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Derivative Instruments and Hedging Activities (Tables)
12 Months Ended
Dec. 31, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Fair Value of Company's Derivative Financial Instruments Classification on Unaudited Condensed Consolidated Balance Sheets

Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheet as of December 31, 2015 and 2014:

 

 

 

Liability Derivatives

 

 

Liability Derivatives

 

 

 

As of December 31, 2015

 

 

As of December 31, 2014

 

 

 

Balance Sheet

Location

 

Fair Value

 

 

Balance Sheet

Location

 

Fair Value

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

Other liabilities

 

$

1,673

 

 

Other liabilities

 

$

628

 

Forward interest rate swaps

 

Other liabilities

 

 

17,927

 

 

 

 

 

 

Total derivatives designated as hedging instruments

 

 

 

$

19,600

 

 

 

 

$

628

 

 

Schedule of Pre-tax Effect of Derivative Financial Instruments on Unaudited Condensed Consolidated Statements of Comprehensive Income

Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive Income

The table below presents the pre-tax effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the years ended December 31, 2015 and 2014:

 

 

 

2015

 

 

2014

 

Derivatives in Cash Flow Hedging Relationships:

 

 

 

 

 

 

 

 

(Loss) gain related to effective portion of derivatives recognized in accumulated other comprehensive loss

 

$

(21,924

)

 

$

1,846

 

Gain (loss) related to effective portion of derivatives reclassified from accumulated other comprehensive loss to interest expense

 

$

3,154

 

 

$

(2,626

)

Loss related to ineffective portion of derivatives recognized in other expense (income), net

 

$

(287

)

 

$

 

 

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated Other Comprehensive Income (Loss)

The following table reflects the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2015 and 2014, net of tax:

 

Accumulated other comprehensive income (loss):

 

Gains (Losses) on

Cash Flow Hedges

 

Accumulated other comprehensive income

   at December 31, 2013

 

$

11

 

Other comprehensive income before reclassifications

 

 

1,169

 

Amounts reclassified from accumulated other comprehensive income to interest expense

 

 

(1,663

)

Unrealized loss on derivatives, net of tax

 

 

(494

)

Accumulated other comprehensive loss

   at December 31, 2014

 

 

(483

)

Other comprehensive loss before reclassifications

 

 

(14,781

)

Amounts reclassified from accumulated other comprehensive loss to interest expense

 

 

2,127

 

Unrealized loss on derivatives, net of tax

 

 

(12,654

)

Accumulated other comprehensive loss

   at December 31, 2015

 

$

(13,137

)