Javascript "with" operator removal

Question

I recently ran into some issues with a plugin and outlined the issue in this post: With operator & dashes in object keys and wanted to know if the modifications I've made below cover the scenarios that the with scope blocks would have covered.

I've modified some code to remove the with operator and I'm wondering if I've replicated everything properly in doing so.

Here is the original code:

var test = new Function('$f','$c','with($f){with($c){return{'+ declarations +'}}}'));

Where $f and $c are passed objects (From what I could tell, $f shouldn't ever have a property of $c). The declarations variable is a string that has a colon in it (EX: "value:color") and available within the scope.

Here is my modified code:

var test = function($f, $c, declarations) {
        var result = {};
        var value = "";
        var split = declarations.split(":");
        if (split.length < 2) {
          throw new Error("Declaration is in an invalid format");
        }
        if ($f[$c] !== undefined && $f[$c][split[1]]) {
          value = $f[$c][split[1]];
        }
        else if ($c[split[1]]) {
          value =  $c[split[1]];
        }
        else if ($f[split[1]]) {
          value =  $f[split[1]];
        }
        else {
          value =  "" + split[1];
        }
        var key = split[0];
        result[key] = value;
        return result;
};

Everything appears to work as it did previously, but this modification now handles the use case where the declarations variable could have a dash in it (EX: "value:background-color"). Additionally the declarations variable is passed into the function, to ensure it's defined.