XML 166 R38.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Tables)
 11 Months Ended
Dec. 31, 2013
Accounting Policies [Abstract]  
Components of Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss
The following table summarizes the components of accumulated other comprehensive income (loss) (“accumulated OCI”):
 
December 31,
January 31,
 
2013
2013
2012
 
(in thousands)
Unrealized losses on securities
$
—

$
340

$
445

Unrealized (gains) losses on foreign currency translation
189

(69
)
1,558

Unrealized losses on interest rate contracts(1)
125,059

168,497

194,928

 
125,248

168,768

196,931

Income tax benefit
(48,517
)
(65,382
)
(76,315
)
Noncontrolling interest
(149
)
(183
)
(156
)
Accumulated Other Comprehensive Loss
$
76,582

$
103,203

$
120,460

(1)
Included in the amounts as of December 31, 2013, January 31, 2013 and January 31, 2012 are $97,360, $126,506 and $143,303, respectively, of unrealized loss on an interest rate swap associated with New York Times office building on its nonrecourse mortgage debt with a notional amount of $640,000. This swap effectively fixes the mortgage at an all-in lender interest rate of 6.40% and expires in September 2017.
Schedule of Changes in Accumulated Other Comprehensive Income
The following table summarizes the changes, net of tax and noncontrolling interest, of accumulated OCI by component for the 11 months ended December 31, 2013:
 
Securities
Foreign Currency Translation
Interest Rate Contracts
Total
 
(in thousands)
Balance, February 1, 2013
$
(208
)
$
42

$
(103,037
)
$
(103,203
)
OCI before reclassifications
430

(158
)
22,707

22,979

(Gain) loss reclassified from accumulated OCI
(222
)
—

3,864

3,642

Total other comprehensive income
208

(158
)
26,571

26,621

Balance, December 31, 2013
$
—

$
(116
)
$
(76,466
)
$
(76,582
)
Reclassification out of Accumulated Other Comprehensive Income
The following table summarizes (gains) losses reclassified from accumulated OCI and their location on the Consolidated Statements of Operations for the 11 months ended December 31, 2013:
Accumulated OCI Components
(Gain) Loss Reclassified from Accumulated OCI
 
Location on Consolidated Statements of Operations
 
(in thousands)
 
 
Interest rate contracts
6,258

 
Interest expense
Interest rate contracts
82

 
Equity in earnings
 
6,340

 
Total before income tax and noncontrolling interest
 
(2,460
)
 
Income tax benefit
 
(16
)
 
Noncontrolling interest
 
$
3,864

 
Loss on interest rate contracts reclassified from accumulated OCI
Schedule of Transition Period Comparative Data
The following table presents certain financial information for the 11 months ended December 31, 2013 and 2012, for comparability purposes.
 
11 Months Ended December 31,
 
2013
2012
(Unaudited)
 
(in thousands)
Revenues from real estate operations
$
1,020,108

$
984,054

Expenses
 
 
Operating expenses
675,585

608,422

Depreciation and amortization
279,189

195,044

Write-offs of abandoned development projects and demolition costs
40,414

14,029

Impairment of real estate
475,555

30,660

Net loss on land held for divestiture activity
7,382

4,457

 
1,478,125

852,612

Interest expense
(292,324
)
(236,287
)
Amortization of mortgage procurement costs
(8,561
)
(10,186
)
Gain on extinguishment of debt
4,549

6,807

Interest and other income
52,332

42,246

Net gain on disposition of partial interests in rental properties
496,092

—

Loss before income taxes
(205,929
)
(65,978
)
Income tax benefit
(9,334
)
(13,291
)
Net gain on change in control of interests
2,762

6,766

 
 
 
Earnings from unconsolidated entities, including impairment, gross of tax
107,825

84,543

Net gain (loss) on land held for divestiture activity, gross of tax
1,338

(42,606
)
 
109,163

41,937

Loss from continuing operations
(84,670
)
(3,984
)
Discontinued operations, net of tax
13,880

61,074

Net earnings (loss)
(70,790
)
57,090

Noncontrolling interests
65,483

(5,635
)
Net earnings (loss) attributable to Forest City Enterprises, Inc.
(5,307
)
51,455

Preferred dividends and inducements of preferred stock conversions
(185
)
(32,129
)
Net earnings (loss) attributable to Forest City Enterprises, Inc. common shareholders
$
(5,492
)
$
19,326