Fair Value of Other Securities (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Fair Value Disclosures [Abstract] |
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| Net Realized or Unrealized Gain Loss on Trading Securities [Table Text Block] |
The major components of net realized and unrealized gain or loss on trading securities for the years ended December 31, 2015, 2014 and 2013 are as follows:
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Major Components of Net Realized and Unrealized Loss on Trading Securities |
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For the Years Ended December 31, |
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2015 |
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2014 |
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2013 |
Net unrealized loss on trading securities |
$ |
— |
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$ |
— |
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$ |
— |
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Net realized loss on trading securities |
— |
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— |
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(251,213 |
) |
Total net realized and unrealized loss on trading securities |
$ |
— |
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$ |
— |
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$ |
(251,213 |
) |
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| 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 December 31, 2015, and December 31, 2014. These assets and liabilities are measured on a recurring basis.
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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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Total Assets |
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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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December 31, 2014 |
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December 31, 2014 |
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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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$ |
9,572,181 |
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$ |
— |
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$ |
— |
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$ |
9,572,181 |
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Total Assets |
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$ |
9,572,181 |
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$ |
— |
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$ |
— |
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$ |
9,572,181 |
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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, 2015 and 2014, are as follows:
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Level 3 Rollforward |
For the Year Ended December 31, 2015 |
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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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$ |
9,217,181 |
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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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For the Year Ended December 31, 2014 |
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Other equity securities |
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$ |
23,304,321 |
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$ |
— |
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$ |
(13,245,379 |
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$ |
139,612 |
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$ |
(981,373 |
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$ |
9,217,181 |
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$ |
139,612 |
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Warrant Investment |
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97,500 |
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257,500 |
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355,000 |
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257,500 |
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Total |
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$ |
23,304,321 |
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$ |
97,500 |
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$ |
(13,245,379 |
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$ |
397,112 |
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$ |
(981,373 |
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$ |
9,572,181 |
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$ |
397,112 |
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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, 2015
(Unaudited)
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December 31, 2014
(Unaudited)
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Assets |
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Current assets |
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$ |
24,276 |
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$ |
25,783 |
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Noncurrent assets |
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696,461 |
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382,957 |
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Total Assets |
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$ |
720,737 |
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$ |
408,740 |
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Liabilities |
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Current liabilities |
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$ |
19,993 |
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$ |
14,318 |
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Noncurrent liabilities |
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246,808 |
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113,810 |
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Total Liabilities |
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$ |
266,801 |
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$ |
128,128 |
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Partner's equity |
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453,936 |
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280,612 |
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Total liabilities and partner's equity |
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$ |
720,737 |
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$ |
408,740 |
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| Condensed Financial Information of Unconsolidated Affiliates |
As of both December 31, 2015 and 2014, the Company held a 6.6 percent and 1.5 percent equity interest in Lightfoot LP and Lightfoot GP, respectively.
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, 2015
(Unaudited)
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December 31, 2014
(Unaudited)
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Assets |
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Current assets |
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$ |
24,276 |
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$ |
25,783 |
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Noncurrent assets |
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696,461 |
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382,957 |
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Total Assets |
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$ |
720,737 |
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$ |
408,740 |
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Liabilities |
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Current liabilities |
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$ |
19,993 |
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$ |
14,318 |
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Noncurrent liabilities |
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246,808 |
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113,810 |
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Total Liabilities |
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$ |
266,801 |
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$ |
128,128 |
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Partner's equity |
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453,936 |
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280,612 |
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Total liabilities and partner's equity |
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$ |
720,737 |
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$ |
408,740 |
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For the Years Ending December 31,
(Unaudited)
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2015 |
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2014 |
Revenues |
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$ |
81,789 |
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$ |
54,906 |
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Operating expenses |
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76,755 |
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62,764 |
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Other income (expenses) |
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12,469 |
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15,459 |
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Income from Operations |
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$ |
17,503 |
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$ |
7,601 |
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Less: Net Income attributable to noncontrolling interests |
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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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$ |
8,602 |
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$ |
6,840 |
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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, 2015 |
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December 31, 2014 |
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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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$ |
14,618,740 |
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$ |
14,618,740 |
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$ |
7,578,164 |
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$ |
7,578,164 |
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Escrow receivable |
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Level 2 |
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$ |
1,392,917 |
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$ |
1,392,917 |
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$ |
2,438,500 |
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$ |
2,438,500 |
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Financing notes receivable (Note 6) |
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Level 2 |
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$ |
7,675,626 |
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$ |
7,675,626 |
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$ |
20,687,962 |
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$ |
20,687,962 |
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Hedged Derivative Asset (Note 17) |
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Level 2 |
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$ |
98,259 |
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$ |
98,259 |
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$ |
351,807 |
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$ |
351,807 |
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Financial Liabilities: |
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Long-term debt |
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Level 2 |
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$ |
217,375,153 |
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$ |
193,573,834 |
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$ |
67,060,000 |
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$ |
67,060,000 |
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Line of credit |
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Level 2 |
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$ |
— |
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$ |
— |
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$ |
32,141,277 |
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$ |
32,141,277 |
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