Accumulated Other Comprehensive Income (Loss) We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account  for our leases as operating leases. We accrue minimum rents on a straight-line basis over the terms of their respective leases.  Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the  lease year. We recognize overage rents only when each tenant’s sales exceed the applicable sales threshold. We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and  maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those  for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common  area maintenance, or CAM, real estate taxes and insurance. This significantly reduces our exposure to increases in costs and  operating expenses resulting from inflation. Such property operating expenses typically include utility, insurance, security, janitorial,  landscaping, food court and other administrative expenses. We accrue reimbursements from tenants for recoverable portions of  all these expenses as revenue in the period the applicable expenditures are incurred. As of December 31, 2011 for approximately  89% of our leases in the U.S. regional mall portfolio, we receive a fixed payment from the tenant for the CAM component. When  not reimbursed by the fixed-CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of  the allocable operating expenses and CAM capital expenditures for the property. We also receive escrow payments for these  reimbursements from substantially all our non-fixed CAM tenants and monthly fixed CAM payments throughout the year. We  recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were  not material in any period presented. Our advertising and promotional costs are expensed as incurred. Management fees and other revenues are generally received from our unconsolidated joint venture properties as well  as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue.  Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned  on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for  these services provided when earned based on the underlying activity. Insurance premiums written and ceded are recognized on a pro-rata basis over the terms of the policies. Insurance losses are  reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income  and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based  on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and  other self-insurance programs as of December 31, 2011 and 2010 approximated $115.1 million and $116.2 million, respectively,  and are included in other liabilities and accrued dividends in the consolidated balance sheets. Information related to the securities  included in the investment portfolio of our captive insurance subsidiaries is included within the “Marketable and Non-Marketable  Securities” section above. We recognize fee revenues from our co-branded gift card programs when the fees are earned under the related arrangements  with the card issuer. Generally, these revenues are recorded at the issuance of the gift card for handling fees. 2011 Annual Report 45 Management Fees and Other Revenues Revenue Recognition The components of our accumulated other comprehensive income (loss) consisted of the following as of December 31: 2011 2010 Cumulative translation adjustments  $ (39,820) $ (31,358) Accumulated derivative losses, net  (115,833) (40,069) Net unrealized gains on marketable securities, net  41,861 79,292 Total accumulated other comprehensive (loss) income  (113,792) 7,865 Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interests  19,529 (1,335) Total accumulated other comprehensive (loss) income net of noncontrolling interests  $ (94,263) $ 6,530