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Note 7 - Impairments | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Asset Impairment Charges [Text Block] | 7 . Impairments: Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the Company’s assets (including any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset. During 2014, the Company implemented a plan to accelerate the disposition of certain U.S. properties and substantially liquidated its investment in Mexico, which resulted in the release of a cumulative foreign currency translation loss. These disposition plans effectively shortened the Company’s anticipated hold period for these properties and as a result the Company recognized impairment charges on various consolidated operating properties (see Footnote 16 of the Notes to Consolidated Financial Statements for fair value disclosure). The Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions and/or the property hold period resulted in the Company recognizing impairment charges for the years ended December 31, 2016, 2015 and 2014 as follows (in millions):
|  | 201 6 |  |  | 201 5 |  |  | 201 4 |
Impairment of property carrying values* (1) (2) (3) |  | $ | 93.3 |  |  | $ | 30.3 |  |  | $ | 33.3 |
Impairment of investments in other real estate investments* (4) |  |  | - |  |  |  | 5.3 |  |  |  | 1.7 |
Impairment of marketable securities and other investments* (5) |  |  | - |  |  |  | 9.8 |  |  |  | 4.8 |
Total Impairment charges included in operating expenses |  |  | 93.3 |  |  |  | 45.4 |  |  |  | 39.8 |
Cumulative foreign currency translation loss included in discontinued operations (6) |  |  | - |  |  |  | - |  |  |  | 92.9 |
Impairment of property carrying values included in discontinued operations** |  |  | - |  |  |  | 0.1 |  |  |  | 85.1 |
Total gross impairment charges |  |  | 93.3 |  |  |  | 45.5 |  |  |  | 217.8 |
Noncontrolling interests |  |  | (0.4 | ) |  |  | (5.6 | ) |  |  | (0.4 | )
Income tax benefit included in discontinued operations |  |  | - |  |  |  | - |  |  |  | (1.7 | )
Income tax benefit |  |  | (21.1 | ) |  |  | (9.0 | ) |  |  | (6.1 | )
Total net impairment charges |  | $ | 71.8 |  |  | $ | 30.9 |  |  | $ | 209.6 |
* See Footnote 16 of the Notes to Consolidated Financial Statements for additional disclosure on fair value **See Footnotes 5 & 6 of the Notes to Consolidated Financial Statements above for additional disclosure
(1) | During 2016, the Company recognized aggregate impairment charges of $93.3 million, before an income tax benefit of $21.1 million and noncontrolling interests of $0.4 million, primarily related to sale of certain operating properties, certain properties maintained in the Company’s TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 22 of the Notes to Consolidated Financial Statements for additional disclosure) 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.
(2) | 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.
(3) | 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.
(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 and 2014. 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 2015 and 2014, 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.
(6) | 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.
In addition to the impairment charges above, the Company recognized pretax impairment charges during 2016, 2015 and 2014 of $15.0 million, $22.2 million, and $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), 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 8 of the Notes to Consolidated Financial Statements). 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.

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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