Fair Value (Tables)
|
9 Months Ended |
Sep. 30, 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 September 30, 2016, and December 31, 2015. These assets and liabilities are measured on a recurring basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
|
September 30, 2016 |
|
Fair Value |
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
Assets: |
|
|
|
|
|
|
|
|
Other equity securities |
|
$ |
9,465,736 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,465,736 |
|
Total Assets |
|
$ |
9,465,736 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,465,736 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Interest Rate Swap Derivative |
|
$ |
49,143 |
|
|
$ |
— |
|
|
$ |
49,143 |
|
|
$ |
— |
|
Total Liabilities |
|
$ |
49,143 |
|
|
$ |
— |
|
|
$ |
49,143 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
The changes for all Level 3 securities measured at fair value on a recurring basis using significant unobservable inputs for the nine months ended September 30, 2016 and 2015, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 Rollforward |
For the Nine Months Ended September 30, 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 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
958,443 |
|
|
$ |
113,610 |
|
|
$ |
9,465,736 |
|
|
$ |
958,443 |
|
Total |
|
$ |
8,393,683 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
958,443 |
|
|
$ |
113,610 |
|
|
$ |
9,465,736 |
|
|
$ |
958,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other equity securities |
|
$ |
9,217,181 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(842,438 |
) |
|
$ |
283,325 |
|
|
$ |
8,658,068 |
|
|
$ |
(842,438 |
) |
Warrant Investment |
|
355,000 |
|
|
— |
|
|
— |
|
|
(355,000 |
) |
|
— |
|
|
— |
|
|
(355,000 |
) |
Total |
|
$ |
9,572,181 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1,197,438 |
) |
|
$ |
283,325 |
|
|
$ |
8,658,068 |
|
|
$ |
(1,197,438 |
) |
(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):
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
December 31, 2015 |
|
|
(Unaudited) |
|
(Unaudited) |
Assets |
|
|
|
|
Current assets |
|
$ |
20,504 |
|
|
$ |
24,276 |
|
Noncurrent assets |
|
700,502 |
|
|
696,461 |
|
Total Assets |
|
$ |
721,006 |
|
|
$ |
720,737 |
|
Liabilities |
|
|
|
|
Current liabilities |
|
$ |
14,048 |
|
|
$ |
19,993 |
|
Noncurrent liabilities |
|
266,609 |
|
|
246,808 |
|
Total Liabilities |
|
$ |
280,657 |
|
|
$ |
266,801 |
|
|
|
|
|
|
Partner's equity |
|
440,349 |
|
|
453,936 |
|
Total liabilities and partner's equity |
|
$ |
721,006 |
|
|
$ |
720,737 |
|
|
| Condensed Financial Information of Unconsolidated Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
September 30, 2016 |
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
Revenues |
|
$ |
26,673 |
|
|
$ |
24,084 |
|
|
$ |
78,983 |
|
|
$ |
56,751 |
|
Operating expenses |
|
21,287 |
|
|
21,526 |
|
|
64,171 |
|
|
54,194 |
|
Income (Loss) from Operations |
|
$ |
5,386 |
|
|
$ |
2,558 |
|
|
$ |
14,812 |
|
|
$ |
2,557 |
|
Other income |
|
2,207 |
|
|
2,683 |
|
|
6,950 |
|
|
9,837 |
|
Net Income |
|
$ |
7,593 |
|
|
$ |
5,241 |
|
|
$ |
21,762 |
|
|
$ |
12,394 |
|
Less: Net Income attributable to non-controlling interests |
|
(7,551 |
) |
|
(5,206 |
) |
|
(21,630 |
) |
|
(12,269 |
) |
Net Income attributable to Partner's Capital |
|
$ |
42 |
|
|
$ |
35 |
|
|
$ |
132 |
|
|
$ |
125 |
|
|
| Carrying and Fair Value Amounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying and Fair Value Amounts |
|
|
Level within fair value hierarchy |
|
September 30, 2016 |
|
December 31, 2015 |
|
|
|
Carrying
Amount
|
|
Fair Value |
|
Carrying
Amount
|
|
Fair Value |
Financial Assets: |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Level 1 |
|
$ |
10,107,754 |
|
|
$ |
10,107,754 |
|
|
$ |
14,618,740 |
|
|
$ |
14,618,740 |
|
Escrow receivable |
|
Level 2 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,392,917 |
|
|
$ |
1,392,917 |
|
Financing notes receivable (Note 4) |
|
Level 3 |
|
$ |
1,500,000 |
|
|
$ |
1,500,000 |
|
|
$ |
7,675,626 |
|
|
$ |
7,675,626 |
|
Derivative asset |
|
Level 2 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
98,259 |
|
|
$ |
98,259 |
|
Financial Liabilities: |
|
|
|
|
|
|
|
|
Secured Credit Facilities(1)
|
|
Level 2 |
|
$ |
91,698,387 |
|
|
$ |
91,698,387 |
|
|
$ |
105,440,842 |
|
|
$ |
105,440,842 |
|
Unsecured convertible senior notes |
|
Level 2 |
|
$ |
111,048,098 |
|
|
$ |
112,860,000 |
|
|
$ |
111,423,910 |
|
|
$ |
87,622,591 |
|
Derivative liability |
|
Level 2 |
|
$ |
49,143 |
|
|
$ |
49,143 |
|
|
$ |
— |
|
|
$ |
— |
|
(1) Includes current maturities |
|
|
|
|
|
|
|
|
|
|
|