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

Derivative Assets And Liabilities (Tables)

v3.3.1.900
Derivative Assets And Liabilities (Tables)
12 Months Ended
Dec. 31, 2015
Derivative Assets And Liabilities [Abstract]  
Schedule of Notional Amounts and Fair Values of Derivatives Outstanding

The following tables present notional amounts and fair values of derivatives outstanding as of December 31, 2015 and 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

2015

 

2014

 

Notional amount

 

Fair value

 

Notional amount

 

Fair value

Derivative assets not designated as hedges:

 

 

 

 

 

 

 

 

 

 

 

Interest rate caps

$

2,194,210 

 

$

18,965 

 

$

1,715,002 

 

$

24,549 

Total derivative assets

 

 

 

$

18,965 

 

 

 

 

$

24,549 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

2015

 

2014

 

Notional amount

 

Fair value

 

Notional amount

 

Fair value

Derivative liabilities not designated as hedges:

 

 

 

 

 

 

 

 

 

 

 

Interest rate floors

$

 —

 

$

 —

 

$

35,440 

 

$

253 

Interest rate swaps

 

 —

 

 

 —

 

 

51,630 

 

 

1,549 

Derivative liabilities designated as cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

23,223 

 

 

21 

 

 

39,000 

 

 

406 

Total derivative liabilities

 

 

 

$

21 

 

 

 

 

$

2,208 

 

Schedule of Gain (Loss) Recorded in OCI Related to Derivative Instruments

We recorded the following in other comprehensive income (loss) related to derivative financial instruments for the years ended December 31, 2015, 2014 and 2013:

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

2015

 

2014

 

2013

Gain (Loss)

 

 

 

 

 

 

 

 

Effective portion of change in fair market value of derivatives designated as cash flow hedges:

 

 

 

 

 

 

 

 

Interest rate swaps

$

385 

 

$

2,065 

 

$

5,686 

Reclassification of derivative loss to interest expense

 

 —

 

 

3,126 

 

 

 —

Income tax effect

 

(47)

 

 

(649)

 

 

(711)

Net changes in cash flow hedges, net of tax

$

338 

 

$

4,542 

 

$

4,975 

 

Schedule of Effect of Derivatives Recorded in Interest Expense and Other Expenses

The following table presents the effect of derivatives recorded in interest expense in our Consolidated Income Statements. We do not expect to reclassify amounts from AOCI to interest expense in our Consolidated Income Statements over the next 12 months.

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

2015

 

2014

 

2013

Loss (Gain)

 

 

 

 

 

 

 

 

Derivatives not designated as hedges:

 

 

 

 

 

 

 

 

Interest rate caps, floors and swaps

$

18,118 

 

$

13,569 

 

$

(11,709)

Reclassification to Consolidated Income Statements:

 

 

 

 

 

 

 

 

Reclassification of amounts previously recorded in AOCI

 

 —

 

 

3,126 

 

 

 —

Effect from derivatives

$

18,118 

 

$

16,695 

 

$

(11,709)