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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2013 and December 31, 2012, measured at fair value on a recurring basis as of June 30, 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
Assets (liabilities):		Level 1				Level 2				Level 3				Total
June 30, 2013
Derivative financial instruments		$	—			$	(4.4	)		$	—			$	(4.4	)
Marketable securities		$	3.2			$	—			$	—			$	3.2
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 June 30, 2013 and December 31, 2012, with carrying values that are different than estimated fair values, are summarized as follows (in thousands):

		June 30, 2013								December 31, 2012
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
Senior notes		$	2,450,592			$	2,692,996			$	2,147,097			$	2,503,127
Revolving Credit Facilities and term loans			784,662				786,667				897,905				903,210
Mortgage indebtedness			1,209,170				1,225,014				1,274,141				1,324,969
		$	4,444,424			$	4,704,677			$	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
$	82.1				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 June 30, 2013 and December 31, 2012, as follows (in millions):

Liability Derivatives

June 30, 2013

December 31, 2012

Derivatives Designated as Hedging Instruments

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Interest rate products

Other liabilities

$

4.4

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 (Effective Portion)		Amount of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)
		Three-Month Periods Ended June 30								Six-Month Periods Ended June 30										Three-Month Periods Ended June 30								Six-Month Periods Ended June 30
		2013				2012				2013				2012						2013				2012				2013				2012
Interest rate products		$	10.9			$	(7.6	)		$	12.6			$	(6.3	)		Interest expense		$	(0.1	)		$	(0.2	)		$	(0.2	)		$	(0.2	)

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 June 30,								Six-Month Periods Ended June 30,
Derivatives in Net Investment Hedging Relationships		2013				2012				2013				2012
Euro-denominated revolving credit facilities designated as a hedge of the Company’s net investment in its subsidiary		$	(0.1	)		$	0.4			$	0.1			$	0.3
Canadian dollar-denominated revolving credit facilities designated as a hedge of the Company’s net investment in its subsidiaries		$	0.9			$	1.7			$	1.3			$	0.4

X

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Effects of net investment hedges on OCI.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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