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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Items Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s financial assets and liabilities, which consist of interest rate swap agreements (included in Other Liabilities) and marketable securities (included in Other Assets) from investments in the Company’s elective deferred compensation plan at March 31, 2013 and December 31, 2012, measured at fair value on a recurring basis as of March 31, 2013 and December 31, 2012, and indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions):

		Fair Value Measurements
		Level 1				Level 2				Level 3				Total
Assets (liabilities):
March 31, 2013
Derivative financial instruments		$	—			$	(15.3	)		$	—			$	(15.3	)
Marketable securities		$	3.0			$	—			$	—			$	3.0
December 31, 2012
Derivative financial instruments		$	—			$	(17.1	)		$	—			$	(17.1	)
Marketable securities		$	2.9			$	—			$	—			$	2.9

Debt Instruments With Carrying Values Different Than Estimated Fair Values

Debt instruments at March 31, 2013 and December 31, 2012, with carrying values that are different than estimated fair values, are summarized as follows (in thousands):

		March 31, 2013								December 31, 2012
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
Senior notes		$	2,149,724			$	2,497,008			$	2,147,097			$	2,503,127
Revolving Credit Facilities and term loans			940,468				942,436				897,905				903,210
Mortgage indebtedness			1,263,900				1,314,789				1,274,141				1,324,969
		$	4,354,092			$	4,754,233			$	4,319,143			$	4,731,306

Information Regarding Swaps

The following table discloses certain information regarding the Company’s ten outstanding interest rate swaps (not including the specified spreads):

Aggregate Notional Amount (in millions)				LIBOR Fixed Rate				Maturity Date
$	100.0				1.0	%		June 2014
$	50.0				0.6	%		June 2015
$	100.0				0.5	%		July 2015
$	82.5				2.8	%		September 2017
$	100.0				0.9	%		January 2018
$	100.0				1.6	%		February 2019
$	100.0				1.5	%		February 2019

Fair Value of Company's Swaps and Their Classification

The table below presents the fair value of the Company’s Swaps as well as their classification on the condensed consolidated balance sheets as of March 31, 2013 and December 31, 2012, as follows (in millions):

Liability Derivatives

March 31, 2013

December 31, 2012

Derivatives Designated as Hedging Instruments

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Interest rate products

Other liabilities

$

15.3

Other liabilities

$

17.1

Effect of Company's Derivative Instruments on Net Income (Loss)

The effect of the Company’s derivative instruments on net income (loss) is as follows (in millions):

Derivatives in Cash Flow Hedging		Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)								Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Loss) (Effective Portion)		Amount of Gain (Loss) Reclassified from Accumulated OCI into (Income) Loss (Effective Portion)
		Three-Month Periods Ended March 31,										Three-Month Periods Ended March 31,
		2013				2012						2013				2012
Interest rate products		$	1.8			$	1.3			Interest expense		$	(0.1	)		$	(0.1	)

Net Investment Hedge Derivative Instruments on OCI

The effect of the Company’s net investment hedge derivative instruments on OCI is as follows (in millions):

		Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
		Three-Month Periods Ended March 31,
Derivatives in Net Investment Hedging Relationships		2013				2012
Euro – denominated revolving credit facilities designated as a hedge of the Company’s net investment in its subsidiary		$	0.1			$	(0.1	)
Canadian dollar – denominated revolving credit facilities designated as a hedge of the Company’s net investment in its subsidiaries		$	0.4			$	(1.3	)

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Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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