Quarterly report pursuant to Section 13 or 15(d)

Fair Value (Tables)

v3.4.0.3
Fair Value (Tables)
3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Assets and liabilities measured on a recurring basis
The following tables provide the fair value measurements of applicable Company assets and liabilities by level within the fair value hierarchy as of March 31, 2016, and December 31, 2015. These assets and liabilities are measured on a recurring basis.
March 31, 2016
 
 
March 31, 2016
 
Fair Value
 
 
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
Other equity securities
 
$
6,837,442

 
$

 
$

 
$
6,837,442

Total Assets
 
$
6,837,442

 
$

 
$

 
$
6,837,442

 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
Interest Rate Swap Derivative
 
$
90,804

 
$

 
$
90,804

 
$

Total Liabilities
 
$
90,804

 
$

 
$
90,804

 
$

December 31, 2015
 
 
December 31, 2015
 
Fair Value
 
 
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
Other equity securities
 
$
8,393,683

 
$

 
$

 
$
8,393,683

Interest Rate Swap Derivative
 
98,259

 

 
98,259

 

Total Assets
 
$
8,491,942

 
$

 
$
98,259

 
$
8,393,683

The changes for all Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs
he changes for all Level 3 securities measured at fair value on a recurring basis using significant unobservable inputs for the three months ended March 31, 2016 and 2015, are as follows:
Level 3 Rollforward
For the Three Months Ended March 31, 2016
 
Fair Value Beginning Balance
 
Acquisitions
 
Disposals
 
Total Realized and Unrealized Gains/(Losses) Included in Net Income
 
Return of Capital Adjustments Impacting Cost Basis of Securities
 
Fair Value Ending Balance
 
Changes in Unrealized Losses, Included In Net Income, Relating to Securities Still Held (1)
Other equity securities
 
$
8,393,683

 
$

 
$

 
$
(1,672,081
)
 
$
115,840

 
$
6,837,442

 
$
(1,672,081
)
Total
 
$
8,393,683

 
$

 
$

 
$
(1,672,081
)
 
$
115,840

 
$
6,837,442

 
$
(1,672,081
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other equity securities
 
$
9,217,181

 
$

 
$

 
$
679,798

 
$
341,459

 
$
10,238,438

 
$
679,798

Warrant Investment
 
355,000

 

 

 
(230,000
)
 

 
125,000

 
(230,000
)
Total
 
$
9,572,181

 
$

 
$

 
$
449,798

 
$
341,459

 
$
10,363,438

 
$
449,798

(1) Located in Net realized and unrealized gain on other equity securities in the Consolidated Statements of Income

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques
Certain condensed combined unaudited financial information of the unconsolidated affiliate, Lightfoot, is presented in the following tables (in thousands).
 
 
March 31, 2016
(Unaudited)
 
December 31, 2015
(Unaudited)
Assets
 
 
 
 
Current assets
 
$
22,303

 
$
24,276

Noncurrent assets
 
701,805

 
696,461

Total Assets
 
$
724,108

 
$
720,737

Liabilities
 
 
 
 
Current liabilities
 
$
15,995

 
$
19,993

Noncurrent liabilities
 
261,723

 
246,808

Total Liabilities
 
$
277,718

 
$
266,801

 
 
 
 
 
Partner's equity
 
446,390

 
453,936

Total liabilities and partner's equity
 
$
724,108

 
$
720,737

Condensed Financial Information of Unconsolidated Affiliates
 
 
For the Three Months Ending March 31,
(Unaudited)
 
 
2016
 
2015
Revenues
 
$
26,067

 
$
13,557

Operating expenses
 
22,072

 
15,128

Income (Loss) from Operations
 
$
3,995

 
$
(1,571
)
Other income
 
2,374

 
3,834

Net Income
 
$
6,369

 
$
2,263

Less: Net Income attributable to non-controlling interests
 
(6,293
)
 
(2,226
)
Net Income attributable to Partner's Capital
 
$
76

 
$
37

Carrying and Fair Value Amounts
Carrying and Fair Value Amounts
 
 
 
 
 
 
 
 
 
 
 
 
Level within fair value hierarchy
 
March 31, 2016
 
December 31, 2015
 
 
 
Carrying
Amount
 
Fair Value
 
Carrying
Amount
 
Fair Value
Financial Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
Level 1
 
$
12,849,652

 
$
12,849,652

 
$
14,618,740

 
$
14,618,740

Escrow receivable
 
Level 2
 
$
1,436,246

 
$
1,436,246

 
$
1,392,917

 
$
1,392,917

Financing notes receivable (Note 5)
 
Level 2
 
$
1,500,000

 
$
1,500,000

 
$
7,675,626

 
$
7,675,626

Hedged Derivative Asset
 
Level 2
 
$

 
$

 
$
98,259

 
$
98,259

Financial Liabilities:
 
 
 
 
 
 
 
 
Long-term debt
 
Level 2
 
$
164,738,323

 
$
141,456,935

 
$
217,375,153

 
$
193,573,834

Line of credit
 
Level 2
 
$
44,000,000

 
$
44,000,000

 
$

 
$

Hedged Derivative Liability
 
Level 2
 
$
90,804

 
$
90,804

 
$

 
$