XML 89 R73.htm IDEA: XBRL DOCUMENT v3.3.1.900
Note 6 - Impairments (Details) - Asset Impairment Charges - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Impaired Long-Lived Assets Held and Used [Line Items]      
Marketable securities and other investments* (5) [1],[2] $ 9,800 $ 4,800 $ 10,700
Impairment charges 45,464 217,858 190,218
Income tax benefit included in discontinued operations   (1,700) (14,800)
Income tax benefit $ (60,230) (22,438) (32,654)
Cumulative foreign currency translation loss included in discontinued operations (6) [3] 92,900 5,100
Impairment Charge [Member]      
Impaired Long-Lived Assets Held and Used [Line Items]      
Income tax benefit $ (9,000) (6,100) (7,600)
Operating Expense [Member]      
Impaired Long-Lived Assets Held and Used [Line Items]      
Impairment charges 45,400 39,800 32,200
Other Real Estate Investments [Member]      
Impaired Long-Lived Assets Held and Used [Line Items]      
Real estate [2],[4] 5,300 1,700 2,900
Impairment charges 5,300    
Noncontrolling Interest [Member]      
Impaired Long-Lived Assets Held and Used [Line Items]      
Noncontrolling interests (5,600) (400) (10,600)
Property Carrying Values [Member]      
Impaired Long-Lived Assets Held and Used [Line Items]      
Real estate [2],[5],[6],[7] 30,300 33,300 18,600
Discontinued Operations [Member]      
Impaired Long-Lived Assets Held and Used [Line Items]      
Impairment charges 100 178,000  
Income tax benefit   1,700  
Discontinued Operations [Member] | Property Carrying Values [Member]      
Impaired Long-Lived Assets Held and Used [Line Items]      
Real estate [8] 100 85,100 152,900
Net [Member]      
Impaired Long-Lived Assets Held and Used [Line Items]      
Impairment charges $ 30,900 $ 209,600 $ 157,200
[1] During 2015, 2014 and 2013, the Company reviewed the underlying cause of the decline in value of certain cost method investments, as well as the severity and the duration of the decline and determined that the decline was other-than-temporary. Impairment charges were recognized based upon the calculation of the investments' estimated fair value.
[2] See Footnote 15 for additional disclosure on fair value
[3] Due to the substantial liquidation of its investment in Mexico, the Company recognized a loss from foreign currency translation related to consolidated properties in the amount of $92.9 million, before noncontrolling interest of $5.8 million. (See footnote 22 for additional disclosure).In addition to the impairment charges above, the Company recognized pretax impairment charges during 2015, 2014 and 2013 of $22.2 million, $54.5 million (including $47.3 million in cumulative foreign currency translation loss relating to the Company's substantial liquidation of its investment in Mexico), and $29.5 million, respectively, relating to certain properties held by various unconsolidated joint ventures in which the Company holds noncontrolling interests. These impairment charges are included in Equity in income of joint ventures, net in the Company's Consolidated Statements of Income (see Footnote 7).The Company will continue to assess the value of its assets on an on-going basis. Based on these assessments, the Company may determine that one or more of its assets may be impaired and would therefore write-down its carrying basis accordingly.
[4] Impairment charges primarily based upon review of residual values, sales prices and debt maturity status and the likelihood of foreclosure of certain underlying properties within the Company's preferred equity investments, during 2015, 2014 and 2013. The Company believes it will not recover its investment in certain preferred equity investments and as such recorded full impairments on these investments.
[5] During 2013, the Company recorded $18.6 million, before an income tax benefit of $7.6 million and noncontrolling interests of $1.0 million, in impairment charges primarily related to two land parcels and four operating properties based upon purchase prices or purchase price offers.
[6] During 2014, the Company recognized aggregate impairment charges of $33.3 million, before an income tax benefit of $6.1 million and noncontrolling interests of $0.3 million, primarily related to adjustments to property carrying values in connection with the Company's efforts to market certain properties and management's assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties.
[7] During 2015, the Company recognized aggregate impairment charges of $30.3 million, before an income tax benefit of $5.4 million and noncontrolling interests of $5.6 million, primarily related to sale of certain operating properties and adjustments to property carrying values in connection with the Company's efforts to market certain properties and management's assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties.
[8] See Footnotes 4 & 5 above for additional disclosure