XML 61 R61.htm IDEA: XBRL DOCUMENT v2.4.1.9
Derivatives and Hedging Activity (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative [Line Items]  
Offsetting Assets [Table Text Block]
The Company has elected not to offset derivative positions in the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2014 and December 31, 2013 (dollars in thousands):
Offsetting of Derivative Assets
 
 
 
 
 
 
 
 
 
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)
 
Gross Amounts Not Offset in the Consolidated Balance Sheets
 
Net Amount
 
 
 
 
 
Financial Instruments
 
Cash Collateral Received
 
December 31, 2014
 
$
88

 
$
—

 
$
88

 
$
(27
)
 
$
—

 
$
61

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2013
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—
Offsetting Liabilities [Table Text Block]
Offsetting of Derivative Liabilities
 
 
 
 
 
 
 
 
 
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (a)
 
Gross Amounts Not Offset in the Consolidated Balance Sheets
 
Net Amount
 
 
 
 
 
Financial Instruments
 
Cash Collateral Posted
 
December 31, 2014
 
$
10,368

 
$
—

 
$
10,368

 
$
(27
)
 
$
—

 
$
10,341

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2013
 
$
4,965

 
$
—

 
$
4,965

 
$
—

 
$
—

 
$
4,965
Outstanding interest rate derivatives
As of December 31, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):
Interest Rate Derivative
 
Number of Instruments
 
Notional
Interest rate swaps
 
14
 
$
365,000

Interest rate caps
 
3
 
$
243,079

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a gain/(loss) of $(4,000), $271,000, and $290,000 for the years ended December 31, 2014, 2013, and 2012, respectively.
As of December 31, 2014, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands):
Product
 
Number of Instruments
 
Notional
Interest rate caps
 
1
 
$
96,409
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2014 and 2013 (dollars in thousands):
 
Asset Derivatives
(included in Other assets)
 
Liability Derivatives
(included in Other liabilities)
 
Fair Value at:
 
Fair Value at:
 
December 31,
2014
 
December 31,
2013
 
December 31,
2014
 
December 31,
2013
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate products
$
86

 
$
—

 
$
10,368

 
$
4,965

 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate products
$
2

 
$
—

 
$
—

 
$
—
Effect of Company's derivative financial instruments on Consolidated Statements of Operation
The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2014, 2013, and 2012 (dollars in thousands):
Derivatives in Cash Flow Hedging Relationships
 
Unrealized holding gain/(loss) Recognized in OCI
(Effective Portion)
 
Gain/(Loss) Reclassified from Accumulated OCI into
Interest expense 
(Effective Portion)
 
Gain/(Loss) Recognized in Interest expense 
(Ineffective Portion and Amount Excluded from Effectiveness Testing)
 
Year ended December 31,
 
Year ended December 31,
Year ended December 31,
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
2014
 
2013
 
2012
Interest rate products
 
$
(8,695
)
 
$
(469
)
 
$
(4,924
)
 
$
(4,834
)
 
$
(6,851
)
 
$
(7,649
)
 
$
3

 
$
—

 
$
—
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations
 
 
Gain/(Loss) Recognized in
Interest and other income/(expense), net
 
Year ended December 31,
Derivatives Not Designated as Hedging Instruments
2014
 
2013
 
2012
Interest rate products
 
$
(4
)
 
$
271

 
$
290