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Impairment Charges and Impairment of Joint Venture Investments (Tables) | 12 Months Ended
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Dec. 31, 2016
Asset Impairment Charges [Abstract] |
Impairment Charges on Assets or Investments | The Company recorded impairment charges based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):
| For the Year Ended December 31, |
| 2016 |  |  | 2015 |  |  | 2014 |
Assets marketed for sale or assets sold(A) | $ | 110.9 |  |  | $ | 179.7 |  |  | $ | 10.6 |
Undeveloped land previously held for development(B) |  | — |  |  |  | 99.3 |  |  |  | 18.6 |
Total continuing operations | $ | 110.9 |  |  | $ | 279.0 |  |  | $ | 29.2 |
Sold assets – discontinued operations |  | — |  |  |  | — |  |  |  | 8.9 |
Joint venture investments(C) |  | — |  |  |  | 1.9 |  |  |  | 30.7 |
Total impairment charges | $ | 110.9 |  |  | $ | 280.9 |  |  | $ | 68.8 |
(A) | The Company recorded impairment charges in 2015 and 2016 triggered by changes in its strategic plan that impacted its asset hold-period assumptions. During 2015, management accelerated the Company’s portfolio quality improvement initiative, which it intended to accomplish in part through the disposition of less strategic assets. The disposition initiative triggered the recording of impairment charges on 25 operating shopping centers. In 2016, in conjunction with the change of the Chief Executive Officer, the Company’s management and Board of Directors decided to increase the volume of near-term asset sales beyond the level contemplated in 2015 primarily to accelerate progress on its deleveraging goal. As a result, the decision to accelerate sales triggered the recording of impairment charges on 20 operating shopping centers that management identified as short-term disposition candidates. The impairment charges recorded in 2014 were triggered primarily by the Company’s marketing of certain assets for sale and management’s then-assessment of the likelihood and timing of potential transactions.
(B) | Amounts recorded primarily were related to land previously held for future development. The impairments were triggered primarily by the decision made by the Company’s senior management to sell the land and no longer consider development alternatives.
(C) | Represents “other than temporary impairment” charges on unconsolidated joint venture investments. Amount recorded in 2014 represents a charge on a joint venture development project in Canada. The impairment primarily was triggered as a result of a major retailer’s decision to exit the Canadian market, as well as changes in the timing of the project and development assumptions.
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 nonfinancial assets that were measured on a fair value basis for the years ended December 31, 2016, 2015 and 2014. 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 |
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used |  | $ | — |  |  | $ | — |  |  | $ | 438.2 |  |  | $ | 438.2 |  |  | $ | 110.9 |
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used |  |  | — |  |  |  | — |  |  |  | 407.1 |  |  |  | 407.1 |  |  |  | 279.0 |
Unconsolidated joint venture investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.9 |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used/held for sale |  |  | — |  |  |  | — |  |  |  | 141.2 |  |  |  | 141.2 |  |  |  | 38.1 |
Unconsolidated joint venture investments |  |  | — |  |  |  | — |  |  |  | 6.4 |  |  |  | 6.4 |  |  |  | 30.7 |
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 price per square foot, which is in thousands):
|  | Quantitative Information About Level 3 Fair Value Measurements
|  | Fair Value at December 31, |  |  |  |  |  |  | Range
Description |  | 2016 |  |  | 2015 |  |  | Valuation Technique |  | Unobservable Inputs |  | 2016 |  | 2015
Impairment of consolidated assets |  | $ | 13.4 |  |  | $ | 33.8 |  |  | Indicative Bid(A)/ Contracted Price |  | Indicative Bid(A)/ Contracted Price |  | N/A |  | N/A
|  |  | 398.2 |  |  |  | 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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