Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Assets And Liabilities Measured On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices  in Active  Markets for Identical Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2014
Assets:
Investments, mutual funds held in a grantor trust	$	19,864					$	19,864
Investments, mutual funds	7,446						7,446
Derivative instruments:
Interest rate contracts			$	3,891			3,891
Total	$	27,310	$	3,891	$	—	$	31,201
Liabilities:
Derivative instruments:
Interest rate contracts			$	109			$	109
Deferred compensation plan obligations	$	19,864					19,864
Total	$	19,864	$	109	$	—	$	19,973

	Quoted Prices  in Active  Markets for Identical Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2013
Assets:
Investments, mutual funds held in a grantor trust	$	18,583					$	18,583
Investments, mutual funds and time deposit	8,408		50,034				58,442
Derivative instruments:
Interest rate contracts			5,282				5,282
Total	$	26,991	$	55,316	$	—	$	82,307
Liabilities:
Derivative instruments:
Interest rate contracts			$	476			$	476
Deferred compensation plan obligations	$	18,583					18,583
Total	$	18,583	$	476	$	—	$	19,059

Assets Measured On Nonrecurring Basis

No assets were measured at fair value on a nonrecurring basis at December 31, 2014. Assets measured at fair value on a nonrecurring basis at December 31, 2013, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices  in Active  Markets for Identical  Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) (1)
Property (2)			$	3,300	$	8,576	$	11,876	$	(2,358	)
Total	$	—	$	3,300	$	8,576	$	11,876	$	(2,358	)

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(1) Total gains (losses) exclude impairments on disposed assets because they are no longer held by us.

(2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $14.3 million was written down to a fair value of $11.9 million, resulting in a loss of $2.4 million, which was included in earnings for the period. Management’s estimate of the fair value of these properties was determined using bona fide purchase offers for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

Schedule Of Fair Value Disclosures

Schedule of our fair value disclosures is as follows (in thousands):

	December 31,
	2014						2013
	Carrying Value		Fair Value Using Significant  Other Observable  Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant Unobservable Inputs (Level 3)
Notes receivable from real estate joint ventures and partnerships	$	—			$	—	$	13,330	$	13,549
Tax increment revenue bonds (1)	25,392				25,392		25,850		25,850
Investments, held to maturity (2)	2,750		$	2,742
Debt:
Fixed-rate debt	1,651,959				1,719,775		2,136,265		2,150,891
Variable-rate debt	286,229				292,972		163,579		172,349

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(1) At December 31, 2014 and 2013, the credit loss balance on our tax increment revenue bonds was $31.0 million.

(2) Investments held to maturity are recorded at cost and have a gross unrealized loss of $8 thousand as of December 31, 2014.

Quantitative Information About Significant Unobservable Inputs (Level 3) Used

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of December 31, 2014 and 2013 reported in the above tables, is as follows:

Description	Fair Value at December 31,					Unobservable Inputs	Range
	2014		2013				Minimum				Maximum
	(in thousands)				Valuation Technique		2014		2013		2014		2013
Property	$	—	$	8,576	Broker valuation estimate	Indicative bid
Notes receivable from real estate joint ventures and partnerships	—		13,549		Discounted cash flows	Discount rate							2.7	%
Tax increment revenue bonds	25,392		25,850		Discounted cash flows	Discount rate					7.5	%	7.5	%
						Expected future growth rate	1.0	%	1.0	%	2.0	%	2.0	%
						Expected future inflation rate	1.0	%	1.0	%	2.0	%	2.0	%
Fixed-rate debt	1,719,775		2,150,891		Discounted cash flows	Discount rate	1.3	%	1.3	%	5.1	%	7.4	%
Variable-rate debt	292,972		172,349		Discounted cash flows	Discount rate	1.2	%	.8	%	2.9	%	5.0	%