Derivatives (Tables)

9 Months Ended

Sep. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest rate derivatives

We held the following interest rate derivatives as of September 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	$	343,972	Jun-06	Jun-16	$	343,972	1M LIBOR + 0.27%	5.78%	Fair value of derivative liabilities	$	54,526
Securitization No. 2	611,530		Jun-12	Jun-17	611,530		1M LIBOR	1.26% to 1.28%	Fair value of derivative liabilities	13,424
Total interest rate derivatives designated as cash flow hedges	$	955,502			$	955,502				$	67,950

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 nine months endedSeptember 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	$(16,059)	Interest expense	$(61,670)	Interest expense	$(3,754)

(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 nine months endedSeptember 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 nine months endedSeptember 30, 2012 plus any effective amortization of net deferred interest rate derivative losses.

(c) This represents both realized and unrealized ineffectiveness incurred during the nine months endedSeptember 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 nine months ended September 30, 2011 and 2012, respectively, related to our interest rate derivatives:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2011			2012		2011			2012
Interest Expense:
Hedge ineffectiveness (gains) losses	$	(118	)	$	1,474	$	(716	)	$	1,840
Amortization:
Accelerated amortization of deferred losses(a)	1,704			—		3,551			—
Amortization of deferred losses	4,013			8,966		10,392			21,903
Total Amortization	5,717			8,966		13,943			21,903
Total charged to interest expense	$	5,599		$	10,440	$	13,227		$	23,743
Other Income (Expense):
Mark to market (losses) gains on undesignated interest rate derivatives	$	(117	)	$	—	$	(733	)	$	599
Total charged to other income (expense)	$	(117	)	$	—	$	(733	)	$	599

(a) For the three months ended September 30, 2011, includes accelerated amortization of deferred hedge losses in the amount of $1,704 related to an aircraft sold in September 2011. For the nine months endedSeptember 30, 2011, includes accelerated amortization of deferred hedge losses in the amount of $3,543 related to two aircraft sold in 2011.