XML 47 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Recent Accounting Pronouncements (Tables)
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The change in the Company's condensed consolidated statements of cash flows related to the prior-year periods is as follows:
 
 
Three Months Ended
 
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
 
2016
Net cash provided by operating activities (1)
 
$
85,777

 
$
128,384

 
$
125,464

 
$
128,954

Reclassification of cash payments for withheld shares
 
202

 
87

 
(69
)
 
60

Net cash provided by operating activities (2)
 
$
85,979

 
$
128,471

 
$
125,395

 
$
129,014

 
 
 
 
 
 
 
 
 
Net cash used in financing activities (1)
 
$
(95,505
)
 
$
(162,774
)
 
$
(89,447
)
 
$
(137,348
)
Reclassification of cash payments for withheld shares
 
(202
)
 
(87
)
 
69

 
(60
)
Net cash used in financing activities  (2)
 
$
(95,707
)
 
$
(162,861
)
 
$
(89,378
)
 
$
(137,408
)
(1)
Prior to adoption of ASU 2016-09.
(2)
Subsequent to adoption of ASU 2016-09.
The following updates, which are effective as of the same date as ASU 2014-09 as deferred by ASU 2015-14, were issued by the FASB to clarify the implementation of the revenue guidance:
Issuance Date
 
Accounting Standards Update
March 2016
 
ASU 2016-08
Principal versus Agent Considerations (Reporting Revenue Gross versus Net)
April 2016
 
ASU 2016-10
Identifying Performance Obligations and Licensing
May 2016
 
ASU 2016-11
Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting
May 2016
 
ASU 2016-12
Narrow Scope Improvements and Practical Expedients
December 2016
 
ASU 2016-20
Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers
September 2017
 
ASU 2017-13
Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments
The Company has completed its initial assessment of revenues, believed to be in the scope of ASU 2014-09 for the nine months ended September 30, 2017, which approximate the following as listed below:
Revenue stream
 
% of Total Revenues
Management, development and leasing fees (1)
 
1%
Marketing revenues (2)
 
1%
Total estimated ASC 606 revenues as a percentage of total revenues
 
2%
(1)
Primarily represents fees earned for certain ancillary services performed under management and other contracts for third-party properties and joint ventures. Management fees generally represent a series of performance obligations for the same tasks performed over a period of time. Development and leasing fees are typically individual performance obligations.
(2)
This revenue stream consists primarily of marketing services provided to tenants as well as other contracts with customers for various services and promotions.