XML 129 R27.htm IDEA: XBRL DOCUMENT

Note 18 - Equity-Method Investment

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

(18) Equity-Method Investment

In October 2014, we acquired a 99.9% membership interest related to a partnership with U.S. Bancorp Community Development Corporation. This investment generates new markets tax credits under the New Markets Tax Credit Program (“NMTC Program”). The NMTC Program was established by Congress in 2000 to spur new or increased investments into operating businesses and real estate projects located in low-income communities. While U.S. Bancorp Community Development Corporation exercises management control over the partnership, due to the economic interest we hold in the entity, we determined the appropriate accounting for our ownership portion of the partnership was under the equity method. The transaction obligates us to make $37.1 million of equity contributions to the entity over a two-year period ending October 2016, $4.1 million of which had been contributed as of December 31, 2014.

As of December 31, 2014, the carrying value of this equity-method investment was $33.3 million and was recorded as a component of other non-current assets in our Consolidated Balance Sheets. The present value of our obligation associated with future equity contributions of $32.2 million was recorded as a component of accrued liabilities and other long-term liabilities in our Consolidated Balance Sheets.

The following amounts related to this equity-method investment were recorded in our Consolidated Statements of Operations (in thousands):

Year Ended December 31,	2014
Asset impairments to write investment down to fair value	$	1,853
Our portion of the partnership’s operating losses		1,160
Non-cash interest expense related to the amortization of the discounted fair value of future equity contributions		152
Tax benefits and credits generated		6,506

- 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+ Details