Consolidation of a Real Estate Development Company (Tables)

9 Months Ended

Sep. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Assets and liabilities recognized in the Partnership’s condensed consolidated balance sheets

The assets and liabilities recognized in the Partnership’s condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 related to Urbplan were as follows:

	As of
	September 30, 2015		December 31, 2014
	(Dollars in millions)
Receivables and inventory of a consolidated real estate VIE:
Customer and other receivables	$	94.2	$	91.5
Inventory costs in excess of billings and advances	78.6		72.4
	$	172.8	$	163.9
Other assets of a consolidated real estate VIE:
Restricted investments	$	19.7	$	36.8
Fixed assets, net	1.1		1.8
Deferred tax assets	9.4		12.9
Other assets	38.6		34.9
	$	68.8	$	86.4
Loans payable of a consolidated real estate VIE, at fair value (principal amount of $167.8 million and $243.6 million as of September 30, 2015 and December 31, 2014, respectively)	$	109.1	$	146.2
Other liabilities of a consolidated real estate VIE:
Accounts payable	$	15.5	$	26.1
Other liabilities	79.9		58.8
	$	95.4	$	84.9

Revenues and expenses recognized in the Partnership’s condensed consolidated statements of operations

The revenues and expenses recognized in the Partnership’s condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014, respectively, related to Urbplan were as follows:

	Three Months Ended September 30, 2015		Nine Months Ended September 30, 2015
	(Dollars in millions)
Revenue of a consolidated real estate VIE
Land development services	$	9.7	$	71.0
Investment income	1.2		2.9
	$	10.9	$	73.9
Interest and other expenses of a consolidated real estate VIE:
Costs of products sold and services rendered	$	2.5	$	45.7
Interest expense	13.3		33.6
Change in fair value of loans payable	3.0		12.6
Compensation and benefits	4.3		9.1
G&A and other expenses	3.7		23.4
	$	26.8	$	124.4
	Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014
Revenue of a consolidated real estate VIE
Land development services	$	6.0	$	15.8
Investment income	7.2		11.4
	$	13.2	$	27.2
Interest and other expenses of a consolidated real estate VIE:
Costs of products sold and services rendered	$	8.8	$	25.3
Interest expense	8.6		30.3
Change in fair value of loans payable	9.1		35.4
Compensation and benefits	3.0		8.5
G&A and other expenses	8.8		30.0
	$	38.3	$	129.5

Outstanding principal amounts on loans based on current contractual terms

Outstanding principal amounts on the loans based on current contractual terms are payable as follows (Dollars in millions):

2015	$	11.3
2016	22.1
2017	16.9
2018	14.5
2019	16.4
Thereafter	86.6
	$	167.8