Equity Method Investments

Equity method investments comprise the following as of the dates indicated:



	December 31,
	2016⁽¹⁾			2015 ⁽²⁾
	Ownership	Amount		Ownership	Amount
Bengal	50.0%	$	76.1	49.0%	$	75.6
Odyssey⁽³⁾	49.0%	3.0		—%	—
Mars	48.6%	130.2		28.6%	84.0
Poseidon ⁽⁴⁾	36.0%	13.2		36.0%	25.4
Proteus ⁽⁵⁾	10.0%	19.1		—%	—
Endymion ⁽⁵⁾	10.0%	20.8		—%	—
		$	262.4		$	185.0

⁽¹⁾ As of December 31, 2016, the unamortized positive basis differences included in our equity investments in Mars, Poseidon, Proteus and Endymion were $17.3 million, $9.4 million, $4.5 million and $6.4 million, respectively. As of December 31, 2016, the unamortized negative basis difference included in our equity investment in Bengal and Odyssey was $5.9 million and $0.8 million, respectively. These basis differences between our cost of the initial investments and our equity interests in the separate net assets within the financial statements of the investees at the date of the investments are amortized into net income over the remaining useful lives of the underlying assets.

⁽²⁾ As of December 31, 2015, the unamortized positive basis differences included in our equity investments in Mars and Poseidon were $11.1 million and $10.3 million, respectively. As of December 31, 2015, the unamortized negative basis difference included in our equity investment in Bengal was $6.0 million. These basis differences between our cost of the initial investments and our equity interests in the separate net assets within the financial statements of the investees at the date of the investments are amortized into net income over the remaining useful lives of the underlying assets.


⁽³⁾	We acquired an equity interest in Odyssey in October 2016. For additional information regarding this transaction, see Note 3 - Acquisitions.


⁽⁴⁾	We acquired an equity interest in Poseidon in July 2015. For additional information regarding this transaction, see Note 3 - Acquisitions.


⁽⁵⁾	We acquired an equity interest in Proteus and Endymion in December 2016. For additional information regarding this transaction, see Note 3 - Acquisitions.

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



	2016
	Mars		Bengal		Poseidon		Odyssey⁽²⁾		Total
Distributions received ⁽⁴⁾	$	52.2	$	19.6	$	41.9	$	4.2	$	117.9
Income from equity investments ⁽¹⁾⁽⁴⁾	47.0		20.2		29.7		4.2		101.1



	2015
	Mars		Bengal		Poseidon ⁽³⁾		Total
Distributions received	$	34.9	$	20.2	$	21.2	$	76.3
Income from equity investments ⁽¹⁾	33.2		20.8		16.1		70.1



	2014
	Mars		Bengal		Total
Distributions received	$	5.5	$	2.8	$	8.3
Income from equity investments ⁽¹⁾	3.4		3.3		6.7

⁽¹⁾ Unamortized differences in the basis of the initial investments and our interest in the separate net assets within the financial statements of the investees, are amortized into net income over the remaining useful lives of the underlying assets. Amortization expense (income) for Mars, Bengal, and Poseidon was $1.1 million, $(0.2) million, and $0.9 million, respectively, for the year ended December 31, 2016, which is included in the consolidated statements of income. Amortization expense for Odyssey, Proteus and Endymion is less than $0.1 million for the year ended December 31, 2016. Amortization expense (income) for Mars, Bengal and Poseidon was $1.0 million, $(0.3) million and $0.4 million, respectively, for the year ended December 31, 2015, which is included in the consolidated statements of income. Amortization expense (income) for Mars and Bengal was $0.1 million and zero, respectively, for the year ended December 31, 2014, which is included in the consolidated statements of income.

⁽²⁾ The Odyssey ownership interest was effective with the October 2016 Acquisition.

⁽³⁾ The Poseidon ownership interest was effective with the July 2015 Acquisition.

⁽⁴⁾ The acquisition of our ownership interest in Proteus and Endymion was effective with the December 2016 Acquisition, for which we were not entitled to a distribution and the related equity investment income was less than $0.1 million.

Summarized Financial Information

The following presents aggregated selected balance sheet and income statement data for our equity method investments (on a 100% basis):



	For the Year Ended December 31, 2016						For the Period October 1, 2016 - December 31, 2016		For the Period December 28, 2016 - December 31, 2016
	Mars		Bengal		Poseidon		Odyssey		Proteus		Endymion
Statements of Income
Total revenues⁽¹⁾⁽²⁾	$	229.8	$	69.5	$	120.3	$	9.3	$	0.3	$	0.3
Total operating expenses⁽¹⁾⁽²⁾	83.0		28.7		30.7		0.8		0.1		0.2
Operating income ⁽¹⁾⁽²⁾	146.8		40.8		89.6		8.5		0.2		0.1
Net income⁽¹⁾⁽²⁾	146.8		40.2		84.9		8.5		—		0.1

	As of December 31, 2016
Balance Sheets
Current assets	$	40.0	$	34.0	$	17.1	$	3.6	$	24.0	$	10.0
Non-current assets	197.5		147.5		233.6		6.9		194.7		154.1
Total assets	$	237.5	$	181.5	$	250.7	$	10.5	$	218.7	$	164.1
Current liabilities	5.1		16.8		20.7		0.2		2.2		2.9
Non-current liabilities	—		0.7		219.7		5.0		70.3		17.2
Equity	232.4		164.0		10.3		5.3		146.2		144.0
Total liabilities and equity	$	237.5	$	181.5	$	250.7	$	10.5	$	218.7	$	164.1


⁽¹⁾	Interest in Odyssey was acquired by us on October 3, 2016. For 2016, Odyssey total revenue, total operating expenses and operating income (on a 100% basis) was $37.0 million, $3.2 million, and $33.8 million, respectively.

⁽²⁾

Interests in Proteus and Endymion were acquired by us on December 27, 2016. For 2016, Proteus total revenue, total operating expenses and operating income (on a 100% basis) was $24.7 million, $11.7 million, and $13.0 million, respectively. For 2016, Endymion total revenue, total operating expenses and operating income (on a 100% basis) was $28.1 million, $12.3 million, and $15.8 million, respectively.



	For the Year Ended December 31, 2015				For the Period July 1, 2015 - December 31, 2015
	Mars		Bengal		Poseidon
Statements of Income
Total revenues⁽¹⁾	$	205.9	$	70.3	$	—
Total operating expenses ⁽¹⁾	85.7		28.1		—
Operating income⁽¹⁾	120.3		42.2		—
Net income	120.3		42.1		45.9

	As of December 31, 2015
Balance Sheets
Current assets	$	40.9	$	29.0	$	18.5
Non-current assets	208.2		146.3		249.2
Total assets	$	249.1	$	175.3	$	267.7
Current liabilities	6.4		11.2		22.5
Non-current liabilities	—		0.9		203.5
Equity	242.7		163.2		41.7
Total liabilities and equity	$	249.1	$	175.3	$	267.7


⁽¹⁾	Interest in Poseidon was acquired by us on July 1, 2015. For 2015, Poseidon total revenue, total operating expenses and operating income (on a 100% basis) was $123.7 million, $28.6 million, and $95.1 million, respectively.



	For the Period November 3, 2014 - December 31, 2014
	Mars		Bengal
Statements of Income
Total revenues ⁽¹⁾	$	—	$	—
Total operating expenses⁽¹⁾	—		—
Operating income ⁽¹⁾	—		—
Net income	11.9		6.6

	As of December 31, 2014
Balance Sheets
Current assets	$	38.3	$	35.9
Non-current assets	212.1		146.7
Total assets	$	250.4	$	182.6
Current liabilities	6.1		19.0
Non-current liabilities	—		1.2
Equity	244.3		162.4
Total liabilities and equity	$	250.4	$	182.6


⁽¹⁾	Interest in Mars and Bengal were acquired by us on November 3, 2014. For 2014, Mars total revenue, total operating expenses and operating income (on a 100% basis) was $160.5 million, $73.0 million, and $87.4 million, respectively, and Bengal total revenue, total operating expenses and operating income (on a 100% basis) was $65.9 million, $27.2 million, and $38.7 million, respectively.