payable \| Jefferson Revolver
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Base Rate \| Loans Payable \| DRP Revolver
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Base Rate \| Revolving Credit Facility \| Loans Payable
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Eurodollar \| Loans Payable \| Jefferson Revolver
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Eurodollar \| Loans Payable \| DRP Revolver
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Adjusted Eurodollar Rate \| Revolving Credit Facility \| Loans Payable
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

12 Months Ended

Dec. 31, 2019

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

The Manager is paid annual fees in exchange for advising us on various aspects of our business, formulating our investment strategies, arranging for the acquisition and disposition of assets, arranging for financing, monitoring performance, and managing our day-to-day operations, inclusive of all costs incidental thereto. In addition, the Manager may be reimbursed for various expenses incurred by the Manager on our behalf, including the costs of legal, accounting and other administrative activities. In May 2015, in connection with our IPO, we entered into the Management Agreement which replaced our then-existing management agreement as a private fund. Additionally, we have entered into certain incentive allocation arrangements with Master GP, which owns approximately 0.05% of the Partnership and is the general partner of the Partnership.

The Manager is entitled to a management fee, incentive allocations (comprised of income incentive allocation and capital gains incentive allocation, defined below) and reimbursement of certain expenses. The post-IPO management fee is determined by taking the average value of total equity (excluding non-controlling interests) determined on a consolidated basis in accordance with GAAP at the end of the two most recently completed months multiplied by an annual rate of 1.50%, and is payable monthly in arrears in cash.

The income incentive allocation is calculated and distributable quarterly in arrears based on the pre-incentive allocation net income for the immediately preceding calendar quarter (the “Income Incentive Allocation”). For this purpose, pre-incentive allocation net income means, with respect to a calendar quarter, net income attributable to shareholders during such quarter calculated in accordance with GAAP excluding our pro rata share of (1) realized or unrealized gains and losses, and (2) certain non-cash or one-time items, and (3) any other adjustments as may be approved by our independent directors. Pre-incentive allocation net income does not include any Income Incentive Allocation or Capital Gains Incentive Allocation (described below) paid to the Master GP during the relevant quarter.

One of our subsidiaries allocates and distributes to the Master GP an Income Incentive Allocation with respect to its pre-incentive allocation net income in each calendar quarter as follows: (1) no Income Incentive Allocation in any calendar quarter in which pre-incentive allocation net income, expressed as a rate of return on the average value of our net equity capital (excluding non-controlling interests) at the end of the two most recently completed calendar quarters, does not exceed 2% for such quarter (8% annualized); (2) 100% of pre-incentive allocation net income with respect to that portion of such pre-incentive allocation net income, if any, that is equal to or exceeds 2% but does not exceed 2.2223% for such quarter; and (3) 10% of the amount of pre-incentive allocation net income, if any, that exceeds 2.2223% for such quarter. These calculations will be prorated for any period of less than three months.

Capital Gains Incentive Allocation is calculated and distributable in arrears as of the end of each calendar year and is equal to 10% of our pro rata share of cumulative realized gains from the date of the IPO through the end of the applicable calendar year, net of our pro rata share of cumulative realized or unrealized losses, the cumulative non-cash portion of equity-based compensation expenses and all realized gains upon which prior performance-based Capital Gains Incentive Allocation payments were made to the Master GP.

The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation:


	Year Ended December 31,
	2019		2018		2017
Management fees	$	14,828	$	15,319	$	15,218
Income incentive allocation	—		—		—
Capital gains incentive allocation	21,231		407		514
Total	$	36,059	$	15,726	$	15,732

We pay all of our operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The expenses required to be paid by us include, but are not limited to, issuance and transaction costs incident to the acquisition, disposition and financing of our assets, legal and auditing fees and expenses, the compensation and expenses of our independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness of ours (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings of ours, costs and expenses incurred in contracting with third parties (including affiliates of the Manager), the costs of printing and mailing proxies and reports to our shareholders, costs incurred by the Manager or its affiliates for travel on our behalf, costs associated with any computer software or hardware that is used by us, costs to obtain liability insurance to indemnify our directors and officers and the compensation and expenses of our transfer agent.

We will pay or reimburse the Manager and its affiliates for performing certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements are no greater than those which would be paid to outside professionals or consultants. The Manager is responsible for all of its other costs incident to the performance of its duties under the Management Agreement, including compensation of the Manager’s employees, rent for facilities and other “overhead” expenses; we will not reimburse the Manager for these expenses.

The following table summarizes our reimbursements to the Manager:


	Year Ended December 31,
	2019		2018		2017
Classification in the Consolidated Statements of Operations:
General and administrative expenses	$	11,017	$	9,910	$	8,064
Acquisition and transaction expenses	3,399		6,653		6,295
Total	$	14,416	$	16,563	$	14,359

If we terminate the Management Agreement, we will generally be required to pay the Manager a termination fee. The termination fee is equal to the amount of the management fee during the 12 months immediately preceding the date of the termination. In addition, an Incentive Allocation Fair Value Amount will be distributable to the Master GP if the Master GP is removed due to the termination of the Management Agreement in certain specified circumstances. The Incentive Allocation Fair Value Amount is an amount equal to the Income Incentive Allocation and the Capital Gains Incentive Allocation that would be paid to the Master GP if our assets were sold for cash at their then current fair market value (as determined by an appraisal, taking into account, among other things, the expected future value of the underlying investments).

Upon the successful completion of a post-IPO offering of our common shares or other equity securities (including securities issued as consideration in an acquisition), we will grant the Manager options to purchase common shares in an amount equal to 10% of the number of common shares being sold in the offering (or if the issuance relates to equity securities other than our common shares, options to purchase a number of common shares equal to 10% of the gross capital raised in the equity issuance divided by the fair market value of a common share as of the date of issuance), with an exercise price equal to the offering price per share paid by the public or other ultimate purchaser or attributed to such securities in connection with an acquisition (or the fair market value of a common share as of the date of the equity issuance if it relates to equity securities other than our common shares). Any ultimate purchaser of common shares for which such options are granted may be an affiliate of Fortress.

The following table summarizes amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets:


	December 31,
	2019		2018
Accrued management fees	$	1,410	$	1,263
Other payables	21,992		3,965

As of December 31, 2019 and 2018, no amounts were recorded as a receivable from the Manager.

Other Affiliate Transactions

As of December 31, 2019 and 2018, an affiliate of our Manager owns an approximately 20% interest in Jefferson Terminal which has been accounted for as a component of non-controlling interest in consolidated subsidiaries in the accompanying consolidated financial statements. The carrying amount of this non-controlling interest at December 31, 2019 and 2018 was $33.7 million and $51.1 million, respectively.

The following table presents the amount of this non-controlling interest share of net loss:


	Year Ended December 31,
	2019		2018		2017
Non-controlling interest share of net loss	$	17,357	$	13,436	$	8,662

In connection with the Capital Call Agreement related to the Series 2016 Bonds, we entered into a Fee and Support Agreement with an affiliate of our Manager. The Fee and Support Agreement provides that the affiliate of the Manager is compensated for its guarantee of a portion of the obligations under the Standby Bond Purchase Agreement. This affiliate of the Manager received fees of $1.7 million, which will be amortized as interest expense to the earlier of the redemption date or February 13, 2020.

On June 21, 2018, we, through a wholly owned subsidiary, completed a private offering with several third parties (the “Holders”) to tender their approximately 20% stake in Jefferson Terminal. We increased our majority interest in Jefferson Terminal in exchange for Class B Units of another wholly owned subsidiary, which provide the right to convert such Class B Units to a fixed amount of our shares, equivalent to approximately 1.9 million shares, at a Holder’s request. We have the option to satisfy any exchange request by delivering either common shares or cash. The Holders are entitled to receive distributions equivalent to the distributions paid to our shareholders. This transaction resulted in a purchase of non-controlling interest shares.

In the second quarter of 2018, we purchased all shares held by the non-controlling interest holder in our Aviation Leasing segment for a purchase price of $3.7 million.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2019
Aircraft
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	25 years
Aircraft engines \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	2 years
Aircraft engines \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	6 years
Offshore energy vessels
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	25 years
Railcars and locomotives \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	40 years
Railcars and locomotives \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	50 years
Track and track related assets \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	15 years
Track and track related assets \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	50 years
Buildings and site improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	20 years
Buildings and site improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	30 years
Railroad equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	3 years
Railroad equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	15 years
Crude oil terminal machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	15 years
Crude oil terminal machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	25 years
Vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	5 years
Vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	7 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	6 years
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	3 years
Computer hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	5 years

LEASING EQUIPMENT, NET (Details) $ in Thousands	12 Months Ended
LEASING EQUIPMENT, NET (Details) $ in Thousands	Dec. 31, 2019 USD ($) aircraft commercial_jet_engines	Dec. 31, 2018 USD ($) aircraft commercial_jet_engines	Dec. 31, 2017 USD ($) aircraft commercial_jet_engines
Lessor, Lease, Description [Line Items]
Leasing equipment	$ 800,525	$ 715,132
Less: Accumulated depreciation	(69,935)	(54,632)
Property, plant and equipment, net	732,109	662,019
Depreciation expense for leasing equipment	30,653	22,744	$ 15,181
Leasing equipment		1,672,156
Less: Accumulated depreciation		(239,946)
Leasing equipment, net	$ 1,707,059	$ 1,432,210
Acquisitions:
Aircraft \| aircraft	31	29	25
Engines \| commercial_jet_engines	31	34	58
Dispositions:
Aircraft \| aircraft	5	1	3
Engines \| commercial_jet_engines	58	13	14
Gain on sale of leasing equipment	$ 81,954	$ 3,911	$ 7,188
Depreciation expense for leasing equipment		$ 110,012	$ 69,331
Assets Leased to Others
Lessor, Lease, Description [Line Items]
Leasing equipment	2,019,773
Less: Accumulated depreciation	(312,714)
Property, plant and equipment, net	1,707,059
Depreciation expense for leasing equipment	$ 137,004

FINANCE LEASES, NET (Details) $ in Thousands	12 Months Ended
FINANCE LEASES, NET (Details) $ in Thousands	Dec. 31, 2019 USD ($) airframe	Dec. 31, 2018 USD ($)
Leases [Abstract]
Finance leases	$ 12,388	$ 28,476
Unearned revenue	(4,073)	(9,853)
Finance leases, net	$ 8,315	$ 18,623
Number of Airframes \| airframe	3
Proceeds from insurance	$ 1,000

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following table presents unaudited summary information for our quarterly operations:


	2019
	Quarter Ended										Year Ended December 31
(in thousands except share and per share data)	March 31		June 30		September 30		December 31
Total revenues	$	114,894	$	149,848	$	152,700	$	161,332	$	578,774
Total expenses	123,403		164,798		169,430		169,136		626,767
Total other (expense) income	(1,178)		27,630		37,338		136,335		200,125
(Loss) income from continuing operations before income taxes	(9,687)		12,680		20,608		128,531		152,132
Provision for (benefit from) income taxes	267		(2,328)		872		18,999		17,810
Net (loss) income from continuing operations	(9,954)		15,008		19,736		109,532		134,322
Net income from discontinued operations, net of income taxes	158		785		940		71,579		73,462
Net (loss) income	(9,796)		15,793		20,676		181,111		207,784
Net (loss) income attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	(3,360)		(4,580)		(5,111)		(4,520)		(17,571)
Discontinued operations	(56)		41		116		146		247
Dividends on preferred shares	—		—		—		1,838		1,838
Net (loss) income attributable to shareholders	$	(6,380)	$	20,332	$	25,671	$	183,647	$	223,270

(Loss) earnings per share:
Basic
Continuing operations	$	(0.07)	$	0.23	$	0.29	$	1.30	$	1.74
Discontinued operations	$	0.00	$	0.01	$	0.01	$	0.83	$	0.85
Diluted
Continuing operations	$	(0.07)	$	0.23	$	0.29	$	1.30	$	1.74
Discontinued operations	$	0.00	$	0.01	$	0.01	$	0.83	$	0.85
Weighted Average Shares Outstanding:
Basic	85,986,453		85,987,769		85,996,067		85,997,619		85,992,019
Diluted	85,986,453		85,989,029		86,005,604		86,090,207		86,029,363


	2018
	Quarter Ended										Year Ended December 31
(in thousands except share and per share data)	March 31		June 30		September 30		December 31
Total revenues	$	57,797	$	63,191	$	92,472	$	128,652	$	342,112
Total expenses	69,772		75,342		91,685		130,344		367,143
Total other income	431		5,983		621		339		7,374
(Loss) income from continuing operations before income taxes	(11,544)		(6,168)		1,408		(1,353)		(17,657)
Provision for income taxes	495		534		551		869		2,449
Net (loss) income from continuing operations	(12,039)		(6,702)		857		(2,222)		(20,106)
Net income (loss) from discontinued operations, net of income taxes	2,706		253		(134)		1,577		4,402
Net (loss) income	(9,333)		(6,449)		723		(645)		(15,704)
Net (loss) income attributable to non-controlling interests in consolidated subsidiaries
Continuing operations	(8,967)		(7,339)		(3,829)		(1,790)		(21,925)
Discontinued operations	206		51		(26)		108		339
Dividends on preferred shares	—		—		—		—		—
Net (loss) income attributable to shareholders	$	(572)	$	839	$	4,578	$	1,037	$	5,882

(Loss) earnings per share:
Basic
Continuing operations	$	(0.04)	$	0.01	$	0.06	$	(0.01)	$	0.02
Discontinued operations	$	0.03	$	0.00	$	(0.01)	$	0.02	$	0.05
Diluted
Continuing operations	$	(0.04)	$	0.01	$	0.06	$	(0.01)	$	0.02
Discontinued operations	$	0.03	$	0.00	$	(0.01)	$	0.02	$	0.05
Weighted Average Shares Outstanding:
Basic	81,534,454		83,160,037		84,708,071		85,065,125		83,654,068
Diluted	81,534,454		83,160,047		84,709,656		85,068,966		83,664,833

INVESTMENTS (Equity Method Investment) (Details) - Advanced and JPG - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 16,812	$ 7,981
Restricted cash	30,917	46
Accounts receivable	12,219	1,044
Leasing equipment, net	2,546	3,483
Finance leases, net	0	1,479
Property, plants and equipment	390,416	50,402
Intangible asset	123,638	45,000
Goodwill	89,294	0
Other assets	6,667	487
Total assets	672,509	109,922
Liabilities
Accounts payable and accrued liabilities	37,437	2,529
Debt, net	186,953	14,364
Other liabilities	530	41
Total liabilities	224,920	16,934
Equity
Shareholders’ equity	465,461	102,959
Accumulated deficit	(17,872)	(9,971)
Total equity	447,589	92,988
Total liabilities and equity	672,509	109,922
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Total revenue	8,887	9,435	$ 4,569
Research and development cost	6,323	2,134	4,073
Operating expenses	7,669	8,435	4,371
General and administrative	1,550	1,437	1,588
Management fees and incentive allocation to affiliate	142	400	1,022
Depreciation and amortization	2,351	2,158	2,099
Interest expense	285	937	1,261
Total expenses	18,320	15,501	14,414
Other income	734	2,070	3,667
Loss before income taxes	(8,699)	(3,996)	(6,178)
Provision for income taxes	0	0	0
Net loss	$ (8,699)	$ (3,996)	$ (6,178)

DERIVATIVE FINANCIAL INSTRUMENTS (Level 3 Rollforward) (Details) - Crude oil forwards (BBL) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 6,545	$ 1,022	$ 0
Net unrealized gains (losses) recognized in earnings	(6,364)	5,523	1,022
Purchases	314	8,473	1,011
Sales	(674)	(178)	(10)
Settlements	360	(8,295)	(1,001)
Ending Balance	$ 181	$ 6,545	$ 1,022

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

Commodity Derivatives

Depending on market conditions, we source crude oil from producers in Canada, arranging logistics to Jefferson Terminal and marketing crude oil to third parties. These crude oil forward purchase and sales contracts are not designated in hedging relationships.

The following table presents information related to our outstanding derivative contracts:


	Notional Amount	Fair Value of Assets ⁽¹⁾		Fair Value of Liabilities ⁽¹⁾		Term
December 31, 2019




Crude oil forwards (BBL)	150	$	181	$	—	1 to 2 months

December 31, 2018




Crude oil forwards (BBL)	3,225	$	7,470	$	(925)	1 to 12 months

^{______________________________________________________________________________________}

⁽¹⁾Included in Other assets and Other liabilities, respectively, in our Consolidated Balance Sheets.

The following table presents a summary of the changes in fair value for all Level 3 derivatives:


	Year Ended December 31,
	2019		2018		2017
Beginning Balance	$	6,545	$	1,022	$	—
Net unrealized gains (losses) recognized in earnings	(6,364)		5,523		1,022

Purchases	314		8,473		1,011
Sales	(674)		(178)		(10)
Settlements	360		(8,295)		(1,001)
Ending Balance	$	181	$	6,545	$	1,022

There were no transfers into or out of Level 3 during the periods presented.

EQUITY-BASED COMPENSATION (Shares Issued) (Details) - Stock options - USD ($) $ in Millions	1 Months Ended				12 Months Ended
	Nov. 30, 2019	Sep. 30, 2019	Dec. 31, 2018	Jan. 31, 2018	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options (in shares)					1,262,362
Manager
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options (in shares)	686,978	575,384	126,342	700,000
Fair value ($ millions)	$ 1.1	$ 0.7	$ 0.2	$ 1.9
Expected volatility	21.89%	21.45%	18.71%	27.73%
Risk free interest rate	1.67%	1.45%	2.98%	2.52%
Expected dividend yield	6.58%	8.02%	6.81%	5.45%
Expected term	10 years	10 years	10 years	10 years

ORGANIZATION (Details) - number_of_segment	12 Months Ended
ORGANIZATION (Details) - number_of_segment	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3
Number of primary businesses		2

INCOME TAXES (Changes in Valuation Allowance) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Valuation Allowance [Roll Forward]
Valuation allowance at beginning of period	$ 68,294	$ 45,624
Change due to current year losses	19,330	22,670
Change due to current year releases	(8,448)	0
Valuation allowance at end of period	$ 79,176	$ 68,294

SEGMENT INFORMATION (Balance Sheet) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 3,236,922	$ 2,638,778
Debt, net	1,420,928	1,215,108
Total liabilities	1,898,065	1,584,996
Non-controlling interest in equity of consolidated subsidiaries	36,980	56,383
Total equity	1,338,857	1,053,782
Total liabilities and equity	3,236,922	2,638,778
Operating Segments \| Equipment Leasing \| Aviation Leasing
Segment Reporting Information [Line Items]
Total assets	1,694,837	1,367,074
Debt, net	0	0
Total liabilities	285,099	234,449
Non-controlling interest in equity of consolidated subsidiaries	0	0
Total equity	1,409,738	1,132,625
Total liabilities and equity	1,694,837	1,367,074
Operating Segments \| Infrastructure \| Jefferson Terminal
Segment Reporting Information [Line Items]
Total assets	781,422	670,682
Debt, net	233,077	234,862
Total liabilities	324,509	288,256
Non-controlling interest in equity of consolidated subsidiaries	35,671	52,058
Total equity	456,913	382,426
Total liabilities and equity	781,422	670,682
Operating Segments \| Infrastructure \| Ports and Terminals
Segment Reporting Information [Line Items]
Total assets	366,402	277,160
Debt, net	25,000	0
Total liabilities	63,930	16,615
Non-controlling interest in equity of consolidated subsidiaries	785	544
Total equity	302,472	260,545
Total liabilities and equity	366,402	277,160
Corporate and Other
Segment Reporting Information [Line Items]
Total assets	394,261	267,118
Debt, net	1,162,851	980,246
Total liabilities	1,224,527	1,010,213
Non-controlling interest in equity of consolidated subsidiaries	524	523
Total equity	(830,266)	(743,095)
Total liabilities and equity	$ 394,261	267,118
Continuing Operations
Segment Reporting Information [Line Items]
Total assets		2,582,034
Debt, net		1,215,108
Total liabilities		1,549,533
Non-controlling interest in equity of consolidated subsidiaries		53,125
Total equity		1,032,501
Total liabilities and equity		$ 2,582,034

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net is summarized as follows:


	December 31,
	2019		2018
Land, site improvements and rights	$	51,901	$	69,352
Construction in progress ⁽¹⁾	211,110		253,176
Buildings and improvements	3,783		9,209
Terminal machinery and equipment	519,603		349,227
Proved oil and gas properties	—		20,099
Track and track related assets	2,208		5,214
Railroad equipment	4,823		4,111

Computer hardware and software	4,325		3,639
Furniture and fixtures	2,322		456
Vehicles	450		649
	800,525		715,132
Less: Accumulated depreciation	(69,935)		(54,632)
Spare parts	1,519		1,519
Property, plant and equipment, net	$	732,109	$	662,019

^{______________________________________________________________________________________}

⁽¹⁾Includes unproved oil and gas properties of $0 (net of the Long Ridge Transaction, as defined in Note 7) and $59,930 as of December 31, 2019 and 2018, respectively.

We added property, plant and equipment of $85.4 million (net of the Long Ridge Transaction, as defined in Note 7) and $232.9 million during the years ended December 31, 2019 and 2018, respectively, which primarily consists of terminal machinery and equipment placed in service or under development at Jefferson Terminal and Repauno.

Depreciation expense for property, plant and equipment is summarized as follows:


	Year Ended December 31,
	2019		2018		2017
Depreciation expense for property, plant and equipment:
Continuing operations	$	28,466	$	20,343	$	13,189
Discontinued operations	2,187		2,401		1,992
Total	$	30,653	$	22,744	$	15,181

INCOME TAXES (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
U.S. federal tax rate	21.00%	21.00%	35.00%
Valuation allowance	$ 79,176	$ 68,294	$ 45,624
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	900
Subsidiaries \| U.S. Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	295,000
Revenue Commissioners, Ireland
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	76,500
Tax Year 2034
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	169,000
No Expiration Date
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 126,000

EQUITY-BASED COMPENSATION (Expenses Related to Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 1,509	$ 717	$ 613
Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	1,509	717	613
Remaining expense to be recognized, if all vesting conditions are met	1,842
Stock options \| Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	0	9	0
Remaining expense to be recognized, if all vesting conditions are met	0
Restricted shares \| Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	1,054	359	318
Remaining expense to be recognized, if all vesting conditions are met	1,088
Common units \| Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	455	349	295
Remaining expense to be recognized, if all vesting conditions are met	754
Common Stock Units - Discontinued Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 3,114	$ 184	$ 730

EQUITY-BASED COMPENSATION

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

In 2015, we established a Nonqualified Stock Option and Incentive Award Plan (“Incentive Plan”) which provides for the ability to award equity compensation awards in the form of stock options, stock appreciation rights, restricted stock, and performance awards to eligible employees, consultants, directors, and other individuals who provide services to us, each as determined by the Compensation Committee of the Board of Directors.

As of December 31, 2019, the Incentive Plan provides for the issuance of up to 29.9 million shares. We account for equity-based compensation expense in accordance with ASC 718 Compensation-Stock Compensation and is reported within operating expenses and general and administrative in the Consolidated Statements of Operations.

The following table presents our stock-based compensation expense:


	Year Ended December 31,								Remaining Expense To Be Recognized, If All Vesting Conditions Are Met
	2019		2018		2017
Stock options	$	—	$	9	$	—	$	—
Restricted shares	1,054		359		318		1,088
Common units	455		349		295		754
Total - continuing operations	$	1,509	$	717	$	613	$	1,842

Common units - discontinued operations	$	3,114	$	184	$	730

The following tables present information for our stock options, restricted shares and common units:


	Stock Options				Restricted Shares					Common Units
	Options	Weighted Average Exercise Price		Shares	Weighted Average Issuance Price		Units	Weighted Average Issuance Price
Outstanding as of December 31, 2018	851,342	$	18.20	49,766	$	19.87	1,009,598	$	1.16
Granted	1,262,362	15.94		113,121	13.26		1,110,000	0.60
Less: exercised / vested	—			58,662	14.65		1,162,930	0.27
Less: forfeited and canceled	—			—			—
Outstanding as of December 31, 2019	2,113,704			104,225			956,668


	Stock Options		Restricted Shares		Common Units
As of December 31, 2019:
Weighted average exercise / issuance price (per share)	$	16.85	$	14.23	$	1.18
Aggregate intrinsic value (in thousands)	$	5,684	$	1,483	$	1,130
Weighted average remaining contractual term (in years)	9.1		0.9		0.9

Stock Options

In connection with our equity offerings in 2019 and 2018 (see Note 18 for details), we granted options to the Manager related to common shares. The fair value of these options were recorded as an increase in equity with an offsetting reduction of capital proceeds received. The following table presents information related to the options issued in 2019 and 2018:


		November 2019			September 2019			December 2018			January 2018
Number of options		686,978			575,384			126,342			700,000
Fair value ($ millions)		$	1.1		$	0.7		$	0.2		$	1.9
Expected volatility	The expected stock volatility is based on an assessment of the volatility of our publicly traded common shares	21.89		%	21.45		%	18.71		%	27.73		%
Risk free interest rate	The risk-free rate is determined using the implied yield currently available on U.S. government bonds with a term consistent with the expected term on the date of grant.	1.67		%	1.45		%	2.98		%	2.52		%
Expected dividend yield	The expected dividend yield is based on management’s current expected dividend rate.	6.58		%	8.02		%	6.81		%	5.45		%
Expected term	Expected term used represents the period of time the options granted are expected to be outstanding.	10 years			10 years			10 years			10 years

Restricted Shares

In June 2019, we issued 113,121 restricted shares of our subsidiary that had a grant date fair value of $1.5 million, of which 25,138 shares vested during the period of issuance. The remaining shares vest over three years, subject to continued employment, and the compensation expense is recognized ratably over the vesting periods.

In May 2017, we issued 31,340 restricted shares of our subsidiary that had a grant date fair value of $0.5 million. The shares vest over four years, subject to continued employment, and the compensation expense is recognized ratably over the vesting periods.

The fair value of the above awards was based on the fair value of the operating subsidiary on each grant date, which was estimated using a discounted cash flow analysis which requires the application of discount factors and terminal multiples to projected cash flows. Discount factors and terminal multiples were based on market based inputs and transactions, as available at the measurement date.

Common Units

We issued 1,110,000, 670,000 and 505,050 common units of our subsidiary during the years ended December 31, 2019, 2018 and 2017, respectively, that had grant date fair values of $3.4 million, $0.7 million and $0.5 million, respectively, and vest over three years. These awards are subject to continued employment and compensation expense is recognized ratably over the vesting periods. The fair value was based on the fair value of the operating subsidiary on the grant date, which is estimated using a discounted cash flow analysis that requires the application of discount factors and terminal multiples to projected cash flows. Discount factors and terminal multiples were based on market-based inputs and transactions, as available at the measurement date.

SEGMENT INFORMATION (Statement of Income by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Total revenues	$ 161,332	$ 152,700	$ 149,848	$ 114,894	$ 128,652	$ 92,472	$ 63,191	$ 57,797	$ 578,774	$ 342,112	$ 185,052
Expenses
Operating expenses									288,036	136,570	62,419
General and administrative									20,441	17,126	14,570
Acquisition and transaction expenses									17,623	6,968	7,306
Related party fees									36,059	15,726	15,732
Depreciation and amortization									169,023	133,908	86,073
Interest expense									95,585	56,845	37,798
Total expenses	169,136	169,430	164,798	123,403	130,344	91,685	75,342	69,772	626,767	367,143	223,898
Other income (expense)
Equity in losses of unconsolidated entities									(2,375)	(1,008)	(1,601)
Gain on sale of equipment, net									203,250	3,911	18,593
Asset impairment									(4,726)	0	0
Loss on extinguishment of debt									0	0	(2,456)
Interest income									531	488	688
Other income									3,445	3,983	3,073
Total other income	136,335	37,338	27,630	(1,178)	339	621	5,983	431	200,125	7,374	18,297
Income (loss) from continuing operations before income taxes	128,531	20,608	12,680	(9,687)	(1,353)	1,408	(6,168)	(11,544)	152,132	(17,657)	(20,549)
Provision for income taxes	18,999	872	(2,328)	267	869	551	534	495	17,810	2,449	1,954
Net income (loss) from continuing operations	109,532	19,736	15,008	(9,954)	(2,222)	857	(6,702)	(12,039)	134,322	(20,106)	(22,503)
Continuing operations	(4,520)	(5,111)	(4,580)	(3,360)	(1,790)	(3,829)	(7,339)	(8,967)	(17,571)	(21,925)	(23,304)
Dividends on preferred shares	$ 1,838	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	1,838	0	0
Net income (loss) attributable to shareholders from continuing operations									150,055	1,819	801
Equipment Leasing
Revenues
Total revenues									349,322	253,039	170,000
Infrastructure
Revenues
Total revenues									229,452	89,073	15,052
Operating Segments \| Equipment Leasing \| Aviation Leasing
Revenues
Total revenues									336,675	244,270	156,793
Expenses
Operating expenses									14,132	9,149	6,247
General and administrative										0	0
Acquisition and transaction expenses									518	315	441
Related party fees										0	0
Depreciation and amortization									128,990	102,419	61,795
Interest expense										0	0
Total expenses									143,640	111,883	68,483
Other income (expense)
Equity in losses of unconsolidated entities									(1,829)	(743)	(1,276)
Gain on sale of equipment, net									81,954	3,911	7,188
Loss on extinguishment of debt											0
Interest income									104	202	297
Other income										0	0
Total other income									80,229	3,370	6,209
Income (loss) from continuing operations before income taxes									273,264	135,757	94,519
Provision for income taxes									2,826	2,280	1,966
Net income (loss) from continuing operations									270,438	133,477	92,553
Continuing operations										(24)	697
Net income (loss) attributable to shareholders from continuing operations									270,438	133,501	91,856
Operating Segments \| Infrastructure \| Jefferson Terminal
Revenues
Total revenues									204,348	70,985	10,229
Expenses
Operating expenses									231,506	94,622	31,213
General and administrative										0	0
Acquisition and transaction expenses										0	0
Related party fees										0	0
Depreciation and amortization									22,873	19,745	16,193
Interest expense									16,189	15,513	13,568
Total expenses									270,568	129,880	60,974
Other income (expense)
Equity in losses of unconsolidated entities									(292)	(574)	(321)
Gain on sale of equipment, net									4,636	0	0
Loss on extinguishment of debt											0
Interest income									118	270	376
Other income									634	3,983	1,980
Total other income									5,096	3,679	2,035
Income (loss) from continuing operations before income taxes									(61,124)	(55,216)	(48,710)
Provision for income taxes									284	261	42
Net income (loss) from continuing operations									(61,408)	(55,477)	(48,752)
Continuing operations									(17,356)	(21,801)	(22,991)
Net income (loss) attributable to shareholders from continuing operations									(44,052)	(33,676)	(25,761)
Operating Segments \| Infrastructure \| Ports and Terminals
Revenues
Total revenues									22,187	17,444	4,823
Expenses
Operating expenses									24,854	18,312	9,117
General and administrative										0
Acquisition and transaction expenses									5,008	0
Related party fees										0
Depreciation and amortization									9,849	5,139	1,658
Interest expense									1,712	649	1,088
Total expenses									41,423	24,100	11,863
Other income (expense)
Equity in losses of unconsolidated entities									(192)	0	0
Gain on sale of equipment, net									116,660	0	0
Asset impairment									(4,726)
Loss on extinguishment of debt											0
Interest income									289	0	0
Other income									1,809	0	0
Total other income									113,840	0	0
Income (loss) from continuing operations before income taxes									94,604	(6,656)	(7,040)
Provision for income taxes									14,700	1	0
Net income (loss) from continuing operations									79,904	(6,657)	(7,040)
Continuing operations									(215)	(100)	(484)
Net income (loss) attributable to shareholders from continuing operations									80,119	(6,557)	(6,556)
Corporate and Other
Revenues
Total revenues									15,564	9,413	13,207
Expenses
Operating expenses									17,544	14,487	15,842
General and administrative									20,441	17,126	14,570
Acquisition and transaction expenses									12,097	6,653	6,865
Related party fees									36,059	15,726	15,732
Depreciation and amortization									7,311	6,605	6,427
Interest expense									77,684	40,683	23,142
Total expenses									171,136	101,280	82,578
Other income (expense)
Equity in losses of unconsolidated entities									(62)	309	(4)
Gain on sale of equipment, net										0	11,405
Loss on extinguishment of debt											(2,456)
Interest income									20	16	15
Other income									1,002	0	1,093
Total other income									960	325	10,053
Income (loss) from continuing operations before income taxes									(154,612)	(91,542)	(59,318)
Provision for income taxes									0	(93)	(54)
Net income (loss) from continuing operations									(154,612)	(91,449)	(59,264)
Continuing operations											(526)
Dividends on preferred shares									1,838
Net income (loss) attributable to shareholders from continuing operations									(156,450)	(91,449)	(58,738)
Corporate and Other \| Equipment Leasing
Revenues
Total revenues									12,647	8,769	$ 13,207
Corporate and Other \| Infrastructure
Revenues
Total revenues									$ 2,917	$ 644

INVESTMENTS

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

The following table presents the ownership interests and carrying values of our investments:


			Carrying Value
	Investment	Ownership Percentage	December 31, 2019		December 31, 2018
Advanced Engine Repair JV	Equity method	25%	$	24,652	$	12,981
JGP Energy Partners LLC	Equity method at December 31, 2018	100% and 50% as of December 31, 2019 and 2018, respectively	—		25,461
Intermodal Finance I, Ltd.	Equity method	51%	501		2,118
Long Ridge Terminal LLC	Equity method	50%	155,397		—
			$	180,550	$	40,560

We did not recognize any other-than-temporary impairments for the year ended December 31, 2019.

Equity Method Investments

The following table presents our proportionate share of equity in earnings (losses):


	Year Ended December 31,
	2019		2018		2017
Advanced Engine Repair JV	$	(1,829)	$	(743)	$	(1,276)
JGP Energy Partners LLC	(292)		(574)		(322)
Intermodal Finance I, Ltd.	(62)		309		(3)
Long Ridge Terminal LLC	(192)		—		—
Total	$	(2,375)	$	(1,008)	$	(1,601)

Long Ridge Terminal LLC

In December 2019, Ohio River Shareholder LLC (“ORP”) contributed its equity interests in Long Ridge into Long Ridge Terminal LLC and sold a 49.9% interest (the “Long Ridge Transaction”) for $150 million in cash, plus an earn out. 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.

Advanced Engine Repair JV

In 2016, we invested $15.0 million for a 25% interest in an advanced engine repair joint venture. We focus on developing new costs savings programs for engine repairs. We exercise significant influence over this investment and account for this investment as an equity method investment.

In August 2019, we expanded the scope of our joint venture and invested an additional $13.5 million and maintained a 25% interest.

JGP Energy Partners LLC

In 2016, we initiated activities in a 50% non-controlling interest in JGP, a joint venture. JGP was governed by a designated operating committee selected by the members in proportion to their equity interests. JGP was solely reliant on its members to finance its activities and therefore was a VIE. Initially, we concluded that we were not the primary beneficiary of JGP as the members shared equally in the risks and rewards and decision making authority of the entity and, therefore, we did not consolidate JGP and instead accounted for this investment in accordance with the equity method.

In December 2019, we purchased the remaining 50% interest in JGP from the JV partner for a purchase price of approximately $30 million, consolidated JGP and no longer account for this as an equity method investment.

Intermodal Finance I, Ltd.

In 2012, we acquired a 51% non-controlling interest in Intermodal Finance I, Ltd. (“Intermodal”), a joint venture. 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, 2019, Intermodal owns a portfolio of approximately 3,000 shipping containers subject to multiple operating leases.

The tables below present summarized financial information for our equity method investments:


	December 31,
Balance Sheet	2019		2018
Assets
Cash and cash equivalents	$	16,812	$	7,981
Restricted cash	30,917		46
Accounts receivable, net	12,219		1,044
Leasing equipment, net	2,546		3,483
Finance leases, net	—		1,479
Property, plant, and equipment, net	390,416		50,402
Intangible assets, net	123,638		45,000
Goodwill	89,294		—
Other assets	6,667		487
Total assets	$	672,509	$	109,922

Liabilities
Accounts payable and accrued liabilities	$	37,437	$	2,529
Debt, net	186,953		14,364
Other liabilities	530		41
Total liabilities	224,920		16,934

Equity
Shareholders’ equity	465,461		102,959
Accumulated deficit	(17,872)		(9,971)
Total equity	447,589		92,988
Total liabilities and equity	$	672,509	$	109,922


	Year Ended December 31,
Income Statement	2019		2018		2017
Revenue	$	8,887	$	9,435	$	4,569
Total revenue	8,887		9,435		4,569
Expenses
Research and development cost	6,323		2,134		4,073
Operating expenses	7,669		8,435		4,371
General and administrative	1,550		1,437		1,588
Management fees and incentive allocation to affiliate	142		400		1,022
Depreciation and amortization	2,351		2,158		2,099
Interest expense	285		937		1,261
Total expenses	18,320		15,501		14,414
Other income	734		2,070		3,667
Loss before income taxes	(8,699)		(3,996)		(6,178)
Provision for income taxes	—		—		—
Net loss	$	(8,699)	$	(3,996)	$	(6,178)

LEASES (Lease Cost) (Details) $ in Thousands	12 Months Ended
LEASES (Lease Cost) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating lease expense	$ 5,857
Short-term lease expense	3,605
Variable lease expense	3,263
Sublease income	(1,032)
Lease expense from continuing operations	11,693
Finance lease expense	304
Operating lease expense	3,705
Lease expense from discontinued operations	4,009
Total lease expense	$ 15,702

DISCONTINUED OPERATIONS (Significant Cash Flow Items) (Details) - Discontinued Operations, Disposed of by Sale - CMQR - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities:
Depreciation and amortization	$ 2,202	$ 2,446	$ 2,037
Amortization of deferred financing costs	256	282	275
Share-based compensation expense	3,114	184	730
Investing activities:
Purchases of property, plant and equipment	$ (6,949)	$ (8,461)	$ (12,060)

REVENUES (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Year Ended December 31, 2019
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Equipment leasing revenues
Lease income	$	197,305	$	—	$	—	$	9,796	$	207,101
Maintenance revenue	134,914		—		—		—		134,914
Finance lease income	2,648		—		—		—		2,648
Other revenue	1,808		—		—		2,851		4,659
Total equipment leasing revenues	336,675		—		—		12,647		349,322
Infrastructure revenues
Lease income	—		2,306		1,056		—		3,362

Terminal services revenues	—		35,908		7,057		—		42,965
Crude marketing revenues	—		166,134		—		—		166,134
Other revenue	—		—		14,074		2,917		16,991
Total infrastructure revenues	—		204,348		22,187		2,917		229,452
Total revenues	$	336,675	$	204,348	$	22,187	$	15,564	$	578,774


	Year Ended December 31, 2018
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Equipment leasing revenues
Lease income	$	151,531	$	—	$	—	$	5,659	$	157,190
Maintenance revenue	89,870		—		—		—		89,870
Finance lease income	1,895		—		—		1,454		3,349
Other revenue	974		—		—		1,656		2,630
Total equipment leasing revenues	244,270		—		—		8,769		253,039
Infrastructure revenues
Lease income	—		272		1,462		—		1,734

Terminal services revenues	—		10,108		—		—		10,108
Crude marketing revenues	—		60,518		—		—		60,518
Other revenue	—		87		15,982		644		16,713
Total infrastructure revenues	—		70,985		17,444		644		89,073
Total revenues	$	244,270	$	70,985	$	17,444	$	9,413	$	342,112


	Year Ended December 31, 2017
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Equipment leasing revenues
Lease income	$	91,103	$	—	$	—	$	8,433	$	99,536
Maintenance revenue	65,651		—		—		—		65,651
Finance lease income	—		—		—		1,536		1,536
Other revenue	39		—		—		3,238		3,277
Total equipment leasing revenues	156,793		—		—		13,207		170,000
Infrastructure revenues
Lease income	—		—		1,111		—		1,111

Terminal services revenues	—		10,229		—		—		10,229
Other revenue	—		—		3,712		—		3,712
Total infrastructure revenues	—		10,229		4,823		—		15,052
Total revenues	$	156,793	$	10,229	$	4,823	$	13,207	$	185,052

Lessor, Operating Lease, Payments to be Received, Maturity

Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases across several market sectors as of December 31, 2019:


	Operating leases		Finance leases
2020	$	183,004	$	1,611
2021	121,447		1,291
2022	78,808		897
2023	48,705		274
2024	33,352		—
Thereafter	14,815		—
Total	$	480,131	$	4,073

Sales-type and Direct Financing Leases, Lease Receivable, Maturity

Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases across several market sectors as of December 31, 2019:


	Operating leases		Finance leases
2020	$	183,004	$	1,611
2021	121,447		1,291
2022	78,808		897
2023	48,705		274
2024	33,352		—
Thereafter	14,815		—
Total	$	480,131	$	4,073

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table presents the ownership interests and carrying values of our investments:


			Carrying Value
	Investment	Ownership Percentage	December 31, 2019		December 31, 2018
Advanced Engine Repair JV	Equity method	25%	$	24,652	$	12,981
JGP Energy Partners LLC	Equity method at December 31, 2018	100% and 50% as of December 31, 2019 and 2018, respectively	—		25,461
Intermodal Finance I, Ltd.	Equity method	51%	501		2,118
Long Ridge Terminal LLC	Equity method	50%	155,397		—
			$	180,550	$	40,560

The following table presents our proportionate share of equity in earnings (losses):


	Year Ended December 31,
	2019		2018		2017
Advanced Engine Repair JV	$	(1,829)	$	(743)	$	(1,276)
JGP Energy Partners LLC	(292)		(574)		(322)
Intermodal Finance I, Ltd.	(62)		309		(3)
Long Ridge Terminal LLC	(192)		—		—
Total	$	(2,375)	$	(1,008)	$	(1,601)

Equity Method Investments Financial Information

The tables below present summarized financial information for our equity method investments:


	December 31,
Balance Sheet	2019		2018
Assets
Cash and cash equivalents	$	16,812	$	7,981
Restricted cash	30,917		46
Accounts receivable, net	12,219		1,044
Leasing equipment, net	2,546		3,483
Finance leases, net	—		1,479
Property, plant, and equipment, net	390,416		50,402
Intangible assets, net	123,638		45,000
Goodwill	89,294		—
Other assets	6,667		487
Total assets	$	672,509	$	109,922

Liabilities
Accounts payable and accrued liabilities	$	37,437	$	2,529
Debt, net	186,953		14,364
Other liabilities	530		41
Total liabilities	224,920		16,934

Equity
Shareholders’ equity	465,461		102,959
Accumulated deficit	(17,872)		(9,971)
Total equity	447,589		92,988
Total liabilities and equity	$	672,509	$	109,922


	Year Ended December 31,
Income Statement	2019		2018		2017
Revenue	$	8,887	$	9,435	$	4,569
Total revenue	8,887		9,435		4,569
Expenses
Research and development cost	6,323		2,134		4,073
Operating expenses	7,669		8,435		4,371
General and administrative	1,550		1,437		1,588
Management fees and incentive allocation to affiliate	142		400		1,022
Depreciation and amortization	2,351		2,158		2,099
Interest expense	285		937		1,261
Total expenses	18,320		15,501		14,414
Other income	734		2,070		3,667
Loss before income taxes	(8,699)		(3,996)		(6,178)
Provision for income taxes	—		—		—
Net loss	$	(8,699)	$	(3,996)	$	(6,178)

INCOME TAXES (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal									$ 55	$ 75	$ 1,551
State and local									423	250	145
Foreign									188	63	76
Total current provision									666	388	1,772
Deferred:
Federal									12,937	1,528	215
State and local									(638)	621	5
Foreign									4,845	(88)	(38)
Total deferred provision									17,144	2,061	182
Provision for (benefit from) income taxes:
Continuing operations	$ 18,999	$ 872	$ (2,328)	$ 267	$ 869	$ 551	$ 534	$ 495	17,810	2,449	1,954
Discontinued operations									1,076	(1,077)	0
Total									$ 18,886	$ 1,372	$ 1,954

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 161,332	$ 152,700	$ 149,848	$ 114,894	$ 128,652	$ 92,472	$ 63,191	$ 57,797	$ 578,774	$ 342,112	$ 185,052
Total expenses	169,136	169,430	164,798	123,403	130,344	91,685	75,342	69,772	626,767	367,143	223,898
Total other (expense) income	136,335	37,338	27,630	(1,178)	339	621	5,983	431	200,125	7,374	18,297
Income (loss) from continuing operations before income taxes	128,531	20,608	12,680	(9,687)	(1,353)	1,408	(6,168)	(11,544)	152,132	(17,657)	(20,549)
Provision for income taxes	18,999	872	(2,328)	267	869	551	534	495	17,810	2,449	1,954
Net income (loss) from continuing operations	109,532	19,736	15,008	(9,954)	(2,222)	857	(6,702)	(12,039)	134,322	(20,106)	(22,503)
Net income (loss) from discontinued operations, net of income taxes	71,579	940	785	158	1,577	(134)	253	2,706	73,462	4,402	(737)
Net income (loss)	181,111	20,676	15,793	(9,796)	(645)	723	(6,449)	(9,333)	207,784	(15,704)	(23,240)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	(4,520)	(5,111)	(4,580)	(3,360)	(1,790)	(3,829)	(7,339)	(8,967)	(17,571)	(21,925)	(23,304)
Discontinued operations	146	116	41	(56)	108	(26)	51	206	247	339	(70)
Dividends on preferred shares	1,838	0	0	0	0	0	0	0	1,838	0	0
Net income attributable to shareholders	$ 183,647	$ 25,671	$ 20,332	$ (6,380)	$ 1,037	$ 4,578	$ 839	$ (572)	$ 223,270	$ 5,882	$ 134
Basic
Continuing operations (usd per share)	$ 1.30	$ 0.29	$ 0.23	$ (0.07)	$ (0.01)	$ 0.06	$ 0.01	$ (0.04)	$ 1.74	$ 0.02	$ 0.01
Discontinued operations (usd per share)	0.83	0.01	0.01	0.00	0.02	(0.01)	0.00	0.03	0.85	0.05	(0.01)
Diluted
Continuing operations (usd per share)	1.30	0.29	0.23	(0.07)	(0.01)	0.06	0.01	(0.04)	1.74	0.02	0.01
Discontinued operations (usd per share)	$ 0.83	$ 0.01	$ 0.01	$ 0.00	$ 0.02	$ (0.01)	$ 0.00	$ 0.03	$ 0.85	$ 0.05	$ (0.01)
Weighted Average Shares Outstanding:
Basic (in shares)	85,997,619	85,996,067	85,987,769	85,986,453	85,065,125	84,708,071	83,160,037	81,534,454	85,992,019	83,654,068	75,766,811
Diluted (in shares)	86,090,207	86,005,604	85,989,029	85,986,453	85,068,966	84,709,656	83,160,047	81,534,454	86,029,363	83,664,833	75,766,811

EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Arrangements

The following table presents our stock-based compensation expense:


	Year Ended December 31,								Remaining Expense To Be Recognized, If All Vesting Conditions Are Met
	2019		2018		2017
Stock options	$	—	$	9	$	—	$	—
Restricted shares	1,054		359		318		1,088
Common units	455		349		295		754
Total - continuing operations	$	1,509	$	717	$	613	$	1,842

Common units - discontinued operations	$	3,114	$	184	$	730

The following tables present information for our stock options, restricted shares and common units:


	Stock Options				Restricted Shares					Common Units
	Options	Weighted Average Exercise Price		Shares	Weighted Average Issuance Price		Units	Weighted Average Issuance Price
Outstanding as of December 31, 2018	851,342	$	18.20	49,766	$	19.87	1,009,598	$	1.16
Granted	1,262,362	15.94		113,121	13.26		1,110,000	0.60
Less: exercised / vested	—			58,662	14.65		1,162,930	0.27
Less: forfeited and canceled	—			—			—
Outstanding as of December 31, 2019	2,113,704			104,225			956,668


	Stock Options		Restricted Shares		Common Units
As of December 31, 2019:
Weighted average exercise / issuance price (per share)	$	16.85	$	14.23	$	1.18
Aggregate intrinsic value (in thousands)	$	5,684	$	1,483	$	1,130
Weighted average remaining contractual term (in years)	9.1		0.9		0.9

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of these options were recorded as an increase in equity with an offsetting reduction of capital proceeds received. The following table presents information related to the options issued in 2019 and 2018:


		November 2019			September 2019			December 2018			January 2018
Number of options		686,978			575,384			126,342			700,000
Fair value ($ millions)		$	1.1		$	0.7		$	0.2		$	1.9
Expected volatility	The expected stock volatility is based on an assessment of the volatility of our publicly traded common shares	21.89		%	21.45		%	18.71		%	27.73		%
Risk free interest rate	The risk-free rate is determined using the implied yield currently available on U.S. government bonds with a term consistent with the expected term on the date of grant.	1.67		%	1.45		%	2.98		%	2.52		%
Expected dividend yield	The expected dividend yield is based on management’s current expected dividend rate.	6.58		%	8.02		%	6.81		%	5.45		%
Expected term	Expected term used represents the period of time the options granted are expected to be outstanding.	10 years			10 years			10 years			10 years

Cover page - USD ($) $ in Billions	12 Months Ended
Cover page - USD ($) $ in Billions	Dec. 31, 2019	Feb. 25, 2020	Jun. 30, 2019
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-37386
Entity Registrant Name	Fortress Transportation & Infrastructure Investors LLC
Entity Central Index Key	0001590364
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0434238
Entity Address, Address Line One	1345 Avenue of the Americas, 45th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	798-6100
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1.3
Entity Common Stock, Shares Outstanding		84,992,977
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement for the registrant's 2020 annual meeting, to be filed within 120 days after the close of the registrant's fiscal year, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Class A common shares, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Class A common shares, $0.01 par value per share
Trading Symbol	FTAI
Security Exchange Name	NYSE
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAI PR A
Security Exchange Name	NYSE
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAI PR B
Security Exchange Name	NYSE

LEASING EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Lessor, Operating Lease, Carrying Value of Assets Subject to Leases

Leasing equipment, net is summarized as follows:


	December 31,
	2019		2018

Leasing equipment	$	2,019,773	$	1,672,156
Less: Accumulated depreciation	(312,714)		(239,946)
Leasing equipment, net	$	1,707,059	$	1,432,210

Lessor, Acquisition and Disposition of Leasing Equipment

The following table presents information related to our acquisitions and dispositions of aviation leasing equipment:


	Year Ended December 31,
	2019		2018		2017
Acquisitions:
Aircraft	31		29		25
Engines	31		34		58
Dispositions:
Aircraft	5		1		3
Engines	58		13		14
Gain on sale of leasing equipment	$	81,954	$	3,911	$	7,188

Operating Lease, Lease Income

Depreciation expense for leasing equipment is summarized as follows:


	Year Ended December 31,
	2019		2018		2017
Depreciation expense for leasing equipment	$	137,004	$	110,012	$	69,331

LEASES

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

LEASES

We have commitments as lessees under lease agreements primarily for real estate, equipment and vehicles. Our leases have remaining lease terms ranging from approximately 2 years to 46 years.

The following table presents lease related costs for the year ended December 31, 2019:






Operating lease expense	$	5,857
Short-term lease expense	3,605
Variable lease expense	3,263
Sublease income	(1,032)
Lease expense from continuing operations	11,693

Finance lease expense	304
Operating lease expense	3,705
Lease expense from discontinued operations	4,009

Total lease expense	$	15,702

The following table presents information related to our operating leases as of and for the year ended December 31, 2019:


Right-of-use assets, net	$	37,466
Lease liabilities	$	36,968

Weighted average remaining lease term	41.9 years
Weighted average incremental borrowing rate	7.4		%

Cash paid for amounts included in the measurement of operating lease liabilities
Continuing operations	$	4,882
Discontinued operations	$	3,595

The following table presents future minimum lease payments under non-cancellable operating leases as of December 31, 2019:


2020	$	3,308
2021	3,379
2022	3,250
2023	3,194
2024	2,963
Thereafter	105,754
Total undiscounted lease payments	121,848
Less: Imputed interest	84,880
Total lease liabilities	$	36,968

During the year ended December 31, 2019, we entered into lease agreements for real estate and office equipment that had a ROU asset value of approximately $3.5 million and lease terms ranging from 5 years to 46 years at commencement.

LEASES (Supplemental Information Related to Leases) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Right-of-use assets, net	$ 37,466
Lease liabilities	$ 36,968
Weighted average remaining lease term	41 years 10 months 24 days
Weighted average incremental borrowing rate	7.40%
Cash paid for amounts included in the measurement of operating lease liabilities
Continuing operations	$ 4,882
Discontinued operations	$ 3,595

SUBSEQUENT EVENTS (Details) - USD ($)		1 Months Ended	3 Months Ended			12 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Feb. 27, 2020	Jan. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Feb. 25, 2020	Feb. 11, 2020	Nov. 30, 2019	Sep. 30, 2019
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)				$ 0.33	$ 1.32	$ 1.32	$ 0.33
Series A Preferred Stock
Subsequent Event [Line Items]
Stated rate										8.00%	8.25%
Subsequent Event
Subsequent Event [Line Items]
Shares issued (in shares)		11,991
Subsequent Event \| Series 2020 Bonds
Subsequent Event [Line Items]
Debt, face amount									$ 264,000,000.0
Subsequent Event \| Series 2020A Dock and Wharf Facility Revenue Bonds
Subsequent Event [Line Items]
Debt, face amount									184,900,000
Subsequent Event \| Series 2020B Taxable Facility Revenue Bonds
Subsequent Event [Line Items]
Debt, face amount									$ 79,100,000
Stated rate									6.00%
Subsequent Event \| Series 2020A Maturing in 2035
Subsequent Event [Line Items]
Debt, face amount								$ 53,500,000
Stated rate									3.625%
Subsequent Event \| Series 2020A Maturing in 2050
Subsequent Event [Line Items]
Debt, face amount									$ 131,400,000
Stated rate									4.00%
Subsequent Event \| Common Shares
Subsequent Event [Line Items]
Conversion of units, shares issued (in shares)			63,538
Common stock dividends declared (in dollars per share)	$ 0.33
Subsequent Event \| Capital Unit, Class B
Subsequent Event [Line Items]
Shares converted (in shares)			85,794
Subsequent Event \| Series A Preferred Stock
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	0.52
Subsequent Event \| Series B Preferred Stock
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.60

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	84,917,448	84,050,889
Common stock, shares outstanding (in shares)	84,917,448	84,050,889
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	8,050,000	0
Preferred stock, shares outstanding (in shares)	8,050,000	0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ 207,784	$ (15,704)	$ (23,240)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Equity in losses of unconsolidated entities	2,375	1,008	1,601
Gain on sale of subsidiaries	(198,764)	0	0
Gain on sale of assets, net	(81,954)	(3,911)	(18,281)
Security deposits and maintenance claims included in earnings	(20,385)	(6,323)	(60)
Loss on extinguishment of debt	0	0	2,456
Equity-based compensation	8,404	901	1,343
Depreciation and amortization	171,225	136,354	88,110
Gain on settlement of liabilities	0	0	(1,093)
Asset impairment	4,726	0	0
Change in current and deferred income taxes	14,495	649	227
Change in fair value of non-hedge derivatives	4,555	(5,523)	(1,022)
Amortization of lease intangibles and incentives	30,162	26,659	8,306
Amortization of deferred financing costs	8,333	5,430	4,202
Bad debt expense	3,986	1,771	701
Other	827	(4)	732
Change in:
Accounts receivable	(22,622)	(23,340)	(12,001)
Other assets	(17,890)	(26,212)	6,475
Accounts payable and accrued liabilities	31,543	30,471	10,266
Management fees payable to affiliate	19,080	1,820	899
Other liabilities	(14,837)	9,651	(1,124)
Net cash provided by operating activities	151,043	133,697	68,497
Cash flows from investing activities:
Investment in notes receivable	0	(912)	0
Investment in unconsolidated entities and available for sale securities	(13,500)	(1,115)	(30,309)
Principal collections on finance leases	13,398	1,981	473
Acquisition of leasing equipment	(568,569)	(497,988)	(425,769)
Acquisition of property, plant and equipment	(331,171)	(229,963)	(116,031)
Acquisition of lease intangibles	606	(11,396)	(10,149)
Acquisition of remaining interest in JV investment	(28,828)	0	0
Purchase deposit for aircraft and aircraft engines	(1,000)	(10,150)	(12,299)
Proceeds from sale of subsidiaries	183,819	0	0
Proceeds from sale of leasing equipment	248,454	44,062	91,130
Proceeds from sale of available-for-sale securities	0	0	30,238
Proceeds from sale of property, plant and equipment	0	23	51
Proceeds from deposit on sale of leasing equipment	0	240	400
Return of deposit on sale of leasing equipment	0	(400)	0
Return of capital distributions from unconsolidated entities	1,555	2,085	0
Net cash used in investing activities	(495,236)	(703,533)	(472,265)
Cash flows from financing activities:
Proceeds from debt	788,829	750,980	567,191
Repayment of debt	(405,131)	(218,819)	(125,223)
Payment of deferred financing costs	(34,218)	(3,055)	(3,377)
Receipt of security deposits	7,887	9,264	7,290
Return of security deposits	(368)	(1,775)	(3,231)
Receipt of maintenance deposits	65,279	53,645	27,049
Release of maintenance deposits	(26,940)	(25,582)	(6,270)
Proceeds from issuance of common shares, net of underwriter's discount	0	148,318	0
Common shares issuance costs	0	(820)	0
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs	193,992	0	0
Capital contributions from non-controlling interests	0	0	35
Capital distributions to non-controlling interests	0	0	(254)
Settlement of equity-based compensation	(8,078)	0	(74)
Purchase of non-controlling interest shares	0	(3,705)	0
Cash dividends - common shares	(113,541)	(110,584)	(100,058)
Cash dividends - preferred shares	(1,838)	0	0
Net cash provided by financing activities	465,873	597,867	363,078
Net increase (decrease) in cash and cash equivalents and restricted cash	121,680	28,031	(40,690)
Cash and cash equivalents and restricted cash, beginning of period	120,837	92,806	133,496
Cash and cash equivalents and restricted cash, end of period	242,517	120,837	92,806
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	83,164	43,636	25,068
Cash paid for taxes	1,072	721	1,726
Supplemental disclosure of non-cash investing and financing activities:
Proceeds from borrowings of debt	0	511	108,339
Repayment and settlement of debt	(24,250)	0	(102,352)
Acquisition of leasing equipment	(24,530)	(14,263)	(35,332)
Acquisition of property, plant and equipment	(47,520)	(17,587)	(37,281)
Investment in Long Ridge JV	155,589	0	0
Settled and assumed security deposits	(239)	3,793	3,312
Settlement of equity based compensation	(2,405)	0	0
Billed, assumed and settled maintenance deposits	15,117	24,518	37,292
Deferred financing costs	(1,161)	(4,500)	(8,802)
Non-cash contribution of non-controlling interest	0	0	1,261
Equity compensation to non-controlling interest	0	892	1,343
Change in fair value of cash flow hedge	372	0	0
Noncash Transfer of Noncontrolling Interest	0	7,225	(2,798)
Issuance of common shares	$ 385	$ 301	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents information related to our outstanding derivative contracts:


	Notional Amount	Fair Value of Assets ⁽¹⁾		Fair Value of Liabilities ⁽¹⁾		Term
December 31, 2019




Crude oil forwards (BBL)	150	$	181	$	—	1 to 2 months

December 31, 2018




Crude oil forwards (BBL)	3,225	$	7,470	$	(925)	1 to 12 months

^{______________________________________________________________________________________}

⁽¹⁾Included in Other assets and Other liabilities, respectively, in our Consolidated Balance Sheets.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a summary of the changes in fair value for all Level 3 derivatives:


	Year Ended December 31,
	2019		2018		2017
Beginning Balance	$	6,545	$	1,022	$	—
Net unrealized gains (losses) recognized in earnings	(6,364)		5,523		1,022

Purchases	314		8,473		1,011
Sales	(674)		(178)		(10)
Settlements	360		(8,295)		(1,001)
Ending Balance	$	181	$	6,545	$	1,022

EARNINGS PER SHARE AND EQUITY

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND EQUITY

EARNINGS PER SHARE AND EQUITY Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to shareholders by the weighted average number of shares of common stock outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of shares of common stock outstanding, plus potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.

The calculation of basic and diluted EPS is presented below.


	Year Ended December 31,
(in thousands, except share and per share data)	2019		2018		2017
Net income (loss) from continuing operations	$	134,322	$	(20,106)	$	(22,503)
Net income (loss) from discontinued operations, net of income taxes	73,462		4,402		(737)
Net income (loss)	207,784		(15,704)		(23,240)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	(17,571)		(21,925)		(23,304)
Discontinued operations	247		339		(70)
Dividends on preferred shares	1,838		—		—
Net income attributable to shareholders	$	223,270	$	5,882	$	134
Weighted average shares outstanding:
Basic	85,992,019		83,654,068		75,766,811
Diluted	86,029,363		83,664,833		75,766,811
Basic EPS:
Continuing operations	$	1.74	$	0.02	$	0.01
Discontinued operations	$	0.85	$	0.05	$	(0.01)
Diluted EPS:
Continuing operations	$	1.74	$	0.02	$	0.01
Discontinued operations	$	0.85	$	0.05	$	(0.01)

The calculation of Diluted EPS excludes 150,981, 57,069 and 438 shares for the years ended December 31, 2019, 2018 and 2017, respectively, because the impact would be anti-dilutive.

Certain holders of Class B Units (see Note 16) converted 1,134,806 Class B Units in exchange for 840,434 common shares during the year December 31, 2019.

We issued 26,125 common shares to certain directors as compensation during the year December 31, 2019.

Preferred Shares

In September 2019, in a public offering, we issued 3,450,000 shares of 8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares (“Series A Preferred Shares”), par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds of approximately $82.9 million.

In November 2019, in a public offering, we issued 4,600,000 shares of 8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares (“Series B Preferred Shares”), par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds of approximately $111.1 million.

See Note 14 for information related to options issued to the Manager in connection with these offerings.

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment, net is summarized as follows:


	December 31,
	2019		2018
Land, site improvements and rights	$	51,901	$	69,352
Construction in progress ⁽¹⁾	211,110		253,176
Buildings and improvements	3,783		9,209
Terminal machinery and equipment	519,603		349,227
Proved oil and gas properties	—		20,099
Track and track related assets	2,208		5,214
Railroad equipment	4,823		4,111

Computer hardware and software	4,325		3,639
Furniture and fixtures	2,322		456
Vehicles	450		649
	800,525		715,132
Less: Accumulated depreciation	(69,935)		(54,632)
Spare parts	1,519		1,519
Property, plant and equipment, net	$	732,109	$	662,019

^{______________________________________________________________________________________}

⁽¹⁾Includes unproved oil and gas properties of $0 (net of the Long Ridge Transaction, as defined in Note 7) and $59,930 as of December 31, 2019 and 2018, respectively.

Depreciation

Depreciation expense for property, plant and equipment is summarized as follows:


	Year Ended December 31,
	2019		2018		2017
Depreciation expense for property, plant and equipment:
Continuing operations	$	28,466	$	20,343	$	13,189
Discontinued operations	2,187		2,401		1,992
Total	$	30,653	$	22,744	$	15,181

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows:

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs.

•Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability.

The valuation techniques that may be used to measure fair value are as follows:

•Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

•Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts.

•Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

The following tables set forth our financial assets measured at fair value on a recurring basis by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.


	Fair Value as of		Fair Value Measurements Using Fair Value Hierarchy as of
	December 31, 2019		December 31, 2019
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Cash and cash equivalents	$	226,512	$	226,512	$	—	$	—	Market
Restricted cash	16,005		16,005		—		—		Market
Derivative assets	181		—		—		181		Income
Total assets	$	242,698	$	242,517	$	—	$	181




	Fair Value as of		Fair Value Measurements Using Fair Value Hierarchy as of
	December 31, 2018		December 31, 2018
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Cash and cash equivalents	$	99,601	$	99,601	$	—	$	—	Market
Restricted cash	21,236		21,236		—		—		Market
Derivative assets	7,470		—		—		7,470		Income
Total assets	$	128,307	$	120,837	$	—	$	7,470

Liabilities
Derivative liabilities	$	(925)	$	—	$	—	$	(925)	Income

Our cash and cash equivalents and restricted cash consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy.

Except as discussed below, our financial instruments other than cash and cash equivalents, restricted cash consist principally of accounts receivable, accounts payable and accrued liabilities, loans payable, bonds payable, security deposits, maintenance deposits and management fees payable, whose fair value approximates their carrying value based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles.

The fair value of our bonds and notes payable reported as debt, net in the Consolidated Balance Sheets are presented in the table below:


	December 31,
	2019		2018
Series 2012 Bonds ⁽¹⁾	$	41,450	$	42,633
Series 2016 Bonds ⁽¹⁾	145,143		149,582
Senior Notes due 2022	731,451		551,144
Senior Notes due 2025	475,884		283,965

^{______________________________________________________________________________________}

⁽¹⁾Fair value is based upon market prices for similar municipal securities.

The fair value of all other items reported as debt, net in the Consolidated Balance Sheet approximate their carrying values due to their bearing market rates of interest, and are classified as Level 2 within the fair value hierarchy.

We measure the fair value of certain assets and liabilities on a non-recurring basis when GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include goodwill, intangible assets, property, plant and equipment and leasing equipment. We record such assets at fair value when it is determined the carrying value may not be recoverable. Fair value measurements for assets subject to impairment tests are based on an income approach which uses Level 3 inputs, which include our assumptions as to future cash flows from operation of the underlying businesses and the leasing and eventual sale of assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the normal course of business the Company and its subsidiaries may be involved in various claims, legal proceedings, or may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. Within our offshore energy business, a lessee did not fulfill their obligation under their charter arrangement, therefore we are pursuing rights afforded to us under the charter and the range of potential losses against the obligation is $0.0 million to $3.3 million. Our maximum exposure under other arrangements is unknown as no additional claims have been made. We believe the risk of loss in connection with such arrangements is remote.We have also entered into an arrangement with our non-controlling interest holder of Repauno, whereby the non-controlling interest holder may receive additional payments contingent upon the achievement of certain service conditions, not to exceed $15.0 million. We will account for such amounts when and if such service conditions are achieved.

DEBT, NET

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

DEBT, NET

Our debt, net is summarized as follows:


	December 31, 2019						December 31, 2018
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable
FTAI Pride Credit Agreement ⁽¹⁾	$	36,009	LIBOR + 4.50%	9/16/2020	$	47,743

Jefferson Revolver ⁽²⁾	50,000		(i) Base Rate + 1.50%; or (ii) Base Rate + 2.50% (Eurodollar)	3/7/2021	49,805
DRP Revolver ⁽³⁾	25,000		(i) Base Rate + 1.50%; or (ii) Base Rate + 2.50% (Eurodollar)	11/5/2021	—
Revolving Credit Facility ⁽²⁾	—		(i) Base Rate + 2.00%; or (ii) Adjusted Eurodollar Rate + 3.00%	1/31/2022	100,000

Total loans payable	111,009				197,548
Bonds payable
Series 2012 Bonds ⁽⁴⁾	41,059		8.25%	7/1/2032	42,797
Series 2016 Bonds ⁽⁵⁾	144,200		7.25%	2/1/2036	144,200
Senior Notes due 2022 ⁽⁶⁾	697,814		6.75%	3/15/2022	549,405
Senior Notes due 2025 ⁽⁷⁾	444,957		6.50%	10/1/2025	295,642
Total bonds payable	1,328,030				1,032,044
Debt	1,439,039				1,229,592
Less: Debt issuance costs	(18,111)				(14,484)
Total debt, net	$	1,420,928			$	1,215,108

Total debt due within one year	$	182,019			$	49,413

^{______________________________________________________________________________________}

⁽¹⁾Secured on a first priority basis by the offshore vessel.

⁽²⁾Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

⁽³⁾Requires a quarterly commitment fee at a rate of 0.875% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

⁽⁴⁾Includes unamortized premium of $1,509 and $1,577 as of December 31, 2019 and 2018, respectively.

⁽⁵⁾ These bonds have a stated maturity of February 1, 2036 but are subject to mandatory tender for purchase at par, by our subsidiary, on February 13, 2020 if they have not been repurchased from proceeds of a remarketing of the bonds or redeemed prior to such date.

⁽⁶⁾Includes unamortized discount of $5,429 and $5,154, respectively, and an unamortized premium of $3,243 and $4,559, respectively, as of December 31, 2019 and 2018.

⁽⁷⁾Includes unamortized discount of $5,043 and $4,358 as of December 31, 2019 and 2018, respectively.

DRP Revolver—On November 5, 2018, our subsidiary entered into a revolving credit facility (the “DRP Revolver”) that provides for revolving loans in the aggregate amount of $25 million. The DRP Revolver is secured by the capital stock of certain of our direct subsidiaries as defined in the related credit agreement.

In the event of a credit agreement default by our subsidiary, including bankruptcy or insolvency, financial covenant default, or the failure to make a capital call under the relevant agreement, we have agreed to contribute capital to satisfy up to 120% of the aggregate outstanding obligations.

Jefferson Revolver—On December 20, 2018, our subsidiary entered into an amendment to the Jefferson Revolver which temporarily increased the aggregate revolving commitments by $25 million from $50 million to $75 million. In July 2019, we repaid $23 million, and the aggregate revolving commitment reverted back to $50 million on August 1, 2019.

Senior Notes due 2022—On February 8, 2019, we issued an additional $150 million of Senior Notes (“2022 Notes”) at an offering price of 98.5% of the principal amount plus accrued interest from September 15, 2018.

Revolving Credit Facility—On February 8, 2019, we entered into an amendment to the Revolving Credit Facility which, among other things, (i) increased the aggregate revolving commitments by $125 million from $125 million to $250 million, (ii) extended the maturity date of the revolving loans and commitments to January 31, 2022 and (iii) made certain modifications to the financial covenants, including an increase in the maximum ratio of debt to total equity from 1.65:1.00 to 2.00:1.00.

On August 6, 2019, we entered into another amendment to the Revolving Credit Facility which, among other things, makes certain modifications to the financial covenants, including an increase in the maximum ratio of debt to total equity from 2.00:1.00 to 3.00:1.00.

LREG Credit Agreement—On February 15, 2019, Long Ridge Energy Generation LLC and two other subsidiaries (collectively, “Co-Borrowers”) entered into certain credit agreements establishing (i) a $445 million construction loan and term loan, (ii) a $154 million letter of credit facility and (iii) a $143 million construction loan and term loan, all of which will be used for the purposes of funding the development, construction and completion of the power plant at Long Ridge. The borrowings under these agreements are secured by the assets of the Co-Borrowers, are not guaranteed by the Company and are non-recourse to the Company. This debt was deconsolidated as a result of the Long Ridge Transaction. See Note 7 for additional detail.

Senior Notes due 2025—On May 21, 2019, we issued an additional $150 million of Senior Notes (“2025 Notes”) at an offering price of 99.125% of the principal amount plus accrued interest from April 1, 2019.

FTAI Pride Credit Agreement—On September 30, 2019, our subsidiary entered into an amendment to the FTAI Pride Credit Agreement which extended the maturity date to September 16, 2020.

We fully extinguished certain debt of $100.0 million and recognized a loss on extinguishment of debt of $2.5 million during the year ended December 31, 2017. We did not fully extinguish any debt in 2019 or 2018.

We were in compliance with all debt covenants as of December 31, 2019.

As of December 31, 2019, scheduled principal repayments under our debt agreements for the next five years and thereafter are summarized as follows:


	2020		2021		2022		2023		2024		Thereafter		Total
FTAI Pride Credit Agreement	$	36,009	$	—	$	—	$	—	$	—	$	—	$	36,009

Jefferson Revolver	—		50,000		—		—		—		—		50,000
DRP Revolver	—		25,000		—		—		—		—		25,000
Revolving Credit Facility	—		—		—		—		—		—		—

Series 2012 Bonds	1,810		1,960		2,120		2,295		2,485		28,880		39,550
Series 2016 Bonds	144,200		—		—		—		—		—		144,200
Senior Notes due 2022	—		—		700,000		—		—		—		700,000
Senior Notes due 2025	—		—		—		—		—		450,000		450,000
Total principal payments on loans and bonds payable	$	182,019	$	76,960	$	702,120	$	2,295	$	2,485	$	478,880	$	1,444,759

INCOME TAXES

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

The current and deferred components of the income tax provision included in the Consolidated Statements of Operations are as follows:


	Year Ended December 31,
	2019		2018		2017
Current:
Federal	$	55	$	75	$	1,551
State and local	423		250		145
Foreign	188		63		76
Total current provision	666		388		1,772
Deferred:
Federal	12,937		1,528		215
State and local	(638)		621		5
Foreign	4,845		(88)		(38)
Total deferred provision	17,144		2,061		182
Provision for (benefit from) income taxes:
Continuing operations	17,810		2,449		1,954
Discontinued operations	1,076		(1,077)		—
Total	$	18,886	$	1,372	$	1,954

We are taxed as a flow-through entity for U.S. income tax purposes and our taxable income or loss generated is the responsibility of our owners. Taxable income or loss generated by our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business.

The difference between our reported total provision for income taxes and the U.S. federal statutory rate of 21% is as follows:


	Year Ended December 31,
	2019		2018		2017
U.S. federal tax at statutory rate	21.0	%	21.0	%	35.0	%
Income not subject to tax at statutory rate	(21.7)	%	121.9	%	98.2	%

State and local taxes	(0.1)	%	(6.1)	%	(0.5)	%
Foreign taxes	2.7	%	7.7	%	(0.2)	%
Branch profit tax	—	%	(0.5)	%	(2.6)	%
Change in tax rates	—	%	—	%	(6.9)	%
Other	(0.6)	%	(0.2)	%	1.0	%
Change in valuation allowance	7.0	%	(153.3)	%	(133.2)	%
Provision for income taxes	8.3	%	(9.5)	%	(9.2)	%

Significant components of our deferred tax assets and liabilities are as follows:


	December 31,
	2019		2018
Deferred tax assets:
Net operating loss carryforwards	$	74,555	$	64,034
Accrued expenses	1,252		1,241

Interest expense	25,306		19,380
Operating lease liabilities	6,104		—
Other	2,041		1,233
Total deferred tax assets	109,258		85,888
Less valuation allowance	(79,176)		(68,294)
Net deferred tax assets	30,082		17,594
Deferred tax liabilities:
Investment in partnerships	(22,250)		—
Fixed assets and goodwill	(21,592)		(19,117)
Operating lease right-of-use assets	(6,032)		—
Net deferred tax liabilities	$	(19,792)	$	(1,523)

Current and deferred tax assets and liabilities are reported net in Other assets or Other liabilities in the Consolidated Balance Sheets. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. We have analyzed our deferred tax assets and have determined, based on the weight of available evidence, that it is more likely than not that a significant portion will not be realized. Accordingly, valuation allowances have been recognized as of December 31, 2019 and 2018 of $79.2 million and $68.3 million, respectively, related to certain deductible temporary differences and net operating loss carryforwards.

A summary of the changes in the valuation allowance is as follows:


	December 31,
	2019		2018
Valuation allowance at beginning of period	$	68,294	$	45,624
Change due to current year losses	19,330		22,670
Change due to current year releases	(8,448)		—
Valuation allowance at end of period	$	79,176	$	68,294

As of December 31, 2019, certain of our corporate subsidiaries had U.S. federal net operating loss carryforwards of approximately $295.0 million that are available to offset future taxable income. If not utilized, $169.0 million of these carryforwards will begin to expire in the year 2034, with $126.0 million of these carryforwards having no expiration date. As of December 31, 2019, we also had net operating loss carryforwards for Irish income tax purposes of $76.5 million, which can be carried forward indefinitely against future business income, and $0.9 million of net operating loss carryforwards for Malaysian income tax purposes, which will begin to expire in the year 2025. The utilization of the net operating loss carryforwards to reduce future income taxes will depend on the relevant corporate subsidiary's ability to generate sufficient taxable income prior to the expiration of the carryforward period, if any. In addition, the maximum annual use of net operating loss carryforwards may be limited after certain changes in stock ownership.

The TCJA significantly revises the U.S. corporate income tax regime by, among other things, lowering corporate income tax rates. We have accounted for the effects of the TCJA for the year ended December 31, 2017 which relates to the re-measurement of deferred tax assets and liabilities due to the reduction in the corporate income tax rate. Due to the significant portion of our income that is not subject to entity level tax and the presence of a significant valuation allowance, the effects of the TCJA have had a minimal impact on the income tax provision for the year ended December 31, 2017.

As of and for the period ended December 31, 2019, we had not established a liability for uncertain tax positions as no such positions existed. In general, our tax returns and the tax returns of our corporate subsidiaries are subject to U.S. federal, state, local and foreign income tax examinations by tax authorities. Generally, we are not subject to examination by taxing authorities for tax years prior to 2016. We do not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Total revenues	$ 578,774	$ 342,112	$ 185,052
Expenses
Operating expenses	288,036	136,570	62,419
General and administrative	20,441	17,126	14,570
Acquisition and transaction expenses	17,623	6,968	7,306
Management fees and incentive allocation to affiliate	36,059	15,726	15,732
Depreciation and amortization	169,023	133,908	86,073
Interest expense	95,585	56,845	37,798
Total expenses	626,767	367,143	223,898
Other income (expense)
Equity in losses of unconsolidated entities	(2,375)	(1,008)	(1,601)
Gain on sale of assets, net	203,250	3,911	18,593
Loss on extinguishment of debt	0	0	(2,456)
Asset impairment	(4,726)	0	0
Interest income	531	488	688
Other income	3,445	3,983	3,073
Total other income	200,125	7,374	18,297
Income (loss) from continuing operations before income taxes	152,132	(17,657)	(20,549)
Provision for income taxes	17,810	2,449	1,954
Net income (loss) from continuing operations	134,322	(20,106)	(22,503)
Net income (loss) from discontinued operations, net of income taxes	73,462	4,402	(737)
Net income (loss)	207,784	(15,704)	(23,240)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	(17,571)	(21,925)	(23,304)
Discontinued operations	247	339	(70)
Dividends on preferred shares	1,838	0	0
Net income attributable to shareholders	$ 223,270	$ 5,882	$ 134
Basic
Continuing operations (usd per share)	$ 1.74	$ 0.02	$ 0.01
Discontinued operations (usd per share)	0.85	0.05	(0.01)
Diluted
Continuing operations (usd per share)	1.74	0.02	0.01
Discontinued operations (usd per share)	$ 0.85	$ 0.05	$ (0.01)
Weighted Average Shares Outstanding:
Basic (in shares)	85,992,019	83,654,068	75,766,811
Diluted (in shares)	86,029,363	83,664,833	75,766,811
Equipment leasing revenues
Revenues
Total revenues	$ 349,322	$ 253,039	$ 170,000
Infrastructure
Revenues
Total revenues	$ 229,452	$ 89,073	$ 15,052

PROPERTY, PLANT AND EQUIPMENT, NET (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Property, plant and equipment acquired	$ 85.4	$ 232.9

LEASES (Narrative) (Details) $ in Thousands	12 Months Ended
LEASES (Narrative) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net	$ 37,466
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	2 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	46 years
Real Estate and Office Equipment
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net	$ 3,500
Real Estate and Office Equipment \| Minimum
Lessee, Lease, Description [Line Items]
Term of contract	5 years
Real Estate and Office Equipment \| Maximum
Lessee, Lease, Description [Line Items]
Term of contract	46 years

FAIR VALUE MEASUREMENTS (Additional Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Series 2012 Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt payable	$ 41,450	$ 42,633
Series 2016 Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt payable	145,143	149,582
Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt payable	731,451	551,144
Senior Notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt payable	$ 475,884	$ 283,965

REVENUES

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

REVENUES

We disaggregate our revenue from contracts with customers by products and services provided for each of our segments, as we believe it best depicts the nature, amount, timing and uncertainty of our revenue. Revenues attributed to our Equipment Leasing business unit are within the scope of ASC 840 prior to January 1, 2019 and ASC 842 after January 1, 2019, while revenues attributed to our Infrastructure business unit are within the scope of ASC 606, unless otherwise noted. Under the provisions of ASC 842, we have elected to exclude sales and other similar taxes from lease payments in arrangements where we are a lessor.


	Year Ended December 31, 2019
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Equipment leasing revenues
Lease income	$	197,305	$	—	$	—	$	9,796	$	207,101
Maintenance revenue	134,914		—		—		—		134,914
Finance lease income	2,648		—		—		—		2,648
Other revenue	1,808		—		—		2,851		4,659
Total equipment leasing revenues	336,675		—		—		12,647		349,322
Infrastructure revenues
Lease income	—		2,306		1,056		—		3,362

Terminal services revenues	—		35,908		7,057		—		42,965
Crude marketing revenues	—		166,134		—		—		166,134
Other revenue	—		—		14,074		2,917		16,991
Total infrastructure revenues	—		204,348		22,187		2,917		229,452
Total revenues	$	336,675	$	204,348	$	22,187	$	15,564	$	578,774


	Year Ended December 31, 2018
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Equipment leasing revenues
Lease income	$	151,531	$	—	$	—	$	5,659	$	157,190
Maintenance revenue	89,870		—		—		—		89,870
Finance lease income	1,895		—		—		1,454		3,349
Other revenue	974		—		—		1,656		2,630
Total equipment leasing revenues	244,270		—		—		8,769		253,039
Infrastructure revenues
Lease income	—		272		1,462		—		1,734

Terminal services revenues	—		10,108		—		—		10,108
Crude marketing revenues	—		60,518		—		—		60,518
Other revenue	—		87		15,982		644		16,713
Total infrastructure revenues	—		70,985		17,444		644		89,073
Total revenues	$	244,270	$	70,985	$	17,444	$	9,413	$	342,112


	Year Ended December 31, 2017
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Equipment leasing revenues
Lease income	$	91,103	$	—	$	—	$	8,433	$	99,536
Maintenance revenue	65,651		—		—		—		65,651
Finance lease income	—		—		—		1,536		1,536
Other revenue	39		—		—		3,238		3,277
Total equipment leasing revenues	156,793		—		—		13,207		170,000
Infrastructure revenues
Lease income	—		—		1,111		—		1,111

Terminal services revenues	—		10,229		—		—		10,229
Other revenue	—		—		3,712		—		3,712
Total infrastructure revenues	—		10,229		4,823		—		15,052
Total revenues	$	156,793	$	10,229	$	4,823	$	13,207	$	185,052

Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases across several market sectors as of December 31, 2019:


	Operating leases		Finance leases
2020	$	183,004	$	1,611
2021	121,447		1,291
2022	78,808		897
2023	48,705		274
2024	33,352		—
Thereafter	14,815		—
Total	$	480,131	$	4,073

INVESTMENTS (Earnings or Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ (2,375)	$ (1,008)	$ (1,601)
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(1,829)	(743)	(1,276)
JGP Energy Partners LLC
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(292)	(574)	(322)
Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(62)	309	(3)
Long Ridge Terminal LLC
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ (192)	$ 0	$ 0

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In January 2020, we issued 11,991 common shares to certain directors as compensation. Certain holders of Class B Units converted 85,794 Class B Units in exchange for 63,538 common shares during the first quarter of 2020. Series 2020 Bonds On February 11, 2020, our subsidiary (“Jefferson”) issued Series 2020 Bonds in an aggregate principal amount of approximately $264.0 million. The Series 2020 Bonds are designated as $184.9 million of Series 2020A Dock and Wharf Facility Revenue Bonds (the “Series 2020A Bonds”), and $79.1 million of Series 2020B Taxable Facility Revenue Bonds (the “Taxable Series 2020B Bonds”). The Series 2020A Bonds maturing on January 1, 2035 ($53.5 million aggregate principal amount) bear interest at a fixed rate of 3.625%. The Series 2020A Bonds maturing on January 1, 2050 ($131.4 million aggregate principal amount) bear interest at a fixed rate of 4.00%. The Taxable Series 2020B Bonds will mature on January 1, 2025 and bear interest at a fixed rate of 6.00%. Jefferson used a portion of the net proceeds from this offering to refund, redeem and defease the Series 2012 Bonds, Series 2016 Bonds and Jefferson Revolver, and intends to use a portion of the net proceeds to pay for or reimburse the cost of development, construction and acquisition of certain facilities, to fund certain reserve and funded interest accounts related to the Series 2020 Bonds, and to pay for or reimburse certain costs of issuance of the Series 2020 Bonds. Dividends On February 27, 2020, our Board of Directors declared a cash dividend on our common shares and eligible participating securities of $0.33 per share for the quarter ended December 31, 2019, payable on March 24, 2020 to the holders of record on March 13, 2020. Additionally, on February 27, 2020, our Board of Directors declared cash dividends on the Series A Preferred Shares and Series B Preferred Shares of $0.52 and $0.60 per share, respectively, for the quarter ended December 31, 2019, payable on March 16, 2020 to the holders of record on March 9, 2020.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting—The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include both our accounts and those of our subsidiaries.

Principles of Consolidation—We consolidate all entities in which we have a controlling interest and in which we have control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest.

We use the equity method of accounting for investments in entities in which we exercise significant influence but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities.

Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Risks and Uncertainties—In the normal course of business, we encounter several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which we operate which could adversely impact the pricing of our services or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of our leasing equipment or operating assets. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. Through our subsidiaries, we also conduct operations outside of the United States; such international operations are subject to the same risks as those associated with our United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. We do not have significant exposure to foreign currency risk as all of our leasing arrangements, terminal services revenue and the majority of freight rail revenue are denominated in U.S. dollars.

Variable Interest Entities—The assessment of whether an entity is a VIE and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

Delaware River Partners LLC

During 2016, through Delaware River Partners LLC (“DRP”), a consolidated subsidiary, we purchased the assets of Repauno, which consisted primarily of land, a storage cavern, and riparian rights for the acquired land, site improvements and rights. Currently there are no operational processes that could be applied to these assets that would result in outputs without significant green field development. We currently hold an approximately 98% economic interest, which includes the additional 8% economic interest we purchased from non-controlling interest holders in DRP for $4.5 million in April 2019, and a 100% voting interest in DRP. DRP is solely reliant on us to finance its activities and therefore is a VIE. We concluded that we are the primary beneficiary and, accordingly, DRP has been presented on a consolidated basis in the accompanying financial statements.

Cash and Cash Equivalents—We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.

Restricted Cash—Restricted cash consists of prepaid interest and principal pursuant to the requirements of certain of our debt agreements (see Note 9) and other qualifying constructions projects at Jefferson Terminal.

Available-For-Sale Securities—We consider listed equity securities as available-for-sale securities recorded at fair value with unrealized gains (losses) recorded in other comprehensive income (loss) and realized gains (losses) recorded in earnings. Our basis on which the cost of the security sold or the amount reclassified out of other comprehensive income into earnings is determined using specific identification. We realized a gain of $11.4 million on the sale of available-for-sale securities during the year ended December 31, 2017, recorded in Gain on sale of assets, net in our Consolidated Statements of Operations. We did not hold any available-for-sale securities as of December 31, 2019 or 2018.

Inventory—Commodities inventory is carried at the lower of cost or net realizable value on our balance sheet. Commodities are removed from inventory based on the average cost at the time of sale. We had commodities inventory of $5.6 million and $10.4 million as of December 31, 2019 and 2018, respectively. We record our inventory as a component of Other assets in the Consolidated Balance Sheets.

Property, Plant and Equipment, Leasing Equipment and Depreciation—Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows:

Asset

Range of Estimated Useful Lives

Residual Value Estimates

Aircraft

25 years from date of manufacture

Generally not to exceed 15% of manufacturer’s list price when new

Aircraft engines

2 - 6 years, based on maintenance adjusted service life

Sum of engine core salvage value plus the estimated fair value of life limited parts

Offshore energy vessels

25 years from date of manufacture

10% of new build cost

Railcars

40 - 50 years from date of manufacture

Scrap value at end of useful life

Track and track related assets

15 - 50 years from date of manufacture

Scrap value at end of useful life

Buildings and site improvements

20 - 30 years

Scrap value at end of useful life

Railroad equipment

3 - 15 years from date of manufacture

Scrap value at end of useful life

Terminal machinery and equipment

15 - 25 years from date of manufacture

Scrap value at end of useful life

Vehicles

5 - 7 years from date of manufacture

Scrap value at end of useful life

Furniture and fixtures

3 - 6 years from date of purchase

None

Computer hardware and software

3 - 5 years from date of purchase

None

Major improvements and modifications incurred in connection with the acquisition of property, plant and equipment and leasing equipment that are required to get the asset ready for initial service are capitalized and depreciated over the remaining life of the asset. Costs of major additions and betterments are capitalized and depreciation commences once it is placed into service. Interest costs directly related to and incurred during the construction period of property, plant and equipment are capitalized. Significant spare parts are depreciated in conjunction with the underlying property, plant and equipment asset when placed in service.

We review our depreciation policies on a regular basis to determine whether changes have taken place that would suggest that a change in our depreciation policies, useful lives of our equipment or the assigned residual values is warranted.

For planned major maintenance or component overhaul activities for aviation equipment off lease, the cost of such major maintenance or component overhaul event is capitalized and depreciated on a straight-line basis over the period until the next maintenance or component overhaul event is required.

Our offshore energy vessels are required to be drydocked periodically for recertifications or major repairs and maintenance that cannot be performed while the vessels are operating. Normal repairs and maintenance are expensed as incurred. We capitalize the costs associated with the drydockings and amortize them on a straight-line basis over the period between drydockings, usually between 30 and 60 months.

In accounting for leasing equipment, we make estimates about the expected useful lives, residual values and the fair value of acquired in-place leases and acquired maintenance liabilities (for aviation equipment). In making these estimates, we rely upon observable market data for the same or similar types of equipment and, in the case of aviation equipment, our own estimates with respect to a lessee’s anticipated utilization of the aircraft or engine. When we acquire leasing equipment subject to an in-place lease, determining the fair value of the in-place lease requires us to make assumptions regarding the current fair values of leases for identical or similar equipment, in order to determine if the in-place lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into lease income over the remaining term of the lease.

We have a working interest in various natural gas reserves located in southeastern Ohio. Our interest in this natural gas joint venture is consolidated on a proportionate basis in accordance with Accounting Standards Codification (“ASC”) Topic 932 Extractive Activities – Oil and Gas. We follow the successful efforts method of accounting for costs incurred in oil and gas producing activities. Capitalized costs are amortized using the unit-of-production method based on total proved reserves.

Capitalized Interest—The interest cost associated with major development, construction projects and tax exempt bonds is capitalized and included in the cost of the project. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. We capitalized interest of $11.9 million, $10.7 million and $2.6 million during the years ended December 31, 2019, 2018 and 2017, respectively.

Repairs and Maintenance—Repair and maintenance costs that do not extend the lives of the assets are expensed as incurred. Our repairs and maintenance expense was $5.0 million, $8.3 million and $4.7 million during the years ended December 31, 2019, 2018 and 2017, respectively, and are included in Operating expenses in the Consolidated Statements of Operations.

Impairment of Long-Lived Assets—We perform a recoverability assessment of each of our long-lived assets whenever events or changes in circumstances, or indicators, indicate that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant lease restructuring or early lease termination; significant traffic decline; or the introduction of newer technology aircraft, vessels, engines or railcars. When performing a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its net book value. The undiscounted cash flows consist of cash flows from currently contracted leases and terminal services contracts, future projected leases, terminal service and freight rail rates, transition costs, estimated down time and estimated residual or scrap values. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge.

Management develops the assumptions used in the recoverability analysis based on its knowledge of active contracts, current and future expectations of the global demand for a particular asset and historical experience in the leasing markets, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in contracted lease rates, terminal service, and freight rail rates, residual values, economic conditions, technology, demand for a particular asset type and other factors.

Security Deposits—Our operating leases generally require the lessee to pay a security deposit or provide a letter of credit. Security deposits are held until specified return dates stipulated in the lease or lease expiration.

Maintenance Payments—Typically, under an operating lease of aircraft, the lessee is responsible for performing all maintenance and is generally required to make maintenance payments to us for heavy maintenance, overhaul or replacement of certain high-value components of the aircraft or engine. These maintenance payments are based on hours or cycles of utilization or on calendar time, depending on the component, and are generally required to be made monthly in arrears. If a lessee is making monthly maintenance payments, we would typically be obligated to reimburse the lessee for costs they incur for heavy maintenance, overhaul or replacement of certain high-value components to the extent of maintenance payments received in respect of the specific maintenance event, usually shortly following the completion of the relevant work.

We record the portion of maintenance payments paid by the lessee that are expected to be reimbursed as maintenance deposit liabilities in the Consolidated Balance Sheets. Reimbursements made to the lessee upon the receipt of evidence of qualifying maintenance work are recorded against the maintenance deposit liability.

In certain acquired leases, we or the lessee may be obligated to make a payment to the other party at lease termination based on redelivery conditions stipulated at the inception of the lease. When the lessee is required to return the aircraft in an improved maintenance condition, we record a maintenance right asset, as a component of other assets, for the estimated value of the end-of-life maintenance payment at acquisition. We recognize payments received as end-of-lease compensation adjustments, within lease revenue or as a reduction to the maintenance right asset, when payment is received or collectability is assured. In the event we are required to make payments at the end of the lease for redelivery conditions, amounts are accrued as additional maintenance liability and expensed when we are obligated and can reasonably estimate such payment.

Lease Incentives and Amortization—Lease incentives, which include lease acquisition costs related to reconfiguration of the aircraft cabin, other lessee specific modifications and other direct costs, are capitalized and amortized as a reduction of lease income over the primary term of the lease, assuming no lease renewals.

Goodwill—Goodwill includes the excess of the purchase price over the fair value of the net tangible and intangible assets associated with the acquisition of Jefferson Terminal. The carrying amount of goodwill was approximately $122.6 million and $116.0 million as of December 31, 2019 and 2018, respectively. The increase relates to our purchase of the remaining 50% interest in JGP Energy Partners LLC (“JGP”). See Note 7 for additional details.

We review the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment review is conducted as of October 1st of each year. Additionally, we review the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment.

For an annual goodwill impairment assessment, an optional qualitative analysis may be performed. If the option is not elected or if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step goodwill impairment test is performed to identify potential goodwill impairment and measure an impairment loss. A qualitative analysis was not elected for the years ended December 31, 2019 or 2018.

The first step of an impairment assessment compares the fair value of a respective reporting unit with its carrying amount, including goodwill. The estimate of fair value of the respective reporting unit is based on the best information available as of the date of assessment, which primarily incorporates certain factors including our assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. If the estimated fair value of the reporting unit is less than the carrying amount, a second step must be completed in order to determine the amount of goodwill impairment that should be recorded, if any.

We estimate the fair value of the reporting units using an income approach, specifically a discounted cash flow analysis. This analysis requires us to make significant assumptions and estimates about the extent and timing of future cash flows (including forecasted revenue growth rates and EBITDA margins), capital expenditures and discount rates. The estimates and assumptions used consider historical performance if indicative of future performance, and are consistent with the assumptions used in determining future profit plans for the reporting units. We also utilize market valuation models and other financial ratios, which require us to make certain assumptions and estimates regarding the applicability of those models to our assets and businesses.

Although we believe the estimates of fair value are reasonable, the determination of certain valuation inputs is subject to management’s judgment. Changes in these inputs, including as a result of events beyond our control, could materially affect the results of the impairment review. If the forecasted cash flows of the Jefferson Terminal and Railroad reporting units or other key inputs are negatively revised in the future, the estimated fair value of the Jefferson Terminal and Railroad reporting units could be adversely impacted, potentially leading to an impairment in the future that could materially affect our operating results. Specifically, as it relates to the Jefferson Terminal segment, forecasted revenue is dependent on the ramp up of volumes under current contracts and the acquisition of additional storage contracts for the heavy and light crude and refined products during 2020 subject to obtaining rail capacity for crude, permits for pipeline and movements in future oil spreads. Jefferson Terminal was designed to reach a storage capacity of 21.7 million barrels, and 4.4 million of storage, or approximately 20.3% of capacity, is currently operational. If our strategy changes from planned capacity downward due to an inability to source contracts or expand volumes, the fair value of the reporting units would be negatively affected, which could lead to an impairment. The expansion of refineries in the Beaumont/Port Arthur area, as well as growing crude oil production in the U.S. and Canada, are expected to result in increased demand for storage on the U.S. Gulf Coast. Other assumptions utilized in our annual impairment analysis that are significant in determination of the fair value of the reporting unit include the discount rate utilized in our discounted cash flow analysis of 13.5% and our terminal growth rate of 2%.

Furthermore, development of both inbound and outbound pipelines to and from the Jefferson Terminal over the next year to two years will affect our forecasted growth and therefore our estimated fair value. We continue to expect the Jefferson Terminal segment to generate positive Adjusted EBITDA during 2020. Although certain of our anticipated contracts or expected volumes from existing contracts for Jefferson Terminal have been delayed, we continue to believe our projected revenues are achievable and have not yet modified those projections based on ongoing negotiations with our customers and discussions with major pipeline companies. Further delays in executing these contracts or achieving our projections could adversely affect the fair value of the reporting unit. However, due to strengthening macroeconomic conditions such as increased oil prices and projected increasing spreads between Western Canadian Crude and Western Texas Intermediate, we remain positive for the outlook of Jefferson Terminal’s earnings potential.

There were no impairments of goodwill for the years ended December 31, 2019, 2018, and 2017.

Intangibles and amortization—Intangibles include the value of acquired favorable and unfavorable leases and existing customer relationships acquired in connection with the acquisition of Jefferson Terminal.

In accounting for acquired leasing equipment, we make estimates about the fair value of the acquired leases. In determining the fair value of these leases, we make assumptions regarding the current fair values of leases for identical or similar equipment in order to determine if the acquired lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into rental income over the remaining term of the lease. Acquired lease intangibles are amortized on a straight-line basis over the remaining lease terms, which collectively had a weighted-average remaining amortization period of approximately 24 months as of December 31, 2019, and are recorded as a component of equipment leasing revenues in the accompanying Consolidated Statements of Operations.

Customer relationship intangible assets are amortized on a straight-line basis over their useful lives as the pattern in which the asset’s economic benefits are consumed cannot reliably be determined. Customer relationship intangible assets have useful lives ranging from 5 to 10 years, no estimated residual value, and amortization is recorded as a component of Depreciation and amortization in the Consolidated Statements of Operations. The weighted-average remaining amortization period was approximately 56 months as of December 31, 2019.

Deferred Financing Costs—Costs incurred in connection with obtaining long term financing are capitalized and amortized to interest expense over the term of the underlying loans. Unamortized deferred financing costs of $18.1 million and $14.5 million as of December 31, 2019 and 2018, respectively, are included in Debt, net in the Consolidated Balance Sheets.

We also have unamortized deferred revolver fees related to our revolving debt of $1.7 million and $1.5 million as of December 31, 2019 and 2018, respectively, which are included in Other assets in the Consolidated Balance Sheets.

Amortization expense was $8.1 million, $5.1 million and $3.9 million for the years ended December 31, 2019, 2018 and 2017, respectively, and is included in Interest expense in the Consolidated Statements of Operations.

Discontinued Operations—A disposal of an entity or component of an entity is reported in discontinued operations if the disposal represents a strategic shift that has or will have a material impact on our operations and financial results. See Note 3 for additional information related to our discontinued operations.

Equipment Leasing Revenues

Operating Leases—We lease equipment pursuant to net operating leases. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the lease, assuming no renewals. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received.

Generally, under our aircraft lease and engine agreements, the lessee is required to make periodic maintenance payments calculated based on the lessee’s utilization of the leased asset. Typically, under our aircraft lease agreements, the lessee is responsible for maintenance, repairs and other operating expenses throughout the term of the lease. These periodic maintenance payments accumulate over the term of the lease to fund major maintenance events, and we are contractually obligated to return maintenance payments to the lessee up to the amount paid by the lessee. In the event the total cost of maintenance events over the term of a lease is less than the cumulative maintenance payments, we are not required to return any unused or excess maintenance payments to the lessee.

Maintenance payments received for which we expect to repay to the lessee are presented as Maintenance Deposits in our Consolidated Balance Sheets. All excess maintenance payments received that we do not expect to repay to the lessee are recorded as Maintenance revenues. Estimates in recognizing revenue include mean time between removal, projected costs for engine maintenance and forecasted utilization of aircraft which are affected by historical usage patterns and overall industry, market and economic conditions. Significant changes to these estimates could have a material effect on the amount of revenue recognized in the period.

Finance Leases—From time to time we enter into finance lease arrangements that include a lessee obligation to purchase the leased equipment at the end of the lease term, include a bargain purchase option, or provides for minimum lease payments with a present value that equals or exceeds substantially all of the fair value of the leased equipment at the date of lease inception. Net investment in finance lease represents the minimum lease payments due from lessee, net of unearned income. The lease payments are segregated into principal and interest components similar to a loan. Unearned income is recognized on an effective interest method over the lease term and is recorded as finance lease income. The principal component of the lease payment is reflected as a reduction to the net investment in finance leases. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received.

Infrastructure Revenues

Terminal Services Revenues—Terminal services are provided to customers for the receipt and redelivery of various commodities. These revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time.

Lease Income—Lease income consists of rental income from tenants for storage space. Lease income is recognized on a straight-line basis over the terms of the relevant lease agreement.

Crude Marketing Revenues—Crude marketing revenues consist of marketing revenue related to Canadian crude oil. The revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time.

Other Revenue—Other revenue primarily consists of revenue related to the handling, storage and sale of raw materials. Other revenue consists of two performance obligations: handling and storage of raw materials. The revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time.

Payment terms for Infrastructure Revenues are generally short term in nature.

Leasing Arrangements—At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized in Operating lease right-of-use assets, net and Operating lease liabilities in our Consolidated Balance Sheets, respectively. Finance lease ROU assets are recognized in Property, plant and equipment, net and lease liabilities are recognized in Other liabilities in our Consolidated Balance Sheets.

All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. The finance lease ROU assets are subsequently amortized using the straight-line method.

Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs.

We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets, and lease liabilities and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred.

Concentration of Credit Risk—We are subject to concentrations of credit risk with respect to amounts due from customers on our finance leases and operating leases. We attempt to limit our credit risk by performing ongoing credit evaluations. We earned approximately 19% and 16% of our revenue from one customer in the Jefferson Terminal segment during the years ended December 31, 2019 and 2018, respectively. There were no customers that accounted for 10% of our revenue during the year ended December 31, 2017.

Accounts receivable from one customer in the Jefferson Terminal segment represented 16% of total accounts receivable, net as of December 31, 2019. Accounts receivable from two customers in the Jefferson Terminal segment each represented 17% and 15% of total accounts receivable, net as of December 31, 2018.

We maintain cash and restricted cash balances, which generally exceed federally insured limits, and subject us to credit risk, in high credit quality financial institutions. We monitor the financial condition of these institutions and have not experienced any losses associated with these accounts.

Provision for Doubtful Accounts—We determine the provision for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis. The provision for doubtful accounts was $1.3 million and $1.1 million as of December 31, 2019 and 2018, respectively. Bad debt expense was $3.8 million, $1.6 million and $0.6 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Expense Recognition—Expenses are recognized on an accrual basis as incurred.

Acquisition and Transaction expenses—Acquisition and transaction expense is comprised of costs related to completed business combinations, dispositions and terminated deal costs related to abandoned pursuits, including advisory, legal, accounting, valuation and other professional or consulting fees.

Comprehensive Income (Loss)—Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. Our comprehensive income (loss) represents net income (loss), as presented in the Consolidated Statements of Operations, adjusted for fair value changes related to the available-for-sale securities and other comprehensive income related to our equity method investees.

Derivative Financial Instruments

Electricity Derivatives—Through our equity method investment in Long Ridge, we enter into derivative contracts as part of a risk management program to mitigate price risk associated with certain electricity price exposures. We primarily use swap derivative contracts, which are agreements to buy or sell a quantity of electricity at a predetermined future date and at a predetermined price.

Cash Flow Hedges

Certain of these derivative instruments are designated and qualify as cash flow hedges. The derivative's gain or loss is reported as Other comprehensive income related to equity method investees in our Consolidated Statements of Comprehensive Income (Loss) and recorded in Accumulated other comprehensive income in our Consolidated Balance Sheets. The gain or loss is subsequently reclassified into the income statement line item that is impacted by the forecasted transaction when the forecasted transaction affects net earnings in our equity method investment.

Derivatives Not Designated as Hedging Instruments

Certain of these derivative instruments are not designated as hedging instruments for accounting purposes. The change in fair value of these contracts is recognized in Other income (expense) in the Consolidated Statements of Operations. The cash flow impact of derivative contracts that are not designated as hedging instruments is recognized in Change in fair value of non-hedge derivatives in our Consolidated Statements of Cash Flows.

Commodity Derivatives—We also enter into short-term and long-term crude forward contracts. Gains and losses related to our crude sales and purchase derivatives are recorded on a gross basis and are included in Crude marketing revenues and Operating expenses, respectively, in our Consolidated Statements of Operations. See Note 11 for additional details. The cash flow impact of these derivatives is recognized in Change in fair value of non-hedge derivatives in our Consolidated Statements of Cash Flows.

All of our outstanding derivatives are not used for speculative purposes. We record all derivative assets and liabilities on a gross basis at fair value and are included in Other assets and Other liabilities, respectively, in our Consolidated Balance Sheets.

Foreign Currency—Our functional and reporting currency is the U.S. dollar. Purchases and sales of assets and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Net realized foreign currency gains or losses relating to the differences between these recorded amounts and the U.S. dollar equivalent actually received or paid are reported as a component of operating expenses within the Consolidated Statement of Operations.

Income Taxes—A portion of our income earned by our corporate subsidiaries is subject to U.S. federal and state income taxation, taxed at prevailing rates. The remainder of our income is allocated directly to our partners and is not subject to a corporate level of taxation. Certain subsidiaries of ours are subject to income tax in the foreign countries in which they conduct business.

We account for these taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized.

We file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and in certain foreign jurisdictions. The income tax returns filed by us and our subsidiaries are subject to examination by the U.S. federal, state and foreign tax authorities. We recognize tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the Consolidated Statements of Operations.

Other Assets—Other assets is primarily comprised of commodities inventory of $5.6 million and $10.4 million, purchase deposits for acquisitions of $1.2 million and $10.2 million, lease incentives of $45.3 million and $51.0 million, prepaid expenses of $4.1 million and $8.2 million, derivative assets of $0.2 million and $7.5 million, maintenance right assets of $24.5 million and $1.2 million and spare parts of $9.6 million and $7.0 million as of December 31, 2019 and 2018, respectively.

Dividends—Dividends are recorded if and when declared by the Board of Directors. In both the fourth quarters ended December 31, 2019 and 2018, the Board of Directors declared a cash dividend of $0.33 per common share, for a total of $1.32 per common share for each of the years ended December 31, 2019 and 2018.

Additionally, in the fourth quarter ended December 31, 2019, the Board of Directors declared a cash dividend on the Series A Preferred Shares of $0.53 per share.

Recent Accounting Pronouncements—In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (and subsequently issued ASU 2018-01, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01, collectively, “ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting.

On January 1, 2019, we adopted ASU 2016-02 using the modified retrospective approach. We utilized the effective date transition method and accordingly are not required to adjust our comparative period financial information for effects of ASU 2016-02. We adopted the package of practical expedients which permits us not to reassess under the new standard our prior conclusions about lease identification (including land easements), lease classification and initial direct costs.

The adoption of ASU 2016-02 resulted in the recognition of ROU assets and lease liabilities of approximately $46 million in our Consolidated Balance Sheets as of January 1, 2019.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, which improves the financial reporting of hedging relationships to better represent the economic results of an entity’s risk management activities in its financial statements and make certain improvements to simplify the application of the hedge accounting guidance. The amendments will make more financial and nonfinancial hedging strategies eligible for hedge accounting, amend the presentation and disclosure requirements and change how entities assess effectiveness. Entities are required to apply the amendments as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period after adoption. On January 1, 2019, we adopted this standard and it did not have an impact on our consolidated financial statements as we did not have any hedging relationships prior to adoption.

In June 2018, the FASB, issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The new guidance expands the scope of ASC 718 to include share-based payments granted to nonemployees in exchange for goods or services used or consumed in an entity’s own operations and supersedes the guidance in ASC 505-50. On January 1, 2019, we adopted this standard and it did not have an impact on our consolidated financial statements.

Unadopted Accounting Pronouncements—In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). For assets held at amortized cost basis, ASU 2016-13 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however this ASU requires that credit losses be presented as an allowance rather than as a write-down. This ASU affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We do not expect adoption to have a material impact on our consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 addresses concerns over the cost and complexity of the two-step goodwill impairment test by removing the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment. ASU 2017-01 will be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We do not expect adoption to have an impact on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The guidance is effective for all entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, and early adoption is permitted. We do not expect adoption to have a material impact on our consolidated financial statements or disclosures.

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 and early adoption is permitted. We are currently assessing the impact this guidance will have on our consolidated financial statements.

LEASING EQUIPMENT, NET

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

LEASING EQUIPMENT, NET

Leasing equipment, net is summarized as follows:


	December 31,
	2019		2018

Leasing equipment	$	2,019,773	$	1,672,156
Less: Accumulated depreciation	(312,714)		(239,946)
Leasing equipment, net	$	1,707,059	$	1,432,210

The following table presents information related to our acquisitions and dispositions of aviation leasing equipment:


	Year Ended December 31,
	2019		2018		2017
Acquisitions:
Aircraft	31		29		25
Engines	31		34		58
Dispositions:
Aircraft	5		1		3
Engines	58		13		14
Gain on sale of leasing equipment	$	81,954	$	3,911	$	7,188

Depreciation expense for leasing equipment is summarized as follows:


	Year Ended December 31,
	2019		2018		2017
Depreciation expense for leasing equipment	$	137,004	$	110,012	$	69,331

PROPERTY, PLANT AND EQUIPMENT, NET (Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Depreciation expense for property, plant and equipment:
Continuing operations	$ 28,466	$ 20,343	$ 13,189
Discontinued operations	2,187	2,401	1,992
Total	$ 30,653	$ 22,744	$ 15,181

SEGMENT INFORMATION (Summary of Geographic Sources of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total revenues	$ 161,332	$ 152,700	$ 149,848	$ 114,894	$ 128,652	$ 92,472	$ 63,191	$ 57,797	$ 578,774	$ 342,112	$ 185,052
Africa
Segment Reporting Information [Line Items]
Total revenues									14,542	10,053	9,993
Asia
Segment Reporting Information [Line Items]
Total revenues									131,936	85,689	51,868
Europe
Segment Reporting Information [Line Items]
Total revenues									157,942	121,546	89,620
North America
Segment Reporting Information [Line Items]
Total revenues									265,843	121,228	32,866
South America
Segment Reporting Information [Line Items]
Total revenues									8,511	3,596	705
Equipment Leasing
Segment Reporting Information [Line Items]
Total revenues									349,322	253,039	170,000
Infrastructure
Segment Reporting Information [Line Items]
Total revenues									229,452	89,073	15,052
Operating Segments \| Equipment Leasing \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues									336,675	244,270	156,793
Operating Segments \| Equipment Leasing \| Aviation Leasing \| Africa
Segment Reporting Information [Line Items]
Total revenues									14,542	10,053	9,993
Operating Segments \| Equipment Leasing \| Aviation Leasing \| Asia
Segment Reporting Information [Line Items]
Total revenues									119,289	78,374	45,794
Operating Segments \| Equipment Leasing \| Aviation Leasing \| Europe
Segment Reporting Information [Line Items]
Total revenues									157,942	121,546	84,023
Operating Segments \| Equipment Leasing \| Aviation Leasing \| North America
Segment Reporting Information [Line Items]
Total revenues									36,391	30,701	16,278
Operating Segments \| Equipment Leasing \| Aviation Leasing \| South America
Segment Reporting Information [Line Items]
Total revenues									8,511	3,596	705
Operating Segments \| Infrastructure \| Jefferson Terminal
Segment Reporting Information [Line Items]
Total revenues									204,348	70,985	10,229
Operating Segments \| Infrastructure \| Jefferson Terminal \| Africa
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Operating Segments \| Infrastructure \| Jefferson Terminal \| Asia
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Operating Segments \| Infrastructure \| Jefferson Terminal \| Europe
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Operating Segments \| Infrastructure \| Jefferson Terminal \| North America
Segment Reporting Information [Line Items]
Total revenues									204,348	70,985	10,229
Operating Segments \| Infrastructure \| Jefferson Terminal \| South America
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Operating Segments \| Infrastructure \| Ports and Terminals
Segment Reporting Information [Line Items]
Total revenues									22,187	17,444	4,823
Operating Segments \| Infrastructure \| Ports and Terminals \| Africa
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Operating Segments \| Infrastructure \| Ports and Terminals \| Asia
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Operating Segments \| Infrastructure \| Ports and Terminals \| Europe
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Operating Segments \| Infrastructure \| Ports and Terminals \| North America
Segment Reporting Information [Line Items]
Total revenues									22,187	17,444	4,823
Operating Segments \| Infrastructure \| Ports and Terminals \| South America
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Corporate and Other
Segment Reporting Information [Line Items]
Total revenues									15,564	9,413	13,207
Corporate and Other \| Africa
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Corporate and Other \| Asia
Segment Reporting Information [Line Items]
Total revenues									12,647	7,315	6,074
Corporate and Other \| Europe
Segment Reporting Information [Line Items]
Total revenues									0	0	5,597
Corporate and Other \| North America
Segment Reporting Information [Line Items]
Total revenues									2,917	2,098	1,536
Corporate and Other \| South America
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Corporate and Other \| Equipment Leasing
Segment Reporting Information [Line Items]
Total revenues									12,647	8,769	$ 13,207
Corporate and Other \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues									$ 2,917	$ 644

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted EPS is presented below.


	Year Ended December 31,
(in thousands, except share and per share data)	2019		2018		2017
Net income (loss) from continuing operations	$	134,322	$	(20,106)	$	(22,503)
Net income (loss) from discontinued operations, net of income taxes	73,462		4,402		(737)
Net income (loss)	207,784		(15,704)		(23,240)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	(17,571)		(21,925)		(23,304)
Discontinued operations	247		339		(70)
Dividends on preferred shares	1,838		—		—
Net income attributable to shareholders	$	223,270	$	5,882	$	134
Weighted average shares outstanding:
Basic	85,992,019		83,654,068		75,766,811
Diluted	86,029,363		83,664,833		75,766,811
Basic EPS:
Continuing operations	$	1.74	$	0.02	$	0.01
Discontinued operations	$	0.85	$	0.05	$	(0.01)
Diluted EPS:
Continuing operations	$	1.74	$	0.02	$	0.01
Discontinued operations	$	0.85	$	0.05	$	(0.01)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Principles of Consolidation

We consolidate all entities in which we have a controlling interest and in which we have control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. We use the equity method of accounting for investments in entities in which we exercise significant influence but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Risks and Uncertainties

In the normal course of business, we encounter several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which we operate which could adversely impact the pricing of our services or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of our leasing equipment or operating assets. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. Through our subsidiaries, we also conduct operations outside of the United States; such international operations are subject to the same risks as those associated with our United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. We do not have significant exposure to foreign currency risk as all of our leasing arrangements, terminal services revenue and the majority of freight rail revenue are denominated in U.S. dollars.

Variable Interest Entities

The assessment of whether an entity is a VIE and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

Cash and Cash Equivalents

We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.

Available-For-Sale Securities

We consider listed equity securities as available-for-sale securities recorded at fair value with unrealized gains (losses) recorded in other comprehensive income (loss) and realized gains (losses) recorded in earnings. Our basis on which the cost of the security sold or the amount reclassified out of other comprehensive income into earnings is determined using specific identification.

Inventory

Commodities inventory is carried at the lower of cost or net realizable value on our balance sheet. Commodities are removed from inventory based on the average cost at the time of sale.

Property, Plant and Equipment, Leasing Equipment and Depreciation

Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows:

Asset

Range of Estimated Useful Lives

Residual Value Estimates

Aircraft

25 years from date of manufacture

Generally not to exceed 15% of manufacturer’s list price when new

Aircraft engines

2 - 6 years, based on maintenance adjusted service life

Sum of engine core salvage value plus the estimated fair value of life limited parts

Offshore energy vessels

25 years from date of manufacture

10% of new build cost

Railcars

40 - 50 years from date of manufacture

Scrap value at end of useful life

Track and track related assets

15 - 50 years from date of manufacture

Scrap value at end of useful life

Buildings and site improvements

20 - 30 years

Scrap value at end of useful life

Railroad equipment

3 - 15 years from date of manufacture

Scrap value at end of useful life

Terminal machinery and equipment

15 - 25 years from date of manufacture

Scrap value at end of useful life

Vehicles

5 - 7 years from date of manufacture

Scrap value at end of useful life

Furniture and fixtures

3 - 6 years from date of purchase

None

Computer hardware and software

3 - 5 years from date of purchase

None

Capitalized Interest

The interest cost associated with major development, construction projects and tax exempt bonds is capitalized and included in the cost of the project. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use.

Impairment of Long-Lived Assets

We perform a recoverability assessment of each of our long-lived assets whenever events or changes in circumstances, or indicators, indicate that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant lease restructuring or early lease termination; significant traffic decline; or the introduction of newer technology aircraft, vessels, engines or railcars. When performing a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its net book value. The undiscounted cash flows consist of cash flows from currently contracted leases and terminal services contracts, future projected leases, terminal service and freight rail rates, transition costs, estimated down time and estimated residual or scrap values. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge. Management develops the assumptions used in the recoverability analysis based on its knowledge of active contracts, current and future expectations of the global demand for a particular asset and historical experience in the leasing markets, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in contracted lease rates, terminal service, and freight rail rates, residual values, economic conditions, technology, demand for a particular asset type and other factors.

Security Deposits

Our operating leases generally require the lessee to pay a security deposit or provide a letter of credit. Security deposits are held until specified return dates stipulated in the lease or lease expiration.

Goodwill

Goodwill includes the excess of the purchase price over the fair value of the net tangible and intangible assets associated with the acquisition of Jefferson Terminal. The carrying amount of goodwill was approximately $122.6 million and $116.0 million as of December 31, 2019 and 2018, respectively. The increase relates to our purchase of the remaining 50% interest in JGP Energy Partners LLC (“JGP”). See Note 7 for additional details.We review the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment review is conducted as of October 1st of each year. Additionally, we review the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment.

Intangibles and amortization

Intangibles include the value of acquired favorable and unfavorable leases and existing customer relationships acquired in connection with the acquisition of Jefferson Terminal. In accounting for acquired leasing equipment, we make estimates about the fair value of the acquired leases. In determining the fair value of these leases, we make assumptions regarding the current fair values of leases for identical or similar equipment in order to determine if the acquired lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into rental income over the remaining term of the lease.

Equipment Leasing Revenues

Infrastructure Revenues

Lease Income—Lease income consists of rental income from tenants for storage space. Lease income is recognized on a straight-line basis over the terms of the relevant lease agreement.

Payment terms for Infrastructure Revenues are generally short term in nature.

Concentration of Credit Risk

We are subject to concentrations of credit risk with respect to amounts due from customers on our finance leases and operating leases. We attempt to limit our credit risk by performing ongoing credit evaluations.

Provision for Doubtful Accounts

We determine the provision for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. Our comprehensive income (loss) represents net income (loss), as presented in the Consolidated Statements of Operations, adjusted for fair value changes related to the available-for-sale securities and other comprehensive income related to our equity method investees.

Derivative Financial Instruments

Cash Flow Hedges

Derivatives Not Designated as Hedging Instruments

Foreign Currency

Our functional and reporting currency is the U.S. dollar. Purchases and sales of assets and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Net realized foreign currency gains or losses relating to the differences between these recorded amounts and the U.S. dollar equivalent actually received or paid are reported as a component of operating expenses within the Consolidated Statement of Operations.

Income Taxes

A portion of our income earned by our corporate subsidiaries is subject to U.S. federal and state income taxation, taxed at prevailing rates. The remainder of our income is allocated directly to our partners and is not subject to a corporate level of taxation. Certain subsidiaries of ours are subject to income tax in the foreign countries in which they conduct business.

Recent Accounting Pronouncements and Unadopted Accounting Pronouncements

In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (and subsequently issued ASU 2018-01, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01, collectively, “ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting.

The adoption of ASU 2016-02 resulted in the recognition of ROU assets and lease liabilities of approximately $46 million in our Consolidated Balance Sheets as of January 1, 2019.

Fair Value Measurement

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability.

The valuation techniques that may be used to measure fair value are as follows:

•Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

•Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts.

•Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 800,525,000	$ 715,132,000
Less: Accumulated depreciation	(69,935,000)	(54,632,000)
Property, plant and equipment, net	732,109,000	662,019,000
Land, site improvements and rights
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	51,901,000	69,352,000
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	211,110,000	253,176,000
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,783,000	9,209,000
Terminal machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	519,603,000	349,227,000
Proved oil and gas properties
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	0	20,099,000
Track and track related assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,208,000	5,214,000
Railroad equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,823,000	4,111,000
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,325,000	3,639,000
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,322,000	456,000
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	450,000	649,000
Spare parts
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,519,000	1,519,000
Unproved Oil and Gas Properties
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 0	$ 59,930,000

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following table presents unaudited summary information for our quarterly operations:


	2019
	Quarter Ended										Year Ended December 31
(in thousands except share and per share data)	March 31		June 30		September 30		December 31
Total revenues	$	114,894	$	149,848	$	152,700	$	161,332	$	578,774
Total expenses	123,403		164,798		169,430		169,136		626,767
Total other (expense) income	(1,178)		27,630		37,338		136,335		200,125
(Loss) income from continuing operations before income taxes	(9,687)		12,680		20,608		128,531		152,132
Provision for (benefit from) income taxes	267		(2,328)		872		18,999		17,810
Net (loss) income from continuing operations	(9,954)		15,008		19,736		109,532		134,322
Net income from discontinued operations, net of income taxes	158		785		940		71,579		73,462
Net (loss) income	(9,796)		15,793		20,676		181,111		207,784
Net (loss) income attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	(3,360)		(4,580)		(5,111)		(4,520)		(17,571)
Discontinued operations	(56)		41		116		146		247
Dividends on preferred shares	—		—		—		1,838		1,838
Net (loss) income attributable to shareholders	$	(6,380)	$	20,332	$	25,671	$	183,647	$	223,270

(Loss) earnings per share:
Basic
Continuing operations	$	(0.07)	$	0.23	$	0.29	$	1.30	$	1.74
Discontinued operations	$	0.00	$	0.01	$	0.01	$	0.83	$	0.85
Diluted
Continuing operations	$	(0.07)	$	0.23	$	0.29	$	1.30	$	1.74
Discontinued operations	$	0.00	$	0.01	$	0.01	$	0.83	$	0.85
Weighted Average Shares Outstanding:
Basic	85,986,453		85,987,769		85,996,067		85,997,619		85,992,019
Diluted	85,986,453		85,989,029		86,005,604		86,090,207		86,029,363


	2018
	Quarter Ended										Year Ended December 31
(in thousands except share and per share data)	March 31		June 30		September 30		December 31
Total revenues	$	57,797	$	63,191	$	92,472	$	128,652	$	342,112
Total expenses	69,772		75,342		91,685		130,344		367,143
Total other income	431		5,983		621		339		7,374
(Loss) income from continuing operations before income taxes	(11,544)		(6,168)		1,408		(1,353)		(17,657)
Provision for income taxes	495		534		551		869		2,449
Net (loss) income from continuing operations	(12,039)		(6,702)		857		(2,222)		(20,106)
Net income (loss) from discontinued operations, net of income taxes	2,706		253		(134)		1,577		4,402
Net (loss) income	(9,333)		(6,449)		723		(645)		(15,704)
Net (loss) income attributable to non-controlling interests in consolidated subsidiaries
Continuing operations	(8,967)		(7,339)		(3,829)		(1,790)		(21,925)
Discontinued operations	206		51		(26)		108		339
Dividends on preferred shares	—		—		—		—		—
Net (loss) income attributable to shareholders	$	(572)	$	839	$	4,578	$	1,037	$	5,882

(Loss) earnings per share:
Basic
Continuing operations	$	(0.04)	$	0.01	$	0.06	$	(0.01)	$	0.02
Discontinued operations	$	0.03	$	0.00	$	(0.01)	$	0.02	$	0.05
Diluted
Continuing operations	$	(0.04)	$	0.01	$	0.06	$	(0.01)	$	0.02
Discontinued operations	$	0.03	$	0.00	$	(0.01)	$	0.02	$	0.05
Weighted Average Shares Outstanding:
Basic	81,534,454		83,160,037		84,708,071		85,065,125		83,654,068
Diluted	81,534,454		83,160,047		84,709,656		85,068,966		83,664,833

EARNINGS PER SHARE AND EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2019	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Line Items]
Antidilutive shares excluded from the calculation of diluted EPS (in shares)			150,981	57,069	438
Shares issued (in shares)			840,434
Shares issued for service (in shares)			26,125
Preferred stock, shares issued (in shares)			8,050,000	0
Preferred stock, par value (usd per share)			$ 0.01	$ 0.01
Proceeds from issuance of shares, net			$ 193,992	$ 0	$ 0
Capital Unit, Class B
Earnings Per Share [Line Items]
Shares converted (in shares)			1,134,806
Series A Preferred Stock
Earnings Per Share [Line Items]
Preferred stock, shares issued (in shares)	4,600,000	3,450,000
Stated rate	8.00%	8.25%
Preferred stock, liquidation preference per share	$ 25.00	$ 25.00
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Proceeds from issuance of shares, net	$ 111,100	$ 82,900

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Shares	Preferred Shares	Additional Paid In Capital	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive Income	Non-Controlling Interest in Equity of Consolidated Subsidiaries
Beginning balance at Dec. 31, 2016	$ 1,165,680	$ 758		$ 1,084,757	$ (38,833)	$ 7,130	$ 111,868
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	(23,240)				134		(23,374)
Other comprehensive income (loss)	(7,130)					(7,130)
Comprehensive income (loss)	(30,370)				134	(7,130)	(23,374)
Capital contributions	1,296						1,296
Capital distributions	(254)						(254)
Transfer of non-controlling interest	(2,798)						(2,798)
Settlement of equity-based compensation	(74)						(74)
Issuance of shares	310			310
Dividends declared - common shares	(100,058)			(100,058)
Equity-based compensation	1,343			0			1,343
Ending balance at Dec. 31, 2017	1,035,075	758		985,009	(38,699)	0	88,007
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	(15,704)				5,882		(21,586)
Comprehensive income (loss)	(15,704)				5,882		(21,586)
Purchase of non-controlling interest				7,225
Purchase of non-controlling interest	(3,705)						(10,930)
Issuance of shares	147,799	82		147,717
Dividends declared - common shares	(110,584)			(110,584)
Equity-based compensation	901			9			892
Ending balance at Dec. 31, 2018	1,053,782	840	$ 0	1,029,376	(32,817)	0	56,383
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	207,784				225,108		(17,324)
Other comprehensive income (loss)	372					372
Comprehensive income (loss)	208,156				225,108	372	(17,324)
Purchase of non-controlling interest	(10,483)						(10,483)
Issuance of shares	393	9		384
Conversion of participating securities	(8)			(8)
Dividends declared - common shares	(113,541)			(113,541)
Issuance of preferred shares	193,992		81	193,911
Dividends declared - preferred shares	(1,838)				(1,838)
Equity-based compensation	8,404						8,404
Ending balance at Dec. 31, 2019	$ 1,338,857	$ 849	$ 81	$ 1,110,122	$ 190,453	$ 372	$ 36,980

LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Lease, Cost

The following table presents lease related costs for the year ended December 31, 2019:






Operating lease expense	$	5,857
Short-term lease expense	3,605
Variable lease expense	3,263
Sublease income	(1,032)
Lease expense from continuing operations	11,693

Finance lease expense	304
Operating lease expense	3,705
Lease expense from discontinued operations	4,009

Total lease expense	$	15,702

Supplemental Information Related to Leases

The following table presents information related to our operating leases as of and for the year ended December 31, 2019:


Right-of-use assets, net	$	37,466
Lease liabilities	$	36,968

Weighted average remaining lease term	41.9 years
Weighted average incremental borrowing rate	7.4		%

Cash paid for amounts included in the measurement of operating lease liabilities
Continuing operations	$	4,882
Discontinued operations	$	3,595

Lessee, Operating Lease, Liability, Maturity

The following table presents future minimum lease payments under non-cancellable operating leases as of December 31, 2019:


2020	$	3,308
2021	3,379
2022	3,250
2023	3,194
2024	2,963
Thereafter	105,754
Total undiscounted lease payments	121,848
Less: Imputed interest	84,880
Total lease liabilities	$	36,968

FINANCE LEASES, NET (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Direct Financing Lease, Lease Income

Finance leases, net are summarized as follows:


	December 31,
	2019		2018


Finance leases	$	12,388	$	28,476
Unearned revenue	(4,073)		(9,853)
Finance leases, net	$	8,315	$	18,623

INCOME TAXES (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Net operating loss carryforwards	$ 74,555	$ 64,034
Accrued expenses	1,252	1,241
Interest expense	25,306	19,380
Operating lease liabilities	6,104
Other	2,041	1,233
Total deferred tax assets	109,258	85,888
Less valuation allowance	(79,176)	(68,294)	$ (45,624)
Net deferred tax assets	30,082	17,594
Deferred tax liabilities:
Investment in partnerships	(22,250)	0
Fixed assets and goodwill	(21,592)	(19,117)
Operating lease right-of-use assets	(6,032)
Net deferred tax liabilities	$ (19,792)	$ (1,523)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The current and deferred components of the income tax provision included in the Consolidated Statements of Operations are as follows:


	Year Ended December 31,
	2019		2018		2017
Current:
Federal	$	55	$	75	$	1,551
State and local	423		250		145
Foreign	188		63		76
Total current provision	666		388		1,772
Deferred:
Federal	12,937		1,528		215
State and local	(638)		621		5
Foreign	4,845		(88)		(38)
Total deferred provision	17,144		2,061		182
Provision for (benefit from) income taxes:
Continuing operations	17,810		2,449		1,954
Discontinued operations	1,076		(1,077)		—
Total	$	18,886	$	1,372	$	1,954

Schedule of Effective Income Tax Rate Reconciliation

The difference between our reported total provision for income taxes and the U.S. federal statutory rate of 21% is as follows:


	Year Ended December 31,
	2019		2018		2017
U.S. federal tax at statutory rate	21.0	%	21.0	%	35.0	%
Income not subject to tax at statutory rate	(21.7)	%	121.9	%	98.2	%

State and local taxes	(0.1)	%	(6.1)	%	(0.5)	%
Foreign taxes	2.7	%	7.7	%	(0.2)	%
Branch profit tax	—	%	(0.5)	%	(2.6)	%
Change in tax rates	—	%	—	%	(6.9)	%
Other	(0.6)	%	(0.2)	%	1.0	%
Change in valuation allowance	7.0	%	(153.3)	%	(133.2)	%
Provision for income taxes	8.3	%	(9.5)	%	(9.2)	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:


	December 31,
	2019		2018
Deferred tax assets:
Net operating loss carryforwards	$	74,555	$	64,034
Accrued expenses	1,252		1,241

Interest expense	25,306		19,380
Operating lease liabilities	6,104		—
Other	2,041		1,233
Total deferred tax assets	109,258		85,888
Less valuation allowance	(79,176)		(68,294)
Net deferred tax assets	30,082		17,594
Deferred tax liabilities:
Investment in partnerships	(22,250)		—
Fixed assets and goodwill	(21,592)		(19,117)
Operating lease right-of-use assets	(6,032)		—
Net deferred tax liabilities	$	(19,792)	$	(1,523)

Summary of Valuation Allowance

A summary of the changes in the valuation allowance is as follows:


	December 31,
	2019		2018
Valuation allowance at beginning of period	$	68,294	$	45,624
Change due to current year losses	19,330		22,670
Change due to current year releases	(8,448)		—
Valuation allowance at end of period	$	79,176	$	68,294

EQUITY-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	Jun. 30, 2019	May 31, 2017	Nov. 30, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares other than options granted in period (in shares)	113,121	31,340		113,121
Vested (in shares)	25,138			58,662
Grant date fair value	$ 1.5	$ 0.5
Vesting period	3 years		4 years
Common units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares other than options granted in period (in shares)				1,110,000	670,000	505,050
Vested (in shares)				1,162,930
Shares other than options granted aggregate intrinsic value				$ 3.4	$ 0.7	$ 0.5
Award term				3 years
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)				29,900,000

EARNINGS PER SHARE AND EQUITY (EPS Schedule) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 109,532	$ 19,736	$ 15,008	$ (9,954)	$ (2,222)	$ 857	$ (6,702)	$ (12,039)	$ 134,322	$ (20,106)	$ (22,503)
Net income (loss) from discontinued operations, net of income taxes	71,579	940	785	158	1,577	(134)	253	2,706	73,462	4,402	(737)
Net income (loss)	181,111	20,676	15,793	(9,796)	(645)	723	(6,449)	(9,333)	207,784	(15,704)	(23,240)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	(4,520)	(5,111)	(4,580)	(3,360)	(1,790)	(3,829)	(7,339)	(8,967)	(17,571)	(21,925)	(23,304)
Discontinued operations	146	116	41	(56)	108	(26)	51	206	247	339	(70)
Dividends on preferred shares	1,838	0	0	0	0	0	0	0	1,838	0	0
Net income attributable to shareholders	$ 183,647	$ 25,671	$ 20,332	$ (6,380)	$ 1,037	$ 4,578	$ 839	$ (572)	$ 223,270	$ 5,882	$ 134
Basic (in shares)	85,997,619	85,996,067	85,987,769	85,986,453	85,065,125	84,708,071	83,160,037	81,534,454	85,992,019	83,654,068	75,766,811
Diluted (in shares)	86,090,207	86,005,604	85,989,029	85,986,453	85,068,966	84,709,656	83,160,047	81,534,454	86,029,363	83,664,833	75,766,811
Basic
Continuing operations (usd per share)	$ 1.30	$ 0.29	$ 0.23	$ (0.07)	$ (0.01)	$ 0.06	$ 0.01	$ (0.04)	$ 1.74	$ 0.02	$ 0.01
Discontinued operations (usd per share)	0.83	0.01	0.01	0.00	0.02	(0.01)	0.00	0.03	0.85	0.05	(0.01)
Diluted
Continuing operations (usd per share)	1.30	0.29	0.23	(0.07)	(0.01)	0.06	0.01	(0.04)	1.74	0.02	0.01
Discontinued operations (usd per share)	$ 0.83	$ 0.01	$ 0.01	$ 0.00	$ 0.02	$ (0.01)	$ 0.00	$ 0.03	$ 0.85	$ 0.05	$ (0.01)

INTANGIBLE ASSETS AND LIABILITIES, NET (Intangible Liabilities Amortization) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Total	$ 10,749	$ 12,186	$ 8,314
Equipment leasing revenues \| Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of lease intangible assets and liabilities	7,181	8,588	4,716
Depreciation and amortization \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	3,553	3,553	3,553
Depreciation and amortization \| Customer relationships \| Discontinued operations
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 15	$ 45	$ 45

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2019 USD ($)
Minimum
Variable Interest Entity [Line Items]
Loss contingency, range of possible loss	$ 0.0
Maximum
Variable Interest Entity [Line Items]
Loss contingency, range of possible loss	3.3
Repauno
Variable Interest Entity [Line Items]
Potential milestone payment	$ 15.0

DEBT, NET (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt, net is summarized as follows:


	December 31, 2019						December 31, 2018
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable
FTAI Pride Credit Agreement ⁽¹⁾	$	36,009	LIBOR + 4.50%	9/16/2020	$	47,743

Jefferson Revolver ⁽²⁾	50,000		(i) Base Rate + 1.50%; or (ii) Base Rate + 2.50% (Eurodollar)	3/7/2021	49,805
DRP Revolver ⁽³⁾	25,000		(i) Base Rate + 1.50%; or (ii) Base Rate + 2.50% (Eurodollar)	11/5/2021	—
Revolving Credit Facility ⁽²⁾	—		(i) Base Rate + 2.00%; or (ii) Adjusted Eurodollar Rate + 3.00%	1/31/2022	100,000

Total loans payable	111,009				197,548
Bonds payable
Series 2012 Bonds ⁽⁴⁾	41,059		8.25%	7/1/2032	42,797
Series 2016 Bonds ⁽⁵⁾	144,200		7.25%	2/1/2036	144,200
Senior Notes due 2022 ⁽⁶⁾	697,814		6.75%	3/15/2022	549,405
Senior Notes due 2025 ⁽⁷⁾	444,957		6.50%	10/1/2025	295,642
Total bonds payable	1,328,030				1,032,044
Debt	1,439,039				1,229,592
Less: Debt issuance costs	(18,111)				(14,484)
Total debt, net	$	1,420,928			$	1,215,108

Total debt due within one year	$	182,019			$	49,413

^{______________________________________________________________________________________}

⁽¹⁾Secured on a first priority basis by the offshore vessel.

⁽²⁾Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

⁽³⁾Requires a quarterly commitment fee at a rate of 0.875% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

⁽⁴⁾Includes unamortized premium of $1,509 and $1,577 as of December 31, 2019 and 2018, respectively.

⁽⁶⁾Includes unamortized discount of $5,429 and $5,154, respectively, and an unamortized premium of $3,243 and $4,559, respectively, as of December 31, 2019 and 2018.

⁽⁷⁾Includes unamortized discount of $5,043 and $4,358 as of December 31, 2019 and 2018, respectively.

Schedule of Maturities of Long-term Debt

As of December 31, 2019, scheduled principal repayments under our debt agreements for the next five years and thereafter are summarized as follows:


	2020		2021		2022		2023		2024		Thereafter		Total
FTAI Pride Credit Agreement	$	36,009	$	—	$	—	$	—	$	—	$	—	$	36,009

Jefferson Revolver	—		50,000		—		—		—		—		50,000
DRP Revolver	—		25,000		—		—		—		—		25,000
Revolving Credit Facility	—		—		—		—		—		—		—

Series 2012 Bonds	1,810		1,960		2,120		2,295		2,485		28,880		39,550
Series 2016 Bonds	144,200		—		—		—		—		—		144,200
Senior Notes due 2022	—		—		700,000		—		—		—		700,000
Senior Notes due 2025	—		—		—		—		—		450,000		450,000
Total principal payments on loans and bonds payable	$	182,019	$	76,960	$	702,120	$	2,295	$	2,485	$	478,880	$	1,444,759

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

DISCONTINUED OPERATIONS (Narrative) (Details) - CMQR - Discontinued Operations, Disposed of by Sale $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received for CMQR	$ 130
Realized gain on sale	$ 77

INVESTMENTS (Narrative) (Details) shipping_contrainer in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2019 USD ($) shipping_contrainer	Aug. 31, 2019 USD ($)	Dec. 31, 2019 USD ($) shipping_contrainer	Dec. 31, 2018 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Carrying value of investment	$ 180,550		$ 180,550	$ 40,560
Long Ridge Terminal LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage sold			49.90%
Proceeds from sale of equity investment	150,000
Carrying value of investment	$ 155,397		$ 155,397	0
Ownership percentage	50.00%		50.00%
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Carrying value of investment	$ 24,652		$ 24,652	12,981	$ 15,000
Ownership percentage	25.00%	25.00%	25.00%		25.00%
Equity method investment contribution amount		$ 13,500
JGP Energy Partners LLC
Schedule of Equity Method Investments [Line Items]
Carrying value of investment	$ 0		$ 0	$ 25,461
Ownership percentage	100.00%		100.00%	50.00%	50.00%
Remaining ownership amount purchased	50.00%
Payments to acquire investment	$ 30,000
Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Carrying value of investment	$ 501		$ 501	$ 2,118
Ownership percentage	51.00%		51.00%
Shipping Containers Subject to Multiple Operating Leases \| Containers \| Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Shipping containers subject to multiple operating leases \| shipping_contrainer	3		3
FIG \| Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership percentage						51.00%
Equity Investor \| Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership percentage						49.00%

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONSIn December 2019, we completed the sale of substantially all of our railroad business (“CMQR”), which was previously reported as our Railroad segment. Under ASC 205-20, this disposition met the criteria to be reported as discontinued operations. Accordingly, the assets, liabilities and results of operations of CMQR have been reported as discontinued operations for all periods presented. We sold CMQR for $130 million and recognized a gain on sale of approximately $77 million.

The following table presents the carrying value of significant classes of assets and liabilities of discontinued operations as of December 31, 2018:


Assets
Accounts receivable, net	$	7,375
Property, plant and equipment, net	46,834
Intangible assets, net	15
Goodwill	594
Other assets	1,926
Total assets	$	56,744

Liabilities
Accounts payable and accrued liabilities	$	11,520
Debt, net	22,239
Other liabilities	1,704
Total liabilities	$	35,463

The following table presents the significant components of net income (loss) from discontinued operations:


	Year Ended December 31,
	2019		2018		2017
Revenues
Total revenues	$	39,071	$	37,766	$	32,607
Expenses
Operating expense	32,815		30,944		29,966
Acquisition and transaction expenses	5,526		—		—
Depreciation and amortization	2,202		2,446		2,037
Interest expense	1,458		1,009		1,029
Total expenses	42,001		34,399		33,032
Gain (loss) on sale of assets, net	77,468		—		(312)
Other expense	—		(42)		—
Other income (expense)	77,468		(42)		(312)
Income (loss) before income taxes	74,538		3,325		(737)
Provision for (benefit from) income taxes	1,076		(1,077)		—
Net income (loss)	73,462		4,402		(737)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	247		339		(70)
Net income (loss) attributable to shareholders	$	73,215	$	4,063	$	(667)

The following table presents the significant non-cash items and capital expenditures from discontinued operations:


	Year Ended December 31,
	2019		2018		2017
Operating activities:
Depreciation and amortization	$	2,202	$	2,446	$	2,037
Amortization of deferred financing costs	256		282		275
Share-based compensation expense	3,114		184		730
Investing activities:
Purchases of property, plant and equipment	$	(6,949)	$	(8,461)	$	(12,060)

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis


	Fair Value as of		Fair Value Measurements Using Fair Value Hierarchy as of
	December 31, 2019		December 31, 2019
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Cash and cash equivalents	$	226,512	$	226,512	$	—	$	—	Market
Restricted cash	16,005		16,005		—		—		Market
Derivative assets	181		—		—		181		Income
Total assets	$	242,698	$	242,517	$	—	$	181




	Fair Value as of		Fair Value Measurements Using Fair Value Hierarchy as of
	December 31, 2018		December 31, 2018
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Cash and cash equivalents	$	99,601	$	99,601	$	—	$	—	Market
Restricted cash	21,236		21,236		—		—		Market
Derivative assets	7,470		—		—		7,470		Income
Total assets	$	128,307	$	120,837	$	—	$	7,470

Liabilities
Derivative liabilities	$	(925)	$	—	$	—	$	(925)	Income

Fair Value, by Balance Sheet Grouping

The fair value of our bonds and notes payable reported as debt, net in the Consolidated Balance Sheets are presented in the table below:


	December 31,
	2019		2018
Series 2012 Bonds ⁽¹⁾	$	41,450	$	42,633
Series 2016 Bonds ⁽¹⁾	145,143		149,582
Senior Notes due 2022	731,451		551,144
Senior Notes due 2025	475,884		283,965

^{______________________________________________________________________________________}

⁽¹⁾Fair value is based upon market prices for similar municipal securities.

DEBT, NET (Debt Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt, net	$ 1,420,928	$ 1,215,108
FTAI Pride Credit Agreement
Debt Instrument [Line Items]
2020	36,009
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Total debt, net	36,009
Jefferson Revolver
Debt Instrument [Line Items]
2020	0
2021	50,000
2022	0
2023	0
2024	0
Thereafter	0
Total debt, net	50,000
DRP Revolver
Debt Instrument [Line Items]
2020	0
2021	25,000
2022	0
2023	0
2024	0
Thereafter	0
Total debt, net	25,000
Revolving Credit Facility
Debt Instrument [Line Items]
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Total debt, net	0
Series 2012 Bonds
Debt Instrument [Line Items]
2020	1,810
2021	1,960
2022	2,120
2023	2,295
2024	2,485
Thereafter	28,880
Total debt, net	39,550
Series 2016 Bonds
Debt Instrument [Line Items]
2020	144,200
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Total debt, net	144,200
Senior Notes due 2022
Debt Instrument [Line Items]
2020	0
2021	0
2022	700,000
2023	0
2024	0
Thereafter	0
Total debt, net	700,000
Senior Notes due 2025
Debt Instrument [Line Items]
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	450,000
Total debt, net	450,000
Total principal payments on loans and bonds payable
Debt Instrument [Line Items]
2020	182,019
2021	76,960
2022	702,120
2023	2,295
2024	2,485
Thereafter	478,880
Total debt, net	$ 1,444,759

INTANGIBLE ASSETS AND LIABILITIES, NET (Summarized Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Intangible assets
Total intangible assets, net	$ 27,692	$ 38,498
Intangible liabilities
Acquired unfavorable lease intangibles	5,170	3,736
Less: Accumulated amortization	(3,014)	(2,114)
Acquired unfavorable lease intangibles, net	2,156	1,622
Acquired favorable lease intangibles
Intangible assets
Acquired finite-lived intangibles	49,762	48,143
Less: Accumulated amortization	(38,652)	(29,780)
Total	11,110	18,363
Customer relationships
Intangible assets
Acquired finite-lived intangibles	35,513	35,513
Less: Accumulated amortization	(18,931)	(15,378)
Total	16,582	20,135
Aviation Leasing
Intangible assets
Total intangible assets, net	11,110	18,363
Intangible liabilities
Acquired unfavorable lease intangibles	5,170	3,736
Less: Accumulated amortization	(3,014)	(2,114)
Acquired unfavorable lease intangibles, net	2,156	1,622
Aviation Leasing \| Acquired favorable lease intangibles
Intangible assets
Acquired finite-lived intangibles	49,762	48,143
Less: Accumulated amortization	(38,652)	(29,780)
Total	11,110	18,363
Aviation Leasing \| Customer relationships
Intangible assets
Acquired finite-lived intangibles	0	0
Less: Accumulated amortization	0	0
Total	0	0
Jefferson Terminal
Intangible assets
Total intangible assets, net	16,582	20,135
Intangible liabilities
Acquired unfavorable lease intangibles	0	0
Less: Accumulated amortization	0	0
Acquired unfavorable lease intangibles, net	0	0
Jefferson Terminal \| Acquired favorable lease intangibles
Intangible assets
Acquired finite-lived intangibles	0	0
Less: Accumulated amortization	0	0
Total	0	0
Jefferson Terminal \| Customer relationships
Intangible assets
Acquired finite-lived intangibles	35,513	35,513
Less: Accumulated amortization	(18,931)	(15,378)
Total	$ 16,582	$ 20,135

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table presents the carrying value of significant classes of assets and liabilities of discontinued operations as of December 31, 2018:


Assets
Accounts receivable, net	$	7,375
Property, plant and equipment, net	46,834
Intangible assets, net	15
Goodwill	594
Other assets	1,926
Total assets	$	56,744

Liabilities
Accounts payable and accrued liabilities	$	11,520
Debt, net	22,239
Other liabilities	1,704
Total liabilities	$	35,463

The following table presents the significant components of net income (loss) from discontinued operations:


	Year Ended December 31,
	2019		2018		2017
Revenues
Total revenues	$	39,071	$	37,766	$	32,607
Expenses
Operating expense	32,815		30,944		29,966
Acquisition and transaction expenses	5,526		—		—
Depreciation and amortization	2,202		2,446		2,037
Interest expense	1,458		1,009		1,029
Total expenses	42,001		34,399		33,032
Gain (loss) on sale of assets, net	77,468		—		(312)
Other expense	—		(42)		—
Other income (expense)	77,468		(42)		(312)
Income (loss) before income taxes	74,538		3,325		(737)
Provision for (benefit from) income taxes	1,076		(1,077)		—
Net income (loss)	73,462		4,402		(737)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	247		339		(70)
Net income (loss) attributable to shareholders	$	73,215	$	4,063	$	(667)

The following table presents the significant non-cash items and capital expenditures from discontinued operations:


	Year Ended December 31,
	2019		2018		2017
Operating activities:
Depreciation and amortization	$	2,202	$	2,446	$	2,037
Amortization of deferred financing costs	256		282		275
Share-based compensation expense	3,114		184		730
Investing activities:
Purchases of property, plant and equipment	$	(6,949)	$	(8,461)	$	(12,060)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 205
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

FINANCE LEASES, NET

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

FINANCE LEASES, NET

Finance leases, net are summarized as follows:


	December 31,
	2019		2018


Finance leases	$	12,388	$	28,476
Unearned revenue	(4,073)		(9,853)
Finance leases, net	$	8,315	$	18,623

During 2019, sales-type leases expired for three of our airframes. Additionally, we received insurance proceeds for one of our vessels which was on nonaccrual status due to a casualty event. The insurance proceeds were in excess of the book value of the finance lease, which was written down to zero, and we recognized a gain of approximately $1.0 million which is included in Other income in the Consolidated Statements of Operations.

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2019

Management fees, income incentive allocation and capital gains incentive allocation

The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation:


	Year Ended December 31,
	2019		2018		2017
Management fees	$	14,828	$	15,319	$	15,218
Income incentive allocation	—		—		—
Capital gains incentive allocation	21,231		407		514
Total	$	36,059	$	15,726	$	15,732

Reimbursement to Manager

The following table summarizes our reimbursements to the Manager:


	Year Ended December 31,
	2019		2018		2017
Classification in the Consolidated Statements of Operations:
General and administrative expenses	$	11,017	$	9,910	$	8,064
Acquisition and transaction expenses	3,399		6,653		6,295
Total	$	14,416	$	16,563	$	14,359

Amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets

The following table summarizes amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets:


	December 31,
	2019		2018
Accrued management fees	$	1,410	$	1,263
Other payables	21,992		3,965

Non-controlling interest share of net loss

The following table presents the amount of this non-controlling interest share of net loss:


	Year Ended December 31,
	2019		2018		2017
Non-controlling interest share of net loss	$	17,357	$	13,436	$	8,662

SEGMENT INFORMATION (Reconciliation of Adjusted Net Income to Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Adjusted EBITDA									$ 503,408	$ 215,872	$ 133,623
Add: Non-controlling share of Adjusted EBITDA									9,859	9,744	12,535
Equity in losses of unconsolidated entities									(2,375)	(1,008)	(1,601)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									1,387	(359)	243
Less: Interest expense									(95,585)	(56,845)	(37,798)
Less: Depreciation and amortization expense									(199,185)	(160,567)	(94,380)
Less: Incentive allocations									(21,231)	(407)	(514)
Less: Asset impairment charges									(4,726)	0	0
Less: Changes in fair value of non-hedge derivative instruments									(4,555)	5,523	1,022
Less: Losses on the modification or extinguishment of debt and capital lease obligations									0	0	(2,456)
Less: Acquisition and transaction expenses									(17,623)	(6,968)	(7,306)
Less: Equity-based compensation expense									(1,509)	(717)	(613)
Less: Provision for income taxes	$ (18,999)	$ (872)	$ 2,328	$ (267)	$ (869)	$ (551)	$ (534)	$ (495)	(17,810)	(2,449)	(1,954)
Net income (loss) attributable to shareholders from continuing operations									150,055	1,819	801
Operating Segments \| Equipment Leasing \| Aviation Leasing
Segment Reporting Information [Line Items]
Adjusted EBITDA									432,934	265,002	163,828
Equity in losses of unconsolidated entities									(1,829)	(743)	(1,276)
Less: Interest expense										0	0
Less: Acquisition and transaction expenses									(518)	(315)	(441)
Less: Provision for income taxes									(2,826)	(2,280)	(1,966)
Net income (loss) attributable to shareholders from continuing operations									270,438	133,501	91,856
Operating Segments \| Infrastructure \| Jefferson Terminal
Segment Reporting Information [Line Items]
Adjusted EBITDA									(6,160)	(11,645)	(8,413)
Equity in losses of unconsolidated entities									(292)	(574)	(321)
Less: Interest expense									(16,189)	(15,513)	(13,568)
Less: Acquisition and transaction expenses										0	0
Less: Provision for income taxes									(284)	(261)	(42)
Net income (loss) attributable to shareholders from continuing operations									(44,052)	(33,676)	(25,761)
Operating Segments \| Infrastructure \| Ports and Terminals
Segment Reporting Information [Line Items]
Adjusted EBITDA									114,760	(615)	(3,515)
Equity in losses of unconsolidated entities									(192)	0	0
Less: Interest expense									(1,712)	(649)	(1,088)
Less: Asset impairment charges									(4,726)
Less: Acquisition and transaction expenses									(5,008)	0
Less: Provision for income taxes									(14,700)	(1)	0
Net income (loss) attributable to shareholders from continuing operations									80,119	(6,557)	(6,556)
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA									(38,126)	(36,870)	(18,277)
Equity in losses of unconsolidated entities									(62)	309	(4)
Less: Interest expense									(77,684)	(40,683)	(23,142)
Less: Acquisition and transaction expenses									(12,097)	(6,653)	(6,865)
Less: Provision for income taxes									0	93	54
Net income (loss) attributable to shareholders from continuing operations									$ (156,450)	$ (91,449)	$ (58,738)

REVENUES (Lease Revenue) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Operating leases
2020	$ 183,004
2021	121,447
2022	78,808
2023	48,705
2024	33,352
Thereafter	14,815
Total	480,131
Finance leases
2020	1,611
2021	1,291
2022	897
2023	274
2024	0
Thereafter	0
Total	$ 4,073

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	May 31, 2015	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 28, 2018	Jun. 21, 2018
Related Party Transaction [Line Items]
Related party fees			$ 36,059,000	$ 15,726,000	$ 15,732,000
Price for minority interest held in our aviation segment		$ 3,700,000
General Partner
Related Party Transaction [Line Items]
Ownership percentage by manager	0.05%
Related party fees			36,059,000	15,726,000	15,732,000
Manager
Related Party Transaction [Line Items]
Management fee percentage rate	1.50%
Related party fees			14,416,000	16,563,000	14,359,000
Due from affiliates			$ 0	0
Fortress Worldwide Transportation and Infrastructure Master GP LLP
Related Party Transaction [Line Items]
Incentive distribution percentage	10.00%		10.00%
Cumulative preferred return			10.00%
Accrued management fees
Related Party Transaction [Line Items]
Management fee payable			$ 1,410,000	1,263,000
Other payables
Related Party Transaction [Line Items]
Management fee payable			21,992,000	3,965,000
Management fees \| General Partner
Related Party Transaction [Line Items]
Related party fees			14,828,000	15,319,000	15,218,000
Income Incentive Allocation \| General Partner
Related Party Transaction [Line Items]
Related party fees			0	0	0
Capital gains incentive allocation \| General Partner
Related Party Transaction [Line Items]
Related party fees			21,231,000	407,000	514,000
General and administrative expense \| Manager
Related Party Transaction [Line Items]
Related party fees			11,017,000	9,910,000	8,064,000
Acquisition and transaction expenses \| Manager
Related Party Transaction [Line Items]
Related party fees			3,399,000	$ 6,653,000	6,295,000
Bond Purchase Agreement Guarantee Fees
Related Party Transaction [Line Items]
Management fee			$ 1,700,000
Threshold 1 \| Income Incentive Allocation
Related Party Transaction [Line Items]
Percent of pre-incentive allocation net income	0.00%
Quarterly percent of pre-incentive allocation net income	2.00%
Annual percent of pre-incentive allocation net income			8.00%
Threshold 2 \| Income Incentive Allocation
Related Party Transaction [Line Items]
Percent of pre-incentive allocation net income	100.00%
Threshold 2 \| Income Incentive Allocation \| Minimum
Related Party Transaction [Line Items]
Quarterly percent of pre-incentive allocation net income	2.00%
Threshold 2 \| Income Incentive Allocation \| Maximum
Related Party Transaction [Line Items]
Quarterly percent of pre-incentive allocation net income	2.2223%
Threshold 3 \| Income Incentive Allocation
Related Party Transaction [Line Items]
Percent of pre-incentive allocation net income	10.00%
Quarterly percent of pre-incentive allocation net income	2.2223%
Jefferson Terminal \| Manager
Related Party Transaction [Line Items]
Non-controlling interest ownership percentage			20.00%	20.00%			20.00%
Non-controlling interest by private equity fund			$ 33,700,000	$ 51,100,000
Net loss attributable to non-controlling interests in consolidated subsidiaries			$ 17,357,000	$ 13,436,000	$ 8,662,000
Number of shares available to convert (in shares)						1.9

DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of Derivative Instruments) (Details) - Crude oil forwards (BBL) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Notional Amount	$ 150	$ 3,225
Fair Value of Assets	181	7,470
Fair Value of Liabilities	$ 0	$ (925)
Minimum
Derivatives, Fair Value [Line Items]
Term	1 month	1 month
Maximum
Derivatives, Fair Value [Line Items]
Term	2 months	12 months