XML 61 R44.htm IDEA: XBRL DOCUMENT v3.7.0.1
Financial instruments (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Schedule of Outstanding Interest Rate Derivatives

As of December 31, 2016, the Company had the following outstanding interest rate derivatives:

 

Fixed per

annum rate

swapped

for LIBOR

 

Notional

amount as of

December 31, 2016

 

 

Maximum

notional

amount(1)

 

 

Effective date

 

Ending date

 

5.6400%

 

$

645,970

 

 

$

645,970

 

 

August 31, 2007

 

August 31, 2017

(2)

5.4200%

 

 

416,053

 

 

 

416,053

 

 

September 6, 2007

 

May 31, 2024

 

5.6000%

 

 

148,800

 

 

 

148,800

 

 

June 23, 2010

 

December 23, 2021

(2)

5.9450%

 

 

131,544

 

 

 

131,544

 

 

January 30, 2014

 

May 31, 2019

 

5.2600%

 

 

87,100

 

 

 

87,100

 

 

July 3, 2006

 

February 26, 2021

(2) (3)

5.8700%

 

 

 

 

 

620,390

 

 

August 31, 2017

 

November 28, 2025

 

 

 

(1)

Over the term of the interest rate swaps, the notional amounts increase and decrease. These amounts represent the peak notional over the remaining term of the swap.

 

(2)

Prospectively de-designated as an accounting hedge in 2008.

 

(3)

Swap counterparty has an early termination right in 2017 which may require the Company to settle the swap at the early termination date.  The fair value liability as of December 31, 2016 for this swap is $8,989,000.

Schedule of Derivatives

The following provides information about the Company’s derivatives:

 

 

 

2016

 

 

2015

 

Fair value of financial instruments asset

 

$

11,338

 

 

$

33,632

 

Fair value of financial instruments liability

 

 

230,764

 

 

 

338,146

 

 

Schedule of Financial Instruments, Effect of the Master Netting Agreement

 

 

 

Gross amounts

 

 

 

 

 

 

 

 

 

 

 

of recognized

 

 

Amounts subject

 

 

 

 

 

 

 

assets and

 

 

to master netting

 

 

 

 

 

December 31, 2016

 

liabilities

 

 

agreement

 

 

Net amount

 

Derivative assets

 

$

11,338

 

 

$

 

 

$

11,338

 

Derivative liabilities

 

 

230,764

 

 

 

 

 

 

230,764

 

Net liability

 

$

(219,426

)

 

$

 

 

$

(219,426

)

 

 

 

Gross amounts

 

 

 

 

 

 

 

 

 

 

 

of recognized

 

 

Amounts subject

 

 

 

 

 

 

 

assets and

 

 

to master netting

 

 

 

 

 

December 31, 2015

 

liabilities

 

 

agreement

 

 

Net amount

 

Derivative assets

 

$

33,632

 

 

$

21,964

 

 

$

11,668

 

Derivative liabilities

 

 

338,146

 

 

 

21,964

 

 

 

316,182

 

Net liability

 

$

(304,514

)

 

$

 

 

$

(304,514

)

 

Schedule of Losses Reclassified from Accumulated Other Comprehensive Loss into Earnings

The following table provides information about losses included in net earnings and reclassified from accumulated other comprehensive loss (“AOCL”) into earnings:

 

 

 

2016

 

 

2015

 

 

2014

 

Loss on derivatives recognized

   in net earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of financial

   instruments

 

$

(29,118

)

 

$

(54,576

)

 

$

(105,694

)

Loss reclassified from AOCL to net

   earnings(1)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

(3,407

)

 

$

(3,319

)

 

$

(4,259

)

Depreciation and amortization

 

 

(966

)

 

 

(1,078

)

 

 

(1,052

)

 

 

(1)

The effective portion of changes in unrealized loss on interest rate swaps was recorded in accumulated other comprehensive income until September 30, 2008 when these contracts were de-designated as accounting hedges.  The amounts in accumulated other comprehensive income will be recognized in earnings when and where the previously hedged interest is recognized in earnings.