Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Derivative financial instruments (Tables)

v3.19.3.a.u2
Derivative financial instruments (Tables)
12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts and fair values of derivatives outstanding
Our derivative assets are recorded in other assets and our derivative liabilities are recorded in accounts payable, accrued expenses and other liabilities in our Consolidated Balance Sheets. The following tables present notional amounts and fair values of derivatives outstanding as of December 31, 2019 and 2018:
 
As of December 31,
 
2019
 
2018
 
Notional
amount (a)
 
Fair value
 
Notional
amount (a)
 
Fair value
Derivative assets not designated as accounting hedges:
 
 
 
 
 
 
 
Interest rate caps
$
2,442,000

 
$
3,727

 
$
2,523,500

 
$
32,547

Derivative assets designated as accounting cash flow hedges:
 
 
 
 
 
 
 
Interest rate swaps
$
488,616

 
$
1,578

 
$
1,900,957

 
$
36,558

Interest rate caps
400,000

 
6,359

 

 

Total derivative assets
 
 
$
11,664

 
 
 
$
69,105

 
(a)
The notional amount is excluded for caps and swaps which are not yet effective.
 
As of December 31,
 
2019
 
2018
 
Notional
amount (a)
 
Fair value
 
Notional
amount (a)
 
Fair value
Derivative liabilities designated as accounting cash flow hedges:
 
 
 
 
 
 
 
Interest rate swaps
$
3,776,000

 
$
97,066

 
$
1,375,000

 
$
29,321

Total derivative liabilities
 
 
$
97,066

 
 
 
$
29,321


 
(a)
The notional amount is excluded for swaps which are not yet effective.
Schedule of income (loss) recorded in comprehensive income
We recorded the following in other comprehensive income related to derivative financial instruments for the years ended December 31, 2019, 2018 and 2017:
 
Year Ended December 31,
 
2019
 
2018
 
2017
Gain (Loss)
 
 
 
 
 
Effective portion of change in fair market value of derivatives designated as accounting cash flow hedges:
 
 
 
 
 
Interest rate swaps
$
(102,725
)
 
$
(16,639
)
 
$
17,049

Interest rate caps
(38
)
 

 

Income tax effect
12,845

 
2,080

 
(2,131
)
Net changes in cash flow hedges, net of tax
$
(89,918
)
 
$
(14,559
)
 
$
14,918

Schedule of effect of derivatives recorded in interest expense in Consolidated Income Statements The following table presents the effect of derivatives recorded as reductions to or (increases) in interest expense in our Consolidated Income Statements for the years ended December 31, 2019, 2018 and 2017.
 
Year Ended December 31,
 
2019
 
2018
 
2017
Gain (Loss)
 
 
 
 
 
Derivatives not designated as accounting hedges:
 
 
 
 
 
Interest rate caps
$
(29,714
)
 
$
5,158

 
$
(14,178
)
Reclassification to Consolidated Income Statements:
 
 
 
 
 
Reclassification of amounts previously recorded in AOCI
3,381

 
6,874

 

Effect from derivatives on interest expense
$
(26,333
)
 
$
12,032

 
$
(14,178
)