fip-20220930
00018998832022falseQ312/3100018998832022-01-012022-09-3000018998832022-10-31xbrli:shares00018998832022-09-30iso4217:USD00018998832021-12-31iso4217:USDxbrli:shares00018998832022-07-012022-09-3000018998832021-07-012021-09-3000018998832021-01-012021-09-300001899883us-gaap:MemberUnitsMember2021-12-310001899883us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001899883us-gaap:NoncontrollingInterestMember2021-12-310001899883us-gaap:MemberUnitsMember2022-01-012022-06-300001899883us-gaap:NoncontrollingInterestMember2022-01-012022-06-3000018998832022-01-012022-06-300001899883us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001899883us-gaap:CommonStockMember2022-06-300001899883us-gaap:MemberUnitsMember2022-06-300001899883us-gaap:AdditionalPaidInCapitalMember2022-06-300001899883us-gaap:RetainedEarningsMember2022-06-300001899883us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001899883us-gaap:NoncontrollingInterestMember2022-06-3000018998832022-06-300001899883us-gaap:MemberUnitsMember2022-07-012022-09-300001899883us-gaap:RetainedEarningsMember2022-07-012022-09-300001899883us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001899883us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001899883us-gaap:CommonStockMember2022-07-012022-09-300001899883us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001899883us-gaap:CommonStockMember2022-09-300001899883us-gaap:MemberUnitsMember2022-09-300001899883us-gaap:AdditionalPaidInCapitalMember2022-09-300001899883us-gaap:RetainedEarningsMember2022-09-300001899883us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001899883us-gaap:NoncontrollingInterestMember2022-09-300001899883us-gaap:MemberUnitsMember2020-12-310001899883us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001899883us-gaap:NoncontrollingInterestMember2020-12-3100018998832020-12-310001899883us-gaap:MemberUnitsMember2021-01-012021-06-300001899883us-gaap:NoncontrollingInterestMember2021-01-012021-06-3000018998832021-01-012021-06-300001899883us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001899883us-gaap:MemberUnitsMember2021-06-300001899883us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001899883us-gaap:NoncontrollingInterestMember2021-06-3000018998832021-06-300001899883us-gaap:MemberUnitsMember2021-07-012021-09-300001899883us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001899883us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001899883us-gaap:MemberUnitsMember2021-09-300001899883us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001899883us-gaap:NoncontrollingInterestMember2021-09-3000018998832021-09-300001899883fip:RailroadMember2022-01-012022-09-30fip:freightRailroadfip:switchingCompanyfip:segment00018998832022-08-01xbrli:pure0001899883fip:DelawareRiverPartnersMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-09-300001899883fip:DelawareRiverPartnersMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-09-300001899883fip:DelawareRiverPartnersMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-09-300001899883fip:DelawareRiverPartnersMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-310001899883us-gaap:OtherAssetsMember2022-09-300001899883us-gaap:OtherAssetsMember2021-12-310001899883fip:RailcarsandLocomotivesMembersrt:MinimumMember2022-01-012022-09-300001899883srt:MaximumMemberfip:RailcarsandLocomotivesMember2022-01-012022-09-300001899883fip:RailroadTrackandRelatedAssetsMembersrt:MinimumMember2022-01-012022-09-300001899883srt:MaximumMemberfip:RailroadTrackandRelatedAssetsMember2022-01-012022-09-300001899883srt:MinimumMemberfip:BridgesAndTunnelsMember2022-01-012022-09-300001899883srt:MaximumMemberfip:BridgesAndTunnelsMember2022-01-012022-09-300001899883fip:BuildingsandSiteImprovementsMembersrt:MinimumMember2022-01-012022-09-300001899883fip:BuildingsandSiteImprovementsMembersrt:MaximumMember2022-01-012022-09-300001899883fip:RailroadEquipmentMembersrt:MinimumMember2022-01-012022-09-300001899883srt:MaximumMemberfip:RailroadEquipmentMember2022-01-012022-09-300001899883fip:TerminalMachineryAndEquipmentMembersrt:MinimumMember2022-01-012022-09-300001899883fip:TerminalMachineryAndEquipmentMembersrt:MaximumMember2022-01-012022-09-300001899883us-gaap:VehiclesMembersrt:MinimumMember2022-01-012022-09-300001899883srt:MaximumMemberus-gaap:VehiclesMember2022-01-012022-09-300001899883us-gaap:FurnitureAndFixturesMembersrt:MinimumMember2022-01-012022-09-300001899883srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2022-01-012022-09-300001899883srt:MinimumMemberus-gaap:ComputerEquipmentMember2022-01-012022-09-300001899883srt:MaximumMemberus-gaap:ComputerEquipmentMember2022-01-012022-09-3000018998832021-10-01utr:bbl0001899883us-gaap:MeasurementInputDiscountRateMemberus-gaap:GoodwillMember2021-12-310001899883us-gaap:GoodwillMemberfip:MeasurementInputGrowthRateMember2021-12-310001899883srt:MinimumMember2022-01-012022-09-300001899883srt:MaximumMember2022-01-012022-09-3000018998832021-01-012021-12-310001899883fip:CarbonFreeMember2022-09-300001899883fip:CarbonFreeMember2021-12-310001899883fip:RailroadMember2022-09-300001899883fip:RailroadMember2021-12-310001899883fip:CustomerAMemberus-gaap:SalesRevenueSegmentMemberfip:RailroadMemberus-gaap:CustomerConcentrationRiskMember2022-07-012022-09-300001899883fip:CustomerAMemberus-gaap:SalesRevenueSegmentMemberfip:RailroadMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-09-300001899883fip:CustomerAMemberus-gaap:SalesRevenueSegmentMemberfip:JeffersonTerminalMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-09-300001899883fip:CustomerAMemberus-gaap:SalesRevenueSegmentMemberfip:JeffersonTerminalMemberus-gaap:CustomerConcentrationRiskMember2021-07-012021-09-300001899883fip:CustomerAMemberus-gaap:SalesRevenueSegmentMemberfip:JeffersonTerminalMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-09-300001899883fip:CustomerAMemberus-gaap:SalesRevenueSegmentMemberfip:RailroadMemberus-gaap:CustomerConcentrationRiskMember2021-07-012021-09-300001899883fip:CustomerAMemberus-gaap:SalesRevenueSegmentMemberfip:RailroadMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-09-300001899883us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMemberfip:TwoCustomersMember2022-01-012022-09-300001899883us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMemberfip:TwoCustomersMember2021-01-012021-12-310001899883fip:RailroadMember2021-07-280001899883fip:RailroadMember2021-07-282021-07-280001899883fip:RailroadMember2021-07-012021-09-300001899883fip:RailroadMember2021-01-012021-09-300001899883fip:BridgeLoansMember2021-07-280001899883fip:RailcarsandLocomotivesMemberfip:RailroadMembersrt:MinimumMember2021-07-282021-07-280001899883srt:MaximumMemberfip:RailcarsandLocomotivesMemberfip:RailroadMember2021-07-282021-07-280001899883fip:RailcarsandLocomotivesMemberfip:RailroadMember2021-07-280001899883fip:RailroadTrackandRelatedAssetsMemberfip:RailroadMembersrt:MinimumMember2021-07-282021-07-280001899883srt:MaximumMemberfip:RailroadTrackandRelatedAssetsMemberfip:RailroadMember2021-07-282021-07-280001899883fip:RailroadTrackandRelatedAssetsMemberfip:RailroadMember2021-07-280001899883us-gaap:LandAndLandImprovementsMemberfip:RailroadMember2021-07-280001899883fip:BridgeAndTunnelsMemberfip:RailroadMembersrt:MinimumMember2021-07-282021-07-280001899883srt:MaximumMemberfip:BridgeAndTunnelsMemberfip:RailroadMember2021-07-282021-07-280001899883fip:BridgeAndTunnelsMemberfip:RailroadMember2021-07-280001899883us-gaap:BuildingAndBuildingImprovementsMemberfip:RailroadMembersrt:MinimumMember2021-07-282021-07-280001899883srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMemberfip:RailroadMember2021-07-282021-07-280001899883us-gaap:BuildingAndBuildingImprovementsMemberfip:RailroadMember2021-07-280001899883fip:RailroadEquipmentMemberfip:RailroadMembersrt:MinimumMember2021-07-282021-07-280001899883srt:MaximumMemberfip:RailroadEquipmentMemberfip:RailroadMember2021-07-282021-07-280001899883fip:RailroadEquipmentMemberfip:RailroadMember2021-07-280001899883fip:TerminalMachineryAndEquipmentMemberfip:RailroadMembersrt:MinimumMember2021-07-282021-07-280001899883fip:TerminalMachineryAndEquipmentMembersrt:MaximumMemberfip:RailroadMember2021-07-282021-07-280001899883fip:TerminalMachineryAndEquipmentMemberfip:RailroadMember2021-07-280001899883us-gaap:VehiclesMemberfip:RailroadMembersrt:MinimumMember2021-07-282021-07-280001899883srt:MaximumMemberus-gaap:VehiclesMemberfip:RailroadMember2021-07-282021-07-280001899883us-gaap:VehiclesMemberfip:RailroadMember2021-07-280001899883us-gaap:ConstructionInProgressMemberfip:RailroadMember2021-07-280001899883fip:RailroadMembersrt:MinimumMemberus-gaap:ComputerEquipmentMember2021-07-282021-07-280001899883srt:MaximumMemberfip:RailroadMemberus-gaap:ComputerEquipmentMember2021-07-282021-07-280001899883fip:RailroadMemberus-gaap:ComputerEquipmentMember2021-07-280001899883fip:LeasingEquipmentMember2022-09-300001899883fip:LeasingEquipmentMember2021-12-310001899883fip:LeasingEquipmentMember2022-07-012022-09-300001899883fip:LeasingEquipmentMember2021-07-012021-09-300001899883fip:LeasingEquipmentMember2022-01-012022-09-300001899883fip:LeasingEquipmentMember2021-01-012021-09-300001899883us-gaap:LandAndLandImprovementsMember2022-09-300001899883us-gaap:LandAndLandImprovementsMember2021-12-310001899883us-gaap:ConstructionInProgressMember2022-09-300001899883us-gaap:ConstructionInProgressMember2021-12-310001899883us-gaap:BuildingAndBuildingImprovementsMember2022-09-300001899883us-gaap:BuildingAndBuildingImprovementsMember2021-12-310001899883fip:BridgesAndTunnelsMember2022-09-300001899883fip:BridgesAndTunnelsMember2021-12-310001899883us-gaap:EnergyEquipmentMember2022-09-300001899883us-gaap:EnergyEquipmentMember2021-12-310001899883fip:RailroadTrackandRelatedAssetsMember2022-09-300001899883fip:RailroadTrackandRelatedAssetsMember2021-12-310001899883fip:RailroadEquipmentMember2022-09-300001899883fip:RailroadEquipmentMember2021-12-310001899883fip:RailcarsandLocomotivesMember2022-09-300001899883fip:RailcarsandLocomotivesMember2021-12-310001899883fip:ComputerHardwareandSoftwareMember2022-09-300001899883fip:ComputerHardwareandSoftwareMember2021-12-310001899883us-gaap:FurnitureAndFixturesMember2022-09-300001899883us-gaap:FurnitureAndFixturesMember2021-12-310001899883us-gaap:VehiclesMember2022-09-300001899883us-gaap:VehiclesMember2021-12-310001899883fip:IntermodalFinanceILtdMember2022-09-300001899883fip:IntermodalFinanceILtdMember2021-12-310001899883fip:LongRidgeMember2022-09-300001899883fip:LongRidgeMember2021-12-310001899883fip:FYXInvestmentMember2022-09-300001899883fip:FYXInvestmentMember2021-12-310001899883fip:GMFTAIHoldcoLLCMember2022-09-300001899883fip:GMFTAIHoldcoLLCMember2021-12-310001899883fip:CleanPlanetEnergyUSALLCMember2022-09-300001899883fip:CleanPlanetEnergyUSALLCMember2021-12-310001899883us-gaap:OtherLiabilitiesMemberfip:LongRidgeMember2022-09-300001899883us-gaap:OtherLiabilitiesMemberfip:LongRidgeMember2021-12-310001899883fip:IntermodalFinanceILtdMember2022-07-012022-09-300001899883fip:IntermodalFinanceILtdMember2021-07-012021-09-300001899883fip:IntermodalFinanceILtdMember2022-01-012022-09-300001899883fip:IntermodalFinanceILtdMember2021-01-012021-09-300001899883fip:LongRidgeMember2022-07-012022-09-300001899883fip:LongRidgeMember2021-07-012021-09-300001899883fip:LongRidgeMember2022-01-012022-09-300001899883fip:LongRidgeMember2021-01-012021-09-300001899883fip:GMFTAIHoldcoLLCMember2022-07-012022-09-300001899883fip:GMFTAIHoldcoLLCMember2021-07-012021-09-300001899883fip:GMFTAIHoldcoLLCMember2022-01-012022-09-300001899883fip:GMFTAIHoldcoLLCMember2021-01-012021-09-300001899883fip:CleanPlanetEnergyUSALLCMember2022-07-012022-09-300001899883fip:CleanPlanetEnergyUSALLCMember2021-07-012021-09-300001899883fip:CleanPlanetEnergyUSALLCMember2022-01-012022-09-300001899883fip:CleanPlanetEnergyUSALLCMember2021-01-012021-09-300001899883fip:IntermodalFinanceILtdMember2012-12-3100018998832012-01-012012-12-31fip:shippingContainer0001899883fip:LongRidgeMember2019-12-012019-12-310001899883fip:LongRidgeMember2022-09-300001899883fip:LongRidgeMember2021-12-310001899883fip:LongRidgeMember2022-07-012022-09-300001899883fip:LongRidgeMember2021-07-012021-09-300001899883fip:LongRidgeMember2022-01-012022-09-300001899883fip:LongRidgeMember2021-01-012021-09-300001899883us-gaap:CommonClassAMemberfip:GMFTAIHoldcoLLCMember2021-09-300001899883us-gaap:CommonClassBMemberfip:GMFTAIHoldcoLLCMember2021-09-300001899883fip:GMFTAIHoldcoLLCMember2021-09-012021-09-300001899883fip:GladieuxMetalsRecyclingGMRMemberfip:GMFTAIHoldcoLLCMember2021-09-300001899883fip:AleonRenewableMetalsLLCAleonMemberfip:GMFTAIHoldcoLLCMember2021-09-300001899883us-gaap:CommonClassAMemberfip:GladieuxMetalsRecyclingGMRMemberfip:GMFTAIHoldcoLLCMember2021-09-300001899883us-gaap:CommonClassBMemberfip:GMFTAIHoldcoLLCMemberfip:AleonRenewableMetalsLLCAleonMember2021-09-300001899883us-gaap:CommonClassAMemberfip:GMFTAIHoldcoLLCMember2022-06-150001899883fip:GladieuxMetalsRecyclingGMRMemberfip:GMFTAIHoldcoLLCMember2022-09-300001899883fip:AleonRenewableMetalsLLCAleonMemberfip:GMFTAIHoldcoLLCMember2022-09-300001899883fip:CleanPlanetEnergyUSALLCMember2021-11-300001899883fip:CleanPlanetEnergyUSALLCMember2021-11-012021-11-300001899883fip:FYXInvestmentMember2020-07-310001899883fip:FYXInvestmentMember2022-05-310001899883fip:FYXInvestmentMember2022-05-012022-05-310001899883fip:FYXInvestmentMember2022-09-300001899883fip:FYXInvestmentMember2022-05-310001899883us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2022-05-012022-09-300001899883fip:FYXInvestmentMember2022-05-012022-09-300001899883fip:JeffersonTerminalMember2022-09-300001899883fip:JeffersonTerminalMember2021-12-310001899883fip:DepreciationandAmortizationMember2022-07-012022-09-300001899883fip:DepreciationandAmortizationMember2021-07-012021-09-300001899883fip:DepreciationandAmortizationMember2022-01-012022-09-300001899883fip:DepreciationandAmortizationMember2021-01-012021-09-300001899883fip:DRPRevolverMemberus-gaap:LoansPayableMember2022-09-300001899883fip:DRPRevolverMemberus-gaap:LoansPayableMember2022-01-012022-09-300001899883fip:DRPRevolverMemberus-gaap:EurodollarMemberus-gaap:LoansPayableMember2022-01-012022-09-300001899883fip:DRPRevolverMemberus-gaap:LoansPayableMember2021-12-310001899883fip:EB5LoanAgreementMemberus-gaap:LoansPayableMember2022-09-300001899883fip:EB5LoanAgreementMemberus-gaap:LoansPayableMember2021-12-310001899883us-gaap:LoansPayableMember2022-09-300001899883us-gaap:LoansPayableMember2021-12-310001899883fip:Series2020BondsMemberus-gaap:CorporateBondSecuritiesMember2022-09-300001899883fip:Series2020BondsDue2035Memberus-gaap:CorporateBondSecuritiesMember2022-09-300001899883fip:Series2020BondsDue2050Memberus-gaap:CorporateBondSecuritiesMember2022-09-300001899883fip:Series2020BondsDue2025Memberus-gaap:CorporateBondSecuritiesMember2022-09-300001899883fip:Series2020BondsMemberus-gaap:CorporateBondSecuritiesMember2021-12-310001899883fip:Series2021BondsMemberus-gaap:CorporateBondSecuritiesMember2022-09-300001899883fip:Series2021ABondsDue2026Through2041Memberus-gaap:CorporateBondSecuritiesMember2022-09-300001899883us-gaap:CorporateBondSecuritiesMemberfip:Series2021ABondsDue2050Member2022-09-300001899883fip:Series2021BBondsMemberus-gaap:CorporateBondSecuritiesMember2022-09-300001899883fip:Series2021BondsMemberus-gaap:CorporateBondSecuritiesMember2021-12-310001899883us-gaap:CorporateBondSecuritiesMemberfip:SeniorNotesDue2027Member2022-09-300001899883us-gaap:CorporateBondSecuritiesMemberfip:SeniorNotesDue2027Member2021-12-310001899883us-gaap:CorporateBondSecuritiesMember2022-09-300001899883us-gaap:CorporateBondSecuritiesMember2021-12-310001899883us-gaap:CorporateBondSecuritiesMemberfip:SeniorNotesDue2027Member2022-08-010001899883us-gaap:MarketApproachValuationTechniqueMember2022-09-300001899883us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel1Member2022-09-300001899883us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel2Member2022-09-300001899883us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2022-09-300001899883us-gaap:IncomeApproachValuationTechniqueMember2022-09-300001899883us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel1Member2022-09-300001899883us-gaap:FairValueInputsLevel2Memberus-gaap:IncomeApproachValuationTechniqueMember2022-09-300001899883us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2022-09-300001899883us-gaap:FairValueInputsLevel1Member2022-09-300001899883us-gaap:FairValueInputsLevel2Member2022-09-300001899883us-gaap:FairValueInputsLevel3Member2022-09-300001899883us-gaap:MarketApproachValuationTechniqueMember2021-12-310001899883us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel1Member2021-12-310001899883us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel2Member2021-12-310001899883us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2021-12-310001899883us-gaap:IncomeApproachValuationTechniqueMember2021-12-310001899883us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel1Member2021-12-310001899883us-gaap:FairValueInputsLevel2Memberus-gaap:IncomeApproachValuationTechniqueMember2021-12-310001899883us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2021-12-310001899883us-gaap:FairValueInputsLevel1Member2021-12-310001899883us-gaap:FairValueInputsLevel2Member2021-12-310001899883us-gaap:FairValueInputsLevel3Member2021-12-310001899883us-gaap:EstimateOfFairValueFairValueDisclosureMemberfip:SeriesA2020BondsMember2022-09-300001899883us-gaap:EstimateOfFairValueFairValueDisclosureMemberfip:SeriesA2020BondsMember2021-12-310001899883us-gaap:EstimateOfFairValueFairValueDisclosureMemberfip:SeriesB2020BondsMember2022-09-300001899883us-gaap:EstimateOfFairValueFairValueDisclosureMemberfip:SeriesB2020BondsMember2021-12-310001899883us-gaap:EstimateOfFairValueFairValueDisclosureMemberfip:SeriesA2021BondsMember2022-09-300001899883us-gaap:EstimateOfFairValueFairValueDisclosureMemberfip:SeriesA2021BondsMember2021-12-310001899883us-gaap:EstimateOfFairValueFairValueDisclosureMemberfip:SeriesB2021BondsMember2022-09-300001899883us-gaap:EstimateOfFairValueFairValueDisclosureMemberfip:SeriesB2021BondsMember2021-12-310001899883us-gaap:EstimateOfFairValueFairValueDisclosureMemberfip:SeniorNotesDue2027Member2022-09-300001899883us-gaap:EstimateOfFairValueFairValueDisclosureMemberfip:SeniorNotesDue2027Member2021-12-310001899883srt:NaturalGasLiquidsReservesMember2022-01-012022-09-300001899883srt:NaturalGasLiquidsReservesMember2021-01-012021-12-310001899883srt:NaturalGasLiquidsReservesMember2022-09-300001899883srt:NaturalGasLiquidsReservesMember2021-12-310001899883srt:NaturalGasLiquidsReservesMembersrt:MinimumMember2022-01-012022-09-300001899883srt:MaximumMembersrt:NaturalGasLiquidsReservesMember2022-01-012022-09-300001899883srt:NaturalGasLiquidsReservesMembersrt:MinimumMember2021-01-012021-12-310001899883srt:MaximumMembersrt:NaturalGasLiquidsReservesMember2021-01-012021-12-310001899883us-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMemberfip:RailroadMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMemberfip:JeffersonTerminalMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMemberfip:RapaunoMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberus-gaap:LicenseAndServiceMember2022-07-012022-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMember2022-07-012022-09-300001899883us-gaap:LicenseAndServiceMemberus-gaap:CorporateNonSegmentMember2022-07-012022-09-300001899883us-gaap:LicenseAndServiceMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMemberfip:RailRevenueMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMemberfip:RailRevenueMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMemberfip:RailRevenueMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberfip:RailRevenueMember2022-07-012022-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberfip:RailRevenueMember2022-07-012022-09-300001899883us-gaap:CorporateNonSegmentMemberfip:RailRevenueMember2022-07-012022-09-300001899883fip:RailRevenueMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMemberus-gaap:ServiceOtherMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMemberus-gaap:ServiceOtherMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMemberus-gaap:ServiceOtherMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberus-gaap:ServiceOtherMember2022-07-012022-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMember2022-07-012022-09-300001899883us-gaap:CorporateNonSegmentMemberus-gaap:ServiceOtherMember2022-07-012022-09-300001899883us-gaap:ServiceOtherMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberfip:RailroadMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMemberus-gaap:ProductAndServiceOtherMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberfip:RapaunoMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberus-gaap:ProductAndServiceOtherMember2022-07-012022-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2022-07-012022-09-300001899883us-gaap:ProductAndServiceOtherMemberus-gaap:CorporateNonSegmentMember2022-07-012022-09-300001899883us-gaap:ProductAndServiceOtherMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMember2022-07-012022-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001899883us-gaap:CorporateNonSegmentMember2022-07-012022-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMemberfip:RailroadMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMemberfip:JeffersonTerminalMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMemberfip:RapaunoMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberus-gaap:LicenseAndServiceMember2021-07-012021-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMember2021-07-012021-09-300001899883us-gaap:LicenseAndServiceMemberus-gaap:CorporateNonSegmentMember2021-07-012021-09-300001899883us-gaap:LicenseAndServiceMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMemberfip:RailRevenueMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMemberfip:RailRevenueMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMemberfip:RailRevenueMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberfip:RailRevenueMember2021-07-012021-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberfip:RailRevenueMember2021-07-012021-09-300001899883us-gaap:CorporateNonSegmentMemberfip:RailRevenueMember2021-07-012021-09-300001899883fip:RailRevenueMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMemberus-gaap:ServiceOtherMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMemberus-gaap:ServiceOtherMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMemberus-gaap:ServiceOtherMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberus-gaap:ServiceOtherMember2021-07-012021-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMember2021-07-012021-09-300001899883us-gaap:CorporateNonSegmentMemberus-gaap:ServiceOtherMember2021-07-012021-09-300001899883us-gaap:ServiceOtherMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberfip:RailroadMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMemberus-gaap:ProductAndServiceOtherMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberfip:RapaunoMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberus-gaap:ProductAndServiceOtherMember2021-07-012021-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-07-012021-09-300001899883us-gaap:ProductAndServiceOtherMemberus-gaap:CorporateNonSegmentMember2021-07-012021-09-300001899883us-gaap:ProductAndServiceOtherMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMember2021-07-012021-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300001899883us-gaap:CorporateNonSegmentMember2021-07-012021-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMemberfip:RailroadMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMemberfip:JeffersonTerminalMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMemberfip:RapaunoMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberus-gaap:LicenseAndServiceMember2022-01-012022-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMember2022-01-012022-09-300001899883us-gaap:LicenseAndServiceMemberus-gaap:CorporateNonSegmentMember2022-01-012022-09-300001899883us-gaap:LicenseAndServiceMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMemberfip:RailRevenueMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMemberfip:RailRevenueMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMemberfip:RailRevenueMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberfip:RailRevenueMember2022-01-012022-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberfip:RailRevenueMember2022-01-012022-09-300001899883us-gaap:CorporateNonSegmentMemberfip:RailRevenueMember2022-01-012022-09-300001899883fip:RailRevenueMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMemberus-gaap:ServiceOtherMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMemberus-gaap:ServiceOtherMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMemberus-gaap:ServiceOtherMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberus-gaap:ServiceOtherMember2022-01-012022-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMember2022-01-012022-09-300001899883us-gaap:CorporateNonSegmentMemberus-gaap:ServiceOtherMember2022-01-012022-09-300001899883us-gaap:ServiceOtherMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberfip:RailroadMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberfip:RapaunoMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-09-300001899883us-gaap:ProductAndServiceOtherMemberus-gaap:CorporateNonSegmentMember2022-01-012022-09-300001899883us-gaap:ProductAndServiceOtherMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMember2022-01-012022-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001899883us-gaap:CorporateNonSegmentMember2022-01-012022-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMemberfip:RailroadMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMemberfip:JeffersonTerminalMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMemberfip:RapaunoMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberus-gaap:LicenseAndServiceMember2021-01-012021-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberus-gaap:LicenseAndServiceMember2021-01-012021-09-300001899883us-gaap:LicenseAndServiceMemberus-gaap:CorporateNonSegmentMember2021-01-012021-09-300001899883us-gaap:LicenseAndServiceMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMemberfip:RailRevenueMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMemberfip:RailRevenueMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMemberfip:RailRevenueMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberfip:RailRevenueMember2021-01-012021-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberfip:RailRevenueMember2021-01-012021-09-300001899883us-gaap:CorporateNonSegmentMemberfip:RailRevenueMember2021-01-012021-09-300001899883fip:RailRevenueMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMemberus-gaap:ServiceOtherMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMemberus-gaap:ServiceOtherMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMemberus-gaap:ServiceOtherMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberus-gaap:ServiceOtherMember2021-01-012021-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMember2021-01-012021-09-300001899883us-gaap:CorporateNonSegmentMemberus-gaap:ServiceOtherMember2021-01-012021-09-300001899883us-gaap:ServiceOtherMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberfip:RailroadMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMemberfip:RapaunoMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-09-300001899883us-gaap:ProductAndServiceOtherMemberus-gaap:CorporateNonSegmentMember2021-01-012021-09-300001899883us-gaap:ProductAndServiceOtherMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMember2021-01-012021-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMember2021-01-012021-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300001899883us-gaap:CorporateNonSegmentMember2021-01-012021-09-300001899883fip:NonqualifiedStockOptionAndIncentiveAwardPlanMember2022-08-010001899883us-gaap:RestrictedStockMember2022-07-012022-09-300001899883us-gaap:RestrictedStockMember2021-07-012021-09-300001899883us-gaap:RestrictedStockMember2022-01-012022-09-300001899883us-gaap:RestrictedStockMember2021-01-012021-09-300001899883us-gaap:RestrictedStockMember2022-09-300001899883us-gaap:StockCompensationPlanMember2022-07-012022-09-300001899883us-gaap:StockCompensationPlanMember2021-07-012021-09-300001899883us-gaap:StockCompensationPlanMember2022-01-012022-09-300001899883us-gaap:StockCompensationPlanMember2021-01-012021-09-300001899883us-gaap:StockCompensationPlanMember2022-09-300001899883us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001899883us-gaap:PerformanceSharesMember2022-01-012022-09-300001899883us-gaap:EmployeeStockOptionMember2022-08-01utr:Rate0001899883us-gaap:PensionPlansDefinedBenefitMember2022-07-012022-09-300001899883us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-07-012022-09-300001899883us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-09-300001899883us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-09-3000018998832022-07-310001899883srt:AffiliatedEntityMember2022-01-012022-09-300001899883fip:Threshold1Memberfip:FortressWorldwideTransportationandInfrastructureMasterGPLLPMemberfip:IncomeIncentiveAllocationMember2022-01-012022-09-300001899883fip:Threshold2Memberfip:FortressWorldwideTransportationandInfrastructureMasterGPLLPMemberfip:IncomeIncentiveAllocationMembersrt:MinimumMember2022-01-012022-09-300001899883fip:Threshold2Memberfip:FortressWorldwideTransportationandInfrastructureMasterGPLLPMemberfip:IncomeIncentiveAllocationMember2022-01-012022-09-300001899883fip:Threshold2Memberfip:FortressWorldwideTransportationandInfrastructureMasterGPLLPMembersrt:MaximumMemberfip:IncomeIncentiveAllocationMember2022-01-012022-09-300001899883fip:FortressWorldwideTransportationandInfrastructureMasterGPLLPMemberfip:Threshold3Memberfip:IncomeIncentiveAllocationMember2022-01-012022-09-300001899883fip:FortressWorldwideTransportationandInfrastructureMasterGPLLPMember2022-09-300001899883us-gaap:GeneralPartnerMemberfip:PostIPOManagementFeesMember2022-07-012022-09-300001899883us-gaap:GeneralPartnerMemberfip:PostIPOManagementFeesMember2021-07-012021-09-300001899883us-gaap:GeneralPartnerMemberfip:PostIPOManagementFeesMember2022-01-012022-09-300001899883us-gaap:GeneralPartnerMemberfip:PostIPOManagementFeesMember2021-01-012021-09-300001899883fip:IncomeIncentiveAllocationMemberus-gaap:GeneralPartnerMember2022-07-012022-09-300001899883fip:IncomeIncentiveAllocationMemberus-gaap:GeneralPartnerMember2021-07-012021-09-300001899883fip:IncomeIncentiveAllocationMemberus-gaap:GeneralPartnerMember2022-01-012022-09-300001899883fip:IncomeIncentiveAllocationMemberus-gaap:GeneralPartnerMember2021-01-012021-09-300001899883fip:CapitalGainsIncentiveAllocationMemberus-gaap:GeneralPartnerMember2022-07-012022-09-300001899883fip:CapitalGainsIncentiveAllocationMemberus-gaap:GeneralPartnerMember2021-07-012021-09-300001899883fip:CapitalGainsIncentiveAllocationMemberus-gaap:GeneralPartnerMember2022-01-012022-09-300001899883fip:CapitalGainsIncentiveAllocationMemberus-gaap:GeneralPartnerMember2021-01-012021-09-300001899883us-gaap:GeneralPartnerMember2022-07-012022-09-300001899883us-gaap:GeneralPartnerMember2021-07-012021-09-300001899883us-gaap:GeneralPartnerMember2022-01-012022-09-300001899883us-gaap:GeneralPartnerMember2021-01-012021-09-300001899883us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:GeneralPartnerMember2022-07-012022-09-300001899883us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:GeneralPartnerMember2021-07-012021-09-300001899883us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:GeneralPartnerMember2022-01-012022-09-300001899883us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:GeneralPartnerMember2021-01-012021-09-300001899883us-gaap:GeneralPartnerMemberfip:AcquisitionandTransactionExpensesMember2022-07-012022-09-300001899883us-gaap:GeneralPartnerMemberfip:AcquisitionandTransactionExpensesMember2021-07-012021-09-300001899883us-gaap:GeneralPartnerMemberfip:AcquisitionandTransactionExpensesMember2022-01-012022-09-300001899883us-gaap:GeneralPartnerMemberfip:AcquisitionandTransactionExpensesMember2021-01-012021-09-300001899883srt:AffiliatedEntityMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2022-09-300001899883srt:AffiliatedEntityMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2021-12-310001899883fip:ManagementFeesMembersrt:AffiliatedEntityMember2022-09-300001899883fip:ManagementFeesMembersrt:AffiliatedEntityMember2021-12-310001899883fip:JeffersonTerminalMember2021-12-310001899883fip:JeffersonTerminalMember2022-09-300001899883fip:JeffersonTerminalMember2022-07-012022-09-300001899883fip:JeffersonTerminalMember2021-07-012021-09-300001899883fip:JeffersonTerminalMember2022-01-012022-09-300001899883fip:JeffersonTerminalMember2021-01-012021-09-300001899883fip:RepaunoMember2022-09-30utr:acre0001899883fip:LongRidgeMember2022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMember2022-09-300001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMember2022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMember2022-09-300001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMember2022-09-300001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMember2022-09-300001899883us-gaap:CorporateNonSegmentMember2022-09-300001899883us-gaap:OperatingSegmentsMemberfip:RailroadMember2021-12-310001899883us-gaap:OperatingSegmentsMemberfip:JeffersonTerminalMember2021-12-310001899883us-gaap:OperatingSegmentsMemberfip:RapaunoMember2021-12-310001899883us-gaap:OperatingSegmentsMemberfip:PowerAndGasMember2021-12-310001899883fip:SustainabilityMemberus-gaap:OperatingSegmentsMember2021-12-310001899883us-gaap:CorporateNonSegmentMember2021-12-310001899883us-gaap:SeriesAPreferredStockMember2022-08-012022-08-010001899883us-gaap:SeriesAPreferredStockMember2022-08-010001899883fip:SeriesIAndIIWarrantsMember2022-08-010001899883us-gaap:EmployeeStockOptionMember2022-08-012022-08-01fip:vote0001899883us-gaap:SeriesAPreferredStockMemberfip:TemporaryEquityRedemptionPeriodOneMember2022-08-010001899883us-gaap:SeriesAPreferredStockMemberfip:TemporaryEquityRedemptionPeriodTwoMember2022-08-010001899883us-gaap:SeriesAPreferredStockMemberfip:TemporaryEquityRedemptionPeriodThreeMember2022-08-010001899883fip:SeriesIWarrantMember2022-08-010001899883fip:SeriesIIWarrantMember2022-08-010001899883fip:RepaunoMember2021-01-012021-12-310001899883fip:RepaunoMember2022-01-012022-09-300001899883srt:MinimumMember2022-06-300001899883us-gaap:SubsequentEventMember2022-10-312022-10-310001899883us-gaap:SubsequentEventMember2022-10-31

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____
Commission file number 001-41370

https://cdn.kscope.io/54d2d12c3a039faace7fa03e8689d38d-fip-20220930_g1.jpg

FTAI INFRASTRUCTURE INC.
(Exact name of registrant as specified in its charter)
Delaware87-4407005
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1345 Avenue of the Americas, 45th FloorNew YorkNY10105
(Address of principal executive offices)(Zip Code)

(Registrant’s telephone number, including area code) (212) 798-6100
(Former name, former address and former fiscal year, if changed since last report) N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading Symbol:Name of exchange on which registered:
Common Stock, par value $0.01 per shareFIPThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerþ
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No þ
As of October 31, 2022, the number of outstanding shares of the registrant’s common stock was 99,387,467 shares.



FORWARD-LOOKING STATEMENTS AND RISK FACTORS SUMMARY
This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but instead are based on our present beliefs and assumptions and on information currently available to us. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “target,” “projects,” “contemplates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this report are based upon our historical performance and on our current plans, estimates and expectations in light of information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us, that the future plans, estimates or expectations contemplated by us will be achieved.
Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. The following is a summary of the principal risk factors that make investing in our securities risky and may materially adversely affect our business, financial condition, results of operations and cash flows. This summary should be read in conjunction with the more complete discussion of the risk factors we face, which are set forth in Part II, Item 1A. “Risk Factors” of this report. We believe that these factors include, but are not limited to:
our ability to successfully operate as a standalone public company;
changes in economic conditions generally and specifically in our industry sectors, and other risks relating to the global economy, including, but not limited to, the Russia-Ukraine conflict, the ongoing COVID-19 pandemic and other public health crises, and any related responses or actions by businesses and governments;
reductions in cash flows received from our assets;
our ability to take advantage of acquisition opportunities at favorable prices;
a lack of liquidity surrounding our assets, which could impede our ability to vary our portfolio in an appropriate manner;
the relative spreads between the yield on the assets we acquire and the cost of financing;
adverse changes in the financing markets we access affecting our ability to finance our acquisitions;
customer defaults on their obligations;
our ability to renew existing contracts and enter into new contracts with existing or potential customers;
the availability and cost of capital for future acquisitions;
concentration of a particular type of asset or in a particular sector;
competition within the rail, energy and intermodal transport sectors;
the competitive market for acquisition opportunities;
risks related to operating through joint ventures, partnerships, consortium arrangements or other collaborations with third parties;
our ability to successfully integrate acquired businesses;
obsolescence of our assets or our ability to sell our assets;
exposure to uninsurable losses and force majeure events;
infrastructure operations and maintenance may require substantial capital expenditures;
the legislative/regulatory environment and exposure to increased economic regulation;
exposure to the oil and gas industry’s volatile oil and gas prices;
difficulties in obtaining effective legal redress in jurisdictions in which we operate with less developed legal systems;
our ability to maintain our exemption from registration under the Investment Company Act of 1940 and the fact that maintaining such exemption imposes limits on our operations;
our ability to successfully utilize leverage in connection with our investments;
foreign currency risk and risk management activities;
effectiveness of our internal control over financial reporting;
exposure to environmental risks, including natural disasters, increasing environmental legislation and the broader impacts of climate change;
changes in interest rates and/or credit spreads, as well as the success of any hedging strategy we may undertake in relation to such changes;
actions taken by national, state, or provincial governments, including nationalization, or the imposition of new taxes, could materially impact the financial performance or value of our assets;
our dependence on our Manager and its professionals and actual, potential or perceived conflicts of interest in our relationship with our Manager;
2



effects of the merger of Fortress Investment Group LLC with affiliates of SoftBank Group Corp.;
volatility in the market price of our shares;
the inability to pay dividends to our stockholders in the future; and
other risks described in the “Risk Factors” section of this report.
These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report. The forward-looking statements made in this report relate only to events as of the date on which the statements are made. We do not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.
If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.
3



FTAI INFRASTRUCTURE INC.
INDEX TO FORM 10-Q
PART I - FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


4


PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
FTAI INFRASTRUCTURE INC.
CONSOLIDATED AND COMBINED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share and per share data)

(Unaudited)
NotesSeptember 30, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents2$69,465 $49,872 
Restricted cash2127,166 251,983 
Accounts receivable, net278,136 50,301 
Other current assets277,769 60,828 
Total current assets352,536 412,984 
Leasing equipment, net435,183 36,012 
Operating lease right-of-use assets, net1270,567 71,547 
Property, plant, and equipment, net51,641,373 1,517,594 
Investments674,528 54,408 
Intangible assets, net762,081 67,737 
Goodwill2263,106 257,137 
Other assets226,094 24,882 
Total assets$2,525,468 $2,442,301 
Liabilities
Current liabilities:
Accounts payable and accrued liabilities2$150,857 $115,634 
Operating lease liabilities127,221 2,899 
Other current liabilities213,710 10,934 
Total current liabilities171,788 129,467 
Debt, net81,191,885 718,624 
Operating lease liabilities1262,410 67,505 
Other liabilities291,579 64,659 
Total liabilities1,717,662 980,255 
Commitments and contingencies20
Redeemable preferred stock ($0.01 par value per share; 200,000,000 shares authorized; 300,000 shares issued and outstanding as of September 30, 2022; redemption amount of $450 million at September 30, 2022)
18251,955  
Equity
Net Former Parent investment 1,617,601 
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 99,387,467 shares issued and outstanding as of September 30, 2022)
994  
Additional paid in capital929,088  
Accumulated deficit(14,368) 
Accumulated other comprehensive loss(342,125)(155,464)
Stockholders' and Former Parent Company equity573,589 1,462,137 
Non-controlling interest in equity of consolidated subsidiaries(17,738)(91)
Total equity555,851 1,462,046 
Total liabilities, redeemable preferred stock and equity$2,525,468 $2,442,301 
See accompanying notes to Consolidated and Combined Consolidated Financial Statements.
5


FTAI INFRASTRUCTURE INC.
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(Dollars in thousands, except share and per share data)
Three Months Ended September 30,Nine Months Ended September 30,
Notes2022202120222021
Revenues
Total revenues11$78,559 $36,788 $190,575 $72,674 
Expenses
Operating expenses260,934 32,088 148,231 66,206 
General and administrative3,208 2,508 8,136 6,173 
Acquisition and transaction expenses2,754 5,342 15,862 8,860 
Management fees and incentive allocation to affiliate162,659 3,829 9,885 11,244 
Depreciation and amortization4, 5, 718,136 17,131 52,451 38,900 
Total expenses87,691 60,898 234,565 131,383 
Other income (expense)
Equity in losses of unconsolidated entities6(12,080)(1,545)(47,982)(8,810)
(Loss) gain on sale of assets, net(134) (134)16 
Interest expense (19,161)(4,384)(32,106)(9,396)
Other expense(1,132)(6,244)(2,144)(6,855)
Total other expense(32,507)(12,173)(82,366)(25,045)
Loss before income taxes(41,639)(36,283)(126,356)(83,754)
Provision for (benefit from) income taxes151,555 (1,634)5,086 (2,755)
Net loss (43,194)(34,649)(131,442)(80,999)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries(8,381)(7,363)(24,327)(18,949)
Less: Dividends and accretion on redeemable preferred stock9,263  9,263  
Net loss attributable to Stockholders and Former Parent$(44,076)$(27,286)$(116,378)$(62,050)
Loss per share:19
Basic$(0.43)$(0.27)$(1.13)$(0.62)
Diluted$(0.43)$(0.27)$(1.13)$(0.62)
Weighted average shares outstanding:
Basic102,730,033 99,387,467 102,730,033 99,387,467 
Diluted102,730,033 99,387,467 102,730,033 99,387,467 


See accompanying notes to Consolidated and Combined Consolidated Financial Statements.
6


FTAI INFRASTRUCTURE INC.
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited)
(Dollars in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net loss$(43,194)$(34,649)$(131,442)$(80,999)
Other comprehensive loss:
Other comprehensive loss related to equity method investees, net (1)
(41,999)(57,373)(186,661)(78,921)
Comprehensive loss(85,193)(92,022)(318,103)(159,920)
Comprehensive loss attributable to non-controlling interest(8,381)(7,363)(24,327)(18,949)
Comprehensive loss attributable to Stockholders and Former Parent$(76,812)$(84,659)$(293,776)$(140,971)
________________________________________________________
(1) Net of deferred tax expense (benefit) of $ and $2,362 for the three months ended September 30, 2022 and 2021, respectively, and $ and $(1,271) for the nine months ended September 30, 2022 and 2021, respectively.



See accompanying notes to Consolidated and Combined Consolidated Financial Statements.
7


FTAI INFRASTRUCTURE INC.
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
(Dollars in thousands)

Three and Nine Months Ended September 30, 2022
Common SharesNet Former Parent InvestmentAdditional Paid In CapitalAccumulated DeficitAccumulated Other Comprehensive LossNon-Controlling Interest in Equity of Consolidated SubsidiariesTotal Equity
Equity - December 31, 2021$— $1,617,601 $— $— $(155,464)$(91)$1,462,046 
Net loss(72,302)(15,946)(88,248)
Other comprehensive loss(144,662)(144,662)
Total comprehensive loss (72,302)  (144,662)(15,946)(232,910)
Acquisition of consolidated subsidiary3,054 3,054 
Contributions from non-controlling interest562 562 
Net transfers from Former Parent 111,396 111,396 
Equity-based compensation1,665 1,665 
Equity - June 30, 2022$ $1,656,695 $ $ $(300,126)$(10,756)$1,345,813 
Net loss(20,445)(14,368)(8,381)(43,194)
Other comprehensive loss(41,999)(41,999)
Total comprehensive loss (20,445) (14,368)(41,999)(8,381)(85,193)
Net transfers to Former Parent(728,717)(728,717)
Distribution by Former Parent994 (907,533)906,539  
Contributions from non-controlling interests170 170 
Settlement of equity-based compensation(148)(148)
Issuance of warrants13,764 13,764 
Issuance of Manager options18,127 18,127 
Distribution to Manager(79)(79)
Dividends and accretion on redeemable preferred stock(9,263)(9,263)
Equity-based compensation1,377 1,377 
Equity - September 30, 2022$994 $ $929,088 $(14,368)$(342,125)$(17,738)$555,851 

8


FTAI INFRASTRUCTURE INC.
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
(Dollars in thousands)


Three and Nine Months Ended September 30, 2021
Net Former Parent InvestmentAccumulated Other Comprehensive Income (Loss)Non-Controlling Interest in Equity of Consolidated SubsidiariesTotal Equity
Equity - December 31, 2020$999,291 $(26,237)$22,343 $995,397 
Net loss(34,764)(11,586)(46,350)
Other comprehensive income(21,548)(21,548)
Total comprehensive (loss) income(34,764)(21,548)(11,586)(67,898)
Net transfers from Former Parent 121,577 121,577 
Equity-based compensation2,553 2,553 
Equity - June 30, 2021$1,086,104 $(47,785)$13,310 $1,051,629 
Net loss(27,286)(7,363)(34,649)
Other comprehensive loss(57,373)(57,373)
Total comprehensive loss(27,286)(57,373)(7,363)(92,022)
Net transfers from Former Parent572,750 572,750 
Equity-based compensation728 728 
Equity - September 30, 2021$1,631,568 $(105,158)$6,675 $1,533,085 


See accompanying notes to Consolidated and Combined Consolidated Financial Statements.
9


FTAI INFRASTRUCTURE INC.
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Dollars in thousands)
Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Net loss$(131,442)$(80,999)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses of unconsolidated entities47,982 8,810 
Loss (gain) on sale of assets, net134 (16)
Equity-based compensation3,042 3,281 
Depreciation and amortization52,451 38,900 
Change in deferred income taxes4,851 (2,920)
Change in fair value of non-hedge derivative(1,058)(1,979)
Amortization of deferred financing costs2,950 1,755 
Provision for (benefit from) credit losses418 (4)
Other899  
Change in:
 Accounts receivable(20,476)(62,265)
 Other assets(17,632)(25,237)
 Accounts payable and accrued liabilities23,199 46,510 
 Management fees payable to affiliate2,381  
 Other liabilities(5,390)4,368 
Net cash used in operating activities(37,691)(69,796)
Cash flows from investing activities:
Investment in unconsolidated entities(4,481)(54,499)
Investment in convertible promissory notes(20,000) 
Acquisition of business, net of cash acquired(3,819)(627,399)
Acquisition of property, plant and equipment(172,226)(97,505)
Proceeds from sale of property, plant and equipment5,656  
Net cash used in investing activities(194,870)(779,403)
Cash flows from financing activities:
Proceeds from debt482,375 451,100 
Payment of deferred financing costs(12,803)(13,007)
Proceeds from issuance of redeemable preferred stock291,000  
Redeemable preferred stock issuance costs(16,418) 
Distribution to Manager(79) 
Capital contribution from non-controlling interests732  
Net transfers (to) from Former Parent, net(617,322)694,327 
Settlement of equity-based compensation(148) 
Net cash provided by financing activities127,337 1,132,420 
Net (decrease) increase in cash and cash equivalents and restricted cash(105,224)283,221 
Cash and cash equivalents and restricted cash, beginning of period301,855 55,421 
Cash and cash equivalents and restricted cash, end of period$196,631 $338,642 
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of property, plant and equipment$(4,582)$(1,062)
Conversion of interests in unconsolidated subsidiaries(21,302) 
Dividends and accretion on redeemable preferred stock(9,263) 
Non-cash change in equity method investment(186,662)(78,921)

See accompanying notes to Consolidated and Combined Consolidated Financial Statements.
10


FTAI INFRASTRUCTURE INC.
NOTES TO CONSOLIDATED AND COMBINED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)

1. ORGANIZATION
FTAI Infrastructure Inc. (“we”, “us”, “our”, or the “Company”) is a Delaware corporation and was incorporated on December 13, 2021 in connection with the separation of the infrastructure business (“FTAI Infrastructure”) of Fortress Transportation and Infrastructure Investors LLC (the “Former Parent” or “FTAI”). The Company owns and operates (i) five freight railroads and one switching company that provide rail service to certain manufacturing and production facilities (“Transtar”), (ii) a multi-modal crude oil and refined products terminal in Beaumont, Texas (“Jefferson Terminal”), (iii) a deep-water port located along the Delaware River with an underground storage cavern, a multipurpose dock, a rail-to-ship transloading system and multiple industrial development opportunities (“Repauno”), (iv) an equity method investment in a multi-modal terminal located along the Ohio River with multiple industrial development opportunities, including a power plant (“Long Ridge”), and (v) an equity method investment in two ventures developing battery and metal recycling technology (“Aleon” and “Gladieux”). Additionally, we own and lease shipping containers (“Containers”) and operate a railcar cleaning business (“KRS”) as well as an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries (“FYX”). We have five reportable segments: (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas, and (v) Sustainability and Energy Transition, which all operate in the infrastructure sector (see Note 17). The Company is headquartered in New York, New York.
FTAI Infrastructure Spin-off
On July 11, 2022, the Former Parent announced that its Board of Directors unanimously approved the details and timing of the previously announced spin-off of its infrastructure business, which was contributed to or merged into the Company and resulted in the infrastructure business being considered as our predecessor. Prior to the spin-off, FTAI consisted of an equipment leasing business and an infrastructure business.
On August 1, 2022 (the “Separation Date”), FTAI distributed to the holders of FTAI common shares as of July 21, 2022, one share of FTAI Infrastructure Inc. common stock for each FTAI common share and we became an independent, publicly-traded company trading on The Nasdaq Global Select Market under the symbol “FIP.”
In connection with the spin-off, the Company made a payment to the Former Parent on the Separation Date from the proceeds of the issuance of new debt (see Note 8) and the Redeemable Preferred Stock raise (see Note 18). The Former Parent retained no ownership interest in the Company following the spin-off.
The Company entered into several agreements with the Former Parent and FIG LLC (the “Manager”), an affiliate of Fortress Investment Group LLC (“Fortress”) that, among other things, effect the separation and govern the relationship of the parties following the separation. The Company also entered into a management agreement with the Manager (the “Management Agreement”), with substantially the same terms as the previously held management agreement between the Former Parent and the Manager.
2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation: Unaudited Consolidated and Combined Consolidated Financial Statements
The Company’s financial statements for the periods through the Separation Date are Combined Consolidated Financial Statements. The Company’s financial statements for the period after the Separation Date through September 30, 2022 are Consolidated Financial Statements based on the reported results of FTAI Infrastructure Inc. as a standalone company.
The historical results of operations, financial position, and cash flows of FTAI Infrastructure represented in the Combined Consolidated Financial Statements may not be indicative of what they would have been had FTAI Infrastructure actually been a separate standalone entity during such periods, nor are they necessarily indicative of our future results of operations, financial position, and cash flows.
Basis of Presentation: Prior to spin-off
The Company’s financial statements for the periods through the Separation Date were prepared on a standalone basis as if the operations had been conducted independently from the Former Parent and have been derived from the consolidated financial statements and accounting records of the Former Parent. Accordingly, Former Parent’s net investment in our operations (Former Parent Company equity) was shown in lieu of stockholders’ equity in the accompanying Combined Consolidated Financial Statements, which include the historical operations, assets, and liabilities comprising the infrastructure business of FTAI.
Prior to the Separation Date, the Combined Consolidated Financial Statements include certain assets and liabilities that have historically been held by the Former Parent but are specifically identifiable or otherwise attributable to FTAI Infrastructure. All significant intercompany transactions between Former Parent and FTAI Infrastructure have been included as components of Net Former Parent investment in the Combined Consolidated Financial Statements, as they are to be considered effectively settled upon effectiveness of the separation.
11


FTAI INFRASTRUCTURE INC.
NOTES TO CONSOLIDATED AND COMBINED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
The Combined Consolidated Financial Statements are presented as if our businesses had been combined for all periods presented. The assets and liabilities in the Combined Consolidated Financial Statements have been reflected on a historical cost basis, as immediately prior to the separation, all of the assets and liabilities presented are owned by the Former Parent and are being transferred to us at a carry-over basis.
Principles of Combination—FTAI Infrastructure has elected the principles of Combined Consolidated Financial Statements as the basis of presentation for the periods through the Separation Date due to common ownership and management of the entities, which includes the financial results of the Railroad, Jefferson Terminal, Repauno, Power and Gas, and Sustainability and Energy Transition segments.
Cash and Cash Equivalents—The Cash and Cash Equivalents reflected in the financial statements through the Separation Date are Cash and Cash Equivalents that were legally held by FTAI Infrastructure during the periods presented in the financial statements and are directly attributed to and used in the operations of FTAI Infrastructure.
Debt and the Corresponding Interest ExpenseThe Debt reflected in the financial statements through the Separation Date is debt that is directly attributable to, and legally incurred by, FTAI Infrastructure. The corresponding interest expense presented in the financial statements is derived solely from the Debt directly attributed to FTAI Infrastructure.
Corporate Function—For the periods through the Separation Date, the Combined Consolidated Financial Statements include all revenues and costs directly attributable to FTAI Infrastructure and an allocation of certain expenses. The Former Parent is externally managed by the Manager, which performs the Former Parent’s corporate function, and incurs a variety of expenses including, but not limited to, information technology, accounting, treasury, tax, legal, corporate finance and communications. For purposes of the Combined Consolidated Statements of Operations, an allocation of these expenses is included to reflect our portion of such corporate overhead from the Former Parent. The charges reflected have either been specifically identified or allocated based on an estimate of time spent on FTAI Infrastructure. These allocated costs are recorded in general and administrative, and acquisition and transaction expenses in the Combined Consolidated Statements of Operations. We believe the assumptions regarding allocations of the Former Parent’s Corporate expenses are reasonable. Nevertheless, the allocations may not be indicative of the actual expense that would have been incurred had FTAI Infrastructure operated as an independent, standalone public entity, nor are they indicative of the Company’s future expenses. Actual costs that may have been incurred if FTAI Infrastructure had been a standalone company would depend on a number of factors, including the organizational structure, what functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure. The Former Parent funded FTAI Infrastructure’s operating and investing activities as needed. Cash transfers to and from the Former Parent are reflected in the Combined Consolidated Statements of Cash Flows as “Net transfers from Former Parent”. Refer to Note 16 for additional discussion on corporate costs allocated from the Former Parent that are included in these Combined Consolidated Financial Statements. Subsequent to the Separation Date, the Company operated as a standalone company based on actual expenses incurred.
Unaudited Interim Financial Information—The accompanying interim Consolidated Balance Sheet as of September 30, 2022, and the Consolidated and Combined Consolidated Statements of Operations, Comprehensive Loss, Changes in Equity and Cash Flows for the three and nine months ended September 30, 2022 and 2021 are unaudited. These unaudited interim Consolidated and Combined Consolidated Financial Statements have been prepared in accordance with U.S. GAAP. In the opinion of our management, the unaudited interim Consolidated and Combined Consolidated Financial Statements include all adjustments necessary for the fair presentation of our financial position as of September 30, 2022, the results of operations, comprehensive loss, changes in equity and cash flows for the three and nine months ended September 30, 2022 and 2021. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other period.
Principles of ConsolidationWe consolidate all entities in which we have a controlling financial interest and 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 as well as the proportionate interest in adjustments to other comprehensive income (loss).
Use of EstimatesThe preparation of financial statements in conformity with U.S. 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 and Combined Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period, including allocations from the Former Parent during the period prior to the spin-off. Actual results could differ from those estimates.
12


FTAI INFRASTRUCTURE INC.
NOTES TO CONSOLIDATED AND COMBINED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
Risks and UncertaintiesIn 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 the services offered by us or a lessee’s or customer’s ability to make payments. 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. We do not have significant exposure to foreign currency risk as all of our leasing and revenue arrangements are denominated in U.S. dollars.
Variable Interest Entities (“VIE”)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. Upon acquisition there were 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, 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 were the primary beneficiary; and accordingly, DRP has been presented on a consolidated basis in the accompanying Consolidated and Combined Consolidated Financial Statements. Total VIE assets of DRP were $322.0 million and $316.5 million, and total VIE liabilities of DRP were $43.8 million and $32.6 million as of September 30, 2022 and December 31, 2021, respectively.
Cash and Cash EquivalentsWe consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.
Restricted CashRestricted cash consists of prepaid interest and principal pursuant to the requirements of certain of our debt agreements (see Note 8) and other qualifying construction projects at Jefferson Terminal.
Other Current Assets—Other current assets is primarily comprised of commodities inventory of $4.6 million and $6.8 million, deposits of $28.6 million and $17.2 million, note receivable of $20.0 million and $7.5 million, prepaid expenses of $17.2 million and $17.4 million, and other assets of $7.4 million and $11.9 million as of September 30, 2022 and December 31, 2021, respectively.
Property, Plant, and Equipment, Leasing Equipment and DepreciationProperty, 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 their estimated useful lives, to estimated residual values which are summarized as follows:
AssetRange of Estimated Useful LivesResidual Value Estimates
Railcars and locomotives
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
Land, site improvements and rightsN/AN/A
Bridges and tunnels
15 - 55 years
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
2 - 5 years from date of purchase
None
Construction in progressN/AN/A
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. Project costs of major additions and betterments, including capitalizable engineering costs and other costs directly related to the development or construction of project, 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.
13


FTAI INFRASTRUCTURE INC.
NOTES TO CONSOLIDATED AND COMBINED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
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.
We, through our equity method investment in Long Ridge, have a working interest in various natural gas reserves located in southeastern Ohio.
Capitalized Interest—The interest cost associated with major development and construction projects 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 $2.6 million, $6.9 million, $2.5 million, and $5.9 million during the three and nine months ended September 30, 2022 and 2021, 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 were $3.9 million, $9.3 million, $1.6 million, and $3.3 million during the three and nine months ended September 30, 2022 and 2021, respectively, and are included in Operating expenses in the Consolidated and Combined 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 change in market conditions; or the introduction of newer technology. 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, 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 demand for a particular asset and historical experience, 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.
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, Transtar and FYX. The carrying amount of goodwill was approximately $263.1 million and $257.1 million as of September 30, 2022 and December 31, 2021, respectively.
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 goodwill impairment test is performed to identify potential goodwill impairment and measure an impairment loss. A qualitative analysis was not elected for the year ended December 31, 2021.
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 forecasted revenue growth rates, EBITDA margins, capital expenditures, the timing of future cash flows, 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.
In connection with our impairment analysis, 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 or other key inputs are negatively revised in the future, the estimated fair value of the reporting unit could be adversely impacted, potentially leading to an impairment in the future that could materially affect our operating results. The Jefferson Terminal reporting unit had an estimated fair value that exceeded its carrying value by more than 10% but less than 20% as of October 1, 2021. The Jefferson Terminal segment forecasted revenue is dependent on the ramp up of volumes under current and expected future contracts for storage and throughput of heavy and light crude and refined products and is subject to obtaining rail capacity for crude, expansion of refined product distribution to Mexico and movements in future oil spreads. At October 1, 2021, approximately 4.3 million barrels of storage was currently operational with 1.9 million barrels currently under construction for new contracts which will complete our storage development for our main terminal. Our discount rate for our 2021 goodwill impairment analysis was 9.0% and our assumed terminal growth rate was 2.0%. If our strategy changes from planned capacity downward due to an inability to source contracts or expand volumes, the fair value of the reporting unit 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. Although we do not have
14


FTAI INFRASTRUCTURE INC.
NOTES TO CONSOLIDATED AND COMBINED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
significant direct exposure to volatility of crude oil prices, changes in crude oil pricing that affect long term refining planned output could impact Jefferson Terminal operations.
We expect the Jefferson Terminal segment to continue to generate positive Adjusted EBITDA in future years. 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. Further delays in executing these contracts or achieving our projections could adversely affect the fair value of the reporting unit. The impact of the COVID-19 global pandemic during 2020 and 2021 negatively affected refining volumes and therefore Jefferson Terminal crude throughput but we have seen the activity starting to normalize and have ramped back up to pre-pandemic levels during 2022. Furthermore, we anticipate strengthening macroeconomic demand for storage and the increasing spread between Western Canadian Crude and Western Texas Intermediate as Canadian crude pipeline apportionment increases. Also, as our pipeline connections became fully operational during 2021, we remain positive for the outlook of Jefferson Terminal's earnings potential.
There were no impairments of goodwill for the three and nine months ended September 30, 2022 and 2021.
Intangibles and amortization—Intangible assets include the value of existing customer relationships acquired in connection with the acquisition of Jefferson Terminal and Transtar.
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 15 years, no estimated residual value, and amortization is recorded as a component of Depreciation and amortization in the Consolidated and Combined Consolidated Statements of Operations. The weighted-average remaining amortization period for customer relationships was 149 months and 154 months as of September 30, 2022 and December 31, 2021, respectively.
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 $31.5 million and $21.5 million as of September 30, 2022 and December 31, 2021, respectively, are included in Debt, net in the Consolidated and Combined Consolidated Balance Sheets.
Amortization expense was $1.3 million, $3.0 million, $0.7 million and $1.8 million for the three and nine months ended September 30, 2022 and 2021, respectively, and is included in Interest expense in the Consolidated and Combined Consolidated Statements of Operations.
Other Assets—Other Assets primarily consists of $10.0 million of note receivable as of both September 30, 2022 and December 31, 2021 from CarbonFree, a business that develops technologies to capture carbon dioxide from industrial emissions sources. Additionally, the Other Assets balance included $5.1 million and $2.9 million of spare parts for the Railroad segment at September 30, 2022 and December 31, 2021, respectively.
Accounts Payable and Accrued Liabilities—Accounts payable and accrued liabilities primarily include payables relating to construction projects, interline payables to other railroads, accrued compensation, interest and payables to Manager.
Other Current Liabilities—Other current liabilities primarily include environmental liabilities of $4.1 million and $4.1 million, and insurance premium liabilities of $1.5 million and $1.7 million as of September 30, 2022 and December 31, 2021, respectively.
Redeemable Preferred Stock—We classify the Series A Senior Preferred Stock ("Redeemable Preferred Stock") as temporary equity in the Consolidated and Combined Consolidated Balance Sheets due to certain contingent redemption clauses that are at the election of the holders. The carrying value of the Redeemable Preferred Stock is accreted to the redemption value at the earliest redemption date, which has been determined to be August 1, 2030. We use the interest method to accrete to the redemption value.
Terminal Services Revenues—Terminal services are provided to customers for the receipt and redelivery of various commodities. These revenues relate to performance obligations that are recognized over time using the right to invoice practical expedient, i.e., invoiced as the services are rendered and the customer simultaneously receives and consumes the benefit over the contract term. The performance of service and right to invoice corresponds with the value delivered to our customers. Revenues are typically invoiced and paid on a monthly basis.
Rail Revenues—Rail revenues generally consist of the following performance obligations: industrial switching, interline services, demurrage and storage. Switching revenues are derived from the performance of switching services, which involve the movement of cars from one point to another within the limits of an individual plant, industrial area, or a rail yard. Switching revenues are recognized as the services are performed, and the services are generally completed on the same day they are initiated.
Interline revenues are derived from transportation services for railcars that originate or terminate at our railroads and involve one or more other carriers. For interline traffic, one railroad typically invoices a customer on behalf of all railroads participating in the route directed by the customer. The invoicing railroad then pays the other railroads its portion of the total amount invoiced on a monthly basis. We record revenue related to interline traffic for transportation service segments provided by carriers along
15


FTAI INFRASTRUCTURE INC.
NOTES TO CONSOLIDATED AND COMBINED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
railroads that are not owned or controlled by us on a net basis. Interline revenues are recognized as the transportation movements occur.
Our ancillary services revenue primarily relates to demurrage and storage services. Demurrage represents charges assessed by railroads for the detention of cars by shippers or receivers of freight beyond a specified free time and is recognized on a per day basis. Storage services revenue is earned for the provision of storage of shippers’ railcars and is generally recognized on a per day, per car basis, as the storage services are provided.
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.
Other Revenue—Other revenue primarily consists of revenue related to the handling, storage and sale of raw materials. Revenues for the handling and storage of raw materials relate to performance obligations that are recognized over time using the right to invoice practical expedient, i.e., invoiced as the services are rendered and the customer simultaneously receives and consumes the benefit over the contract term. Our performance of service and right to invoice corresponds with the value delivered to our customers. Revenues for the sale of raw materials relate to contracts that contain performance obligations to deliver the product over the term of the contract. The revenues are recognized when the control of the product is transferred to the customer, based on the volume delivered and the price within the contract. Other revenues are typically invoiced and paid on a monthly basis.
Additionally, other revenue consists of revenue related to derivative trading activities. See Commodity Derivatives below for additional information.
Other revenue also includes revenue related to providing roadside assistance services to customers in the intermodal and over-the-road trucking industries. Revenue is recognized when a performance obligation is satisfied by completing a repair service at a point in time. Revenues are typically invoiced for each repair and generally have 30-day payment terms.
Payment terms for Revenues are generally short term in nature.
Leasing ArrangementsAt 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 within current liabilities and non-current liabilities in our Consolidated and Combined Consolidated Balance Sheets, respectively. Finance lease ROU assets are recognized in Property, plant and equipment, net and lease liabilities are recognized in Other current liabilities and Other liabilities in our Consolidated and Combined 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. We attempt to limit our credit risk by performing ongoing credit evaluations. During the three and nine months ended September 30, 2022, one customer in the Railroad segment accounted for approximately 44% and 54% of total revenue, respectively. Additionally, we earned approximately 10% of our revenue for the nine months ended September 30, 2022 from one customer in the Jefferson Terminal segment. For the three and nine months ended September 30, 2021, we earned 13% and 20% of our revenues from one customer in the Jefferson Terminal segment, respectively. For the three and nine months ended September 30, 2021, we earned approximately 26% and 10% of our revenue from one customer in the Railroad segment, respectively.
As of September 30, 2022 and December 31, 2021, accounts receivable from two customers from the Jefferson Terminal and Railroad segments represented 44% and 48% of total accounts receivable, net, respectively.
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.
16


FTAI INFRASTRUCTURE INC.
NOTES TO CONSOLIDATED AND COMBINED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
Allowance for Doubtful AccountsWe determine the allowance for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis. We also consider current and future economic conditions over the expected lives of the receivables, the amount of receivables in dispute, and the current receivables aging.
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 business combinations, dispositions and terminated deal costs related to asset acquisitions, 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 and Combined Consolidated Statements of Operations, adjusted for fair value changes recorded in other comprehensive income (loss) related to cash flow hedges of our equity method investees and pension and other postretirement benefits.
Derivative Financial Instruments
Electricity DerivativesThrough 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. Long Ridge primarily uses 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. Our share of the derivative's gain or loss is reported as Other comprehensive income (loss) related to equity method investees, net in our Consolidated and Combined Consolidated Statements of Comprehensive Loss and recorded in Accumulated other comprehensive income (loss) in our Consolidated and Combined Consolidated Balance Sheets. The change in our equity method investment balance related to derivative gains or losses on cash flow hedges is disclosed as a Non-cash change in equity method investment in our Consolidated and Combined Consolidated Statements of Cash Flows.
Derivatives Not Designated As Hedging Instruments
Certain of these derivative instruments are not designated as hedging instruments for accounting purposes. Our share of the change in fair value of these contracts is recognized in Equity in earnings (losses) in unconsolidated entities in the Consolidated and Combined Consolidated Statements of Operations. The cash flow impact of derivative contracts that are not designated as hedging instruments is recognized in Equity in earnings (losses) in unconsolidated entities in our Consolidated and Combined Consolidated Statements of Cash Flows.
Commodity DerivativesDepending on market conditions, we enter into short-term forward purchase and sales contracts for butane. Gains and losses related to our butane derivatives are recorded on a net basis and are included in Other revenue in our Consolidated and Combined Consolidated Statements of Operations, as these contracts are considered part of central operating activities. The cash flow impact of these derivatives is recognized in Change in fair value of non-hedge derivatives in our Consolidated and Combined Consolidated Statements of Cash Flows.
We record all derivative assets on a gross basis at fair value, which are included in Other current assets, in our Consolidated and Combined Consolidated Balance Sheets.
Income Taxes