Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 07, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ICON ECI Fund Fifteen, L.P. | |
Entity Central Index Key | 1,502,519 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 197,385 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash | $ 45,408,856 | $ 18,067,904 |
Net investment in notes receivable | 21,269,867 | 30,013,756 |
Leased equipment at cost (less accumulated depreciation of $46,861,493 and $40,253,258, respectively) | 157,616,770 | 183,584,053 |
Net investment in finance leases | 18,425,342 | 59,683,406 |
Investment in joint ventures | 4,483,761 | 13,209,019 |
Other assets | 5,769,309 | 7,332,096 |
Total assets | 252,973,905 | 311,890,234 |
Liabilities: | ||
Non-recourse long-term debt | 109,536,579 | 148,023,063 |
Derivative financial instruments | 168,380 | 0 |
Due to General Partner and affiliates, net | 3,015,547 | 5,682,643 |
Seller's credits | 14,201,748 | 13,437,087 |
Deferred tax liabilities, net | 276,454 | 0 |
Accrued expenses and other liabilities | 1,740,980 | 3,047,361 |
Total liabilities | 128,939,688 | 170,190,154 |
Commitments and contingencies (Note 13) | ||
Partners' equity: | ||
Limited partners | 116,938,226 | 123,445,636 |
General Partner | (585,983) | (520,252) |
Total partners' equity | 116,352,243 | 122,925,384 |
Noncontrolling interests | 7,681,974 | 18,774,696 |
Total equity | 124,034,217 | 141,700,080 |
Total liabilities and equity | $ 252,973,905 | $ 311,890,234 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Accumulated depreciation | $ 46,861,493 | $ 40,253,258 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue and other income: | ||||
Finance income | $ 1,265,896 | $ 1,619,614 | $ 5,094,697 | $ 7,561,485 |
Rental income | 9,881,522 | 10,556,802 | 33,850,742 | 34,553,671 |
Income (loss) from investment in joint ventures | 109,866 | (3,239,186) | (1,154,007) | (9,504,736) |
Gain on sale of assets, net | 0 | 0 | 0 | 983,474 |
Gain on sale of subsidiaries | 0 | 0 | 1,492,965 | 0 |
Gain on sale of investment in joint venture | 0 | 0 | 9,427 | 0 |
Other income (loss) | 36,520 | (145,059) | (56,597) | (160,815) |
Total revenue and other income | 11,293,804 | 8,792,171 | 39,237,227 | 33,433,079 |
Expenses: | ||||
Management fees | 166,269 | 898,498 | 899,044 | 1,575,686 |
Administrative expense reimbursements | 372,146 | 375,157 | 1,079,240 | 1,171,572 |
General and administrative | 466,027 | 356,687 | 1,443,674 | 1,602,549 |
Interest | 1,621,621 | 1,549,116 | 6,250,677 | 4,854,748 |
Depreciation | 7,347,554 | 8,419,497 | 24,233,604 | 24,917,352 |
(Gain) loss on derivative financial instruments | (518,437) | 0 | 480,448 | 0 |
Impairment loss | 0 | 0 | 0 | 1,180,260 |
Credit loss | 0 | 946,879 | 0 | 2,439,108 |
Total expenses | 9,455,180 | 12,545,834 | 34,386,687 | 37,741,275 |
Income (loss) before income taxes | 1,838,624 | (3,753,663) | 4,850,540 | (4,308,196) |
Income tax expense | 15,942 | 0 | 276,454 | 0 |
Net income (loss) | 1,822,682 | (3,753,663) | 4,574,086 | (4,308,196) |
Less: net income attributable to noncontrolling interests | 316,014 | 302,936 | 1,163,634 | 1,836,774 |
Net income (loss) attributable to Fund Fifteen | 1,506,668 | (4,056,599) | 3,410,452 | (6,144,970) |
Net income (loss) attributable to Fund Fifteen allocable to: | ||||
Limited partners | 1,491,601 | (4,016,033) | 3,376,347 | (6,083,520) |
General Partner | 15,067 | (40,566) | 34,105 | (61,450) |
Net income (loss) attributable to Fund Fifteen | $ 1,506,668 | $ (4,056,599) | $ 3,410,452 | $ (6,144,970) |
Weighted average number of limited partnership interests outstanding (in shares) | 197,385 | 197,385 | 197,385 | 197,385 |
Net (loss) income attributable to Fund Fifteen per weighted average limited partnership interest outstanding (USD per share) | $ 7.56 | $ (20.35) | $ 17.11 | $ (30.82) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Total | Noncontrolling Interests | Limited Partnership Interests | General Partner | Partners' Equity |
Balance (in shares) at Dec. 31, 2015 | 197,385 | ||||
Balance at Dec. 31, 2015 | $ 141,700,080 | $ 18,774,696 | $ 123,445,636 | $ (520,252) | $ 122,925,384 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 2,675,596 | 429,032 | 2,224,098 | 22,466 | 2,246,564 |
Distributions | (4,340,102) | (370,578) | $ (3,929,829) | (39,695) | (3,969,524) |
Balance (in shares) at Mar. 31, 2016 | 197,385 | ||||
Balance at Mar. 31, 2016 | 140,035,574 | 18,833,150 | $ 121,739,905 | (537,481) | 121,202,424 |
Balance (in shares) at Dec. 31, 2015 | 197,385 | ||||
Balance at Dec. 31, 2015 | 141,700,080 | 18,774,696 | $ 123,445,636 | (520,252) | 122,925,384 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 4,574,086 | ||||
Distributions | (99,836) | ||||
Balance (in shares) at Sep. 30, 2016 | 197,385 | ||||
Balance at Sep. 30, 2016 | 124,034,217 | 7,681,974 | $ 116,938,226 | (585,983) | 116,352,243 |
Balance (in shares) at Mar. 31, 2016 | 197,385 | ||||
Balance at Mar. 31, 2016 | 140,035,574 | 18,833,150 | $ 121,739,905 | (537,481) | 121,202,424 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 75,808 | 418,588 | (339,352) | (3,428) | (342,780) |
Distributions | (15,895,160) | (11,885,778) | $ (3,969,288) | (40,094) | (4,009,382) |
Balance (in shares) at Jun. 30, 2016 | 197,385 | ||||
Balance at Jun. 30, 2016 | 124,216,222 | 7,365,960 | $ 117,431,265 | (581,003) | 116,850,262 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 1,822,682 | 316,014 | 1,491,601 | 15,067 | 1,506,668 |
Distributions | (2,004,687) | 0 | $ (1,984,640) | (20,047) | (2,004,687) |
Balance (in shares) at Sep. 30, 2016 | 197,385 | ||||
Balance at Sep. 30, 2016 | $ 124,034,217 | $ 7,681,974 | $ 116,938,226 | $ (585,983) | $ 116,352,243 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||||||
Net income (loss) | $ 1,822,682 | $ 2,675,596 | $ (3,753,663) | $ 4,574,086 | $ (4,308,196) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
Finance income | 779,500 | 1,545,751 | ||||
Credit loss | 0 | 946,879 | 0 | 2,439,108 | ||
Rental income paid directly to lenders by lessees | 0 | (2,652,753) | ||||
Rental income recovered from forfeited security deposit | 0 | (2,638,850) | ||||
Loss from investment in joint ventures | (109,866) | 3,239,186 | 1,154,007 | 9,504,736 | ||
Depreciation | 7,347,554 | 8,419,497 | 24,233,604 | 24,917,352 | ||
Impairment loss | 0 | 0 | 0 | 1,180,260 | ||
Interest expense on non-recourse financing paid directly to lenders by lessees | 0 | 206,644 | ||||
Interest expense from amortization of debt financing costs | 609,796 | 289,960 | ||||
Interest expense from amortization of seller's credit | 506,211 | 224,006 | ||||
Other financial loss | 224,620 | 199,743 | ||||
Deferred income taxes | 15,942 | 0 | 276,454 | 0 | ||
Gain on sale of assets, net | 0 | 0 | 0 | (983,474) | ||
Paid-in-kind interest | 3,128 | 17,931 | ||||
Gain on sale of subsidiaries | 0 | 0 | (1,492,965) | 0 | ||
Gain on sale of investment in joint venture | 0 | 0 | (9,427) | 0 | ||
Changes in operating assets and liabilities: | ||||||
Other assets | 1,522,085 | 2,078,982 | ||||
Deferred revenue | 990,866 | (367,279) | ||||
Due to General Partner and affiliates, net | (2,670,224) | (73,608) | ||||
Distributions from joint ventures | 852,962 | 735,410 | ||||
Accrued expenses and other liabilities | (1,020,822) | (1,899,577) | ||||
Net cash provided by operating activities | 30,533,881 | 30,416,146 | ||||
Cash flows from investing activities: | ||||||
Proceeds from sale of leased equipment | 0 | 710,434 | ||||
Investment in joint ventures | (11,145) | (5,035,761) | ||||
Purchase of equipment | (9,875,000) | (2,705,087) | ||||
Principal received on finance leases | 29,574,370 | 3,258,950 | ||||
Principal received on notes receivable | 8,117,936 | 21,468,964 | ||||
Proceeds from sale of subsidiaries | 32,559,221 | 0 | ||||
Proceeds from sale of investment in joint venture | 4,502,107 | 0 | ||||
Change in restricted cash | 17,185 | 0 | ||||
Distributions received from joint ventures in excess of profits | 2,236,754 | 812,022 | ||||
Net cash provided by investing activities | 67,121,428 | 18,509,522 | ||||
Cash flows from financing activities: | ||||||
Repayment of non-recourse long-term debt | (46,368,158) | (26,561,823) | ||||
Payment of debt financing costs | (1,706,250) | (381,394) | ||||
Investments by noncontrolling interests | 0 | 7,501 | ||||
Distributions to noncontrolling interests | (12,256,356) | (1,423,405) | ||||
Repurchase of limited partnership interests | 0 | (59,139) | ||||
Distributions to partners | (9,983,593) | (11,973,907) | ||||
Net cash used in financing activities | (70,314,357) | (40,392,167) | ||||
Net increase in cash | 27,340,952 | 8,533,501 | ||||
Cash, beginning of period | $ 18,067,904 | 18,067,904 | 20,340,317 | $ 20,340,317 | ||
Cash, end of period | $ 45,408,856 | $ 28,873,818 | 45,408,856 | 28,873,818 | $ 18,067,904 | |
Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest | 5,276,832 | 2,081,045 | ||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||
Vessel purchased with non-recourse long-term debt paid directly to seller | 45,500,000 | 0 | ||||
Vessel purchased with subordinated non-recourse financing provided by seller | 6,917,883 | 0 | ||||
Proceeds from sale of equipment paid directly to lender in settlement of non-recourse long-term debt and interest | 0 | 4,292,780 | ||||
Principal and interest on non-recourse long-term debt paid directly to lenders by lessees | $ 0 | $ 2,652,753 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization ICON ECI Fund Fifteen, L.P. (the “Partnership”) was formed on September 23, 2010 as a Delaware limited partnership. When used in these notes to consolidated financial statements, the terms “we,” “us,” “our” or similar terms refer to the Partnership and its consolidated subsidiaries. Our offering period commenced on June 6, 2011 and ended on June 6, 2013, at which time we entered our operating period. We are a direct financing fund that primarily makes investments in domestic and international companies, which investments are primarily structured as debt and debt-like financings (such as loans and leases) that are collateralized by business-essential equipment and corporate infrastructure (collectively, “Capital Assets”) utilized by such companies to operate their businesses, as well as other strategic investments in or collateralized by Capital Assets that ICON GP 15, LLC, a Delaware limited liability company and our general partner (the “General Partner”), believes will provide us with a satisfactory, risk-adjusted rate of return. Our General Partner makes investment decisions on our behalf and manages our business. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Consolidation Our accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q. In the opinion of our General Partner, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included. These consolidated financial statements should be read together with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2015 . The results for the interim period are not necessarily indicative of the results for the full year. Certain reclassifications have been made to the accompanying consolidated financial statements in the prior year to conform to the current presentation. Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve ICON Capital, LLC, a Delaware limited liability company (the “Investment Manager”), monitors the ongoing credit quality of our financing receivables by (i) reviewing and analyzing a borrower’s financial performance on a regular basis, including review of financial statements received on a monthly, quarterly or annual basis as prescribed in the loan or lease agreement, (ii) tracking the relevant credit metrics of each financing receivable and a borrower’s compliance with financial and non-financial covenants, (iii) monitoring a borrower’s payment history and public credit rating, if available, and (iv) assessing our exposure based on the current investment mix. As part of the monitoring process, our Investment Manager may physically inspect the collateral or a borrower’s facility and meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. As our financing receivables, generally notes receivable and finance leases, are limited in number, our Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics. Our Investment Manager does not use a system of assigning internal risk ratings to each of our financing receivables. Rather, each financing receivable is analyzed quarterly and categorized as either performing or non-performing based on certain factors including, but not limited to, financial results, satisfying scheduled payments and compliance with financial covenants. A financing receivable is usually categorized as non-performing only when a borrower experiences financial difficulties and has failed to make scheduled payments. Our Investment Manager then analyzes whether the financing receivable should be placed on a non-accrual status, a credit loss reserve should be established or the financing receivable should be restructured. As part of the assessment, updated collateral value is usually considered and such collateral value can be based on a third party industry expert appraisal or, depending on the type of collateral and accessibility to relevant published guides or market sales data, internally derived fair value. Material events would be specifically disclosed in the discussion of each financing receivable held. Financing receivables are generally placed on a non-accrual status when payments are more than 90 days past due. Additionally, our Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon our Investment Manager’s judgment, these accounts may be placed on a non-accrual status. In accordance with the cost recovery method, payments received on non-accrual financing receivables are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual financing receivables is not in doubt, interest income is recognized on a cash basis. Financing receivables on non-accrual status may not be restored to accrual status until all delinquent payments have been received, and we believe recovery of the remaining unpaid receivable is probable. When our Investment Manager deems it is probable that we will not be able to collect all contractual principal and interest on a non-performing financing receivable, we perform an analysis to determine if a credit loss reserve is necessary. This analysis considers the estimated cash flows from the financing receivable, and/or the collateral value of the asset underlying the financing receivable when financing receivable repayment is collateral dependent. If it is determined that the impaired value of the non-performing financing receivable is less than the net carrying value, we will recognize a credit loss reserve or adjust the existing credit loss reserve with a corresponding charge to earnings. We then charge off a financing receivable in the period that it is deemed uncollectible by reducing the credit loss reserve and the balance of the financing receivable. Recently Adopted Accounting Pronouncements In January 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-01, Income Statement – Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU 2015-01”), which simplifies income statement presentation by eliminating the concept of extraordinary items. We adopted ASU 2015-01 on January 1, 2016, which did not have an effect on our consolidated financial statements. In February 2015, FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis (“ASU 2015-02”), which modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis by reducing the frequency of application of related party guidance and excluding certain fees in the primary beneficiary determination. We adopted ASU 2015-02 on January 1, 2016, which did not have an effect on our consolidated financial statements. In April 2015, FASB issued ASU No. 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of such debt liability, consistent with debt discounts. In August 2015, FASB issued ASU No. 2015-15, Interest – Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which further specifies the SEC staff’s view on the presentation and subsequent measurement of debt issuance costs associated with line of credit arrangements. We retrospectively adopted ASU 2015-03 as of March 31, 2016. Consequently, we reclassified $1,678,576 of debt issuance costs from other assets to non-recourse long-term debt on our consolidated balance sheet at December 31, 2015 , which resulted in the following adjustments: At December 31, 2015 As Reported As Adjusted Other assets $ 9,010,672 $ 7,332,096 Non-recourse long-term debt $ 149,701,639 $ 148,023,063 In addition, we adopted ASU 2015-15 on January 1, 2016 and continue to present debt issuance costs associated with our revolving line of credit as other assets on our consolidated balance sheets. Other Recent Accounting Pronouncements In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), requiring revenue to be recognized in an amount that reflects the consideration expected to be received in exchange for goods and services. This new revenue standard may be applied retrospectively to each prior period presented, or retrospectively with the cumulative effect recognized as of the date of adoption. In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date (“ASU 2015-14”), which defers implementation of ASU 2014-09 by one year. Under such deferral, the adoption of ASU 2014-09 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted, but not before our original effective date of January 1, 2017. We are currently in the process of evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. In August 2014, FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The adoption of ASU 2014-15 becomes effective for us on our fiscal year ending after December 31, 2016, and all subsequent annual and interim periods. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements. In January 2016, FASB issued ASU No. 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which provides guidance related to accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The adoption of ASU 2016-01 becomes effective for us on January 1, 2018, including interim periods within that reporting period. We are currently in the process of evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements. In February 2016, FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which requires lessees to recognize assets and liabilities for leases with lease terms greater than twelve months on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 implements changes to lessor accounting focused on conforming with certain changes made to lessee accounting and the recently released revenue recognition guidance. The adoption of ASU 2016-02 becomes effective for us on January 1, 2019. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements. In March 2016, FASB issued ASU No. 2016-05, Derivatives and Hedging: Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”), which clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The adoption of ASU 2016-05 becomes effective for us on January 1, 2017, including interim periods within that reporting period. An entity has the option to apply ASU 2016-05 on either a prospective basis or a modified retrospective basis. Early adoption is permitted. The adoption of ASU 2016-05 is not expected to have a material effect on our consolidated financial statements. In March 2016, FASB issued ASU No. 2016-07, Investments – Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”), which eliminates the retroactive adjustments to an investment upon it qualifying for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence by the investor. ASU 2016-07 requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment qualifies for equity method accounting. The adoption of ASU 2016-07 becomes effective for us on January 1, 2017, including interim periods within that reporting period. Early adoption is permitted. The adoption of ASU 2016-07 is not expected to have a material effect on our consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”), which modifies the measurement of credit losses by eliminating the probable initial recognition threshold set forth in current guidance, and instead reflects an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity will apply the amendments within ASU 2016-13 through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The adoption of ASU 2016-13 becomes effective for us on January 1, 2020, including interim periods within that reporting period. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements. In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. The adoption of ASU 2016-15 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted. An entity will apply the amendments within ASU 2016-15 using a retrospective transition method to each period presented. We are currently in the process of evaluating the impact of the adoption of ASU 2016-15 on our consolidated financial statements. |
Net Investment in Notes Receiva
Net Investment in Notes Receivable | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Net Investment in Notes Receivable | Net Investment in Notes Receivable As of September 30, 2016 and December 31, 2015 , we had net investment in notes receivable on non-accrual status of $5,397,913 , which had been fully reserved. As of September 30, 2016 and December 31, 2015 , our net investment in note receivable related to Ensaimada S.A. (“Ensaimada”) totaled $ 5,397,913 , which was fully reserved as of December 31, 2015 . The loan bears interest at 17% per year and matures in November 2016. The loan is secured by a second priority security interest in a dry bulk carrier, its earnings and the equity interests of Ensaimada. All of Ensaimada’s obligations under the loan agreement are guaranteed by both N&P Shipping Co. (“N&P”), the parent company of Ensaimada, and by one of N&P’s shareholders. As a result of (i) a depressed market for dry bulk carriers that led to Ensaimada’s failure to make quarterly interest payments under the loan, (ii) the termination of discussions regarding a refinancing transaction that would have enabled Ensaimada to prepay the loan, (iii) a lack of additional discussions with Ensaimada regarding a potential restructuring of the loan maturing in November 2016 and (iv) the fact that the current fair market value of the collateral is less than Ensaimada’s senior debt obligations, which have priority over our loan, our Investment Manager determined that the loan was impaired and an aggregate credit loss of $5,397,913 was recorded during the year ended December 31, 2015 . As a result, the loan was fully reserved as of December 31, 2015 . For the three and nine months ended September 30, 2016 , we did no t recognize any finance income. For the three and nine months ended September 30, 2015 , we recognized finance income of $0 and $154,659 (of which $99,970 was recognized on a cash basis), respectively, prior to the loan being considered impaired. As of September 30, 2016 and December 31, 2015 , our net investment in note receivable related to Ensaimada was $0 . As of September 30, 2016 , our net investment in note receivable and accrued interest related to four affiliates of Técnicas Maritimas Avanzadas, S.A. de C.V. (collectively, “TMA”) totaled $ 3,500,490 and $ 835,656 , respectively, of which an aggregate of $ 1,156,790 was over 90 days past due. As of December 31, 2015 , our net investment in note receivable and accrued interest related to TMA totaled $ 3,500,490 and $ 461,211 , respectively, of which an aggregate of $ 522,913 was over 90 days past due. TMA is in technical default due to its failure to cause all four platform supply vessels to be under contract by March 31, 2015 and in payment default while available cash has been swept by the senior lender and applied to the senior tranche of the facility (the “Senior Loan”) in accordance with the secured term loan credit facility agreement. Interest on our tranche of the facility (the “ICON Loan”) is currently being capitalized. While our note receivable has not been paid in accordance with the secured term loan credit facility agreement, our collateral position has been strengthened as the principal balance of the Senior Loan was paid down at a faster rate. Based on, among other things, TMA’s payment history and estimated collateral value as of September 30, 2016 , our Investment Manager continues to believe that all contractual interest and outstanding principal payments under the ICON Loan are collectible. As a result, we continue to account for our net investment in note receivable related to TMA on an accrual basis despite a portion of the outstanding balance being over 90 days past due. In January 2016, the remaining two previously unchartered vessels had commenced employment. As a result, our Investment Manager is currently engaged in discussions with the senior lender and TMA to amend the facility. As of September 30, 2016 , our net investment in note receivable and accrued interest related to Lubricating Specialties Company (“LSC”) totaled $ 9,172,323 and $ 723,093 , respectively, of which an aggregate of $ 352,625 was over 90 days past due. As of December 31, 2015 , our net investment in note receivable and accrued interest related to LSC totaled $ 9,242,900 and $ 310,500 , respectively, of which no amount was past due. Our Investment Manager engaged in discussions with LSC management during which it was advised that the liquidity constraints being experienced by LSC is temporary. In addition, LSC management acknowledged its outstanding debt obligations under the loan and the commencement of default interest accruing on such outstanding debt pursuant to the loan agreement. Based on, among other things, the value of the collateral, our Investment Manager continues to believe that all contractual interest and outstanding principal payments are collectible. As a result, we continue to account for our net investment in note receivable related to LSC on an accrual basis despite a portion of the outstanding balance being over 90 days past due. Net investment in notes receivable consisted of the following: September 30, December 31, Principal outstanding (1) $ 26,047,266 $ 34,214,368 Initial direct costs 789,128 1,519,922 Deferred fees (168,614 ) (322,621 ) Credit loss reserve (2) (5,397,913 ) (5,397,913 ) Net investment in notes receivable (3) $ 21,269,867 $ 30,013,756 (1) As of September 30, 2016 and December 31, 2015 , total principal outstanding related to our impaired loan of $5,178,776 was related to Ensaimada. (2) As of September 30, 2016 and December 31, 2015 , the credit loss reserve of $5,397,913 was related to Ensaimada. (3) As of September 30, 2016 and December 31, 2015 , net investment in note receivable related to our impaired loan was $0 . On May 20, 2016, Quattro Plant Limited (“Quattro”) satisfied its obligations in connection with a secured term loan scheduled to mature on August 1, 2016 by making a prepayment of £2,295,000 (US $3,312,139 ), comprised of all outstanding principal, accrued interest and a collateral fee payable in accordance with the loan agreement. On August 9, 2016, Premier Trailer Leasing, Inc. ("Premier Trailer") satisfied its obligations in connection with a secured term loan scheduled to mature on September 24, 2020 by making a prepayment of $5,163,889 , comprised of all outstanding principal, accrued interest and a prepayment fee of $100,000 . The prepayment fee was recognized as additional finance income. Credit loss allowance activities for the three months ended September 30, 2016 were as follows: Credit Loss Allowance Allowance for credit loss as of June 30, 2016 $ 5,397,913 Provisions — Write-offs, net of recoveries — Allowance for credit loss as of September 30, 2016 $ 5,397,913 Credit loss allowance activities for the three months ended September 30, 2015 were as follows: Credit Loss Allowance Allowance for credit loss as of June 30, 2015 $ 794,842 Provisions 946,879 Write-offs, net of recoveries — Allowance for credit loss as of September 30, 2015 $ 1,741,721 Credit loss allowance activities for the nine months ended September 30, 2016 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2015 $ 5,397,913 Provisions — Write-offs, net of recoveries — Allowance for credit loss as of September 30, 2016 $ 5,397,913 Credit loss allowance activities for the nine months ended September 30, 2015 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2014 $ 631,986 Provisions 2,439,108 Write-offs, net of recoveries (1,329,373 ) Allowance for credit loss as of September 30, 2015 $ 1,741,721 |
Leased Equipment at Cost
Leased Equipment at Cost | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Leased Equipment At Cost | Leased Equipment at Cost Leased equipment at cost consisted of the following: September 30, December 31, Marine vessels $ — $ 81,651,931 Photolithograph immersion scanner 79,905,122 79,905,122 Geotechnical drilling vessels 124,573,141 62,280,258 Leased equipment at cost 204,478,263 223,837,311 Less: accumulated depreciation 46,861,493 40,253,258 Leased equipment at cost, less accumulated depreciation $ 157,616,770 $ 183,584,053 Depreciation expense was $7,347,554 and $8,419,497 for the three months ended September 30, 2016 and 2015 , respectively. Depreciation expense was $24,233,604 and $24,917,352 for the nine months ended September 30, 2016 and 2015 , respectively. Geotechnical Drilling Vessels On December 23, 2015, a joint venture owned 75% by us, 15% by ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (“Fund Fourteen”) and 10% by ICON ECI Fund Sixteen (“Fund Sixteen”), each an entity also managed by our Investment Manager, through two indirect subsidiaries, entered into memoranda of agreement to purchase two geotechnical drilling vessels, the Fugro Scout and the Fugro Voyager (collectively, the “Fugro Vessels”), from affiliates of Fugro N.V. (“Fugro”) for an aggregate purchase price of $130,000,000 . The Fugro Scout and the Fugro Voyager were delivered on December 24, 2015 and January 8, 2016, respectively. The Fugro Vessels were bareboat chartered to affiliates of Fugro for a period of 12 years upon the delivery of each respective vessel, although such charters can be terminated by the indirect subsidiaries after year five . On December 24, 2015, the Fugro Scout was acquired for (i) $8,250,000 in cash, (ii) $45,500,000 of financing through a senior secured loan from ABN AMRO Bank N.V. (“ABN AMRO”), Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”) and NIBC Bank N.V. (“NIBC”) and (iii) an advanced charter hire payment of $11,250,000 . As of December 31, 2015 , the cash portion of the purchase price for the Fugro Voyager of approximately $10,221,000 was being held by the applicable indirect subsidiary of the joint venture until delivery of the vessel and therefore, such cash was included in our consolidated balance sheet at December 31, 2015. On January 8, 2016, the Fugro Voyager was also acquired for $8,250,000 in cash, $45,500,000 of financing through a senior secured loan from ABN AMRO, Rabobank and NIBC and an advanced charter hire payment of $11,250,000 . The advanced charter hire payments were recorded at present value at inception in accordance with U.S. GAAP. The senior secured loans bear interest at the London Interbank Offered Rate (“LIBOR”) plus 2.95% per year, which was fixed at 4.117% after giving effect to the indirect subsidiaries’ interest rate swap agreements, and mature on December 31, 2020. Photolithograph Immersion Scanner On March 31, 2016, we were notified by Inotera Memories, Inc. that it will be exercising its option to purchase the photolithograph immersion scanner on or about November 30, 2016. Marine Vessels On June 8, 2016, an unaffiliated third party purchased 100% of the limited liability company interests of ICON Hoegh, LLC (“ICON Hoegh”), a joint venture owned 80% by us and 20% by Fund Fourteen, for net sales proceeds of $21,007,515 . As a result, we recorded a gain on sale of $1,422,241 , which is included in gain on sale of subsidiaries on our consolidated statements of operations. Through the acquisition of the interests of ICON Hoegh, the third party purchaser acquired ownership of the Hoegh Copenhagen, a car carrier vessel, which is on lease to Hoegh Autoliners Shipping AS (“Hoegh”), and assumed all outstanding senior debt obligations and the seller’s credit of $37,555,540 and $6,659,432 , respectively, associated with such vessel. For the three and nine months ended September 30, 2016 , pre-tax income of ICON Hoegh was $0 and $1,084,897 , respectively, of which the pre-tax income attributable to us was $0 and $867,917 , respectively. For the three and nine months ended September 30, 2015 , pre-tax income of ICON Hoegh was $575,770 and $1,743,367 , respectively, of which the pre-tax income attributable to us was $460,616 and $1,394,693 , respectively. |
Net Investment in Finance Lease
Net Investment in Finance Leases | 9 Months Ended |
Sep. 30, 2016 | |
Leases, Capital [Abstract] | |
Net Investment in Finance Leases | Net Investment in Finance Leases As of September 30, 2016 and December 31, 2015 , we had no net investment in finance leases on non-accrual status and no net investment in finance leases that was past due 90 days or more and still accruing. Net investment in finance leases consisted of the following: September 30, December 31, Minimum rents receivable $ 23,408,628 $ 73,186,778 Estimated unguaranteed residual values 390,286 2,127,162 Initial direct costs 279,823 1,066,616 Unearned income (5,653,395 ) (16,697,150 ) Net investment in finance leases $ 18,425,342 $ 59,683,406 On April 5, 2016, two wholly-owned subsidiaries of Ardmore Shipholding Limited (collectively, “Ardmore”), in accordance with the terms of the bareboat charters scheduled to expire on April 3, 2018, exercised their options to purchase two chemical tanker vessels, the Ardmore Capella and the Ardmore Calypso, from two joint ventures, each owned 55% by us and 45% by Fund Fourteen, for an aggregate purchase price of $26,990,000 . In addition, Ardmore paid all break costs and legal fees incurred by us with respect to the sale of the vessels. No significant gain or loss was recorded as a result of these sales. A portion of the proceeds from the sale of the vessels was used to satisfy in full the related outstanding non-recourse long-term debt obligations of $17,942,074 . On June 8, 2016, an unaffiliated third party purchased 100% of the limited liability company interests of ICON Challenge III, LLC (“ICON Challenge III”), a joint venture owned 75% by us and 25% by Fund Sixteen, for net sales proceeds of $11,551,806 . As a result, we recorded a gain on sale of $70,724 , which is included in gain on sale of subsidiaries on our consolidated statements of operations. Through the acquisition of the interests of ICON Challenge III, the third party purchaser acquired ownership of certain stamping presses and miscellaneous support equipment used in the production of certain automobiles that are on lease to Challenge Mfg. Company, LLC and certain of its affiliates (collectively, “Challenge”). For the three and nine months ended September 30, 2016 , pre-tax income of ICON Challenge III was $0 and $598,821 , respectively, of which the pre-tax income attributable to us was $0 and $449,116 , respectively. |
Investment in Joint Ventures
Investment in Joint Ventures | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Joint Ventures | Investment in Joint Ventures On May 15, 2013, a joint venture owned 40% by us, 39% by ICON Leasing Fund Eleven, LLC and 21% by ICON Leasing Fund Twelve, LLC, each an entity also managed by our Investment Manager, purchased a portion of a $208,038,290 subordinated credit facility for Jurong Aromatics Corporation Pte. Ltd. (“JAC”) from Standard Chartered Bank for $28,462,500 . The subordinated credit facility initially bore interest at rates ranging between 12.5% and 15% per year and matures in January 2021. As a result of JAC’s failure to make an expected payment that was due to the joint venture during the three months ended March 31, 2015, the interest rate payable by JAC under the facility increased from 12.5% to 15.5% . The subordinated credit facility is secured by a second priority security interest in all JAC’s assets, which include, among other things, all equipment, plant and machinery associated with a condensate splitter and aromatics complex. Our initial contribution to the joint venture was $12,296,208 . During 2015, JAC experienced liquidity constraints as a result of a general economic slow-down in China and India, which led to lower demand from such countries, as well as the price decline of energy and other commodities. As a result, JAC’s manufacturing facility ceased operations and JAC was not able to service interest payments under the facility. In addition, an expected tolling arrangement with JAC’s suppliers that would have allowed JAC’s manufacturing facility to resume operations did not commence in 2015 as originally anticipated. Discussions among the senior lenders and certain other stakeholders of JAC regarding a restructuring plan ended as the senior lenders did not agree to amendments to their credit facilities as part of the broader restructuring that was being contemplated. As a result, JAC entered receivership on September 28, 2015. As a result of these factors, during the three months ended June 30, 2015, our Investment Manager determined that there was doubt regarding the joint venture’s ultimate collectability of the facility and commenced recording credit losses. During the three months ended June 30, 2015, the joint venture recorded a credit loss of $17,342,915 , of which our share was $7,161,658 . Commencing with the three months ended June 30, 2015 and on a quarterly basis thereafter, our Investment Manager had reassessed the collectability of the facility by considering the following factors, among others (i) what a potential buyer may be willing to pay to acquire JAC based on a comparable enterprise value derived from EBITDA multiples and (ii) the average trading price of unsecured distressed debt in comparable industries. During the year ended December 31, 2015 , the joint venture recorded an aggregate credit loss of $31,637,426 related to JAC based on our Investment Manager’s quarterly collectability analyses, of which our share was $12,879,462 . Our Investment Manager also assessed impairment under the equity method of accounting for our investment in the joint venture and concluded that there was no impairment. In January 2016, our Investment Manager engaged in further discussions with JAC’s other subordinated lenders and the Receiver regarding a near term plan for JAC’s manufacturing facility. Based upon such discussions, our Investment Manager anticipated that a one year tolling arrangement with JAC’s suppliers would be implemented to allow JAC’s facility to recommence operations. In July 2016, the tolling arrangement was finally implemented and the manufacturing facility resumed operations. Although our Investment Manager believes that the marketability of JAC’s facility should improve now that it has recommenced operations, our Investment Manager does not anticipate that JAC will make any payments to the joint venture while operating under the tolling arrangement. As part of the tolling arrangement and the receivership process, JAC incurred additional senior debt, which could be up to $55,000,000 , to fund its operations as well as any receivership-related costs. As a result, our Investment Manager determined that the joint venture’s ultimate collectability of the facility was further in doubt. As of June 30, 2016, our Investment Manager updated its quarterly assessment by considering (i) a comparable enterprise value derived from EBITDA multiples; (ii) the average trading price of unsecured distressed debt in comparable industries and (iii) the additional senior debt incurred by JAC, which has priority over the joint venture’s facility. Based upon this reassessment, our Investment Manager determined that the joint venture should fully reserve the outstanding balance of the facility due from JAC as of June 30, 2016. As a result, the joint venture recorded an additional credit loss of $5,365,776 for the three months ended June 30, 2016, of which our share was $2,146,310 . Our Investment Manager continues to closely monitor the operations of JAC and the receivership process through regular communications with certain other stakeholders. The joint venture did not recognize finance income for the three and nine months ended September 30, 2016 . For the three and nine months ended September 30, 2015 , the joint venture recognized finance income of $0 and $1,152,580 , respectively, prior to the facility being considered impaired. As of September 30, 2016 and December 31, 2015 , the total net investment in notes receivable held by the joint venture was $0 and $5,365,776 , respectively, and our total investment in the joint venture was $0 and $2,152,337 , respectively. Information as to the results of operations of this joint venture is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenue $ — $ — $ — $ 1,152,580 Net income (loss) $ 11,337 $ (8,928,735 ) $ (5,388,209 ) $ (25,129,246 ) Our share of net loss $ (3,711 ) $ (3,571,494 ) $ (2,163,426 ) $ (10,293,352 ) On January 14, 2016, D&T Holdings, LLC (“D&T”) satisfied its remaining lease obligations by making a prepayment of $8,000,000 . In addition, D&T exercised its option to repurchase all assets under the lease for $1 , upon which title was transferred. As a result of the prepayment, the joint venture owned 27.5% by us recognized finance income of approximately $1,400,000 , of which our share was approximately $385,000 . On June 8, 2016, an unaffiliated third party purchased 100% of the limited liability company interests of ICON Challenge, LLC (“ICON Challenge”), a joint venture owned 50% by us, 40% by Fund Fourteen and 10% by Fund Sixteen, for net sales proceeds of $9,004,214 . No significant gain or loss was recorded by us as a result of the sale. For the three and nine months ended September 30, 2016 , our share of pre-tax income recognized by ICON Challenge was $0 and $241,080 , respectively. For the three and nine months ended September 30, 2015 , our share of pre-tax income recognized by ICON Challenge was $ 127,429 . |
Non-Recourse Long-Term Debt
Non-Recourse Long-Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Non-Recourse Long-Term Debt | Non-Recourse Long-Term Debt As of September 30, 2016 and December 31, 2015 , we had the following non-recourse long-term debt: Counterparty September 30, 2016 December 31, 2015 Maturity Rate ABN AMRO, Rabobank, NIBC $ 85,312,500 $ 45,500,000 2020 4.117%* DVB Bank America N.V. — 39,750,000 N/A N/A DBS Bank (Taiwan) Ltd. 19,104,317 37,501,639 2016 2.55-6.51% NIBC Bank N.V. — 18,200,000 N/A N/A DVB Bank SE 6,875,000 8,750,000 2019 4.997% 111,291,817 149,701,639 Less: debt issuance costs 1,755,238 1,678,576 Total non-recourse long-term debt $ 109,536,579 $ 148,023,063 * The interest rate was fixed after giving effect to the interest rate swaps entered into on February 8, 2016 (see below). All of our non-recourse long-term debt obligations consist of notes payable in which the lender has a security interest in the underlying assets. If the borrower was to default on the underlying lease, resulting in our default on the non-recourse long-term debt, the assets could be foreclosed upon and the proceeds would be remitted to the lender in extinguishment of that debt. As of September 30, 2016 and December 31, 2015 , the total carrying value of assets subject to non-recourse long term debt was $173,645,488 and $228,696,073 , respectively. We, through two indirect subsidiaries, partly financed the acquisition of the Fugro Vessels by entering into a non-recourse loan agreement with ABN AMRO, Rabobank and NIBC in the aggregate amount of $91,000,000 . On December 24, 2015, $45,500,000 was drawn down from the loan for the acquisition of the Fugro Scout. On January 8, 2016, the remaining $45,500,000 was drawn down for the acquisition of the Fugro Voyager. The senior secured loans bear interest at LIBOR plus 2.95 % per year and mature on December 31, 2020. On February 8, 2016, the indirect subsidiaries entered into interest rate swap agreements to effectively fix the variable interest rate at 4.117% . On April 5, 2016, simultaneously with our sale of the Ardmore Capella and the Ardmore Calypso, we satisfied in full the related outstanding non-recourse long-term debt obligations to NIBC of $17,942,074 . On June 8, 2016, as part of the sale of 100% of the limited liability company interests of ICON Hoegh, the unaffiliated third party purchaser assumed all outstanding senior debt obligations totaling $37,555,540 to DVB Bank America N.V. associated with the Hoegh Copenhagen. At September 30, 2016 , we were in compliance with the covenants related to our non-recourse long-term debt. |
Revolving Line of Credit, Recou
Revolving Line of Credit, Recourse | 9 Months Ended |
Sep. 30, 2016 | |
Line of Credit Facility [Abstract] | |
Revolving Line of Credit, Recourse | Revolving Line of Credit, Recourse We have an agreement with California Bank & Trust (“CB&T”) for a revolving line of credit through May 30, 2017 of up to $12,500,000 (the “Facility”), which is secured by all of our assets not subject to a first priority lien. Amounts available under the Facility are subject to a borrowing base that is determined, subject to certain limitations, by the present value of the future receivables under certain loans and lease agreements in which we have a beneficial interest. The interest rate for general advances under the Facility is CB&T’s prime rate. We may elect to designate up to five advances on the outstanding principal balance of the Facility to bear interest at LIBOR plus 2.5% per year. In all instances, borrowings under the Facility are subject to an interest rate floor of 4.0% per year. In addition, we are obligated to pay an annualized 0.5% fee on unused commitments under the Facility. At September 30, 2016 , there were no obligations outstanding under the Facility and we were in compliance with all covenants related to the Facility. At September 30, 2016 , we had $5,838,695 available under the Facility pursuant to the borrowing base. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | Transactions with Related Parties We paid distributions to our General Partner of $20,047 and $99,836 for the three and nine months ended September 30, 2016 , respectively. We paid distributions to our General Partner of $40,204 and $ 119,738 for the three and nine months ended September 30, 2015 , respectively. Additionally, our General Partner’s interest in the net income attributable to us was $ 15,067 and $ 34,105 for the three and nine months ended September 30, 2016 , respectively. Our General Partner’s interest in the net loss attributable to us was $40,566 and $61,450 for the three and nine months ended September 30, 2015 , respectively. Fees and other expenses incurred by us to our General Partner or its affiliates were as follows: Three Months Ended Nine Months Ended Entity Capacity Description 2016 2015 2016 2015 ICON Capital, LLC Investment Manager Management fees (1) $ 166,269 $ 898,498 $ 899,044 $ 1,575,686 ICON Capital, LLC Investment Manager Administrative expense reimbursements (1) 372,146 375,157 1,079,240 1,171,572 ICON Capital, LLC Investment Manager Acquisition fees (2) — 191,467 — 191,467 Fund Fourteen Noncontrolling interest Interest expense (1) 103,295 104,008 307,885 307,728 $ 641,710 $ 1,569,130 $ 2,286,169 $ 3,246,453 (1) Amount charged directly to operations. (2) Amount capitalized and amortized to operations. At September 30, 2016 , we had a net payable of $3,015,547 due to our General Partner and affiliates that primarily consisted of a note payable of $2,597,675 and accrued interest of $246,307 due to Fund Fourteen related to its noncontrolling interest in a vessel, the Lewek Ambassador, and administrative expense reimbursements of $172,146 due to our Investment Manager. At December 31, 2015 , we had a net payable of $5,682,643 due to our General Partner and affiliates that primarily consisted of a note payable of $2,614,691 and accrued interest of $30,396 due to Fund Fourteen related to its noncontrolling interest in the Lewek Ambassador, and administrative expense reimbursements of $519,380 and acquisition fees of $2,437,500 due to our Investment Manager. In June 2016, we sold our interests in certain of our subsidiaries and a joint venture to unaffiliated third parties. In connection with the sales, the third parties required that an affiliate of our Investment Manager provides bookkeeping and administrative services related to such assets for a fee. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We may enter into derivative financial instruments for purposes of hedging specific financial exposures, including movements in foreign currency exchange rates and changes in interest rates on our non-recourse long-term debt. We enter into these instruments only for hedging underlying exposures. We do not hold or issue derivative financial instruments for purposes other than hedging. Certain derivatives may not meet the established criteria to be designated as qualifying accounting hedges, even though we believe that these are effective economic hedges. We recognize all derivative financial instruments as either assets or liabilities on our consolidated balance sheets and measure those instruments at fair value. Changes in the fair value of such instruments are recognized immediately in earnings unless certain criteria are met. These criteria demonstrate that the derivative is expected to be highly effective at offsetting changes in the fair value or expected cash flows of the underlying exposure at both the inception of the hedging relationship and on an ongoing basis and include an evaluation of the counterparty risk and the impact, if any, on the effectiveness of the derivative. If these criteria are met, which we must document and assess at inception and on an ongoing basis, we recognize the changes in fair value of such instruments in accumulated other comprehensive income (loss), a component of equity on our consolidated balance sheets. Changes in the fair value of the ineffective portion of all derivatives are recognized immediately in earnings. U.S. GAAP and relevant International Swaps and Derivatives Association, Inc. agreements permit a reporting entity that is a party to a master netting agreement to offset fair value amounts recognized for derivative instruments that have been offset under the same master netting agreement. We elected to present the fair value of derivative contracts on a gross basis on our consolidated balance sheets. Interest Rate Risk Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements on our variable non-recourse debt. Our strategy to accomplish these objectives is to match the projected future cash flows with the underlying debt service. Each interest rate swap involves the receipt of floating-rate interest payments from a counterparty in exchange for us making fixed-rate interest payments over the life of the agreement without exchange of the underlying notional amount. Counterparty Risk We manage exposure to possible defaults on derivative financial instruments by monitoring the concentration of risk that we have with any individual bank and through the use of minimum credit quality standards for all counterparties. We do not require collateral or other security in relation to derivative financial instruments. Since it is our policy to enter into derivative contracts only with banks of internationally acknowledged standing and the fair value of our derivatives is in a liability position, we consider the counterparty risk to be remote. Credit Risk Derivative contracts may contain credit-risk related contingent features that can trigger a termination event, such as maintaining specified financial ratios. In the event that we would be required to settle our obligations under the derivative contracts as of September 30, 2016 , the termination value would be $196,597 . Non-designated Derivatives On February 8, 2016, we entered into two interest rate swaps with ABN AMRO that are not designated and not qualifying as cash flow hedges. As of September 30, 2016 , the aggregate notional amount of the two interest rate swaps was $85,312,500 . These interest rate swaps are not speculative and are used to meet our objectives in using interest rate derivatives to add stability to interest expense and to manage our exposure to interest rate movements. All changes in the fair value of the interest rate swaps not designated as hedges are recorded directly in earnings, which is included in (gain) loss on derivative financial instruments on our consolidated statements of operations. We had no derivative financial instruments as of December 31, 2015 . The table below presents the fair value of our derivative financial instruments as well as their classification within our consolidated balance sheets as of September 30, 2016 . Liability Derivatives September 30, 2016 Balance Sheet Location Fair Value Derivatives not designated as hedging instruments: Interest rate swaps Derivative financial instruments $ 168,380 Our derivative financial instruments not designated as hedging instruments generated a (gain) loss on derivative financial instruments on our consolidated statements of operations for the three and nine months ended September 30, 2016 of $ (518,437) and $ 480,448 , respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: • Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. • Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. • Level 3: Pricing inputs that are generally unobservable and are supported by little or no market data. Financial Liabilities Measured on a Recurring Basis Financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our Investment Manager’s assessment, on our behalf, of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the liabilities being measured and their placement within the fair value hierarchy. The following table summarizes the valuation of our financial liabilities measured at fair value on a recurring basis as of September 30, 2016 : Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ 168,380 $ — $ 168,380 Our interest rate swaps are valued using models based on readily observable market parameters for all substantial terms of such derivative financial instruments and are classified within Level 2. In accordance with U.S. GAAP, we use market prices and pricing models for fair value measurements of our derivative financial instruments. Interest Rate Swaps We utilize a model that incorporates common market pricing methods as well as underlying characteristics of the particular swap contract. Interest rate swaps are modeled by incorporating such inputs as the term to maturity, LIBOR swap curves, Overnight Index Swap curves and the payment rate on the fixed portion of the interest rate swap. Such inputs are classified within Level 2. Thereafter, we compare third party quotations received to our own estimate of fair value to evaluate for reasonableness. The fair value of the interest rate swaps was recorded in derivative financial instruments within our consolidated balance sheets. Assets and Liabilities for which Fair Value is Disclosed Certain of our financial assets and liabilities, which includes fixed-rate notes receivable, fixed-rate non-recourse long-term debt, and seller’s credits, for which fair value is required to be disclosed, were valued using inputs that are generally unobservable and are supported by little or no market data and are therefore classified within Level 3. Under U.S. GAAP, we use projected cash flows for fair value measurements of these financial assets and liabilities. Fair value information with respect to certain of our other assets and liabilities is not separately provided since (i) U.S. GAAP does not require fair value disclosures of lease arrangements and (ii) the carrying value of financial assets and liabilities, other than lease-related investments, including the recorded value of our Facility, approximates fair value due to their short-term maturities and/or variable interest rates. The estimated fair value of our fixed-rate notes receivable was based on the discounted value of future cash flows related to the loans at inception, adjusted for changes in certain variables, including, but not limited to, credit quality, industry, financial markets and other recent comparables. The estimated fair value of our fixed-rate non-recourse long-term debt and seller’s credits was based on the discounted value of future cash flows related to the debt and seller’s credits based on a discount rate derived from the margin at inception, adjusted for material changes in risk, plus the applicable fixed rate based on the current interest rate curve. The fair value of the principal outstanding on our fixed-rate notes receivable was derived using discount rates ranging between 14.50% and 25.00% as of September 30, 2016 . The fair value of the principal outstanding on our fixed-rate non-recourse long-term debt and seller’s credits was derived using discount rates ranging between 4.12% and 5.07% as of September 30, 2016 . September 30, 2016 Carrying Amount Fair Value (Level 3) Principal outstanding on fixed-rate notes receivable $ 20,868,490 $ 22,502,171 Principal outstanding on fixed-rate non-recourse long-term debt $ 113,889,492 $ 113,893,892 Seller's credits $ 14,201,748 $ 14,201,748 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are taxed as a partnership for federal and state income tax purposes. Therefore, no provision for federal and state income taxes has been recorded for the partnership since the liability for these taxes is the responsibility of each of the individual partners rather than us. However, the Taiwan branch of our direct wholly-owned subsidiary, ICON Taiwan Semiconductor, LLC (the “Inotera Taiwan Branch”), is taxed as a corporation under the laws of Taiwan, Republic of China. The Inotera Taiwan Branch uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. We record a tax provision for tax liability or benefit generated from the Inotera Taiwan Branch. For the three and nine months ended September 30, 2016 , the income tax expense of $15,942 and $ 276,454 , respectively, was related to deferred income tax expense. As of September 30, 2016 , we recorded net deferred tax liabilities of $276,454 , which was comprised of a deferred tax liability of $641,784 related to depreciation and a deferred tax asset of $365,330 related to the net operating losses carryforward. We determined that no valuation allowances in relation to the net operating losses carryforward are required as it is more likely than not that the deferred tax asset will be recognized. The Inotera Taiwan Branch is subject to income tax examination for the 2014 tax year and subsequent tax years by the Taiwan tax authorities. We have not identified any material uncertain tax positions as of September 30, 2016 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies At the time we acquire or divest of our interest in Capital Assets, we may, under very limited circumstances, agree to indemnify the seller or buyer for specific contingent liabilities. Our General Partner believes that any liability of ours that may arise as a result of any such indemnification obligations may or may not have a material adverse effect on our consolidated financial condition or results of operations taken as a whole. In connection with certain debt obligations, we are required to maintain restricted cash balances with certain banks. At September 30, 2016 , we had restricted cash of $3,732,815 , which is presented within other assets in our consolidated balance sheets. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation Our accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q. In the opinion of our General Partner, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included. These consolidated financial statements should be read together with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2015 . The results for the interim period are not necessarily indicative of the results for the full year. Certain reclassifications have been made to the accompanying consolidated financial statements in the prior year to conform to the current presentation. |
Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve | Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve ICON Capital, LLC, a Delaware limited liability company (the “Investment Manager”), monitors the ongoing credit quality of our financing receivables by (i) reviewing and analyzing a borrower’s financial performance on a regular basis, including review of financial statements received on a monthly, quarterly or annual basis as prescribed in the loan or lease agreement, (ii) tracking the relevant credit metrics of each financing receivable and a borrower’s compliance with financial and non-financial covenants, (iii) monitoring a borrower’s payment history and public credit rating, if available, and (iv) assessing our exposure based on the current investment mix. As part of the monitoring process, our Investment Manager may physically inspect the collateral or a borrower’s facility and meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. As our financing receivables, generally notes receivable and finance leases, are limited in number, our Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics. Our Investment Manager does not use a system of assigning internal risk ratings to each of our financing receivables. Rather, each financing receivable is analyzed quarterly and categorized as either performing or non-performing based on certain factors including, but not limited to, financial results, satisfying scheduled payments and compliance with financial covenants. A financing receivable is usually categorized as non-performing only when a borrower experiences financial difficulties and has failed to make scheduled payments. Our Investment Manager then analyzes whether the financing receivable should be placed on a non-accrual status, a credit loss reserve should be established or the financing receivable should be restructured. As part of the assessment, updated collateral value is usually considered and such collateral value can be based on a third party industry expert appraisal or, depending on the type of collateral and accessibility to relevant published guides or market sales data, internally derived fair value. Material events would be specifically disclosed in the discussion of each financing receivable held. Financing receivables are generally placed on a non-accrual status when payments are more than 90 days past due. Additionally, our Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon our Investment Manager’s judgment, these accounts may be placed on a non-accrual status. In accordance with the cost recovery method, payments received on non-accrual financing receivables are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual financing receivables is not in doubt, interest income is recognized on a cash basis. Financing receivables on non-accrual status may not be restored to accrual status until all delinquent payments have been received, and we believe recovery of the remaining unpaid receivable is probable. When our Investment Manager deems it is probable that we will not be able to collect all contractual principal and interest on a non-performing financing receivable, we perform an analysis to determine if a credit loss reserve is necessary. This analysis considers the estimated cash flows from the financing receivable, and/or the collateral value of the asset underlying the financing receivable when financing receivable repayment is collateral dependent. If it is determined that the impaired value of the non-performing financing receivable is less than the net carrying value, we will recognize a credit loss reserve or adjust the existing credit loss reserve with a corresponding charge to earnings. We then charge off a financing receivable in the period that it is deemed uncollectible by reducing the credit loss reserve and the balance of the financing receivable. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In January 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-01, Income Statement – Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU 2015-01”), which simplifies income statement presentation by eliminating the concept of extraordinary items. We adopted ASU 2015-01 on January 1, 2016, which did not have an effect on our consolidated financial statements. In February 2015, FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis (“ASU 2015-02”), which modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis by reducing the frequency of application of related party guidance and excluding certain fees in the primary beneficiary determination. We adopted ASU 2015-02 on January 1, 2016, which did not have an effect on our consolidated financial statements. In April 2015, FASB issued ASU No. 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of such debt liability, consistent with debt discounts. In August 2015, FASB issued ASU No. 2015-15, Interest – Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which further specifies the SEC staff’s view on the presentation and subsequent measurement of debt issuance costs associated with line of credit arrangements. We retrospectively adopted ASU 2015-03 as of March 31, 2016. Consequently, we reclassified $1,678,576 of debt issuance costs from other assets to non-recourse long-term debt on our consolidated balance sheet at December 31, 2015 , which resulted in the following adjustments: At December 31, 2015 As Reported As Adjusted Other assets $ 9,010,672 $ 7,332,096 Non-recourse long-term debt $ 149,701,639 $ 148,023,063 In addition, we adopted ASU 2015-15 on January 1, 2016 and continue to present debt issuance costs associated with our revolving line of credit as other assets on our consolidated balance sheets. Other Recent Accounting Pronouncements In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), requiring revenue to be recognized in an amount that reflects the consideration expected to be received in exchange for goods and services. This new revenue standard may be applied retrospectively to each prior period presented, or retrospectively with the cumulative effect recognized as of the date of adoption. In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date (“ASU 2015-14”), which defers implementation of ASU 2014-09 by one year. Under such deferral, the adoption of ASU 2014-09 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted, but not before our original effective date of January 1, 2017. We are currently in the process of evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. In August 2014, FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The adoption of ASU 2014-15 becomes effective for us on our fiscal year ending after December 31, 2016, and all subsequent annual and interim periods. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements. In January 2016, FASB issued ASU No. 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which provides guidance related to accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The adoption of ASU 2016-01 becomes effective for us on January 1, 2018, including interim periods within that reporting period. We are currently in the process of evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements. In February 2016, FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which requires lessees to recognize assets and liabilities for leases with lease terms greater than twelve months on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 implements changes to lessor accounting focused on conforming with certain changes made to lessee accounting and the recently released revenue recognition guidance. The adoption of ASU 2016-02 becomes effective for us on January 1, 2019. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements. In March 2016, FASB issued ASU No. 2016-05, Derivatives and Hedging: Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”), which clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The adoption of ASU 2016-05 becomes effective for us on January 1, 2017, including interim periods within that reporting period. An entity has the option to apply ASU 2016-05 on either a prospective basis or a modified retrospective basis. Early adoption is permitted. The adoption of ASU 2016-05 is not expected to have a material effect on our consolidated financial statements. In March 2016, FASB issued ASU No. 2016-07, Investments – Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”), which eliminates the retroactive adjustments to an investment upon it qualifying for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence by the investor. ASU 2016-07 requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment qualifies for equity method accounting. The adoption of ASU 2016-07 becomes effective for us on January 1, 2017, including interim periods within that reporting period. Early adoption is permitted. The adoption of ASU 2016-07 is not expected to have a material effect on our consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”), which modifies the measurement of credit losses by eliminating the probable initial recognition threshold set forth in current guidance, and instead reflects an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity will apply the amendments within ASU 2016-13 through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The adoption of ASU 2016-13 becomes effective for us on January 1, 2020, including interim periods within that reporting period. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements. In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. The adoption of ASU 2016-15 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted. An entity will apply the amendments within ASU 2016-15 using a retrospective transition method to each period presented. We are currently in the process of evaluating the impact of the adoption of ASU 2016-15 on our consolidated financial statements. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncement Early Adoption | Consequently, we reclassified $1,678,576 of debt issuance costs from other assets to non-recourse long-term debt on our consolidated balance sheet at December 31, 2015 , which resulted in the following adjustments: At December 31, 2015 As Reported As Adjusted Other assets $ 9,010,672 $ 7,332,096 Non-recourse long-term debt $ 149,701,639 $ 148,023,063 |
Net Investment in Notes Recei23
Net Investment in Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Net Investments in Notes Receivable | Net investment in notes receivable consisted of the following: September 30, December 31, Principal outstanding (1) $ 26,047,266 $ 34,214,368 Initial direct costs 789,128 1,519,922 Deferred fees (168,614 ) (322,621 ) Credit loss reserve (2) (5,397,913 ) (5,397,913 ) Net investment in notes receivable (3) $ 21,269,867 $ 30,013,756 (1) As of September 30, 2016 and December 31, 2015 , total principal outstanding related to our impaired loan of $5,178,776 was related to Ensaimada. (2) As of September 30, 2016 and December 31, 2015 , the credit loss reserve of $5,397,913 was related to Ensaimada. (3) As of September 30, 2016 and December 31, 2015 , net investment in note receivable related to our impaired loan was $0 . |
Allowance for Credit Losses on Financing Receivables | Credit loss allowance activities for the three months ended September 30, 2016 were as follows: Credit Loss Allowance Allowance for credit loss as of June 30, 2016 $ 5,397,913 Provisions — Write-offs, net of recoveries — Allowance for credit loss as of September 30, 2016 $ 5,397,913 Credit loss allowance activities for the three months ended September 30, 2015 were as follows: Credit Loss Allowance Allowance for credit loss as of June 30, 2015 $ 794,842 Provisions 946,879 Write-offs, net of recoveries — Allowance for credit loss as of September 30, 2015 $ 1,741,721 Credit loss allowance activities for the nine months ended September 30, 2016 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2015 $ 5,397,913 Provisions — Write-offs, net of recoveries — Allowance for credit loss as of September 30, 2016 $ 5,397,913 Credit loss allowance activities for the nine months ended September 30, 2015 were as follows: Credit Loss Allowance Allowance for credit loss as of December 31, 2014 $ 631,986 Provisions 2,439,108 Write-offs, net of recoveries (1,329,373 ) Allowance for credit loss as of September 30, 2015 $ 1,741,721 |
Leased Equipment at Cost (Table
Leased Equipment at Cost (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Leased Equipment At Cost | Leased equipment at cost consisted of the following: September 30, December 31, Marine vessels $ — $ 81,651,931 Photolithograph immersion scanner 79,905,122 79,905,122 Geotechnical drilling vessels 124,573,141 62,280,258 Leased equipment at cost 204,478,263 223,837,311 Less: accumulated depreciation 46,861,493 40,253,258 Leased equipment at cost, less accumulated depreciation $ 157,616,770 $ 183,584,053 |
Net Investment in Finance Lea25
Net Investment in Finance Lease (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Leases, Capital [Abstract] | |
Net Investment in Finance Leases | Net investment in finance leases consisted of the following: September 30, December 31, Minimum rents receivable $ 23,408,628 $ 73,186,778 Estimated unguaranteed residual values 390,286 2,127,162 Initial direct costs 279,823 1,066,616 Unearned income (5,653,395 ) (16,697,150 ) Net investment in finance leases $ 18,425,342 $ 59,683,406 |
Investment in Joint Ventures (T
Investment in Joint Ventures (Table) | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Information as to the results of operations of this joint venture is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenue $ — $ — $ — $ 1,152,580 Net income (loss) $ 11,337 $ (8,928,735 ) $ (5,388,209 ) $ (25,129,246 ) Our share of net loss $ (3,711 ) $ (3,571,494 ) $ (2,163,426 ) $ (10,293,352 ) |
Non-Recourse Long-Term Debt (Ta
Non-Recourse Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt Instruments | As of September 30, 2016 and December 31, 2015 , we had the following non-recourse long-term debt: Counterparty September 30, 2016 December 31, 2015 Maturity Rate ABN AMRO, Rabobank, NIBC $ 85,312,500 $ 45,500,000 2020 4.117%* DVB Bank America N.V. — 39,750,000 N/A N/A DBS Bank (Taiwan) Ltd. 19,104,317 37,501,639 2016 2.55-6.51% NIBC Bank N.V. — 18,200,000 N/A N/A DVB Bank SE 6,875,000 8,750,000 2019 4.997% 111,291,817 149,701,639 Less: debt issuance costs 1,755,238 1,678,576 Total non-recourse long-term debt $ 109,536,579 $ 148,023,063 * The interest rate was fixed after giving effect to the interest rate swaps entered into on February 8, 2016 (see below). |
Transactions with Related Par28
Transactions with Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Fees and Expenses Paid or Accrued | Fees and other expenses incurred by us to our General Partner or its affiliates were as follows: Three Months Ended Nine Months Ended Entity Capacity Description 2016 2015 2016 2015 ICON Capital, LLC Investment Manager Management fees (1) $ 166,269 $ 898,498 $ 899,044 $ 1,575,686 ICON Capital, LLC Investment Manager Administrative expense reimbursements (1) 372,146 375,157 1,079,240 1,171,572 ICON Capital, LLC Investment Manager Acquisition fees (2) — 191,467 — 191,467 Fund Fourteen Noncontrolling interest Interest expense (1) 103,295 104,008 307,885 307,728 $ 641,710 $ 1,569,130 $ 2,286,169 $ 3,246,453 (1) Amount charged directly to operations. (2) Amount capitalized and amortized to operations. |
Derivative Financial Instrume29
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | We had no derivative financial instruments as of December 31, 2015 . The table below presents the fair value of our derivative financial instruments as well as their classification within our consolidated balance sheets as of September 30, 2016 . Liability Derivatives September 30, 2016 Balance Sheet Location Fair Value Derivatives not designated as hedging instruments: Interest rate swaps Derivative financial instruments $ 168,380 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Valuation Of Financial Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the valuation of our financial liabilities measured at fair value on a recurring basis as of September 30, 2016 : Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ 168,380 $ — $ 168,380 |
Fair Value, by Balance Sheet Grouping | September 30, 2016 Carrying Amount Fair Value (Level 3) Principal outstanding on fixed-rate notes receivable $ 20,868,490 $ 22,502,171 Principal outstanding on fixed-rate non-recourse long-term debt $ 113,889,492 $ 113,893,892 Seller's credits $ 14,201,748 $ 14,201,748 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Narratives) (Details) - Accounting Standards Update 2015-03 | Dec. 31, 2015USD ($) |
Long-term Debt | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred finance costs, net | $ 1,678,576 |
Other Noncurrent Assets | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred finance costs, net | $ (1,678,576) |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (long-term debt on our consolidated balance sheet) (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Other assets | $ 5,769,309 | $ 7,332,096 |
Non-recourse long-term debt | $ 111,291,817 | 149,701,639 |
As Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Other assets | 9,010,672 | |
Non-recourse long-term debt | 149,701,639 | |
As Adjusted | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Other assets | 7,332,096 | |
Non-recourse long-term debt | $ 148,023,063 |
Net Investment in Notes Recei33
Net Investment in Notes Receivable (Narrative) (Details) | May 20, 2016USD ($) | May 20, 2016EUR (€) | Jan. 31, 2016vessel | Sep. 30, 2016USD ($)affiliate | Sep. 30, 2015USD ($) | Mar. 31, 2015vessel | Sep. 30, 2016USD ($)affiliate | Sep. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Financing receivable, allowance for credit losses | $ 5,397,913 | $ 1,741,721 | $ 5,397,913 | $ 1,741,721 | $ 5,397,913 | $ 5,397,913 | $ 794,842 | $ 631,986 | ||||
Notes receivable | 21,269,867 | 21,269,867 | 30,013,756 | |||||||||
Financing lease recorded investment 90 days past due and still accruing | 0 | 0 | 0 | |||||||||
Number of unchartered vessels | vessel | 2 | |||||||||||
Principal received on notes receivable | 8,117,936 | 21,468,964 | ||||||||||
TMA | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Notes receivable | $ 3,500,490 | $ 3,500,490 | ||||||||||
Number of affiliates | affiliate | 4 | 4 | ||||||||||
Accrued investment income receivable | $ 835,656 | $ 835,656 | 461,211 | |||||||||
Financing lease recorded investment 90 days past due and still accruing | 1,156,790 | 1,156,790 | 522,913 | |||||||||
Number of under contract supply vessels | vessel | 4 | |||||||||||
TMA | ICON Leasing Fund Twelve, LLC | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Notes receivable | 3,500,490 | 3,500,490 | ||||||||||
LSC | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Notes receivable | 9,172,323 | 9,172,323 | ||||||||||
Accrued investment income receivable | 723,093 | 723,093 | 310,500 | |||||||||
Financing lease recorded investment 90 days past due and still accruing | 352,625 | 352,625 | ||||||||||
LSC | ICON Leasing Fund Twelve, LLC | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Notes receivable | 9,242,900 | 9,242,900 | ||||||||||
Ensaimada | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Financing receivable, allowance for credit losses | 5,397,913 | |||||||||||
Notes receivable | $ 5,397,913 | $ 5,397,913 | 5,178,776 | |||||||||
Interest rate | 17.00% | 17.00% | ||||||||||
Finance income | $ 0 | $ 0 | $ 0 | 154,659 | ||||||||
Financing income, cash basis | $ 99,970 | |||||||||||
Quattro Plant Limited | ICON ECI Fund Fifteen LP | Secured Term Loan | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Proceeds from loans | $ 3,312,139 | € 2,295,000 | ||||||||||
Premier Trailer | ICON ECI Fund Fifteen LP | Secured Term Loan | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Principal received on notes receivable | 5,163,889 | |||||||||||
Prepayment fee | $ 100,000 | |||||||||||
Loans Receivable [Member] | Ensaimada | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Notes receivable | $ 0 | $ 0 | $ 0 |
Net Investment in Notes Recei34
Net Investment in Notes Receivable (Reconciliation) (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Principal outstanding | $ 26,047,266 | $ 34,214,368 | ||||
Initial direct costs | 789,128 | 1,519,922 | ||||
Deferred fees | (168,614) | (322,621) | ||||
Credit loss reserve | (5,397,913) | $ (5,397,913) | (5,397,913) | $ (1,741,721) | $ (794,842) | $ (631,986) |
Net investment in notes receivable | 21,269,867 | 30,013,756 | ||||
Impaired financing receivable, unpaid principal balance | 0 | |||||
Ensaimada | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Principal outstanding | 5,178,776 | 5,178,776 | ||||
Credit loss reserve | (5,397,913) | |||||
Net investment in notes receivable | $ 5,397,913 | $ 5,178,776 |
Net Investment in Notes Recei35
Net Investment in Notes Receivable (Credit Loss Allowance) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit loss, beginning balance | $ 5,397,913 | $ 794,842 | $ 5,397,913 | $ 631,986 | $ 631,986 |
Provisions | 0 | 946,879 | 0 | 2,439,108 | |
Write-offs, net of recoveries | 0 | 0 | 0 | (1,329,373) | |
Allowance for credit loss, ending balance | $ 5,397,913 | $ 1,741,721 | $ 5,397,913 | $ 1,741,721 | $ 5,397,913 |
Leased Equipment at Cost (Detai
Leased Equipment at Cost (Details) | Jun. 08, 2016USD ($) | Jan. 08, 2016USD ($) | Dec. 24, 2015 | Dec. 23, 2015USD ($)subsidiaryvesseltermination_year | Dec. 23, 2015USD ($)subsidiarytermination_year | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Property, Plant and Equipment [Line Items] | ||||||||||
Leased equipment at cost | $ 204,478,263 | $ 204,478,263 | $ 223,837,311 | |||||||
Less: accumulated depreciation | 46,861,493 | 46,861,493 | 40,253,258 | |||||||
Leased equipment at cost, less accumulated depreciation | 157,616,770 | 157,616,770 | 183,584,053 | |||||||
Depreciation | $ 7,347,554 | $ 8,419,497 | $ 24,233,604 | $ 24,917,352 | ||||||
Number of indirect subsidiaries | subsidiary | 2 | 2 | ||||||||
Drilling vessels to be purchased | vessel | 2 | |||||||||
Lease term period | 12 years | |||||||||
Termination year of charters | termination_year | 5 | 5 | ||||||||
Basis spread | 2.50% | |||||||||
Effective interest rate | 4.117% | 4.117% | ||||||||
Ownership equity percentage sold | 100.00% | |||||||||
Proceeds from sale of investment in joint venture | $ 4,502,107 | 0 | ||||||||
Seller's credit | 45,500,000 | 0 | ||||||||
Fugro Voyager | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Purchase price of equipment | $ 8,250,000 | |||||||||
Equipment purchase funded with non-recourse long-term debt | 45,500,000 | |||||||||
Advances to charter hire payment | $ 11,250,000 | |||||||||
Payments to acquire productive assets | 10,221,000 | |||||||||
Basis spread | 295.00% | |||||||||
Fugro Scout | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Purchase price of equipment | $ 8,250,000 | |||||||||
Equipment purchase funded with non-recourse long-term debt | 45,500,000 | |||||||||
Advances to charter hire payment | $ 11,250,000 | $ 11,250,000 | ||||||||
ICON Hoegh, LLC | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Ownership equity percentage sold | 100.00% | |||||||||
Proceeds from sale of investment in joint venture | $ 21,007,515 | |||||||||
Gain (loss) on sale of interest in projects | 1,422,241 | |||||||||
Senior debt assumed by third party | 37,555,540 | |||||||||
Seller's credit | $ 6,659,432 | |||||||||
Income (loss) from continuing operations before equity method investments, income taxes, noncontrolling interest | $ 0 | 575,770 | 1,084,897 | 1,743,367 | ||||||
ICON Fund Fourteen | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Ownership in joint venture percentage | 75.00% | 75.00% | ||||||||
ICON Fund Fourteen | ICON Hoegh, LLC | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Ownership in joint venture percentage | 20.00% | |||||||||
ICON ECI Fund Fifteen LP | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Ownership in joint venture percentage | 15.00% | 15.00% | ||||||||
ICON ECI Fund Fifteen LP | ICON Hoegh, LLC | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Ownership in joint venture percentage | 80.00% | |||||||||
Income (loss) from continuing operations before equity method investments, income taxes, noncontrolling interest | 0 | $ 460,616 | 867,917 | $ 1,394,693 | ||||||
ICON Fund Sixteen | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Ownership in joint venture percentage | 10.00% | 10.00% | ||||||||
Marine vessels | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Leased equipment at cost | 0 | 0 | 81,651,931 | |||||||
Photolithograph immersion scanner | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Leased equipment at cost | 79,905,122 | 79,905,122 | 79,905,122 | |||||||
Geotechnical drilling vessels | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Leased equipment at cost | $ 124,573,141 | $ 124,573,141 | $ 62,280,258 | |||||||
Purchase price of equipment | $ 130,000,000 | |||||||||
Senior Secured Loan | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Basis spread | 2.95% |
Net Investment in Finance Lea37
Net Investment in Finance Lease (Narrative) (Details) | Jun. 08, 2016USD ($) | Apr. 05, 2016USD ($)joint_venturesubsidiaryvessel | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 23, 2015 |
Capital Leased Assets [Line Items] | ||||||||
Net investment in finance lease on non-accrual status | $ 0 | $ 0 | $ 0 | |||||
Financing lease recorded investment 90 days past due and still accruing | 0 | 0 | 0 | |||||
Number of joint ventures | joint_venture | 2 | |||||||
Non-recourse long-term debt | 109,536,579 | 109,536,579 | $ 148,023,063 | |||||
Ownership equity percentage sold | 100.00% | |||||||
Proceeds from sale of investment in joint venture | 4,502,107 | $ 0 | ||||||
Gain on sale of subsidiaries | 0 | $ 0 | 1,492,965 | 0 | ||||
ICON Challenge III, LLC | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Proceeds from sale of investment in joint venture | $ 11,551,806 | |||||||
Pre-tax income | 0 | 598,821 | ||||||
Ardmore Shipholding Limited | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Number of subsidiaries | subsidiary | 2 | |||||||
Number of vessels sold | vessel | 2 | |||||||
Purchase price of equipment | $ 26,990,000 | |||||||
Non-recourse long-term debt | $ 17,942,074 | |||||||
ICON ECI Fund Fifteen LP | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Ownership in joint venture percentage | 15.00% | |||||||
Pre-tax income | $ 127,429 | $ 127,429 | ||||||
ICON ECI Fund Fifteen LP | ICON Challenge III, LLC | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Ownership in joint venture percentage | 75.00% | |||||||
Gain on sale of subsidiaries | $ 70,724 | |||||||
Pre-tax income | $ 0 | $ 449,116 | ||||||
ICON ECI Fund Fifteen LP | Ardmore Shipholding Limited | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Ownership in joint venture percentage | 55.00% | |||||||
Icon Leasing Fund Fourteen LLC | Ardmore Shipholding Limited | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Ownership in joint venture percentage | 45.00% | |||||||
Icon Eci Fund Sixteen LP | ICON Challenge III, LLC | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Ownership in joint venture percentage | 25.00% |
Net Investment in Finance Lea38
Net Investment in Finance Lease (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Leases, Capital [Abstract] | ||
Minimum rents receivable | $ 23,408,628 | $ 73,186,778 |
Estimated unguaranteed residual values | 390,286 | 2,127,162 |
Initial direct costs | 279,823 | 1,066,616 |
Unearned income | (5,653,395) | (16,697,150) |
Net investment in finance leases | $ 18,425,342 | $ 59,683,406 |
Investment in Joint Ventures (N
Investment in Joint Ventures (Narrative) (Details) - USD ($) | Jun. 08, 2016 | Jan. 14, 2016 | May 15, 2013 | Jan. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 23, 2015 | Mar. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Provisions | $ 0 | $ 946,879 | $ 0 | $ 2,439,108 | |||||||
Investment in joint ventures | 4,483,761 | 4,483,761 | $ 13,209,019 | ||||||||
Finance income | 1,265,896 | 1,619,614 | 5,094,697 | 7,561,485 | |||||||
Ownership equity percentage sold | 100.00% | ||||||||||
Proceeds from sale of investment in joint venture | 4,502,107 | 0 | |||||||||
Gain on sale of investment in joint venture | 0 | 0 | 9,427 | 0 | |||||||
Jurong Aromatics Corporation | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Subordinated loan | $ 208,038,290 | ||||||||||
Subordinated credit facility acquired | 28,462,500 | ||||||||||
Interest rate | 12.50% | ||||||||||
Payments to acquire interest in joint venture | $ 12,296,208 | ||||||||||
Provisions | 17,342,915 | 31,637,426 | |||||||||
Tolling period | 1 year | ||||||||||
Senior notes | 55,000,000 | 55,000,000 | |||||||||
Credit loss net | 5,365,776 | 0 | 1,152,580 | ||||||||
Investment in joint ventures | 0 | 0 | 5,365,776 | ||||||||
Jurong Aromatics Corporation | Minimum | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Interest rate | 12.50% | 15.50% | |||||||||
Jurong Aromatics Corporation | Maximum | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Interest rate | 15.00% | ||||||||||
Dt Holdings | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Prepayment of lease obligation | $ 8,000,000 | ||||||||||
Option to repurchase all assets | 1 | ||||||||||
Finance income | 1,400,000 | ||||||||||
ICON Challenge, LLC | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership equity percentage sold | 100.00% | ||||||||||
Proceeds from sale of investment in joint venture | $ 9,004,214 | ||||||||||
Gain on sale of investment in joint venture | $ 0 | ||||||||||
Icon Leasing Fund Eleven LLC | Jurong Aromatics Corporation | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership in joint venture percentage | 39.00% | ||||||||||
ICON ECI Fund Fifteen LP | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership in joint venture percentage | 15.00% | ||||||||||
Investment in joint ventures | 0 | 0 | 2,152,337 | ||||||||
Pre-tax income | 127,429 | $ 127,429 | |||||||||
ICON ECI Fund Fifteen LP | Jurong Aromatics Corporation | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership in joint venture percentage | 40.00% | ||||||||||
Provisions | $ 7,161,658 | $ 12,879,462 | |||||||||
Credit loss net | 2,146,310 | ||||||||||
ICON ECI Fund Fifteen LP | ICON Challenge, LLC | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership in joint venture percentage | 50.00% | ||||||||||
Pre-tax income | $ 0 | $ 241,080 | |||||||||
ICON Leasing Fund Twelve, LLC | Jurong Aromatics Corporation | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership in joint venture percentage | 21.00% | ||||||||||
Icon Eci Fund Sixteen LP | ICON Challenge, LLC | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership in joint venture percentage | 10.00% | ||||||||||
Fund Fourteen LP | ICON Challenge, LLC | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership in joint venture percentage | 40.00% | ||||||||||
Joint Venture Investment | Dt Holdings | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Finance income | $ 385,000 | ||||||||||
Joint Venture Investment | Icon Eci Fund Sixteen LP | Dt Holdings | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership in joint venture percentage | 27.50% |
Investment in Joint Ventures (D
Investment in Joint Ventures (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Our share of net (loss) income | $ 109,866 | $ (3,239,186) | $ (1,154,007) | $ (9,504,736) |
Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 0 | 0 | 0 | 1,152,580 |
Net (loss) income | 11,337 | (8,928,735) | (5,388,209) | (25,129,246) |
Our share of net (loss) income | $ (3,711) | $ (3,571,494) | $ (2,163,426) | $ (10,293,352) |
Non-Recourse Long-Term Debt (De
Non-Recourse Long-Term Debt (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Non-recourse long-term debt | $ 111,291,817 | $ 149,701,639 |
Less: debt issuance costs | 1,755,238 | 1,678,576 |
Total non-recourse long-term debt | 109,536,579 | 148,023,063 |
ABN AMRO, Rabobank, NIBC | ||
Debt Instrument [Line Items] | ||
Non-recourse long-term debt | $ 85,312,500 | 45,500,000 |
Interest rate | 4.117% | |
DVB Bank America N.V. | ||
Debt Instrument [Line Items] | ||
Non-recourse long-term debt | $ 0 | 39,750,000 |
DBS Bank (Taiwan) Ltd. | ||
Debt Instrument [Line Items] | ||
Non-recourse long-term debt | 19,104,317 | 37,501,639 |
NIBC Bank N.V. | ||
Debt Instrument [Line Items] | ||
Non-recourse long-term debt | 0 | 18,200,000 |
DVB Bank SE | ||
Debt Instrument [Line Items] | ||
Non-recourse long-term debt | $ 6,875,000 | $ 8,750,000 |
Interest rate | 4.997% | |
Minimum | DBS Bank (Taiwan) Ltd. | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.55% | |
Maximum | DBS Bank (Taiwan) Ltd. | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.51% |
Non-Recourse Long-Term Debt (Na
Non-Recourse Long-Term Debt (Narrative) (Details) | Jun. 08, 2016USD ($) | Apr. 05, 2016USD ($) | Dec. 24, 2015USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($)subsidiary | Dec. 23, 2015subsidiary |
Debt Instrument [Line Items] | ||||||
Carrying value of assets subject to non-recourse long term debt | $ 228,696,073 | |||||
Number of indirect subsidiaries | subsidiary | 2 | |||||
Non-recourse long-term debt | $ 109,536,579 | $ 148,023,063 | ||||
Basis spread | 2.50% | |||||
Effective interest rate | 4.117% | |||||
Ownership equity percentage sold | 100.00% | |||||
ICON ECI Fund Fifteen LP | ||||||
Debt Instrument [Line Items] | ||||||
Carrying value of assets subject to non-recourse long term debt | $ 173,645,488 | |||||
ICON Hoegh, LLC | ||||||
Debt Instrument [Line Items] | ||||||
Ownership equity percentage sold | 100.00% | |||||
Senior debt assumed by third party | $ 37,555,540 | |||||
Fugro Scout | ||||||
Debt Instrument [Line Items] | ||||||
Loan facility, drawn down amount | $ 45,500,000 | |||||
Fugro Voyager | ||||||
Debt Instrument [Line Items] | ||||||
Loan facility, drawn down amount | $ 45,500,000 | |||||
Basis spread | 295.00% | |||||
Fugro Vessels | ||||||
Debt Instrument [Line Items] | ||||||
Number of indirect subsidiaries | subsidiary | 2 | |||||
Non-recourse long-term debt | $ 91,000,000 | |||||
NIBC Bank N.V. | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | $ 17,942,074 |
Revolving Line of Credit, Rec43
Revolving Line of Credit, Recourse (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016USD ($)advance | |
Line of Credit Facility [Abstract] | |
Maximum borrowing capacity | $ 12,500,000 |
Number of separate non-prime rate advances | advance | 5 |
Basis spread | 2.50% |
Interest rate floor | 4.00% |
Commitment fee | 0.50% |
Long-term line of credit | $ 0 |
Remaining borrowing capacity | $ 5,838,695 |
Transactions with Related Par44
Transactions with Related Parties (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||||||
Partners' capital account, distributions | $ 2,004,687 | $ 15,895,160 | $ 4,340,102 | $ 99,836 | |||
Net income (loss) allocated to General Partner | 15,067 | $ (40,566) | 34,105 | $ (61,450) | |||
Due to General Partner and affiliates, net | 3,015,547 | 3,015,547 | $ 5,682,643 | ||||
Notes payable | 2,597,675 | 2,597,675 | |||||
Accrued interest | 246,307 | 246,307 | |||||
Administrative Expense Reimbursements | |||||||
Related Party Transaction [Line Items] | |||||||
Adminsitrative expense reimbursements | 172,146 | $ 172,146 | |||||
General Partner | |||||||
Related Party Transaction [Line Items] | |||||||
Partners' capital account, distributions | $ 20,047 | $ 40,094 | $ 39,695 | $ 40,204 | $ 119,738 | ||
Notes payable | 2,614,691 | ||||||
Accrued interest | 30,396 | ||||||
Adminsitrative expense reimbursements | 519,380 | ||||||
Acquisition fees | $ 2,437,500 |
Transcations with Related Parti
Transcations with Related Parties (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Related Party Transaction [Line Items] | ||||
Fees and commissions, other | $ 641,710 | $ 1,569,130 | $ 2,286,169 | $ 3,246,453 |
Management Fees | ICON Capital, LLC | ||||
Related Party Transaction [Line Items] | ||||
Fees and commissions, other | 166,269 | 898,498 | 899,044 | 1,575,686 |
Administrative Expense Reimbursements | ICON Capital, LLC | ||||
Related Party Transaction [Line Items] | ||||
Fees and commissions, other | 372,146 | 375,157 | 1,079,240 | 1,171,572 |
Acquisition Fees | ICON Capital, LLC | ||||
Related Party Transaction [Line Items] | ||||
Fees and commissions, other | 0 | 191,467 | 0 | 191,467 |
ICON Fund Fourteen | Noncontrolling Interests | Interest Expense | ||||
Related Party Transaction [Line Items] | ||||
Fees and commissions, other | $ 103,295 | $ 104,008 | $ 307,885 | $ 307,728 |
Derivative Financial Instrume46
Derivative Financial Instruments (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Feb. 08, 2016derivative | |
Derivative [Line Items] | |||
Termination value of derivatives in liability position | $ 196,597 | $ 196,597 | |
Number of swaps held | derivative | 2 | ||
Derivative, notional amount | 85,312,500 | 85,312,500 | |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative, loss on derivative | $ (518,437) | ||
Derivative, gain on derivative | $ 480,448 |
Derivative Financial Instrume47
Derivative Financial Instruments (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments | $ 168,380 | $ 0 |
Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments | $ 168,380 |
Fair Value Measurements (Liabil
Fair Value Measurements (Liabilities) (Details) - Fair Value, Measurements, Recurring - Interest rate swaps | Dec. 31, 2015USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Derivative liabilities | $ 168,380 |
Level 1 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Derivative liabilities | 0 |
Level 2 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Derivative liabilities | 168,380 |
Level 3 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Derivative liabilities | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Fair Value | 9 Months Ended |
Sep. 30, 2016 | |
Minimum | Fixed Rate Notes Receivable | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate on fixed notes receivable | 14.50% |
Minimum | Fixed Rate Non Recourse Long Term Debt And Sellers Credit | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate on fixed notes receivable | 4.12% |
Maximum | Fixed Rate Notes Receivable | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate on fixed notes receivable | 25.00% |
Maximum | Fixed Rate Non Recourse Long Term Debt And Sellers Credit | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate on fixed notes receivable | 5.07% |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying vs Fair) (Details) | Sep. 30, 2016USD ($) |
Carrying Amount | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Principal outstanding on fixed-rate notes receivable | $ 20,868,490 |
Principal outstanding on fixed-rate non-recourse long-term debt | 113,889,492 |
Seller's credits | 14,201,748 |
Level 3 | Fair Value | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Principal outstanding on fixed-rate notes receivable | 22,502,171 |
Principal outstanding on fixed-rate non-recourse long-term debt | 113,893,892 |
Seller's credits | $ 14,201,748 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax | $ 0 | ||
State income tax | 0 | ||
Foreign tax expense (benefit) | $ 15,942 | 276,454 | |
Deferred tax liabilities, net | 276,454 | 276,454 | $ 0 |
Deferred tax liabilities, property, plant and equipment | 641,784 | 641,784 | |
Deferred tax assets, operating loss carryforwards | $ 365,330 | $ 365,330 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) | Sep. 30, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Restricted cash | $ 3,732,815 |