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Impairment Charges and Impairment of Joint Venture Investments | 9 Months Ended
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Sep. 30, 2014
Goodwill And Intangible Assets Disclosure [Abstract] |
Impairment Charges and Impairment of Joint Venture Investments |
12. | IMPAIRMENT CHARGES AND IMPAIRMENT OF JOINT VENTURE INVESTMENTS
The Company recorded impairment charges during the three- and nine-month periods ended September 30, 2014 and 2013, based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):
| Three-Month Periods Ended September 30, |  |  | Nine-Month Periods Ended September 30, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Land held for development(A) | $ | — |  |  | $ | — |  |  | $ | 13.2 |  |  | $ | — |
Undeveloped land |  | 1.4 |  |  |  | — |  |  |  | 1.9 |  |  |  | 2.6 |
Assets marketed for sale(B) |  | 0.4 |  |  |  | 9.2 |  |  |  | 3.8 |  |  |  | 20.3 |
Total continuing operations | $ | 1.8 |  |  | $ | 9.2 |  |  | $ | 18.9 |  |  | $ | 22.9 |
Sold assets – discontinued operations |  | — |  |  |  | 14.9 |  |  |  | 8.1 |  |  |  | 43.9 |
Joint venture investments(C) |  | — |  |  |  | — |  |  |  | 9.1 |  |  |  | — |
Total impairment charges | $ | 1.8 |  |  | $ | 24.1 |  |  | $ | 36.1 |  |  | $ | 66.8 |
(A) | Amounts reported in the nine-month period ended September 30, 2014, primarily related to land held for development in Canada that is owned through a consolidated joint venture. The asset impairment was triggered primarily by the Company’s decision to sell the land.
(B) | The impairment charges were triggered primarily due to the Company’s marketing of these assets for sale and management’s assessment of the likelihood and timing of one or more potential transactions.
(C) | Amount recorded in 2014 represents an “other than temporary impairment” charge on a development project in Canada that is owned through an unconsolidated joint venture. The impairment was triggered by changes in the timing of the project development assumptions that occurred in the first quarter of 2014.
Items Measured at Fair Value on a Non-Recurring Basis For a description of the Company’s methodology on determining fair value, refer to Note 12 of the Company’s Financial Statements filed on its Annual Report on Form 10-K for the year ended December 31, 2013, as amended. The following table presents information about the Company’s impairment charges on both financial and nonfinancial assets that were measured on a fair value basis for the nine-month period ended September 30, 2014, and the year ended December 31, 2013. The table also 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 |  |  | Total Losses |
September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used |  | $ | — |  |  | $ | — |  |  | $ | 111.6 |  |  | $ | 111.6 |  |  | $ | 27.0 |
Unconsolidated joint venture investments |  |  | — |  |  |  | — |  |  |  | 26.8 |  |  |  | 26.8 |  |  |  | 9.1 |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used and held for sale |  |  | — |  |  |  | — |  |  |  | 164.2 |  |  |  | 164.2 |  |  |  | 72.6 |
Unconsolidated joint venture investments |  |  | — |  |  |  | — |  |  |  | 35.3 |  |  |  | 35.3 |  |  |  | 1.0 |
The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value of non-recurring items (in millions):
|  | Quantitative Information about Level 3 Fair Value Measurements |
|  | Fair Value at |  |  |  |  |  |  | Range |
Description |  | September 30, 2014 |  |  | December 31, 2013 |  |  | Valuation Technique |  | Unobservable Inputs |  | 2014 |  |  | 2013 |
Impairment of consolidated assets |  | $ | 44.6 |  |  | $ | 88.7 |  |  | Indicative Bid(A)/ Contracted Price |  | Indicative Bid(A)/ Contracted Price |  | N/A |  |  | N/A |
|  |  | 67.0 |  |  |  | 75.5 |  |  | Income Capitalization Approach(B) |  | Market Capitalization Rate |  |  | 8% |  |  | 8% – 10% |
|  |  |  |  |  |  |  |  |  |  |  | Price Per Square Foot |  | N/A |  |  | $12 – $117 |
Impairment of joint venture investments |  |  | 26.8 |  |  |  | 35.3 |  |  | Discounted Cash Flow |  | Discount Rate |  | 8% – 15% |  |  | 8% – 15% |
|  |  |  |  |  |  |  |  |  |  |  | Terminal Capitalization Rate |  |  | 6% |  |  |  | 6% |
(A) | Fair value measurements based upon indicative bids were developed by third-party sources (including offers and comparable sales values), subject to the Company’s determination of reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values.
(B) | Vacant space in certain assets was valued based on a price per square foot.

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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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