XML 80 R60.htm IDEA: XBRL DOCUMENT v2.4.0.8
Other Investments (Income Statement) (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mar. 31, 2013
Jun. 30, 2013
Mar. 31, 2013
LNR Property LLC (LNR)
       
Schedule of Equity Method Investments [Line Items]        
Total revenue   $ 68,779,000 [1],[2]   $ 146,579,000 [1],[2]
Income tax (expense) benefit   (1,121,000) [2]   (1,401,000) [2]
Net income attributable to LNR   42,452,000 [2]   231,701,000 [2]
Other than temporary impairment 0 [3] (30,867,000) [3] (30,867,000) [3]  
Equity Method Investment, Summarized Financial Information, Other Loss   66,200,000    
LNR and certain commercial mortgage backed securities and collateralized debt obligation trusts that are considered VIEs
       
Schedule of Equity Method Investments [Line Items]        
Servicing fee revenue   $ 21,100,000   $ 50,400,000
[1] LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. For the three and six months ended March 31, 2013, total revenue presented above includes $21.1 million and $50.4 million, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR.
[2] The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the three and six months ended June 30, 2013 were based on balances and results from LNR for the three and six months ended March 31, 2013.
[3] During the six months ended June 30, 2013, the Company recorded an other than temporary impairment of $30.9 million. Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above.