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Equity Method Investments
 12 Months Ended
Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Equity Method Investments
The Company’s has five equity method investments in limited liability companies that own refined coal production plants (the “clean energy investments”), whose activities qualify for income tax credits under Section 45 of the Internal Revenue Code, as amended (the “Code”). The carrying value of the clean energy investments totaled $379.3 million and $437.5 million at December 31, 2015 and 2014, respectively, and are included in other assets in the Consolidated Balance Sheets. Liabilities related to these clean energy investments totaled $419.3 million and $472.7 million at December 31, 2015 and 2014, respectively. Of these liabilities, $357.0 million and $412.9 million are included in other long-term obligations in the Consolidated Balance Sheets at December 31, 2015 and 2014, respectively. The remaining $62.3 million and $59.8 million are included in other current liabilities in the Consolidated Balance Sheets at December 31, 2015 and 2014, respectively.
In addition, the Company holds a 50% interest in Sagent Agila, which is accounted for using the equity method of accounting. Sagent Agila was established to allow for the development, manufacturing and distribution of certain generic injectable products in the U.S. market. The initial term of the venture expires upon the tenth anniversary of its formation. The carrying value of the investment in Sagent Agila included in other assets totaled $96.2 million and $109.9 million at December 31, 2015 and 2014, respectively, in the Consolidated Balance Sheets.
Summarized financial information, in the aggregate, of the Company’s equity method investments on a 100% basis as of and for the years ended December 31, 2015, 2014 and 2013 are as follows:
(In millions)
December 31, 2015
 
December 31, 2014
Current assets
$
97.6

 
$
97.3

Noncurrent assets
14.6

 
18.8

Total assets
112.2

 
116.1

Current liabilities
74.9

 
83.8

Noncurrent liabilities
2.6

 
2.5

Total liabilities
77.5

 
86.3

Net assets
$
34.7

 
$
29.8

(In millions)
Year Ended December 31,
 
2015
 
2014
 
2013
Total revenues
$
774.6

 
$
536.8

 
$
167.5

Gross loss
(11.3
)
 
(7.8
)
 
(6.1
)
Operating and non-operating expense
25.6

 
16.9

 
4.3

Net loss
$
(36.9
)
 
$
(24.7
)
 
$
(10.4
)

The Company’s net losses from equity method investments includes amortization expense related to the excess of the cost basis of the Company’s investment to the underlying assets of each individual investee. For the years ended December 31, 2015, 2014 and 2013, the Company’s share of the net loss of the equity method investments was $105.1 million, $91.4 million and $34.6 million, respectively, which was recognized as a component of other income (expense), net. The Company recognizes the income tax credits and benefits from the clean energy investments as part of its provision for income taxes.