Equity Method Investments |
The following table presents the ownership interests and carrying values of our investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying Value | | Investment | | Ownership Percentage | | December 31, 2021 | | December 31, 2020 | Advanced Engine Repair JV | Equity method | | 25% | | $ | 21,317 | | | $ | 22,721 | | Falcon MSN 177 LLC | Equity method | | 50% | | 1,600 | | | — | | | | | | | | | | Long Ridge Terminal LLC (1) | Equity method | | 50% | | — | | | 122,539 | | FYX Trust Holdco LLC | Equity | | 14% | | 1,255 | | | 1,255 | | GM-FTAI Holdco LLC | Equity method | | See below | | 52,295 | | | — | | Clean Planet Energy USA LLC | Equity method | | 50% | | 858 | | | — | | | | | | | $ | 77,325 | | | $ | 146,515 | |
________________________________________________________ (1) The carrying value of $17.5 million as of December 31, 2021 is included in Other liabilities in the Consolidated Balance Sheets. The following table presents our proportionate share of equity in (losses) earnings: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2021 | | 2020 | | 2019 | Advanced Engine Repair JV | $ | (1,403) | | | $ | (1,931) | | | $ | (1,829) | | JGP Energy Partners LLC | — | | | — | | | (292) | | Intermodal Finance I, Ltd. | 470 | | | 114 | | | (62) | | Long Ridge Terminal LLC | (11,429) | | | (3,222) | | | (192) | | GM-FTAI Holdco LLC | (205) | | | — | | | — | | Clean Planet Energy USA LLC | (167) | | | — | | | — | | Total | $ | (12,734) | | | $ | (5,039) | | | $ | (2,375) | |
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Equity Method Investments Financial Information |
The tables below present summarized financial information for Long Ridge Terminal LLC: | | | | | | | | | | | | | December 31, | Balance Sheet | 2021 | | 2020 | Assets | | | | Cash and cash equivalents | $ | 2,932 | | | $ | 3,057 | | Restricted cash | 32,469 | | | 26,920 | | Accounts receivable, net | 17,896 | | | 5,711 | | | | | | | | | | Property, plant, and equipment, net | 764,607 | | | 612,234 | | | | | | Intangible assets, net | 4,940 | | | 5,320 | | Goodwill | 89,390 | | | 89,390 | | Other assets | 14,441 | | | 9,384 | | Total assets | $ | 926,675 | | | $ | 752,016 | | | | | | Liabilities | | | | Accounts payable and accrued liabilities | $ | 16,121 | | | $ | 25,173 | | Debt, net | 604,261 | | | 445,733 | | Other liabilities | 341,279 | | | 36,515 | | Total liabilities | 961,661 | | | 507,421 | | | | | | Equity | | | | Shareholders’ equity | (1,035) | | | 251,403 | | Accumulated deficit | (33,951) | | | (6,808) | | Total equity | (34,986) | | | 244,595 | | Total liabilities and equity | $ | 926,675 | | | $ | 752,016 | |
| | | | | | | | | | | | | | | Year Ended December 31, | Income Statement | 2021 | | 2020 | | | | | | | | | Total revenue | 85,638 | | | 24,917 | | | | | | | | | | Expenses | | | | | | | | | | | | Operating expenses | 28,310 | | | 16,339 | | | | | | | | | | | | | | | | Depreciation and amortization | 24,836 | | | 11,004 | | | | Interest expense | 11,005 | | | 2,037 | | | | Total expenses | 64,151 | | | 29,380 | | | | Other expense | (44,302) | | | (1,967) | | | | | | | | | | | | | | | | Net loss | $ | (22,815) | | | $ | (6,430) | | | |
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