XML 41 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2014
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 March 31, 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

 

March 31, 2014

  

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

Derivative Financial Instruments

  

$

—

 

  

$

(3.4

) 

 

$

—

 

  

$

(3.4

) 

Marketable Securities

  

$

6.6

 

  

$

—

 

 

$

—

 

  

$

6.6

 

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 March 31, 2014 and December 31, 2013, with carrying values that are different than estimated fair values, are summarized as follows (in thousands):

 

 

March 31, 2014

 

December 31, 2013

 

 

Carrying
Amount

 

  

Fair
Value

 

  

Carrying
Amount

 

  

Fair Value

 

Senior notes

$

2,757,007

 

  

$

3,027,362

 

  

$

2,754,120

 

  

$

2,991,698

 

Revolving Credit Facilities and term loans

 

778,318

 

  

 

787,262

 

  

 

779,133

 

  

 

787,772

 

Mortgage indebtedness

 

1,708,591

 

  

 

1,740,169

 

  

 

1,761,421

 

  

 

1,779,375

 

 

$

5,243,916

 

  

$

5,554,793

 

  

$

5,294,674

 

  

$

5,558,845

 

 
Information Regarding Swaps

As of March 31, 2014 and December 31, 2013, the notional amount of the Swaps was $631.1 million and $631.4 million, respectively. The following table discloses certain information regarding the Company’s 10 outstanding interest rate swaps (not including the specified spreads), as well as their classification on the condensed consolidated balance sheets, as of March 31, 2014 and December 31, 2013 (in millions):

 

Maturity Date

  

Aggregate
Notional
Amount

 

  

Counterparty
Pays Variable
Rate

 

  

DDR Pays
Fixed
Rate

 

 

Fair Value

 

  

  

  

 

March 31, 2014

 

 

December 31, 2013

 

 

  

 

 

  

 

 

  

 

 

 

Asset

 

  

Liability

 

 

Asset

 

  

Liability

 

June 2014

 

$

100.0

 

 

 

1 Month LIBOR

 

 

 

1.0

%

 

$

—

 

 

$

(0.2

)

 

$

—

 

 

$

(0.4

)

June 2015

 

$

50.0

 

 

 

1 Month LIBOR

 

 

 

0.6

%

 

 

—

 

 

 

(0.2

)

 

 

—

 

 

 

(0.2

)

July 2015

 

$

100.0

 

 

 

1 Month LIBOR

 

 

 

0.5

%

 

 

—

 

 

 

(0.4

)

 

 

—

 

 

 

(0.4

)

September 2017

 

$

81.1

 

 

 

1 Month LIBOR

 

 

 

2.8

%

 

 

—

 

 

 

(4.7

)

 

 

—

 

 

 

(5.0

)

January 2018

 

$

100.0

 

 

 

1 Month LIBOR

 

 

 

0.9

%

 

 

1.3

 

 

 

—

 

 

 

1.4

 

 

 

—

 

February 2019

 

$

100.0

 

 

 

1 Month LIBOR

 

 

 

1.6

%

 

 

0.2

 

 

 

—

 

 

 

0.5

 

 

 

—

 

February 2019

 

$

100.0

 

 

 

1 Month LIBOR

 

 

 

1.5

%

 

 

0.6

 

 

 

—

 

 

 

0.9

 

 

 

—

 

Other Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2.1

 

 

 

N/A

 

 

$

2.8

 

 

 

N/A

 

Accounts Payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

N/A

 

 

$

(5.5

)

 

 

N/A

 

 

$

(6.0

)

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

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

 

 

 

 

Location of
Gain (Loss)
Reclassified
from
Accumulated
OCI
(Effective
Portion)

 

 

 

 

 

Amount of Gain (Loss)
Recognized in OCI
(Effective Portion)

 

  

 

  

Amount of Gain (Loss)
Reclassified from
Accumulated OCI
(Effective Portion)

 

 

Three-Month
Periods Ended
March 31,

 

  

  

Three-Month
Periods Ended
March 31,

 

 

2014

 

 

2013

 

  

  

2014

 

 

2013

 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

$

(0.2

)

 

$

1.8

 

 

 

Interest
Expense

 

 

$

(0.1

)

 

$

(0.1

)

Net investment hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Euro-denominated

$

—

 

 

$

0.1

 

 

 

 

 

 

$

—

 

 

$

—

 

Canadian dollar-denominated

 

0.8

 

 

 

0.4

 

 

 

 

 

 

 

—

 

 

 

—

 

Total

$

0.8

 

 

$

0.5

 

 

 

 

 

 

$

—

 

 

 

—