Derivative and other Hedging Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of Location of Derivatives Instruments on Balance Sheet

The table below presents the fair value of the Company’s derivative instruments as well as their classification on the balance sheets as of March 31, 2013 and December 31, 2012, respectively.

Derivative Instruments	Balance Sheet Location	March 31, 2013		December 31, 2012
Forward purchase commitments	Other Assets	$	6,476	$	5,452
Futures contracts	Other Assets		51		—
Interest rate swaps	Interest rate hedge liability	$	220,040	$	243,945

Hedging Exposure Future Cash Flows with Interest Rate Swaps For Forecasted Transactions

The table below shows the remaining term of the Company’s interest rate swaps as of March 31, 2013.

			Remaining	Weighted Average
	Notional		Term	Fixed Interest
Maturity	Amount		in Months	Rate in Contract
12 months or less	$	1,000,000	7		1.80	%
Over 12 months to 24 months		3,000,000	20		1.84	%
Over 24 months to 36 months		3,300,000	29		1.53	%
Over 36 months to 48 months		2,400,000	42		0.95	%
Over 48 months to 60 months		1,400,000	52		0.86	%
Total	$	11,100,000	30		1.43	%

Gross Amounts Associated With Derivative Financial Instruments

The following table shows the gross amounts associated with the Company’s derivative financial instruments and the impact if netting were used as of March 31, 2013.

	Assets		Cash Collateral Posted		Net Amount
Forward purchase commitments	$	6,476	$	—	$	6,476
Futures contracts		51		1,237		(1,186	)
	Liabilities		Cash Collateral Posted		Net Amount
Interest rate swaps	$	220,040	$	238,180	$	(18,140	)

The following table shows the gross amounts associated with the Company’s derivative financial instruments and the impact if netting were used as of December 31, 2012.

	Assets		Cash Collateral Posted		Net Amount
Forward purchase commitments	$	5,452	$	—	$	5,452
	Liabilities		Cash Collateral Posted		Net Amount
Interest rate swaps	$	243,945	$	281,021	$	(37,076	)

Schedule of Location of Derivatives on Income Statement

The table below presents the effect of the Company’s derivative financial instruments on the income statement for the three months ended March 31, 2013.

Derivative type for cash flow hedge	Amount of loss recognized in OCI on derivative (effective portion)		Location of loss reclassified from accumulated OCI into income (effective portion)	Amount of loss reclassified from accumulated OCI into income (effective portion)		Location of loss recognized in income on derivative (ineffective portion)	Amount of loss recognized in  income on derivative (ineffective portion)
Interest Rate	$	5,907	Interest Expense	$	29,929	Interest Expense	$	116

The table below presents the effect of the Company’s derivative financial instruments on the income statement for the three months ended March 31, 2012.

Derivative type for cash flow hedge	Amount of loss recognized in OCI on derivative (effective portion)		Location of loss reclassified from accumulated OCI into income (effective portion)	Amount of loss reclassified from accumulated OCI into income (effective portion)		Location of gain recognized in income on derivative (ineffective portion)	Amount of loss recognized in income on derivative (ineffective portion)
Interest Rate	$	28,423	Interest Expense	$	27,811	Interest Expense	$	169

Interest Rate Swap

Schedule of Interest Rate Swap Agreements on Accumulated Other Comprehensive Income

The following table presents the impact of the Company’s interest rate swap agreements on the Company’s accumulated other comprehensive income for the three months ended March 31, 2013 and the year ended December 31, 2012, respectively.

	March 31, 2013			December 31, 2012
Beginning balance	($	243,051	)	($	218,451	)
Unrealized loss on interest rate swaps		(5,907	)		(141,392	)
Reclassification of net losses included in income statement		29,929			116,792
Ending balance	$	(219,029	)	$	(243,051	)