Annual report pursuant to Section 13 and 15(d)

Fair Value (Tables)

v3.6.0.2
Fair Value (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
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.
December 31, 2016
 
 
December 31, 2016
 
Fair Value
 
 
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
Other equity securities
 
$
9,287,209

 
$

 
$

 
$
9,287,209

Interest rate swap derivative
 
$
19,950

 
$

 
$
19,950

 
$

Total Assets
 
$
9,307,159

 
$

 
$
19,950

 
$
9,287,209

December 31, 2015
 
 
December 31, 2015
 
Fair Value
 
 
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
Other equity securities
 
$
8,393,683

 
$

 
$

 
$
8,393,683

Interest rate swap derivative
 
98,259

 

 
98,259

 

Total Assets
 
$
8,491,942

 
$

 
$
98,259

 
$
8,393,683

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:
Level 3 Rollforward
For the Year Ended 2016
 
Fair Value Beginning Balance
 
Acquisitions
 
Disposals
 
Total Realized and Unrealized Gains/(Losses) Included in Net Income
 
Return of Capital Adjustments Impacting Cost Basis of Securities
 
Fair Value Ending Balance
 
Changes in Unrealized Losses, Included In Net Income, Relating to Securities Still Held (1)
Other equity securities
 
$
8,393,683

 
$

 
$

 
$
781,154

 
$
112,372

 
$
9,287,209

 
$
781,154

Total
 
$
8,393,683

 
$

 
$

 
$
781,154

 
$
112,372

 
$
9,287,209

 
$
781,154

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other equity securities
 
$
9,217,181

 
$

 
$

 
$
(1,073,243
)
 
$
249,745

 
$
8,393,683

 
$
(1,073,243
)
Warrant investment
 
355,000

 

 

 
(355,000
)
 

 

 
(355,000
)
Total
 
$
9,572,181

 
$

 
$

 
$
(1,428,243
)
 
$
249,745

 
$
8,393,683

 
$
(1,428,243
)
(1) Located in Net realized and unrealized gain on other equity securities in the Consolidated Statements of Income

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):
 
 
December 31, 2016
 
December 31, 2015
 
 
(Unaudited)
 
(Unaudited)
Assets
 
 
 
 
Current assets
 
$
20,413

 
$
24,276

Noncurrent assets
 
698,745

 
696,461

Total Assets
 
$
719,158

 
$
720,737

Liabilities
 
 
 
 
Current liabilities
 
$
14,307

 
$
19,993

Noncurrent liabilities
 
268,175

 
246,808

Total Liabilities
 
$
282,482

 
$
266,801

 
 
 
 
 
Partner's equity
 
436,676

 
453,936

Total liabilities and partner's equity
 
$
719,158

 
$
720,737

Condensed Financial Information of Unconsolidated Affiliates
 
 
For the Years Ended December 31,
 
 
(Unaudited)
 
 
2016
 
2015
 
2014
Revenues
 
$
105,381

 
$
81,788

 
$
54,906

Operating expenses
 
86,071

 
76,774

 
62,835

Income (Loss) from Operations
 
$
19,310

 
$
5,014

 
$
(7,929
)
Other income
 
9,159

 
12,469

 
15,517

Net Income
 
$
28,469

 
$
17,483

 
$
7,588

Less: Net Income attributable to non-controlling interests
 
(18,717
)
 
(8,901
)
 
(761
)
Net Income attributable to Partner's Capital
 
$
9,752

 
$
8,582

 
$
6,827

Carrying and Fair Value Amounts
Carrying and Fair Value Amounts
 
 
Level within fair value hierarchy
 
December 31, 2016
 
December 31, 2015
 
 
 
Carrying
Amount
 
Fair Value
 
Carrying
Amount
 
Fair Value
Financial Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
Level 1
 
$
7,895,084

 
$
7,895,084

 
$
14,618,740

 
$
14,618,740

Escrow receivable
 
Level 2
 
$

 
$

 
$
1,392,917

 
$
1,392,917

Financing notes receivable (Note 4)
 
Level 3
 
$
1,500,000

 
$
1,500,000

 
$
7,675,626

 
$
7,675,626

Derivative asset
 
Level 2
 
$
19,950

 
$
19,950

 
$
98,259

 
$
98,259

Financial Liabilities:
 
 
 
 
 
 
 
 
Secured credit facilities(1)
 
Level 2
 
$
89,387,985

 
$
89,387,985

 
$
105,440,842

 
$
105,440,842

Unsecured convertible senior notes
 
Level 2
 
$
111,244,895

 
$
129,527,940

 
$
111,423,910

 
$
92,575,000

(1) Includes current maturities