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Impairment Charges (Tables) | 9 Months Ended
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Sep. 30, 2016
Asset Impairment Charges [Abstract] |
Impairment Charges on Assets | The Company recorded impairment charges during the three and nine months ended September 30, 2016 and 2015, based on the difference between the carrying value of the assets and the estimated fair market value as follows (in millions):
| Three Months |  |  | Nine Months |
| Ended September 30, |  |  | Ended September 30, |
| 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Assets marketed for sale or assets sold(A) | $ | 104.9 |  |  | $ | — |  |  | $ | 104.9 |  |  | $ | 179.7 |
Undeveloped land previously held for development(B) |  | — |  |  |  | — |  |  |  | — |  |  |  | 99.3 |
Total impairment charges | $ | 104.9 |  |  | $ | — |  |  | $ | 104.9 |  |  | $ | 279.0 |
(A) | In March 2015, the Company’s senior management team initiated changes to the business strategy that involved the acceleration of asset sales in connection with a portfolio quality improvement and leverage reduction initiative. The Company recorded impairment charges at 25 operating shopping centers to be sold over a 12 to 24-month period. In the third quarter of 2016, in conjunction with the change of the chief executive officer, the Company’s management team and board of directors decided to increase the volume of asset sales over a 12 to 18-month period beyond the level contemplated in 2015, to make accelerated progress on its more aggressive deleveraging goals. As a result, these decisions triggered the recording of impairment charges on operating shopping centers that management identified as short-term disposition candidates.
(B) | Amounts recorded primarily were related to land previously held for future development. The asset impairments were triggered primarily by the decision made by the Company’s senior management in March 2015 to sell the land and no longer consider development alternatives.
Impairment Charges Measured at Fair Value on Non-Recurring Basis | The following table presents information about the Company’s impairment charges on both financial and non-financial assets that were measured on a fair value basis for the nine months ended September 30, 2016, and the year ended December 31, 2015. 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, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used |  | $ | — |  |  | $ | — |  |  | $ | 387.7 |  |  | $ | 387.7 |  |  | $ | 104.9 |
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used |  |  | — |  |  |  | — |  |  |  | 407.1 |  |  |  | 407.1 |  |  |  | 279.0 |
Unconsolidated joint venture investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.9 |
Summary of Significant Unobservable Inputs | 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, except per square foot, which is in thousands):
|  | Quantitative Information about Level 3 Fair Value Measurements
|  | Fair Value at |  |  |  |  |  |  | Range
|  | September 30, |  |  | December 31, |  |  | Valuation |  | Unobservable |  |  |  |
Description |  | 2016 |  |  | 2015 |  |  | Technique |  | Inputs |  | 2016 |  | 2015
Impairment of consolidated assets |  | $ | 9.7 |  |  | $ | 33.8 |  |  | Indicative Bid(A)/ Contracted Price |  | Indicative Bid(A)/ Contracted Price |  | N/A |  | N/A
|  |  | 351.4 |  |  |  | 287.6 |  |  | Income Capitalization Approach(B)/ Sales Comparison Approach |  | Market Capitalization Rate |  | 7%–10% |  | 8%–9%
|  |  |  |  |  |  |  |  |  |  |  | Price per Square Foot |  | $15–$31 |  | $10–$40
|  |  | 26.6 |  |  |  | 51.5 |  |  | Indicative Bid(A) |  | Indicative Bid(A) |  | N/A |  | N/A
|  |  |  |  |  |  |  |  |  | Discounted Cash Flow |  | Discount Rate |  | 10%–11% |  | 10%–14%
|  |  |  |  |  |  |  |  |  |  |  | Terminal Capitalization Rate |  | 10%–12% |  | 8%–10%
|  |  | — |  |  |  | 34.2 |  |  | Indicative Bid(A)/ Sales Comparison Approach |  | Indicative Bid(A) |  | N/A |  | N/A
(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 corroboration for 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 Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate 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 long-lived asset is reported. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2921-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.CC) -URI http://asc.fasb.org/extlink&oid=27011434&loc=d3e125687-122742 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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