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Derivative Instruments and Hedging Activity (Tables)
 9 Months Ended
Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of our derivative instruments measured as outlined above as of September 30, 2014 was as follows:
($ amounts in thousands)
 
September 30,
 
Quoted Prices
 
Significant Other Observable Inputs
 
Significant Other Unobservable Inputs
Description
2014
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
Derivatives
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
Derivatives
$
(3,488
)
 
$
—

 
$
(3,488
)
 
$
—

 
$
(3,488
)
 
$
—

 
$
(3,488
)
 
$
—

 
 
 
 
 
 
 
 

The following table summarizes the fair value and presentation in our condensed consolidated balance sheets for derivative instruments as of September 30, 2014 and December 31, 2013:
($ amounts in thousands)
 
Asset Derivatives
 
Liability Derivatives
 
 
 
September 30, 2014
 
December 31, 2013
 
 
 
September 30, 2014
 
December 31, 2013
 
Balance Sheet Location
 
Fair Value
 
Fair Value
 
Balance Sheet Location
 
Fair Value
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments under ASC 815
 
 
 
 
 
 
 
 
 
 
 
Interest rate cap contracts
 
 
$
—

 
$
—

 
Other Current Liabilities
 
$
(5,847
)
 
(4,002
)
Interest rate cap contracts
 
 
—

 
—

 
Other Non-Current (Liabilities) / Other Assets
 
2,359

 
2,813

 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives designated as hedging instruments under ASC 815
 
 
$
—

 
$
—

 
 
 
$
(3,488
)
 
$
(1,189
)
Total derivatives
 
 
$
—

 
$
—

 
 
 
$
(3,488
)
 
$
(1,189
)
Offsetting Liabilities
The following tables summarize our eight interest cap agreements with two counterparties. We separately record the short-term and long-term portion of our derivatives. As of September 30, 2014, each agreement represented a net liability and none of our interest cap agreements represented a net asset:
($ amounts in thousands)
Offsetting of Derivative Liabilities
As of September 30, 2014
 
 
 
Gross Amounts Not Offset in the Statement of Financial Position
 
Description
Gross Amounts of Recognized Liabilities
Gross Amounts Offset in the Statement of Financial Position
Net Amounts of Liabilities Presented in the Statement of Financial Position
Financial Instruments
Cash Collateral Pledged
Net Amount
Derivatives by counterparty
 
 
 
 
 
 
Counterparty 1
$
(2,345
)
$
(1,616
)
$
(3,961
)
$
1,616

$
—

$
(2,345
)
 
Counterparty 2
(1,143
)
(743
)
(1,886
)
743

—

(1,143
)
          Total
$
(3,488
)
$
(2,359
)
$
(5,847
)
$
2,359

$
—

$
(3,488
)
Offsetting Assets

($ amounts in thousands)
Offsetting of Derivative Assets
As of September 30, 2014
 
 
 
Gross Amounts Not Offset in the Statement of Financial Position
 
Description
Gross Amounts of Recognized Assets
Gross Amounts Offset in the Statement of Financial Position
Net Amounts of Assets Presented in the Statement of Financial Position
Financial Instruments
Cash Collateral Pledged
Net Amount
Derivatives by counterparty
 
 
 
 
 
 
Counterparty 1
$
—

$
1,616

$
1,616

$
(1,616
)
$
—

$
—

 
Counterparty 2
—

743

743

(743
)
—

—

          Total
$
—

$
2,359

$
2,359

$
(2,359
)
$
—

$
—
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table summarizes information about the fair values of our derivative instruments on the condensed consolidated statements of other comprehensive loss for the nine months ended September 30, 2014 and September 30, 2013 (Pre-tax):
Other Comprehensive Loss Rollforward:
 
Nine months ended
 
September 30, 2014
 
September 30, 2013
 Beginning Balance Gain/(Loss) (Pre-tax)
$
(1,189
)
 
$
—

 Amount Recognized in Other Comprehensive Loss on Derivative (Pre-tax)
(5,305
)
 
(2,935
)
 Amount Reclassified from Other Comprehensive Loss into Interest Expense (Pre-tax)
3,006

 
—

 Ending Balance Gain/(Loss) (Pre-tax)
$
(3,488
)
 
$
(2,935
)
Derivative Instruments, Gain (Loss)
The following table summarizes the effect and presentation of derivative instruments, including the effective portion or ineffective portion of our cash flow hedges, on the condensed consolidated statements of operations for the periods ending September 30, 2014 and 2013:
($ amounts in thousands)
The Effect of Derivative Instruments on the Statement of Financial Performance
For the Nine Months Ended September 30, 2014 and September 30, 2013
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives in ASC 815 Cash Flow Hedging Relationships
 
Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative
(Effective Portion)
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)
 
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Loss)
 (Effective Portion)
Location of Gain or (Loss) Recognized in Income (Loss) on Derivative (Ineffective Portion )
 
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion )
 
2014
2013
 
2014
2013
 
2014
2013
 Interest rate cap contracts
 
$
(5,305
)
$
(2,935
)
Interest Expense
 
$
(3,006
)
$
—

Interest Expense
 
$
—

$
—

 
 
 
 

 
 
 
 

 
 
 
 

 Total
 
$
(5,305
)
$
(2,935
)
 
 
$
(3,006
)
$
—

 
 
$
—

$
—