2.2.0.25falsefalse10401 - Disclosure - Investment in BBEPtruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
USD ($)
USD ($) / shares
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<div style="font-family: 'Times New Roman',Times,serif;">
<div style="margin-top: 12pt; font-size: 10pt;" align="left"><b>4. INVESTMENT IN BBEP</b> </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> At March 31, 2011, we owned 15.6 million BBEP Units, or 26%, of BBEP, whose price closed at $21.73 per unit as of that date. Our ownership interest in BBEP was reduced in February 2011 when BBEP issued approximately 4.9 million BBEP Units. We further reduced our ownership during the three months ended March 31, 2011 through the sale of approximately 0.1 million BBEP Units at a weighted average unit sales price of $21.83. We recognized a gain of $1.3 million as other income for the difference between our carrying value at the time of the sale of $5.31 per BBEP Unit and the net sales proceeds. </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> Changes in the balance of our investment in BBEP for the three months ended March 31, 2011 were as follows: </div>
<div align="center">
<table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="40%">
<tr valign="bottom"><td width="86%"> </td>
<td width="5%"> </td>
<td width="5%"> </td>
<td width="5%"> </td>
<td width="1%"> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td style="border-bottom: #000000 1px solid;" colspan="5" nowrap="nowrap" align="left">(In thousands)</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Balance at December 31, 2010</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">83,341</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Equity loss in BBEP</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(20,884</td>
<td nowrap="nowrap">)</td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Distributions from BBEP</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(6,369</td>
<td nowrap="nowrap">)</td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Disposal of BBEP Units</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(414</td>
<td nowrap="nowrap">)</td></tr>
<tr style="font-size: 1px;"><td>
<div style="text-indent: -15px; margin-left: 15px;"> </div></td>
<td> </td>
<td style="border-top: #000000 1px solid;" colspan="3" nowrap="nowrap" align="right"> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Ending investment balance</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">55,674</td>
<td> </td></tr>
<tr style="font-size: 1px;"><td>
<div style="text-indent: -15px; margin-left: 15px;"> </div></td>
<td> </td>
<td style="border-top: #000000 3px double;" colspan="3" nowrap="nowrap" align="right"> </td></tr></table></div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> We account for our investment in BBEP Units using the equity method, utilizing a one-quarter lag from BBEP's publicly available information. Summarized estimated financial information for BBEP is as follows: </div>
<div align="center">
<table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="50%">
<tr valign="bottom"><td width="76%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="1%"> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td colspan="6" nowrap="nowrap" align="center"><b>For the Three Months Ended</b></td>
<td> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="6" nowrap="nowrap" align="center"><b>December 31,</b></td>
<td> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center"><b>2010</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center"><b>2009</b></td>
<td> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td colspan="6" nowrap="nowrap" align="center">(In thousands)</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Revenue <sup style="font-size: 85%; vertical-align: text-top;">(1)</sup></div></td>
<td> </td>
<td align="left">$</td>
<td align="right">18,165</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">38,263</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Operating expense</div></td>
<td> </td>
<td> </td>
<td align="right">79,483</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">73,272</td>
<td> </td></tr>
<tr style="font-size: 1px;"><td>
<div style="text-indent: -15px; margin-left: 15px;"> </div></td>
<td> </td>
<td style="border-top: #000000 1px solid;" colspan="3" nowrap="nowrap" align="right"> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" colspan="3" nowrap="nowrap" align="right"> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Operating loss</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(61,318</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(35,009</td>
<td nowrap="nowrap">)</td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Interest and other <sup style="font-size: 85%; vertical-align: text-top;">(2)</sup></div></td>
<td> </td>
<td> </td>
<td align="right">9,989</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,859</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Income tax benefit</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(439</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,174</td>
<td nowrap="nowrap">)</td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Noncontrolling interests</div></td>
<td> </td>
<td> </td>
<td align="right">35</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">19</td>
<td> </td></tr>
<tr style="font-size: 1px;"><td>
<div style="text-indent: -15px; margin-left: 15px;"> </div></td>
<td> </td>
<td style="border-top: #000000 1px solid;" colspan="3" nowrap="nowrap" align="right"> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" colspan="3" nowrap="nowrap" align="right"> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Net loss available to BBEP</div></td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(70,903</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(39,713</td>
<td nowrap="nowrap">)</td></tr>
<tr style="font-size: 1px;"><td>
<div style="text-indent: -15px; margin-left: 15px;"> </div></td>
<td> </td>
<td style="border-top: #000000 3px double;" colspan="3" nowrap="nowrap" align="right"> </td>
<td> </td>
<td style="border-top: #000000 3px double;" colspan="3" nowrap="nowrap" align="right"> </td></tr></table></div>
<table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td width="5%"> </td>
<td width="1%"> </td>
<td width="94%"> </td></tr>
<tr valign="top"><td nowrap="nowrap" align="left"> </td>
<td><sup style="font-size: 85%; vertical-align: text-top;">(1)</sup> </td>
<td>For the three months ended December 31, 2010 and 2009, unrealized losses of $82.3 million and $54.7 million on commodity derivatives were recognized, respectively.</td></tr>
<tr style="font-size: 3pt;"><td> </td></tr>
<tr valign="top"><td nowrap="nowrap" align="left"> </td>
<td><sup style="font-size: 85%; vertical-align: text-top;">(2)</sup> </td>
<td>The three months ended December 31, 2010 and 2009 included unrealized gains of $3.1 million and unrealized losses of $0.7 million, respectively, from interest rate swaps.</td></tr></table>
<div align="center">
<table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="50%">
<tr valign="bottom"><td width="76%"> </td>
<td width="5%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="7" nowrap="nowrap" align="center"><b>As of December 31,</b></td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" nowrap="nowrap" align="center"><b>2010</b></td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" nowrap="nowrap" align="center"><b>2009</b></td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td colspan="7" nowrap="nowrap" align="center">(In thousands)</td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Current assets</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">145,233</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">142,441</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Property, plant and equipment</div></td>
<td> </td>
<td> </td>
<td align="right">1,728,256</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,741,089</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Other assets</div></td>
<td> </td>
<td> </td>
<td align="right">98,113</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">87,499</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Current liabilities</div></td>
<td> </td>
<td> </td>
<td align="right">85,035</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">91,890</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Long-term debt</div></td>
<td> </td>
<td> </td>
<td align="right">516,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">559,000</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Other non-current liabilities</div></td>
<td> </td>
<td> </td>
<td align="right">64,715</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">91,338</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Partners' equity</div></td>
<td> </td>
<td> </td>
<td align="right">1,305,852</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,228,801</td>
<td> </td></tr></table></div></div> </div>4. INVESTMENT IN BBEP
At March 31, 2011, we owned 15.6 million BBEP Units, or 26%, of BBEP, whose price closed atfalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringEquity investment disclosure, or group of investments for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20% of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
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