XML 75 R26.htm IDEA: XBRL DOCUMENT

Accounting Policies (Tables)

3 Months Ended

Apr. 30, 2012

Revision of prior period financial statements


	As Reported ⁽¹⁾		Adjustment			As Revised
Consolidated Statement of Operations for the three months ended April 30, 2011	(in thousands, except per share data)
Operating expenses	$	158,689	$	2,000		$	160,689
Deferred income tax expense (benefit)		892		(776	)		116
Earnings (loss) from continuing operations		41,981		(1,224	)		40,757
Net earnings (loss) attributable to Forest City Enterprises, Inc. common shareholders		43,717		(1,224	)		42,493
Basic earnings (loss) per common share from continuing operations attributable to Forest City Enterprises, Inc. common shareholders		0.23		(0.01	)		0.22
Diluted earnings per common share from continuing operations attributable to Forest City Enterprises, Inc. common shareholders		0.21		—			0.21
Basic net earnings (loss) per common share attributable to Forest City Enterprises, Inc. common shareholders		0.26		(0.01	)		0.25
Diluted net earnings (loss) per common share attributable to Forest City Enterprises, Inc. common shareholders		0.24		(0.01	)		0.23

(1)	Adjusted to reflect the impact of discontinued operations (see Note L).

The components of accumulated other comprehensive income (loss) (accumulated OCI)

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


	April 30, 2012			January 31, 2012
	(in thousands)
Unrealized losses on securities	$	452		$	445
Unrealized losses on foreign currency translation		1,327			1,558
Unrealized losses on interest rate contracts ⁽¹⁾		185,150			194,928

		186,929			196,931
Noncontrolling interest and income tax benefit		(72,590	)		(76,471	)

Accumulated Other Comprehensive Loss	$	114,339		$	120,460

(1)

Included in the amounts as of April 30 and January 31, 2012 are $136,517 and $143,303, respectively, of unrealized losses on an interest rate swap associated with New York Times, an office building in Manhattan, New York, 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% (5.50% swap rate plus 0.90% lender spread) and expires in September 2017.

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References+ Details