Fair Value (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Fair Value Disclosures [Abstract] |
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| Assets and liabilities measured on a recurring basis |
The following tables set forth the Company's assets and liabilities measured at fair value on a recurring basis, by input level within the fair value hierarchy, as of December 31, 2016 and December 31, 2015.
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December 31, 2016 |
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December 31, 2016 |
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Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
Assets: |
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Other equity securities |
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$ |
9,287,209 |
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$ |
— |
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$ |
— |
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$ |
9,287,209 |
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Interest rate swap derivative |
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$ |
19,950 |
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$ |
— |
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$ |
19,950 |
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$ |
— |
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Total Assets |
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$ |
9,307,159 |
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$ |
— |
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$ |
19,950 |
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$ |
9,287,209 |
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December 31, 2015 |
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December 31, 2015 |
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Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
Assets: |
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Other equity securities |
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$ |
8,393,683 |
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$ |
— |
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$ |
— |
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$ |
8,393,683 |
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Interest rate swap derivative |
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98,259 |
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— |
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98,259 |
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— |
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Total Assets |
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$ |
8,491,942 |
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$ |
— |
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$ |
98,259 |
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$ |
8,393,683 |
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| 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 years ended December 31, 2016 and 2015, are as follows:
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Level 3 Rollforward |
For the Year Ended 2016 |
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Fair Value Beginning Balance |
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Acquisitions |
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Disposals |
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Total Realized and Unrealized Gains/(Losses) Included in Net Income |
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Return of Capital Adjustments Impacting Cost Basis of Securities |
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Fair Value Ending Balance |
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Changes in Unrealized Losses, Included In Net Income, Relating to Securities Still Held (1)
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Other equity securities |
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$ |
8,393,683 |
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$ |
— |
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$ |
— |
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$ |
781,154 |
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$ |
112,372 |
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$ |
9,287,209 |
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$ |
781,154 |
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Total |
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$ |
8,393,683 |
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$ |
— |
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$ |
— |
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$ |
781,154 |
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$ |
112,372 |
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$ |
9,287,209 |
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$ |
781,154 |
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For the Year Ended 2015 |
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Other equity securities |
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$ |
9,217,181 |
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$ |
— |
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$ |
— |
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$ |
(1,073,243 |
) |
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$ |
249,745 |
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$ |
8,393,683 |
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$ |
(1,073,243 |
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Warrant investment |
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355,000 |
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— |
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— |
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(355,000 |
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— |
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— |
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(355,000 |
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Total |
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$ |
9,572,181 |
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$ |
— |
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$ |
— |
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$ |
(1,428,243 |
) |
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$ |
249,745 |
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$ |
8,393,683 |
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$ |
(1,428,243 |
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(1) Located in Net realized and unrealized gain on other equity securities in the Consolidated Statements of Income |
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| 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):
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December 31, 2016 |
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December 31, 2015 |
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(Unaudited) |
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(Unaudited) |
Assets |
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Current assets |
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$ |
20,413 |
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$ |
24,276 |
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Noncurrent assets |
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698,745 |
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696,461 |
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Total Assets |
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$ |
719,158 |
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$ |
720,737 |
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Liabilities |
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Current liabilities |
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$ |
14,307 |
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$ |
19,993 |
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Noncurrent liabilities |
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268,175 |
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246,808 |
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Total Liabilities |
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$ |
282,482 |
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$ |
266,801 |
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Partner's equity |
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436,676 |
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453,936 |
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Total liabilities and partner's equity |
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$ |
719,158 |
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$ |
720,737 |
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| Condensed Financial Information of Unconsolidated Affiliates |
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For the Years Ended December 31, |
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(Unaudited) |
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2016 |
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2015 |
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2014 |
Revenues |
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$ |
105,381 |
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$ |
81,788 |
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$ |
54,906 |
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Operating expenses |
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86,071 |
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76,774 |
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62,835 |
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Income (Loss) from Operations |
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$ |
19,310 |
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$ |
5,014 |
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$ |
(7,929 |
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Other income |
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9,159 |
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12,469 |
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15,517 |
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Net Income |
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$ |
28,469 |
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$ |
17,483 |
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$ |
7,588 |
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Less: Net Income attributable to non-controlling interests |
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(18,717 |
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(8,901 |
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(761 |
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Net Income attributable to Partner's Capital |
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$ |
9,752 |
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$ |
8,582 |
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$ |
6,827 |
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| Carrying and Fair Value Amounts |
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Carrying and Fair Value Amounts |
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Level within fair value hierarchy |
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December 31, 2016 |
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December 31, 2015 |
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Carrying
Amount
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Fair Value |
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Carrying
Amount
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Fair Value |
Financial Assets: |
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Cash and cash equivalents |
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Level 1 |
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$ |
7,895,084 |
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$ |
7,895,084 |
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$ |
14,618,740 |
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$ |
14,618,740 |
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Escrow receivable |
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Level 2 |
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$ |
— |
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$ |
— |
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$ |
1,392,917 |
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$ |
1,392,917 |
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Financing notes receivable (Note 4) |
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Level 3 |
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$ |
1,500,000 |
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$ |
1,500,000 |
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$ |
7,675,626 |
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$ |
7,675,626 |
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Derivative asset |
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Level 2 |
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$ |
19,950 |
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$ |
19,950 |
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$ |
98,259 |
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$ |
98,259 |
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Financial Liabilities: |
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Secured credit facilities(1)
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Level 2 |
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$ |
89,387,985 |
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$ |
89,387,985 |
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$ |
105,440,842 |
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$ |
105,440,842 |
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Unsecured convertible senior notes |
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Level 2 |
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$ |
111,244,895 |
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$ |
129,527,940 |
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$ |
111,423,910 |
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$ |
92,575,000 |
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(1) Includes current maturities |
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