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Restructuring and Impairment (Gains) Charges, Net
 12 Months Ended
Dec. 31, 2015
Restructuring and Related Activities [Abstract]  
Restructuring and Impairment (Gains) Charges, Net Restructuring and Impairment (Gains) Charges, Net Restructuring and Impairment (Gains) Charges, Net Restructuring and Impairment (Gains) Charges, Net Restructuring and Impairment (Gains) Charges, Net Restructuring and Impairment (Gains) Charges, Net
Restructuring and Impairment (Gains) Charges, Net
The following table presents the components of restructuring and impairment (gains) charges, net during the respective periods (in thousands):
Years ended December 31,
2015
2014
2013
Impairment (gains) losses associated with our real estate investments, net
$
(4,959
)
$
—

$
31,090

Impairment (gains) charges on assets
(1,044
)
—

14,651

Lease termination (gains) costs, net of estimated sublease income
—

(1,283
)
3,234

Total restructuring (gains) charges
(6,003
)
(1,283
)
48,975

Other impairment (gains) charges
—

(1,360
)
3,164

Total restructuring and impairment (gains) charges, net
$
(6,003
)
$
(2,643
)
$
52,139

In 2010, we announced our EIP, which included actions to reduce our cost structure, enhance operating efficiencies and strengthen our business to achieve long-term profitable growth. The majority of restructuring charges associated with the EIP were recorded in 2010.
During 2013 and pursuant to the EIP, management approved a plan to sell or otherwise dispose of all of the remaining consolidated real estate investments in our real estate investment business, as well as certain assets in our Construction Materials segment. These actions resulted in restructuring charges of $49.0 million in 2013, including amounts attributable to non-controlling interests of $3.9 million. The carrying values of the impaired assets were adjusted to their expected fair values, which were estimated by a variety of factors including, but not limited to, comparative market data, historical sales prices, broker quotes and third-party valuations.
Restructuring charges in 2013 associated with our real estate investment business included $31.1 million of non-cash impairment charges related to all of the remaining consolidated real estate assets, including amounts attributable to non-controlling interests of $3.9 million. The impaired assets consisted primarily of our consolidated residential and retail development projects which had a carrying value of $44.6 million prior to the impairment. During 2015, we recorded a restructuring gain of $5.0 million, which includes the amounts attributable to non-controlling interests of $3.3 million, from the sale of the previously impaired consolidated real estate assets.
Restructuring charges in 2013 associated with the Company’s Construction Materials segment resulted in $14.7 million of non-cash impairment charges related to non-performing quarry assets which had an aggregate carrying value of $17.1 million prior to the impairment. In connection with the impairment of these quarry assets, we recorded lease termination charges of $3.2 million. In 2014, we recorded a $1.3 million restructuring gain resulting from our release from lease obligations. During 2015, we recorded a $1.0 million restructuring gain from the sale of a previously impaired quarry asset.
We concluded the majority of our 2010 EIP during 2013. As the impaired assets are sold, we may recognize additional restructuring charges or gains; however, we do not expect these charges or gains to be material.




Separate from the EIP but related to our process of continually optimizing our assets, we identified a quarry asset within our Construction Materials segment that no longer had strategic value to our vertically integrated business. Therefore, during 2013, management approved a plan to sell or otherwise dispose of this asset. We determined that the asset’s carrying value was not recoverable and recorded a $3.2 million non-cash impairment charge in 2013. In 2014, this asset was sold, resulting in a $1.3 million restructuring impairment gain.