Note 18 - Equity-method Investment

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures Disclosure [Text Block]

(18)	Equity-Method Investment

In October 2014, we acquired a 99.9% membership interest in a limited liability company managed by U.S. Bancorp Community Development Corporation with an initial equity contribution of $4.1 million. We made additional equity contributions to the entity of $22.8 million in 2015. We are obligated to make $49.8 million of total contributions to the entity over a two-year period ending October 2016, $26.9 million of which had been made as of December 31, 2015.

This investment generates new markets tax credits under the New Markets Tax Credit Program (“NMTC Program”). The NMTC Program was established by Congress in 2000 to spur new or increased investments into operating businesses and real estate projects located in low-income communities.

While U.S. Bancorp Community Development Corporation exercises management control over the limited liability company, due to the economic interest we hold in the entity, we determined our ownership portion of the entity was appropriately accounted for using the equity method.

The following amounts related to this equity-method investment were recorded in our Consolidated Balance Sheets (in thousands):

	December 31,
	2015		2014
Carrying value, recorded as a component of other non-current assets	$	22,284	$	33,282
Present value of obligation associated with future equity contributions, recorded as a component of accrued liabilities and other long-term liabilities		22,511		32,177

The following amounts related to this equity-method investment were recorded in our Consolidated Statements of Operations (in thousands):

	Year Ended December 31,
	2015		2014		2013
Asset impairments to write investment down to fair value	$	16,521	$	1,853	$	—
Our portion of the partnership’s operating losses		6,929		1,160		—
Non-cash interest expense related to the amortization of the discounted fair value of future equity contributions		674		152		—
Tax benefits and credits generated		30,832		6,506		—