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Derivatives (Tables)
6 Months Ended
Jun. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Interest rate derivatives
We held the following interest rate derivatives as of June 30, 2012:
 
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
$
353,470

 
Jun-06
 
Jun-16
 
$
353,470

 
1M LIBOR
+ 0.27%
 
5.78%
 
Fair value of
derivative
liabilities
 
$
56,257

Securitization No. 2
645,543

 
Jun-12
 
Jun-17
 
645,543

 
1M LIBOR
 
1.26%
to
1.28%
 
Fair value of
derivative
liabilities
 
11,682

Total interest rate derivatives designated as cash flow hedges
$
999,013

 
 
 
 
 
$
999,013

 
 
 
 
 
 
 
$
67,939

Effect of interest rate derivatives on statement of financial performance
Following is the effect of interest rate derivatives on the statement of financial performance for the six months ended June 30, 2012
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
 
$(11,505)
 
Interest expense
 
$(46,724)
 
Interest expense
 
$(2,041)
 
(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 six months ended June 30, 2012.
(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 six months ended June 30, 2012 plus any effective amortization of net deferred interest rate derivative losses.
(c)
This represents both realized and unrealized ineffectiveness incurred during the six months ended June 30, 2012.
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
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)
 
$
599

Consolidated statement of income related to interest rate derivative contracts
The following table summarizes amounts charged directly to the consolidated statement of income for the three and six months ended June 30, 2011 and 2012, respectively, related to our interest rate derivatives:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2011
 
2012
 
2011
 
2012
Interest Expense:
 
 
 
 
 
 
 
Hedge ineffectiveness (gains) losses
$
(123
)
 
$
1,885

 
$
(598
)
 
$
366

Amortization:
 
 
 
 
 
 
 
Accelerated amortization of deferred losses(a)
1,847

 

 
1,847

 

Amortization of deferred losses
3,544

 
8,866

 
6,379

 
12,937

Total Amortization
5,391

 
8,866

 
8,226

 
12,937

Total charged to interest expense
$
5,268

 
$
10,751

 
$
7,628

 
$
13,303

 
 
 
 
 
 
 
 
Other Income (Expense):
 
 
 
 
 
 
 
Mark to market (losses) gains on undesignated interest rate derivatives
$
(257
)
 
$
712

 
$
(616
)
 
$
599

Total charged to other income (expense)
$
(257
)
 
$
712

 
$
(616
)
 
$
599

(a)
For the three and six months ended June 30, 2011, includes accelerated amortization of deferred hedge losses in the amount of $1,839 related to an aircraft sold in June 2011.