Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Items Measured at Fair Value on a Recurring Basis

The Company maintains interest rate swap agreements (included in Other Assets and Other Liabilities) and marketable securities (included in Other Assets), which include investments in the Company’s elective deferred compensation plan and investments in securities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013.  The following table presents information about the Company’s financial assets and liabilities and indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions):

			Fair Value Measurements
Assets (Liabilities):	Level 1		Level 2			Level 3		Total
September 30, 2014
Derivative Financial Instruments	$	—	$	(2.7	)	$	—	$	(2.7	)
Marketable Securities	$	5.0	$	—		$	—	$	5.0
December 31, 2013
Derivative Financial Instruments	$	—	$	(3.2	)	$	—	$	(3.2	)
Marketable Securities	$	7.4	$	—		$	—	$	7.4

Debt Instruments with Carrying Values Different than Estimated Fair Values

Debt instruments at September 30, 2014 and December 31, 2013, with carrying values that are different than estimated fair values, are summarized as follows (in thousands):

	September 30, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior Notes	$	2,762,893	$	3,000,255	$	2,754,120	$	2,991,698
Revolving Credit Facilities and term loans		773,457		781,530		779,133		787,772
Mortgage indebtedness		1,699,694		1,730,030		1,761,421		1,779,375
	$	5,236,044	$	5,511,815	$	5,294,674	$	5,558,845

Information Regarding Swaps

As of September 30, 2014 and December 31, 2013, the notional amount of the Swaps was $530.4 million and $631.4 million, respectively.  The following table discloses certain information regarding the Company’s Swaps (nine at September 30, 2014), not including the specified spreads, as well as their classification on the condensed consolidated balance sheets, as of September 30, 2014 and December 31, 2013 (in millions):

	Aggregate
	Notional		Counterparty	DDR Pays			Fair Value
	Amount at		Pays Variable	Fixed			September 30, 2014					December 31, 2013
Maturity Date	September 30, 2014		Rate	Rate			Asset		Liability			Asset		Liability
June 2014	N/A		1 Month LIBOR		1.0	%	N/A		N/A			$	—	$	(0.4	)
June 2015	$	50.0	1 Month LIBOR		0.6	%	$	—	$	(0.1	)		—		(0.2	)
July 2015	$	100.0	1 Month LIBOR		0.5	%		—		(0.3	)		—		(0.4	)
September 2017	$	80.4	1 Month LIBOR		2.8	%		—		(3.9	)		—		(5.0	)
January 2018	$	100.0	1 Month LIBOR		0.9	%		1.2		—			1.4		—
February 2019	$	100.0	1 Month LIBOR		1.6	%		—		—			0.5		—
February 2019	$	100.0	1 Month LIBOR		1.5	%		0.4		—			0.9		—
Other Assets							$	1.6	N/A			$	2.8	N/A
Accounts Payable							N/A		$	(4.3	)	N/A		$	(6.0	)

Effect of Company's Derivative Instruments on Net Income (Loss) and OCI

The effect of the Company’s cash flow hedges and net investment hedge instruments on net income (loss) and OCI is as follows (in millions):

	Amount of Gain (Loss) Recognized in OCI (Effective Portion)										Location of Gain (Loss) Reclassified from	Amount of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)
	Three-Month Periods Ended					Nine-Month Periods Ended					Accumulated OCI	Three-Month Periods Ended						Nine-Month Periods Ended
	September 30,					September 30,					(Effective	September 30,						September 30,
	2014		2013			2014		2013			Portion)	2014			2013			2014			2013
Cash flow hedges:
Interest rate contracts	$	3.0	$	(1.5	)	$	0.5	$	11.1		Interest Expense	$	(0.1	)	$	(0.1	)	$	(0.3	)	$	(0.3	)
Net investment hedges:
Euro-denominated	$	0.2	$	(0.2	)	$	0.3	$	(0.1	)		$	—		$	—		$	—		$	—
Canadian dollar-denominated		1.1		(0.5	)		1.0		0.8				—			—			—			—
Total	$	1.3	$	(0.7	)	$	1.3	$	0.7			$	—		$	—		$	—		$	—