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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2011

Assets And Liabilities Measured On Recurring Basis


	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 September 30, 2011
Assets:
Investments in grantor trusts	$	13,743					$	13,743
Derivative instruments:
Interest rate contracts			$	11,200				11,200

Total	$	13,743	$	11,200	$	-	$	24,943

Liabilities:
Derivative instruments:
Interest rate contracts			$	655			$	655
Deferred compensation plan obligations	$	13,743						13,743

Total	$	13,743	$	655	$	-	$	14,398


	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, 2010
Assets:
Investments in grantor trusts	$	15,055					$	15,055
Tax increment revenue bonds			$	51,255	$	10,700		61,955
Derivative instruments:
Interest rate contracts				7,192				7,192

Total	$	15,055	$	58,447	$	10,700	$	84,202

Liabilities:
Derivative instruments:
Interest rate contracts			$	108			$	108
Deferred compensation plan obligations	$	15,055						15,055

Total	$	15,055	$	108	$	-	$	15,163

Reconciliation Of Subordinate Tax Increment Revenue Bonds Using Significant Unobservable Inputs (Level 3)


		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Outstanding, January 1, 2010		$ -
Additions (1)		22,417
Loss included in earnings (2)		(11,717)

Outstanding, December 31, 2010		10,700
Settlement of recalled bonds (3)		(10,700)

Outstanding, September 30, 2011		$ -

(1)

Additions represent an investment including accrued interest in subordinate tax increment revenue bonds that was classified as available for sale on December 31, 2010.

(2)

Represents the change in net unrealized losses recognized in impairment loss in the Statement of Consolidated Income and Comprehensive Income for the year ended December 31, 2010.

(3)

Settlement of recalled bonds represents the recall of previously issued subordinated tax increment revenue bonds that were available for sale and were replaced with held to maturity subordinated tax increment revenue bonds associated with the exchange transaction in April 2011.

Assets Measured On Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis during 2011, 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			$	389	$	94,162	$	94,551	$	(33,853	)
Property Held for Sale				54,921				54,921		(14,845	)
Investment in Real Estate Joint Ventures and Partnerships						6,033		6,033		(1,474	)
Subordinate tax increment revenue bonds						26,723		26,723		(18,737	)

Total	$	-	$	55,310	$	126,918	$	182,228	$	(68,909	)

(1)

Total gains (losses) exclude impairments on disposed assets.

Assets measured at fair value on a nonrecurring basis at December 31, 2010, 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					$	2,325	$	2,325	$	(2,827	)
Subordinate tax increment revenue bonds						10,700		10,700		(11,717	)
Subordinate tax increment revenue note										(598	)

Total	$	-	$	-	$	13,025	$	13,025	$	(15,142	)

(1)

Total gains (losses) exclude impairments on disposed assets.

Reconciliation Of The Credit Loss Recognized On Subordinated Tax Increment Revenue Bonds


		Credit Loss Recognized
Beginning balance, January 1, 2011		$ 11,717
Additions		19,305

Ending balance, September 30, 2011		$ 31,022

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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