Derivatives (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest rate derivatives

We held the following interest rate derivatives as of June 30, 2014: 

	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. 2	$	422,276	Jun-12	Jun-17	$	422,276	1M LIBOR	1.26% to 1.28%	Fair value of derivative liabilities	$	4,757

Consolidated statement of income related to interest rate derivative contracts

Following is the effect of interest rate derivatives on the statement of financial performance for the six months endedJune 30, 2014: 

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	$(3,577)	Interest expense	$(22,140)	Interest expense	$(62)

(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 the six months endedJune 30, 2014.

(b) This represents the amount of actual cash paid, net of taxes, related to the net settlements of the interest rate derivatives for the six months endedJune 30, 2014 plus any effective amortization of net deferred interest rate derivative losses.

(c) This represents both realized and unrealized ineffectiveness incurred during the six months endedJune 30, 2014.

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)	$	681

The following table summarizes amounts charged directly to the consolidated statement of income for the three and six months endedJune 30, 2013 and 2014, respectively, related to our interest rate derivatives:

	Three Months Ended June 30,					Six Months Ended June 30,
	2013			2014		2013		2014
Interest expense:
Hedge ineffectiveness losses	$	(24	)	$	6	$	104	$	59
Amortization:
Accelerated amortization of deferred losses (1)	2,027			3		2,027		3
Amortization of loss on designated interest rate derivative	404			—		745		548
Amortization of deferred losses	7,280			8,851		15,213		17,630
Total Amortization	9,711			8,854		17,985		18,181
Total charged to interest expense	$	9,687		$	8,860	$	18,089	$	18,240
Other income:
Mark to market gains on undesignated interest rate derivatives	$	1,657		$	—	$	2,872	$	681
Total charged to other income	$	1,657		$	—	$	2,872	$	681

(1) For the three and six months endedJune 30, 2013, represents accelerated amortization of deferred hedge losses related to two aircraft sold in June 2013.