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Derivative And Hedging Instruments (Tables)
12 Months Ended
Dec. 31, 2012
Derivative And Hedging Instruments [Abstract]  
Schedule Of Terms Of Interest Rate Cap Agreements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2012

Facility

(in millions)

 

Facility Name

 

Purpose

 

Start

 

End

 

Notional

(in millions)

 

Cap Interest Rate (1)

$

325.0 

 

Warehouse Facility II

 

Cap Floating Rate

 

07/2011

 

06/2013

 

$

325.0 

 

6.75 

%

 

75.0 

 

Warehouse Facility III

 

Cap Floating Rate

 

09/2010

 

09/2013

 

   

37.5 

 

6.75 

%

 

75.0 

 

Warehouse Facility III

 

Cap Floating Rate

 

06/2012

 

07/2015

 

   

18.8 

(2)

5.00 

%

 

75.0 

 

Warehouse Facility IV

 

Cap Floating Rate

 

08/2011

 

09/2015

 

   

75.0 

 

5.50 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2011

Facility

(in millions)

 

Facility Name

 

Purpose

 

Start

 

End

 

Notional

(in millions)

 

Cap Interest Rate (1)

$

325.0 

 

Warehouse Facility II

 

Cap Floating Rate

 

09/2010

 

06/2013

 

$

325.0 

 

6.75 

%

 

75.0 

 

Warehouse Facility III

 

Cap Floating Rate

 

09/2010

 

09/2013

 

   

37.5 

 

6.75 

%

 

75.0 

 

Warehouse Facility IV

 

Cap Floating Rate

 

08/2011

 

03/2014

 

   

75.0 

 

5.50 

%

 

 

(1)

Rate excludes the spread over the LIBOR rate or the commercial paper rate, as applicable.

(2)

The notional amount increases to $56.3 million in September 2013 when the original Warehouse Facility III interest rate cap for $37.5 million ends.

Schedule Of Effect Of Derivative Instruments Designated As Hedging Instruments In Consolidated Financial Statements

(In millions)

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

(Loss) / Gain

 

(Loss) / Gain

 

 

 

Recognized in OCI on Derivative

 

Reclassified from Accumulated

 

 Derivatives in Cash

 

(Effective Portion)

 

OCI into Income (Effective Portion)

 

Flow Hedging

 

For the Years Ended December 31,

 

   

 

For the Years Ended December 31,

 

Relationships

 

2012

 

 

2011

 

 

2010

 

 Location

 

2012

 

 

2011

 

 

2010

 

Interest rate swap

 

$

-

 

 

$

-

 

 

$

0.5

 

 Interest expense

 

$

-

 

 

$

(0.2

)

 

$

(0.7

)

 

Schedule Of Effect Of Derivative Instruments Not Designated As Hedging Instruments In Consolidated Statements Of Income

(In millions)

 

   

 

 

 

 

 

 

 

 

 

   

 

   

 

Amount of (Loss)/ Gain Recognized in Income

 

 

 

 

 

on Derivatives

 

Derivatives Not Designated as

 

   

 

For the Years Ended December 31,

 

Hedging Instruments

 

 Location

 

2012

 

 

2011

 

 

2010

 

Interest rate caps

 

 Interest expense

 

$

(0.1

)

 

$

(0.2

)

 

$

(0.2

)

Interest rate swap

 

 Interest expense

 

 

-

 

 

 

-

 

 

 

(0.6

)

Total

 

   

 

$

(0.1

)

 

$

(0.2

)

 

$

(0.8

)