Consolidation of a Real Estate Development Company (Tables)

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Assets and liabilities recognized in the Partnership’s condensed consolidated balance sheets

The assets and liabilities recognized in the Partnership’s condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016 related to Urbplan were as follows:



	As of
	March 31, 2017		December 31, 2016
	(Dollars in millions)
Receivables and inventory of a consolidated real estate VIE:
Customer and other receivables	$	114.7	$	99.4
Inventory costs in excess of billings and advances	59.1		46.0
	$	173.8	$	145.4
Other assets of a consolidated real estate VIE:
Restricted investments	$	13.8	$	12.7
Fixed assets, net	0.2		0.2
Deferred tax assets	4.3		9.1
Other assets	14.4		9.5
	$	32.7	$	31.5
Loans payable of a consolidated real estate VIE, at fair value (principal amount of $141.5 million and $144.4 million as of March 31, 2017 and December 31, 2016, respectively)	$	77.8	$	79.4
Other liabilities of a consolidated real estate VIE:
Accounts payable	$	13.1	$	14.6
Other liabilities	164.4		109.9
	$	177.5	$	124.5

Revenues and expenses recognized in the Partnership’s condensed consolidated statements of operations

The revenues and expenses recognized in the Partnership’s condensed consolidated statements of operations for the three months ended March 31, 2017 and 2016, respectively, related to Urbplan were as follows:



	Three Months Ended March 31, 2017		Three Months Ended March 31, 2016
	(Dollars in millions)
Revenue of a consolidated real estate VIE
Land development services	$	91.8	$	19.1
Investment income	0.8		5.3
	$	92.6	$	24.4
Interest and other expenses of a consolidated real estate VIE:
Costs of products sold and services rendered	$	55.9	$	10.7
Interest expense	8.9		7.5
Change in fair value of loans payable	0.6		0.7
Compensation and benefits	1.4		1.7
G&A and other expenses	52.8		2.8
	$	119.6	$	23.4

Outstanding principal amounts on loans based on current contractual terms

Outstanding principal amounts on the loans based on current contractual terms are payable as follows (Dollars in millions):



2017	$	15.5
2018	14.8
2019	22.1
2020	22.0
2021	20.1
Thereafter	47.0
	$	141.5