Deconsolidation of a Real Estate Development Company (Tables)

9 Months Ended

Sep. 30, 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 December 31, 2016 related to Urbplan were as follows:



	As of
	December 31, 2016
	(Dollars in millions)
Receivables and inventory of a real estate VIE:
Customer and other receivables	$	99.4
Inventory costs in excess of billings and advances	46.0
	$	145.4
Other assets of a real estate VIE:
Restricted investments	$	12.7
Fixed assets, net	0.2
Deferred tax assets	9.1
Other assets	9.5
	$	31.5
Loans payable of a real estate VIE at fair value (principal amount of $144.4 million as of December 31, 2016)	$	79.4
Other liabilities of a real estate VIE:
Accounts payable	$	14.6
Other liabilities	109.9
	$	124.5

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

The revenues and expenses recognized in the Partnership’s unaudited condensed consolidated statements of operations for the nine months ended September 30, 2017 and 2016 related to Urbplan were as follows:



	Nine Months Ended September 30, 2017
	(Dollars in millions)
Revenue of a real estate VIE:
Land development services	$	104.6
Investment income	4.4
	$	109.0
Interest and other expenses of a real estate VIE:
Costs of products sold and services rendered	$	64.4
Interest expense	18.5
Change in fair value of loans payable	(6.6		)
Compensation and benefits	2.8
G&A and other expenses	58.9
Loss on deconsolidation	64.5
	$	202.5



	Nine Months Ended September 30, 2016
	(Dollars in millions)
Revenue of a real estate VIE:
Land development services	$	35.5
Investment income	26.0
	$	61.5
Interest and other expenses of a real estate VIE:
Costs of products sold and services rendered	$	18.9
Interest expense	36.2
Change in fair value of loans payable	(2.6		)
Compensation and benefits	5.5
G&A and other expenses	99.9
	$	157.9