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Fair Value of Other Securities (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Fair Value Disclosures [Abstract] |
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| Assets and liabilities measured on a recurring basis |
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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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December 31, 2013 |
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December 31, 2013 |
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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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23,304,321 |
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— |
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— |
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23,304,321 |
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Total Assets |
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$ |
23,304,321 |
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$ |
— |
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$ |
— |
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$ |
23,304,321 |
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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, 2014, and December 31, 2013 are as follows:
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Level 3 Rollforward |
For the Year Ended 12/31/14 |
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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 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 Gains, Included In Net Income, Relating to Securities Still Held (1)
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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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— |
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97,500 |
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— |
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257,500 |
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— |
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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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For the Year Ended 12/31/13 |
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Other equity securities |
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$ |
19,707,126 |
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$ |
— |
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$ |
— |
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$ |
5,292,890 |
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$ |
(1,695,695 |
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$ |
23,304,321 |
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$ |
5,292,890 |
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Total |
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$ |
19,707,126 |
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$ |
— |
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$ |
— |
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$ |
5,292,890 |
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$ |
(1,695,695 |
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$ |
23,304,321 |
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$ |
5,292,890 |
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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 |
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Carrying and Fair Value Amounts |
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Level within fair value hierarchy |
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December 31, 2014 |
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December 31, 2013 |
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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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$ |
7,578,164 |
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$ |
7,578,164 |
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$ |
17,963,266 |
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$ |
17,963,266 |
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Escrow receivable |
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Level 2 |
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$ |
2,438,500 |
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$ |
2,438,500 |
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$ |
— |
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$ |
— |
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Financing notes receivable |
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Level 2 |
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$ |
20,687,962 |
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$ |
20,687,962 |
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$ |
— |
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$ |
— |
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Financial Liabilities: |
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Long-term debt |
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Level 2 |
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$ |
67,060,000 |
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$ |
67,060,000 |
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$ |
70,000,000 |
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$ |
70,000,000 |
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Line of credit |
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Level 2 |
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$ |
32,141,277 |
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$ |
32,141,277 |
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$ |
81,935 |
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$ |
81,935 |
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| Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques |
Certain condensed combined financial information of th
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| Condensed Financial Information of Unconsolidated Affiliates |
As of both December 31, 2014 and December 31, 2013, the Company held a 6.7 percent equity interest in Lightfoot. As of December 31, 2013, the Company held a 11.1 percent equity interest in Vantacore.
Certain condensed combined financial information of the unconsolidated affiliates, Lightfoot, is presented in the following tables.
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Assets |
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December 31, 2014 |
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December 31, 2013 |
Current assets |
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$ |
25,783,000 |
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$ |
23,535,000 |
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Noncurrent assets |
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385,256,000 |
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392,062,000 |
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Total Assets |
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$ |
411,039,000 |
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$ |
415,597,000 |
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Liabilities |
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Current liabilities |
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$ |
14,317,000 |
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$ |
15,342,000 |
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Noncurrent liabilities |
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113,810,000 |
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105,563,000 |
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Total Liabilities |
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$ |
128,127,000 |
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$ |
120,905,000 |
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Partner's equity |
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282,912,000 |
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294,692,000 |
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Total liabilities and partner's equity |
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$ |
411,039,000 |
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$ |
415,597,000 |
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For the Year Ending |
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December 31, 2014 |
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December 31, 2013 |
Revenues |
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$ |
54,906,000 |
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$ |
47,841,000 |
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Operating expenses |
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56,482,000 |
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41,254,000 |
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Other income (expenses) |
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10,632,000 |
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12,907,000 |
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Net income |
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$ |
9,056,000 |
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$ |
19,494,000 |
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EBITDA |
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$ |
25,753,000 |
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$ |
39,184,000 |
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