XML 50 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The table below summarizes information about the Company’s derivative instruments on its consolidated balance sheet as of the dates indicated:  
 
 
 
 
 
 
March 31, 2014
 
December 31, 2013
Type of Derivative Instrument
 
Accounting Designation
 
Balance Sheet Location:
 
Fair Value
 
Aggregate Notional Amount
 
Fair Value
 
Aggregate Notional Amount
Interest rate swaps
 
Non-hedging
 
Derivative assets
 
$
12,064

 
$
525,000

 
$
18,488

 
$
575,000

 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
Non-hedging
 
 
 
$
(1,378
)
 
$
325,000

 
$
(1,336
)
 
$
215,000

Eurodollar futures
 
Non-hedging
 
 
 
(9,759
)
 
9,000,000

 
(5,345
)
 
9,000,000

 
 
 
 
Derivative liabilities
 
$
(11,137
)
 
$
9,325,000

 
$
(6,681
)
 
$
9,215,000
Description of Derivative Activity Volume The following table summarizes activity related to derivative instruments for the periods indicated:(amounts in thousands)Interest Rate Swaps Eurodollar FuturesNotional amount as of December 31, 2013$790,000 $9,000,000Additions75,000 —Settlements, terminations, or expirations(15,000) —Notional amount as of March 31, 2014(1)$850,000 $9,000,000(1)The Eurodollar futures notional amount as of March 31, 2014 represents the total notional of the 3-month contracts with expiration dates from 2016 to 2020. The maximum notional outstanding for any future 3-month period does not exceed $1,175,000.
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
The following table summarizes the contractual maturities remaining for the Company’s outstanding interest rate swap agreements as of March 31, 2014:
Remaining
Maturity
 
Notional Amount
 
Weighted-Average
Fixed Rate Swapped
37-48 months
 
185,000

 
0.92
%
49-60 months
 
350,000

 
1.62
%
61-72 months
 
35,000

 
1.24
%
73-84 months
 
100,000

 
2.08
%
85-108 months
 
—

 
—
%
109-127 months
 
180,000

 
2.13
%
 
 
$
850,000

 
1.61
%
Schedule of Derivative Instruments Included in Trading Activities [Table Text Block]
The tables below summarize the effect of the Company's interest rate derivatives reported in "loss on derivative instruments, net" within the Company's net income for the periods indicated:
 
 
Three Months Ended
 
 
March 31,
Type of Derivative Instrument
 
2014
 
2013
Interest rate swaps
 
$
(9,008
)
 
$
(17
)
Eurodollar futures
 
(4,414
)
 
—

Loss on derivative instruments, net
 
$
(13,422
)
 
$
(17
)