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EQUITY METHOD INVESTMENT
6 Months Ended
Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]  
EQUITY METHOD INVESTMENT
EQUITY METHOD INVESTMENT

In addition to the investment made in 2015, in January 2016, the Company invested in a second limited liability company established to produce refined coal, which is then sold to a utility to produce electricity.  The production and sale of refined coal is eligible for renewable energy tax credits under Section 45 of the Internal Revenue Code.  Under the terms of the investment, effective control lies with a co-investor who manages the day-to-day operations of the entity, and as such the investments are accounted for under the equity method of accounting.  

As of June 30, 2016 and December 31, 2015, the balance of the combined refined coal investments was $7 million million and $9 million, respectively, and is included on the balance sheet under Other assets. During the three and six months ended June 30, 2016, the Company recorded $5 million and $12 million, respectively, in equity losses. The total tax benefit of $14 million including energy tax credits, is reflected in the Company’s effective tax rate for the six months ended June 30, 2016. The investments contributed $1.7 million to net earnings for six months ended June 30, 2016.