Fair Value (Tables)
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6 Months Ended |
Jun. 30, 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 June 30, 2017 and December 31, 2016.
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June 30, 2017 |
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Fair Value |
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Total |
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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 |
$ |
9,147,158 |
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$ |
— |
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$ |
— |
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$ |
9,147,158 |
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Interest Rate Swap Derivative |
43,777 |
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— |
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43,777 |
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— |
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Total Assets |
$ |
9,190,935 |
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$ |
— |
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$ |
43,777 |
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$ |
9,147,158 |
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December 31, 2016 |
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Fair Value |
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Total |
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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 |
$ |
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 |
19,950 |
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— |
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19,950 |
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— |
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Total Assets |
$ |
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 six months ended June 30, 2017 and 2016 are as follows:
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Level 3 Rollforward |
For the Six Months Ended June 30, 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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$ |
70,426 |
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$ |
(210,477 |
) |
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$ |
9,147,158 |
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$ |
70,426 |
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Total |
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$ |
9,287,209 |
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$ |
— |
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$ |
— |
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$ |
70,426 |
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$ |
(210,477 |
) |
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$ |
9,147,158 |
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$ |
70,426 |
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For the Six Months Ended June 30, 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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$ |
(472,416 |
) |
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$ |
114,869 |
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$ |
8,036,136 |
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$ |
(472,416 |
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Total |
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$ |
8,393,683 |
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$ |
— |
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$ |
— |
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$ |
(472,416 |
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$ |
114,869 |
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$ |
8,036,136 |
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$ |
(472,416 |
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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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| Carrying and Fair Value Amounts |
Certain condensed combined unaudited financial information of the unconsolidated affiliate, Lightfoot, is presented in the following tables:
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June 30, 2017 |
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December 31, 2016 |
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(Unaudited) |
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(in thousands) |
Assets |
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Current assets |
$ |
17,787 |
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$ |
20,412 |
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Noncurrent assets |
693,156 |
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698,745 |
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Total Assets |
$ |
710,943 |
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$ |
719,157 |
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Liabilities |
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Current liabilities |
$ |
14,902 |
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$ |
14,718 |
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Noncurrent liabilities |
271,320 |
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268,805 |
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Total Liabilities |
$ |
286,222 |
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$ |
283,523 |
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Partner's equity |
424,721 |
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435,634 |
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Total liabilities and partner's equity |
$ |
710,943 |
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$ |
719,157 |
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Carrying and Fair Value Amounts |
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Level within fair value hierarchy |
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June 30, 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 (1)
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Fair Value |
Financial Assets: |
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Cash and cash equivalents |
Level 1 |
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$ |
37,280,689 |
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$ |
37,280,689 |
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$ |
7,895,084 |
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$ |
7,895,084 |
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Financing notes receivable (Note 4) |
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 |
Level 2 |
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$ |
41,035,695 |
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$ |
41,035,695 |
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$ |
89,387,985 |
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$ |
89,387,985 |
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Unsecured convertible senior notes |
Level 1 |
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$ |
111,638,489 |
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$ |
127,821,360 |
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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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| Fair Value, By Income Statement Grouping |
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For the Three Months Ended |
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For the Six Months Ended |
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June 30, 2017 |
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June 30, 2016 |
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June 30, 2017 |
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June 30, 2016 |
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(Unaudited) |
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(in thousands) |
Revenues |
$ |
26,586 |
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$ |
26,243 |
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$ |
52,511 |
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$ |
52,310 |
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Operating expenses |
22,803 |
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20,812 |
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45,274 |
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42,884 |
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Income (Loss) from Operations |
$ |
3,783 |
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$ |
5,431 |
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$ |
7,237 |
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$ |
9,426 |
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Other income |
1,860 |
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2,369 |
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3,770 |
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4,743 |
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Net Income |
$ |
5,643 |
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$ |
7,800 |
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$ |
11,007 |
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$ |
14,169 |
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Less: Net Income attributable to non-controlling interests |
(1,977 |
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(5,070 |
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(5,107 |
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(9,077 |
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Net Income attributable to Partner's Capital |
$ |
3,666 |
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$ |
2,730 |
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$ |
5,900 |
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$ |
5,092 |
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