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Assets Held For Sale
9 Months Ended
Sep. 30, 2012
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]  
Assets Held For Sale
Assets Held For Sale

The Company considers properties to be assets held for sale when all of the following criteria are met: i) a formal commitment to a plan to sell a property has been made and exercised; ii) the property is available for sale in its present condition; iii) actions required to complete the sale of the property have been initiated; iv) sale of the property is probable and the Company expects the sale will occur within one year; and v) the property is being actively marketed for sale at a price that is reasonable given its current market value.
 
Upon designation as an asset held for sale, the Company records the carrying value of each property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and depreciation of the property ceases. The net book value of assets held for sale was $6,074 at December 31, 2011. During the three and nine months ended September 30, 2012, the Company sold assets classified as held for sale for $247 and $33,486 respectively, and recorded net (losses) gains on the assets held for sale of $(26) and $30,738, respectively, in other income, net. The remaining net book value of assets still held for sale at September 30, 2012 is $3,843 and is recorded in net property in the condensed consolidated balance sheet.

The Company reviews long-lived assets held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For assets classified as held and used, impairment may occur if projected undiscounted cash flows are not adequate to cover the carrying value of the assets. In such cases, additional analysis is conducted to determine the amount of the loss to be recognized. The impairment loss is calculated as the difference between the carrying amount of the asset and its estimated fair value. The analysis requires estimates of the amount and timing of projected cash flows and, where applicable, selection of an appropriate discount rate. Such estimates are critical in determining whether any impairment charge should be recorded and the amount of such charge if an impairment loss is deemed necessary.

For assets held for sale, impairment occurs whenever the net book value of the property listed for sale
exceeds the expected selling price less estimated selling expenses. The Company recorded no impairment losses during the three-month period ending September 30, 2012 and impairment losses of $257 to account for the expected losses on two of the properties held for sale during the nine-month period ended September 30, 2012. The impairment losses are included in other income, net in the condensed consolidated statement of income for the nine months ended September 30, 2012. The Company did not record any impairment charges during the three and nine months ended September 30, 2011.