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Investments | 12 Months Ended
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Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract] |
Investments |
13. | Investments
The following is a summary of our investments and the related funding commitments (in millions):
|  | December 31, 2017 |  |  | December 31, |
|  |  |  |  | Funding |  |  | 2016 |
|  | Assets |  |  | Commitments |  |  | Assets |
Chem-Mod LLC |  | $ | 4.0 |  |  | $ | — |  |  | $ | 4.0 |
Chem-Mod International LLC |  |  | 2.0 |  |  |  | — |  |  |  | 2.0 |
Clean-coal investments: |  |  |  |  |  |  |  |  |  |  |  |
Controlling interest in 6 limited liability companies that own 14 2009 Era Clean Coal Plants |  |  | 10.2 |  |  |  | — |  |  |  | 14.3 |
Non-controlling interest in one limited liability companies that owns one 2011 Era Clean Coal Plant |  |  | 0.6 |  |  |  | — |  |  |  | 0.7 |
Controlling interest in 17 limited liability companies that own 19 2011 Era Clean Coal Plants |  |  | 58.5 |  |  |  | — |  |  |  | 69.0 |
Other investments |  |  | 3.8 |  |  |  | 0.4 |  |  |  | 3.7 |
Total investments |  | $ | 79.1 |  |  | $ | 0.4 |  |  | $ | 93.7 |
Chem-Mod LLC - At December 31, 2017, we held a 46.5% controlling interest in Chem-Mod. Chem-Mod possesses the exclusive marketing rights, in the U.S. and Canada, for technologies used to reduce emissions created during the combustion of coal. The refined coal production plants discussed below, as well as those owned by other unrelated parties, license and use Chem-Mod’s proprietary technologies, The Chem-Mod™ Solution, in the production of refined coal. The Chem-Mod™ Solution uses a dual injection sorbent system to reduce mercury, sulfur dioxide and other emissions at coal-fired power plants. We believe that the application of The Chem-Mod™ Solution qualifies for refined coal tax credits under IRC Section 45 when used with refined coal production plants placed in service by December 31, 2011 or 2009. Chem-Mod has been marketing its technologies principally to coal-fired power plants owned by utility companies, including those utilities that are operating with the IRC Section 45 refined coal production plants in which we hold an investment. Chem-Mod is determined to be a variable interest entity (which we refer to as a VIE). We are the manager (decision maker) of Chem-Mod and therefore consolidate its operations into our consolidated financial statements. At December 31, 2017, total assets and total liabilities of this VIE included in our consolidated balance sheet were $11.1 million and $0.7 million, respectively. At December 31, 2016, total assets and total liabilities of this VIE included in our consolidated balance sheet were $11.1 million and $0.8 million, respectively. For 2017, total revenues and expenses were $64.4 million and $2.3 million, respectively. For 2016, total revenues and expenses were $63.5 million and $2.4 million, respectively. We are under no obligation to fund Chem-Mod’s operations in the future. Chem-Mod International LLC - At December 31, 2017, we held a 31.5% non-controlling ownership interest in Chem-Mod International. Chem-Mod International has the rights to market The Chem-Mod™ Solution in countries other than the U.S. and Canada. Such marketing activity has been limited to date. C-Quest Technology LLC and C-Quest Technologies International LLC (together, C-Quest) - At December 31, 2017, we held a non-controlling 12% interest in C-Quest’s global entities. C-Quest possesses rights, information and technology for the reduction of carbon dioxide emissions created by burning fossil fuels. Thus far, C-Quest’s operations have been limited to laboratory testing. C-Quest is determined to be a VIE, but we do not consolidate this investment into our consolidated financial statements because we are not the primary beneficiary or decision maker. We have an option to acquire an additional 15% interest in C-Quest’s global entities for $7.5 million at any time on or prior to February 15, 2019. Clean Coal Investments -
| • |  | We have investments in limited liability companies that own 34 refined coal production plants which produce refined coal using proprietary technologies owned by Chem-Mod. We believe the production and sale of refined coal at these plants is qualified to receive refined coal tax credits under IRC Section 45. The 14 plants placed in service prior to December 31, 2009 (which we refer to as the 2009 Era Plants) are eligible to receive tax credits through 2019 and the 20 plants placed in service prior to December 31, 2011 (which we refer to as the 2011 Era Plants) are eligible to receive tax credits through 2021.
| • |  | As of December 31, 2017:
| • |  | 31 of the plants have long-term production contracts.
| • |  | For two of the 2009 Era Plants, we are not in current active negotiations for long-term production contracts. For one of the 2011 Era Plants, we are in early stages of negotiations for a long-term production contract.
| • |  | We have a non-controlling interest in one plant, which is owned by a limited liability company (which we refer to as a LLC). We have determined that this LLC is a VIE, for which we are not the primary beneficiary. At December 31, 2017, total assets and total liabilities of this VIE were $23.0 million and $21.1 million, respectively. For 2017, total revenues and expenses of this VIE were $66.2 million and $81.1 million, respectively.
| • |  | We and our co-investors each fund our portion of the on-going operations of the limited liability companies in proportion to our investment ownership percentages. Other than our portion of the on-going operational funding, there are no additional amounts that we are committed to related to funding these investments.
Other Investments - At December 31, 2017, we owned a non-controlling, minority interest in four venture capital funds totaling $3.8 million and eight certified low-income housing developments with zero carrying value. The low-income housing developments and real estate entities have been determined to be VIEs, but are not required to be consolidated due to our lack of control over their respective operations. At December 31, 2017, total assets and total liabilities of these VIEs were approximately $15.0 million and zero, respectively.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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