Fair Value (Tables)
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3 Months Ended |
Mar. 31, 2017 |
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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 level within the fair value hierarchy, as of March 31, 2017, and December 31, 2016.
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March 31, 2017 |
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March 31, 2017 |
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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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$ |
8,563,297 |
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$ |
— |
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$ |
— |
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$ |
8,563,297 |
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Interest Rate Swap Derivative |
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50,689 |
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— |
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50,689 |
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— |
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Total Assets |
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$ |
8,613,986 |
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$ |
— |
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$ |
50,689 |
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$ |
8,563,297 |
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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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| 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 three months ended March 31, 2017 and 2016, are as follows:
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Level 3 Rollforward |
For the Three Months Ended March 31, 2017 |
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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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$ |
9,287,209 |
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$ |
— |
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$ |
— |
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$ |
(544,208 |
) |
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$ |
(179,704 |
) |
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$ |
8,563,297 |
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$ |
(544,208 |
) |
Total |
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$ |
9,287,209 |
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$ |
— |
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$ |
— |
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$ |
(544,208 |
) |
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$ |
(179,704 |
) |
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$ |
8,563,297 |
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$ |
(544,208 |
) |
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For the Three Months Ended March 31, 2016 |
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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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$ |
(1,672,081 |
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$ |
115,840 |
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$ |
6,837,442 |
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$ |
(1,672,081 |
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Total |
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$ |
8,393,683 |
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$ |
— |
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$ |
— |
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$ |
(1,672,081 |
) |
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$ |
115,840 |
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$ |
6,837,442 |
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$ |
(1,672,081 |
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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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March 31, 2017 |
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December 31, 2016 |
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(Unaudited) |
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(Unaudited) |
Assets |
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Current assets |
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$ |
16,182 |
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$ |
20,412 |
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Noncurrent assets |
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696,341 |
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698,745 |
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Total Assets |
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$ |
712,523 |
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$ |
719,157 |
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Liabilities |
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Current liabilities |
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$ |
13,593 |
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$ |
14,718 |
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Noncurrent liabilities |
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268,891 |
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268,805 |
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Total Liabilities |
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$ |
282,484 |
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$ |
283,523 |
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Partner's equity |
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430,039 |
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435,634 |
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Total liabilities and partner's equity |
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$ |
712,523 |
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$ |
719,157 |
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| Condensed Financial Information of Unconsolidated Affiliates |
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For the Three Months Ended |
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(Unaudited) |
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March 31, 2017 |
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March 31, 2016 |
Revenues |
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$ |
25,925 |
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$ |
26,067 |
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Operating expenses |
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22,471 |
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22,072 |
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Income (Loss) from Operations |
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$ |
3,454 |
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$ |
3,995 |
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Other income |
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1,910 |
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2,374 |
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Net Income |
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$ |
5,364 |
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$ |
6,369 |
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Less: Net Income attributable to non-controlling interests |
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(3,130 |
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(4,007 |
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Net Income attributable to Partner's Capital |
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$ |
2,234 |
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$ |
2,362 |
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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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March 31, 2017 |
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December 31, 2016 |
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Carrying
Amount (1)
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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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$ |
11,375,702 |
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$ |
11,375,702 |
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$ |
7,895,084 |
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$ |
7,895,084 |
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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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$ |
1,500,000 |
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$ |
1,500,000 |
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Financial Liabilities: |
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Secured Credit Facilities |
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Level 2 |
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$ |
86,992,738 |
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$ |
86,992,738 |
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$ |
89,387,985 |
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$ |
89,387,985 |
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Unsecured convertible senior notes |
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Level 1 |
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$ |
111,441,691 |
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$ |
127,300,380 |
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$ |
111,244,895 |
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$ |
129,527,940 |
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(1) The carrying value of debt balances are presented net of unamortized original issuance discount and debt issuance costs. |
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