Accounting for and Classification of Discontinued Operations

6 Months Ended

Jun. 30, 2011

Accounting for and Classification of Discontinued Operations [Abstract]

Accounting for and Classification of Discontinued Operations

(5) Accounting for and Classification of Discontinued Operations: As required by FASB ASC Subtopic 205-20, Discontinued Operations, the sales of certain income-producing assets are classified as discontinued operations if (i) the operations and cash flows of the component have been, or will be, eliminated from the ongoing operations of the Company as a result of the disposal transaction and (ii) the Company will not have any significant continuing involvement in the operations of the component after the disposal transaction. Certain income-producing properties that are classified as “held for sale” under the requirements of FASB ASC Subtopic 205-20, are also treated as discontinued operations. Depreciation on these assets ceases upon classification as discontinued operations. Sales of land, residential units, and office condominium units are generally considered inventory and are not included in discontinued operations.

Income from discontinued operations consisted of (in millions):

	Quarter Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Discontinued operations (net of tax)
Sales of assets	$	5.3	$	5.9	$	9.3	$	19.1
Leasing operations		0.2		0.8		0.4		2.0
Total	$	5.5	$	6.7	$	9.7	$	21.1

Discontinued operations includes the results for properties that were sold through June 30, 2011 and, if applicable, the operating results of properties still owned, but meeting the definition of “discontinued operations” under FASB ASC Subtopic 205-20. Operating results included in the Condensed Consolidated Statements of Operations and the segment results (Note 10) for the first half of 2010 have been restated to reflect property that was classified as discontinued operations subsequent to June 30, 2010.