Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2015

Components of accumulated other comprehensive income (loss)

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



	June 30, 2015			December 31, 2014
	(in thousands)
Unrealized losses on foreign currency translation	$	267		$	137
Unrealized losses on interest rate contracts ⁽¹⁾	84,410			96,084
	84,677			96,221
Income tax benefit	(32,458		)	(37,281		)
Noncontrolling interest	(86		)	(94		)
Accumulated Other Comprehensive Loss	$	52,133		$	58,846


(1)	Included in the amounts as of June 30, 2015 and December 31, 2014 are $62,838 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)
Six Months Ended June 30, 2015
Balance, January 1, 2015	$	(84	)	$	(58,762	)	$	(58,846	)
Loss recognized in accumulated OCI	(80		)	(4,716		)	(4,796		)
Loss reclassified from accumulated OCI	—			11,509			11,509
Total other comprehensive income	(80		)	6,793			6,713
Balance, June 30, 2015	$	(164	)	$	(51,969	)	$	(52,133	)
Six Months Ended June 30, 2014
Balance, January 1, 2014	$	(116	)	$	(76,466	)	$	(76,582	)
Loss recognized in accumulated OCI	150			(7,019		)	(6,869		)
Loss reclassified from accumulated OCI	—			15,005			15,005
Total other comprehensive income	150			7,986			8,136
Balance, June 30, 2014	$	34		$	(68,480	)	$	(68,446	)

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)
Six Months Ended June 30, 2015
Interest rate contracts	$	18,312		Interest expense
Interest rate contracts	(900		)	Net gain on change in control of interests
Interest rate contracts	1,967			Earnings (loss) from unconsolidated entities, gross of tax
	19,379			Total before income tax and noncontrolling interest
	(7,862		)	Income tax benefit
	(8		)	Noncontrolling interest
	$	11,509		Loss reclassified from accumulated OCI
Six Months Ended June 30, 2014
Interest rate contracts	$	18,851		Interest expense
Interest rate contracts	3,666			Discontinued operations
Interest rate contracts	2,003			Earnings (loss) from unconsolidated entities, gross of tax
	24,520			Total before income tax and noncontrolling interest
	(9,507		)	Income tax benefit
	(8		)	Noncontrolling interest
	$	15,005		Loss reclassified from accumulated OCI

Supplemental non-cash disclosures

The following table summarizes the impact to the applicable balance sheet line items as a result of various non-cash transactions. Non-cash transactions primarily include 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, changes in consolidation methods of fully consolidated properties and equity method investments due to the occurrence of trigging events including, but not limited to, disposition of a partial interest in rental properties or development projects or acquisition of a partner’s interest, 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.



	Six Months Ended June 30,
	2015			2014
	(in thousands)
Non-cash changes to balance sheet - Investing Activities
Projects under construction and development	$	37,022		$	(359,234	)
Completed rental properties	840,553			(123,472		)
Restricted cash	8,969			20
Notes and accounts receivable	—			42,991
Investments in and advances to affiliates - due to dispositions or change in control	71,438			97,154
Investments in and advances to affiliates - other activity	14,990			15,377
Total non-cash effect on investing activities	$	972,972		$	(327,164	)
Non-cash changes to balance sheet - Financing Activities
Accounts payable, accrued expenses and other liabilities	$	—		$	41,828
Nonrecourse mortgage debt and notes payable	450,470			(339,309		)
Convertible senior debt	(286,196		)	—
Class A common stock	4,548			225
Additional paid-in capital	285,595			(33,611		)
Treasury stock	(6,503		)	—
Redeemable noncontrolling interest	—			28,390
Noncontrolling interest	(585		)	(34,342		)
Total non-cash effect on financing activities	$	447,329		$	(336,819	)