Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2015

Components of accumulated other comprehensive income (loss)

The following table summarizes the components of accumulated other comprehensive income (loss) (“accumulated OCI”):



	March 31, 2015			December 31, 2014
	(in thousands)
Unrealized losses on foreign currency translation	$	215		$	137
Unrealized losses on interest rate contracts ⁽¹⁾	93,595			96,084
	93,810			96,221
Income tax benefit	(36,347		)	(37,281		)
Noncontrolling interest	(91		)	(94		)
Accumulated Other Comprehensive Loss	$	57,372		$	58,846


(1)	Included in the amounts as of March 31, 2015 and December 31, 2014 are $70,015 and $73,536, 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 (loss)

The following table summarizes the changes, net of tax and noncontrolling interest, of accumulated OCI by component:



	Foreign Currency Translation			Interest Rate Contracts			Total
	(in thousands)
Three Months Ended March 31, 2015
Balance, January 1, 2015	$	(84	)	$	(58,762	)	$	(58,846	)
Loss recognized in accumulated OCI	(48		)	(4,574		)	(4,622		)
Loss reclassified from accumulated OCI	—			6,096			6,096
Total other comprehensive income	(48		)	1,522			1,474
Balance, March 31, 2015	$	(132	)	$	(57,240	)	$	(57,372	)
Three Months Ended March 31, 2014
Balance, January 1, 2014	$	(116	)	$	(76,466	)	$	(76,582	)
Loss recognized in accumulated OCI	—			(2,611		)	(2,611		)
Loss reclassified from accumulated OCI	—			8,631			8,631
Total other comprehensive income	—			6,020			6,020
Balance, March 31, 2014	$	(116	)	$	(70,446	)	$	(70,562	)

Losses reclassified out of accumulated other comprehensive income (loss)

The following table summarizes losses reclassified from accumulated OCI and their location on the Consolidated Statements of Operations:



Accumulated OCI Components	Loss Reclassified from Accumulated OCI			Location on Consolidated Statements of Operations
	(in thousands)
Three Months Ended March 31, 2015
Interest rate contracts	$	8,971		Interest expense
Interest rate contracts	991			Earnings from unconsolidated entities, gross of tax
	9,962			Total before income tax and noncontrolling interest
	(3,862		)	Income tax benefit
	(4		)	Noncontrolling interest
	$	6,096		Loss reclassified from accumulated OCI
Three Months Ended March 31, 2014
Interest rate contracts	$	9,437		Interest expense
Interest rate contracts	3,666			Discontinued operations
Interest rate contracts	1,000			Earnings from unconsolidated entities, gross of tax
	14,103			Total before income tax and noncontrolling interest
	(5,468		)	Income tax benefit
	(4		)	Noncontrolling interest
	$	8,631		Loss reclassified from accumulated OCI

Supplemental non-cash disclosures

The following table represents a summary of non-cash transactions including, but not limited to, dispositions of operating properties whereby the nonrecourse mortgage debt is assumed by the buyer, acquisition of rental properties, exchanges of senior notes for Class A common stock, change in construction payables and other capital expenditures, change in the fair market value of redeemable noncontrolling interest and capitalization of stock-based compensation granted to employees directly involved with the development and construction of real estate.



	Three Months Ended March 31,
	2015			2014
	(in thousands)
Investing Activities
Increase in projects under construction and development	$	(12,577	)	$	(9,345	)
(Increase) decrease in completed rental properties	(33,486		)	53,285
Increase in restricted cash	—			(387		)
Increase in investments in and advances to affiliates	(12,921		)	(9,158		)
Total effect on investing activities	$	(58,984	)	$	34,395
Financing Activities
Increase (decrease) in nonrecourse mortgage debt and notes payable	36,276			(33,812		)
Decrease in convertible senior debt	(286,196		)	—
Increase in Class A common stock	4,548			—
Increase (decrease) in additional paid-in capital	285,391			(26,473		)
Increase in treasury stock	(6,503		)	—
Increase in redeemable noncontrolling interest	—			28,390
(Decrease) increase in noncontrolling interest	(532		)	4
Total effect on financing activities	$	32,984		$	(31,891	)