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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Interest rate derivatives
We held the following interest rate derivatives as of December 31, 2013:
 
Derivative Liabilities
Hedged Item
Current
Notional
Amount
 
Effective
Date
 
Maturity
Date
 
Future
Maximum
Notional
Amount
 
Floating
Rate
 
Fixed
Rate
 
Balance Sheet
Location
 
Fair
Value
Interest rate derivatives
designated as cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securitization No. 1(1)
$
217,315

 
Jun-06
 
Jun-16
 
$
217,315

 
1M LIBOR
+ 0.27%
 
5.78%
 
Fair value of
derivative
liabilities
 
$
24,701

Securitization No. 2
472,914

 
Jun-12
 
Jun-17
 
472,914

 
1M LIBOR
 
1.26%
to
1.28%
 
Fair value of
derivative
liabilities
 
5,568

Total interest rate derivatives designated as cash flow hedges
690,229

 
 
 
 
 
690,229

 
 
 
 
 
 
 
30,269

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate derivatives not designated as cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securitization No. 1
85,539

 
Jun-06
 
Jun-16
 
85,539

 
1M LIBOR + 0.27%
 
5.78%
 
Fair value of derivative liabilities
 
9,723

Total interest rate derivatives not designated as cash flow hedges
85,539

 
 
 
 
 
85,539

 
 
 
 
 
 
 
9,723

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest rate derivative liabilities
$
775,768

 
 
 
 
 
$
775,768

 
 
 
 
 
 
 
$
39,992


_______________
(1) In February 2014 we repaid Securitization No. 1 and terminated the related interest rate derivative. See Note 7 - Borrowings from Secured and Unsecured Debt Financings - Senior Notes due 2018.
Consolidated statement of income related to interest rate derivative contracts
Derivatives Not Designated as Hedging Instruments under ASC 815
Location of Gain or (Loss) Recognized in Income On Derivative
 
Amount of Gain or (Loss) Recognized in Income on Derivative
Interest rate derivatives
Other income (expense)
 
$
4,754

The following table summarizes amounts charged directly to the consolidated statement of income for the years ended December 31, 2011, 2012, and 2013 related to our interest rate derivative contracts: 
 
Year Ended December 31,
 
2011
 
2012
 
2013
Interest Expense:
 
 
 
 
 
Hedge ineffectiveness losses (gains)
(101
)
 
$
2,893

 
$
371

Amortization:
 
 
 
 
 
Accelerated amortization of deferred losses(1)
8,508

 
—

 
2,931

     Amortization of loss of designated interest rate derivative
—

 
101

 
1,590

  Amortization of deferred losses
14,570

 
30,676

 
28,744

Total Amortization
23,078

 
30,777

 
33,265

Total charged to interest expense
$
22,977

 
$
33,670

 
$
33,636

 
 
 
 
 
 
Other Income (Expense):
 
 
 
 
 
Mark to market gains (losses) on undesignated interest rate derivatives
(848
)
 
$
(597
)
 
$
4,754

Total charged to other income (expense)
$
(848
)
 
$
(597
)
 
$
4,754

 _____________

(1)
For the year ended December 31, 2011, includes accelerated amortization of deferred hedge losses in the amount of $8,501 related to three aircraft sold in 2011. For the year ended December 31, 2013, includes accelerated amortization of deferred hedge losses related to two aircraft sold in June 2013.

Following is the effect of interest rate derivatives on the statement of financial performance for the year ended December 31, 2013: 
Effective Portion
 
Ineffective Portion
Derivatives in ASC 815 Cash Flow Hedging Relationships
Amount of
Gain or (Loss)
Recognized in OCI
on Derivative(a)
 
Location of
Gain or (Loss)
Reclassified from
Accumulated OCI
into Income
 
Amount of Gain or (Loss) Reclassified from Accumulated OCI  into Income(b)
 
Location of Gain  or (Loss) Recognized in Income on Derivative
 
Amount of Gain or (Loss) Recognized in Income on Derivative(c)
Interest rate derivatives
$
(479
)
 
Interest expense
 
$
(50,864
)
 
Interest expense
 
$
(371
)
 ______________

(a)
This represents the change in fair market value of our interest rate derivatives since year end, net of taxes, offset by the amount of actual cash paid related to the net settlements of the interest rate derivatives for each of the twelve months ended December 31, 2013.
(b)
This represents the amount of actual cash paid, net of taxes, related to the net settlements of the interest rate derivatives for each of the twelve months ended December 31, 2013 plus any effective amortization of net deferred interest rate derivative losses.
(c)
This represents both realized and unrealized ineffectiveness incurred during the twelve months ended December 31, 2013.