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Noncontrolling Interests
3 Months Ended
Mar. 31, 2013
Noncontrolling Interests  
Noncontrolling Interests

Note 12 — Noncontrolling Interests

 

The Company applies the provisions of ASC Topic 810-10-45, which establishes accounting and reporting standards for ownership interests of parties other than the Company in subsidiaries, such as joint ventures and partnerships.

 

The Company determined that the Blythe joint venture was a variable interest entity (“VIE”) and that the Company was the primary beneficiary as a result of its significant influence over the joint venture operations.  Revenues for the Blythe joint venture for the three months ended March 31, 2013 and 2012 were $16,272 and $1,621.   Net income attributable to noncontrolling interests in the Blythe joint venture was $270 and $44 for the three months ended March 31, 2013 and 2012, respectively.  Since Blythe is a partnership, no tax effect was recognized for the income.  There were no distributions to noncontrolling interests and no capital contributions made by noncontrolling interests during the three months ended March 31, 2013 and 2012.

 

Included in the consolidated financial statements at March 31, 2013, the carrying value of the assets and liabilities associated with the operations of the Blythe joint venture were $4,983 of cash, $13,715 of accounts receivable and current liabilities of $15,130.  At December 31, 2012, the carrying value of the assets and liabilities included $3,565 of cash, $8,843 of accounts receivable and current liabilities of $9,379.  The net assets of the joint venture are restricted for use by the project and are not available for general operations of the Company.