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Equity Method Investments | 12 Months Ended
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Dec. 31, 2011
Equity Method Investments |
Equity Method Investments |
Note 8—Equity Method Investments WesPac Energy LLC On July 1, 2010, the Company acquired a 50% membership interest in WesPac Energy LLC, a Nevada limited liability company (“WesPac”). Pursuant to the terms of the Membership Interest Purchase Agreement, dated July 1, 2010, by and among the Company, WesPac and Kealine Holdings, LLC (“Kealine”), a Nevada limited liability company and the sole limited liability company member of WesPac prior to the closing, we acquired 50% of the issued and outstanding limited liability company membership interests of WesPac for total cash consideration of $18,065. Kealine holds the remaining 50% membership interest in WesPac. We have no future obligation to make any additional investments into WesPac. All key investment, management and operating decisions of WesPac require unanimous approval from a management committee equally represented by Kealine and us. Founded in 1998 and based in Irvine, California, WesPac develops pipeline and terminal projects in the United States, Canada and Mexico, by building, expanding or enhancing infrastructure in the areas of pipeline transportation and storage efficiency enhancement. To date, WesPac has successfully developed, financed and brought to completion several such projects. The Company believes the ownership interest in WesPac will broaden our exposure to a variety of pipeline, terminal and energy-related infrastructure opportunities across North America. The following is a summary of the financial position and results as of and for the period ended December 31:
|  | 2011 |  | 2010 |
WesPac Energy, LLC |  |  |  |  |
Balance sheet data: |  |  |  |  |
Assets |  | $ | 20,147 |  | $ | 30,161 |
Liabilities |  | 1,820 |  | 4,248 |
Net assets |  | $ | 18,327 |  | $ | 25,913 |
Company’s equity investment in affiliate |  | $ | 12,415 |  | $ | 17,915 |
Earnings data: |  |  |  |  |
Revenue |  | $ | 1,717 |  | $ | — |
Expenses |  | 9,303 |  | (301 | )
Earnings before taxes |  | $ | (7,586 | ) | $ | (301 | )
Company’s equity in earnings |  | $ | (3,793 | ) | $ | (150 | )
During 2010 and 2011, WesPac actively engaged in the development of two projects, one in California and one in Texas, under joint development agreements with a major oil refining third party. At the end of 2011, WesPac determined that the third party would terminate the agreements. Under terms of the agreements, WesPac is entitled to reimbursement of certain costs incurred; however, after reviewing the value of the investment in the projects, WesPac expensed $5.4 million of non-reimbursed project development costs and reserves for assets not recoverable. The Company recorded its 50% share of the expense as required by the equity method of accounting. As a result of the termination of these and other projects, the Company recorded a reduction of $1.7 million of its $5 million basis difference, to recognize an estimate for an other than temporary decrease in the value of its basis difference between the Company’s original investment and its pro-rata share of the WesPac equity. St. — Bernard Levee Partners The Company purchased a 30% interest in St. — Bernard Levee Partners (“Bernard”) in the fourth quarter 2009 for $300 and accounts for this investment under the equity method. Bernard engages in construction activities in Louisiana. Bernard distributed $36,955 and $19,746 to its equity holders during the twelve months ended December 31, 2011 and 2010, respectively, of which the Company’s share, as calculated under the joint venture agreement, was $10,022 and $4,864 for the same periods in 2011 and 2010, respectively. The following is a summary of the financial position and results as of and for the years ended December 31:
|  | 2011 |  | 2010 |
St. Bernard Levee Partners |  |  |  |  |
Balance sheet data: |  |  |  |  |
Assets |  | $ | 5,677 |  | $ | 21,981 |
Liabilities |  | 4,771 |  | 17,291 |
Net assets |  | $ | 906 |  | $ | 4,690 |
Company’s equity investment in affiliate |  | $ | 272 |  | $ | 878 |
Earnings data: |  |  |  |  |
Revenue |  | $ | 72,822 |  | $ | 192,585 |
Expenses |  | 39,650 |  | 169,340 |
Earnings before taxes |  | $ | 33,172 |  | $ | 23,245 |
Company’s equity in earnings |  | $ | 9,415 |  | $ | 5,364 |
Otay Mesa Power Partners During 2007, the Company established a joint venture, Otay Mesa Power Partners (“OMPP”), for the sole purpose of constructing a power plant near San Diego, California. The Company had a 40% interest in the project and accounted for its investment in OMPP using the equity method. ARB acted as one of OMPP’s primary subcontractors. The project was completed in 2010, and a distribution of $106 was received during the first quarter of 2011. OMPP distributed $7,711 during 2010, of which the Company’s share, as calculated under the joint venture agreement, was $4,627. During 2009, OMPP distributed $8,500, of which the Company’s share was $3,400. During the period of the project, ARB had total project contracts with OMPP of $49,019. The Company recognized no related party revenues in 2011, $83 in 2010 and $16,566 in 2009. These revenues are included in the contract revenues earned from related parties as stated in Note 5 “Accounts Receivable”.

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- Definition The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32787-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32847-111569 + Details
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