Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of summarized information of equity method investments

Summarized financial information for BBH is as follows:



	Nine Months Ended September 30,
	2015			2014
	(in thousands)
Operations:
Revenues	$	90,675		$	92,790
Operating expenses	(135,256		)	(180,482		)
Interest expense, net	(9,191		)	(9,209		)
Depreciation and amortization	(5,037		)	(5,754		)
Net loss (pre-tax)	$	(58,809	)	$	(102,655	)
Company's portion of net loss (pre-tax)	$	(38,435	)	$	(2,361	)

Components of accumulated other comprehensive income (loss)

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



	September 30, 2015			December 31, 2014
	(in thousands)
Unrealized losses on foreign currency translation	$	90		$	137
Unrealized losses on interest rate contracts ⁽¹⁾	81,602			96,084
	81,692			96,221
Income tax benefit	(31,651		)	(37,281		)
Noncontrolling interest	(82		)	(94		)
Accumulated Other Comprehensive Loss	$	49,959		$	58,846


(1)	Included in the amounts as of September 30, 2015 and December 31, 2014 are $58,223 and $73,536, respectively, of unrealized loss on an interest rate swap associated with the 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 of accumulated other comprehensive income (loss) by component

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)
Nine Months Ended September 30, 2015
Balance, January 1, 2015	$	(84	)	$	(58,762	)	$	(58,846	)
Gain (loss) recognized in accumulated OCI	29			(9,524		)	(9,495		)
Loss reclassified from accumulated OCI	—			18,382			18,382
Total other comprehensive income	29			8,858			8,887
Balance, September 30, 2015	$	(55	)	$	(49,904	)	$	(49,959	)
Nine Months Ended September 30, 2014
Balance, January 1, 2014	$	(116	)	$	(76,466	)	$	(76,582	)
Gain (loss) recognized in accumulated OCI	48			(6,235		)	(6,187		)
Loss reclassified from accumulated OCI	—			21,461			21,461
Total other comprehensive income	48			15,226			15,274
Balance, September 30, 2014	$	(68	)	$	(61,240	)	$	(61,308	)

Losses reclassified from 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)
Nine Months Ended September 30, 2015
Interest rate contracts	$	28,087		Interest expense
Interest rate contracts	(900		)	Net gain on change in control of interests
Interest rate contracts	2,852			Earnings (loss) from unconsolidated entities, gross of tax
	30,039			Total before income tax and noncontrolling interest
	(11,645		)	Income tax benefit
	(12		)	Noncontrolling interest
	$	18,382		Loss reclassified from accumulated OCI
Nine Months Ended September 30, 2014
Interest rate contracts	$	28,413		Interest expense
Interest rate contracts	3,666			Discontinued operations
Interest rate contracts	3,005			Earnings (loss) from unconsolidated entities, gross of tax
	35,084			Total before income tax and noncontrolling interest
	(13,597		)	Income tax benefit
	(26		)	Noncontrolling interest
	$	21,461		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 Units or senior notes for Class A common stock, changes in consolidation methods of fully consolidated properties and equity method investments due to the occurrence of triggering 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.



	Nine Months Ended September 30,
	2015			2014
	(in thousands)
Non-cash changes to balance sheet - Investing Activities
Projects under construction and development	$	84,971		$	(351,905	)
Completed rental properties	827,125			(136,008		)
Restricted cash	8,969			20
Notes and accounts receivable	—			2,728
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	20,397			25,509
Total non-cash effect on investing activities	$	1,012,900		$	(362,502	)
Non-cash changes to balance sheet - Financing Activities
Accounts payable, accrued expenses and other liabilities	$	—		$	10,683
Nonrecourse mortgage debt and notes payable	448,741			(342,960		)
Convertible senior debt	(424,433		)	—
Class A common stock	7,000			225
Additional paid-in capital	473,614			34,741
Treasury stock	(6,503		)	—
Redeemable noncontrolling interest	—			28,390
Noncontrolling interest	(53,188		)	(73,535		)
Total non-cash effect on financing activities	$	445,231		$	(342,456	)