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Note 16 - Accumulated Other Comprehensive Income ("AOCI")

9 Months Ended

Sep. 30, 2014

Accumulated Other Comprehensive Income Loss Disclosure [Abstract]

Accumulated Other Comprehensive Income Loss Disclosure [Text Block]

16. Accumulated Other Comprehensive Income (“AOCI”)

The following table displays the change in the components of accumulated other comprehensive income for the nine months ended September 30, 2013 and 2014:

	Foreign Currency Translation Adjustments			Unrealized Gains on Available-for-Sale Investments			Total
Balance as of January 1, 2013	$	(85,404	)	$	19,222		$	(66,182	)
Other comprehensive income before reclassifications		(1,834	)		31,082			29,248
Amounts reclassified from AOCI (1)		-			(7,194	)		(7,194	)
Other comprehensive income		(1,834	)		23,888			22,054
Balance as of September 30, 2013	$	(87,238	)	$	43,110		$	(44,128	)

(1) Amounts were reclassified to Interest, dividends and other investment income on the Company’s Condensed Consolidated Statements of Income.

	Foreign Currency Translation Adjustments			Unrealized Gains on Available-for-Sale Investments		Total
Balance as of January 1, 2014	$	(90,977	)	$	25,995	$	(64,982	)
Other comprehensive income before reclassifications		(17,618	)		13,980		(3,638	)
Amounts reclassified from AOCI		-			-		-
Net current-period other comprehensive income		(17,618	)		13,980		(3,638	)
Balance as of September 30, 2014	$	(108,595	)	$	39,975	$	(68,620	)

At September 30, 2014, the Company had net unrealized cumulative translation adjustment (“CTA”) losses relating to its investments in foreign entities of $108.6 million, after noncontrolling interests of $5.8 million. The CTA losses are comprised of $127.0 million of unrealized losses relating to its Latin American investments, $113.4 million of which is related to Mexico, partially offset by, $18.4 million of unrealized gains relating to its Canadian investments. The CTA losses result from currency fluctuations between local currency and the U.S. dollar during the period in which the Company held its investment. CTA amounts are subject to future changes resulting from ongoing fluctuations in the respective foreign currency exchange rates. Under U.S. GAAP, the Company is required to release CTA balances into earnings when the Company has substantially liquidated its investment in a foreign entity. During 2013, the Company began selling properties within its Latin American portfolio. The Company anticipates it will, in the near term, substantially liquidate all of its investments in this portfolio which will require the then unrealized loss on foreign currency translation to be recognized as a charge against earnings.