Equity Method Investments

3 Months Ended

Mar. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

As of March 31, 2016 and December 31, 2015, our equity method investments consist of a 28.6% interest in Mars, 49.0% interest in Bengal and 36.0% interest in Poseidon.

Equity investments in affiliates comprise the following as of the dates indicated:



	March 31, 2016 ⁽¹⁾		December 31, 2015 ⁽²⁾
Mars	$	85.0	$	84.0
Bengal	74.7		75.6
Poseidon	22.2		25.4
	$	181.9	$	185.0

⁽¹⁾ As of March 31, 2016, the equity investment exceeded our equity in the net assets of Mars and Poseidon by $11.3 million and $10.5 million, respectively. As of March 31, 2016, our equity investment balance in Bengal includes a gain from contribution, represented by a credit balance of $6.1 million.

⁽²⁾ As of December 31, 2015, the equity investment exceeded our equity in the net assets of Mars and Poseidon by $11.1 million and $10.3 million, respectively. As of December 31, 2015, our equity investment balance in Bengal includes a gain from contribution, represented by a credit balance of $6.0 million.

Our equity investments in affiliates balance was affected by the following during the periods indicated:



	Three Months Ended March 31, 2016
	Mars			Bengal		Poseidon		Total
Distributions received	$	9.9		$	6.3	$	10.1	$	26.3
Income from equity investments ⁽¹⁾	10.9			5.4		6.9		23.2
Return of investment ⁽²⁾	—			0.9		3.2		4.1
Income in excess of distributions ⁽³⁾	(1.0		)	—		—		(1.0		)



	Three Months Ended March 31, 2015
	Mars		Bengal		Total
Distributions received	$	8.6	$	7.1	$	15.7
Income from equity investments ⁽¹⁾	7.4		5.1		12.5
Return of investment ⁽²⁾	1.2		2.0		3.2

⁽¹⁾Differences in the basis of the investments and the separate net asset value of the investees, if any, are amortized into net income over the remaining useful lives of the underlying assets. For the three months ended March 31, 2016, amortization expense (income) for Mars, Bengal and Poseidon of $0.2 million, $(0.1) million and $0.2 million, respectively, is included in the condensed consolidated statement of income. For the three months ended March 31, 2015, amortization expense (income) for Mars and Bengal of $0.4 million and $(0.1) million, respectively, is included in the condensed consolidated statement of income.

⁽²⁾Distributions received in excess of our income from equity investments is shown as a return of investment in our condensed consolidated statements of cash flows.

⁽³⁾ Income from equity investments in excess of distributions received is shown as income in excess of distributions in our condensed consolidated statements of cash flows.

Summarized Financial Information

The following tables present aggregated selected unaudited income statement data for our equity method investments in Mars, Bengal and Poseidon, on a 100% basis:



	Three Months Ended March 31, 2016
	Mars		Bengal		Poseidon
Statements of Income
Total revenues	$	57.3	$	17.4	$	27.4
Total operating expenses	18.5		6.4		6.6
Operating income	$	38.8	$	11.0	$	20.8
Net income ⁽¹⁾	$	38.8	$	11.0	$	19.7



	Three Months Ended March 31, 2015
	Mars		Bengal
Statements of Income
Total revenues	$	44.9	$	16.3
Total operating expenses	17.6		6.1
Operating income	$	27.3	$	10.2
Net income ⁽¹⁾	$	27.4	$	10.2

⁽¹⁾Difference between Operating income and Net income represents interest expense or interest income.