Consolidation of a Real Estate Development Company (Tables)

6 Months Ended

Jun. 30, 2017

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 June 30, 2017 and December 31, 2016 related to Urbplan were as follows:

	As of
	June 30, 2017		December 31, 2016
	(Dollars in millions)
Receivables and inventory of a consolidated real estate VIE:
Customer and other receivables	$	107.2	$	99.4
Inventory costs in excess of billings and advances	60.0		46.0
	$	167.2	$	145.4
Other assets of a consolidated real estate VIE:
Restricted investments	$	12.2	$	12.7
Fixed assets, net	0.2		0.2
Deferred tax assets	4.0		9.1
Other assets	16.6		9.5
	$	33.0	$	31.5
Loans payable of a consolidated real estate VIE at fair value (principal amount of $145.3 million and $144.4 million as of June 30, 2017 and December 31, 2016, respectively)	$	72.6	$	79.4
Other liabilities of a consolidated real estate VIE:
Accounts payable	$	14.0	$	14.6
Other liabilities	159.4		109.9
	$	173.4	$	124.5

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

The revenues and expenses recognized in the Partnership’s unaudited condensed consolidated statements of operations for the three months and six months ended June 30, 2017 and 2016, respectively, related to Urbplan were as follows:

	Three Months Ended   June 30, 2017			Six Months Ended June 30, 2017
	(Dollars in millions)
Revenue of a consolidated real estate VIE:
Land development services	$	12.8		$	104.6
Investment income	3.6			4.4
	$	16.4		$	109.0
Interest and other expenses of a consolidated real estate VIE:
Costs of products sold and services rendered	$	8.5		$	64.4
Interest expense	9.6			18.5
Change in fair value of loans payable	(7.2		)	(6.6		)
Compensation and benefits	1.4			2.8
G&A and other expenses	6.1			58.9
	$	18.4		$	138.0

	Three Months Ended June 30, 2016			Six Months Ended June 30, 2016
	(Dollars in millions)
Revenue of a consolidated real estate VIE:
Land development services	$	8.6		$	27.7
Investment income	9.8			15.1
	$	18.4		$	42.8
Interest and other expenses of a consolidated real estate VIE:
Costs of products sold and services rendered	$	3.5		$	14.2
Interest expense	16.0			23.5
Change in fair value of loans payable	(0.8		)	(0.1		)
Compensation and benefits	1.7			3.4
G&A and other expenses	32.0			34.8
	$	52.4		$	75.8

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):

2017	$	13.1
2018	15.6
2019	23.2
2020	23.1
2021	21.0
Thereafter	49.3
	$	145.3