Noncontrolling Interests
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Dec. 31, 2013
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Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | Note 13 — Noncontrolling Interests
The Company applies the provisions of ASC Topic 810-10-45, which establishes accounting and reporting standards for ownership interests of parties, other than the Company, in subsidiaries, such as joint ventures and partnerships.
The Company determined that the Blythe joint venture was a variable interest entity (“VIE”) and that the Company was the primary beneficiary as a result of its significant influence over the joint venture operations.
The Blythe joint venture operating activities are included in the Company’s consolidated statements of income as follows for the years ended December 31:
Since Blythe is a partnership, no tax effect was recognized for the income. Blythe made a $5.5 million distribution to the non-controlling interests and $5.5 million distribution to the Company during the year ended December 31, 2013. There were no distributions made in the prior year, and there were no capital contributions made during the year ended December 31, 2013.
The carrying value of the assets and liabilities associated with the operations of the Blythe joint venture are included in the Company’s consolidated balance sheets at December 31 as follows:
The net assets of the joint venture are restricted for use by the project and are not available for general operations of the Company.
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