Derivative And Hedging Instruments

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative And Hedging Instruments

 DERIVATIVE AND HEDGING INSTRUMENTS

Interest Rate Caps.  We utilize interest rate cap agreements to manage the interest rate risk on our Warehouse facilities.  The following tables provide the terms of our interestrate cap agreements that were in effect as of December 31, 2015 and 2014:

(Dollars in millions)
As of December 31, 2015
Facility		Facility Name	Purpose	Start	End	Notional		Cap Interest Rate (1)
$	400.0	Warehouse Facility II	Cap Floating Rate	12/2014	06/2016	$	325.0	5.50	%
75.0		Warehouse Facility IV	Cap Floating Rate	03/2014	03/2017	75.0		5.50	%
100.0		Warehouse Facility V	Cap Floating Rate	06/2015	07/2018	75.0		5.50	%

(Dollars in millions)
As of December 31, 2014
Facility		Facility Name	Purpose	Start	End	Notional		Cap Interest Rate (1)
$	325.0	Warehouse Facility II	Cap Floating Rate	12/2014	06/2016	$	325.0	5.50	%
75.0		Warehouse Facility IV	Cap Floating Rate	08/2011	09/2015	29.3		5.50	%
			Cap Floating Rate	03/2014	03/2017	45.7		5.50	%
						75.0
75.0		Warehouse Facility V	Cap Floating Rate	06/2012	07/2015	56.3		5.00	%

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

The interest rate caps have not been designated as hedging instruments.  As of December 31, 2015 and 2014, the interest rate caps had a fair value of less than $0.1 million as the capped rates were significantly above market rates.

Information related to the effect of derivative instruments not designated as hedging instruments on our consolidated statements of income for the years ended December 31, 2015, 2014 and 2013 is as follows:

(In millions)		Amount of (Loss)/ Gain Recognized in Incomeon Derivatives
Derivatives Not Designated as Hedging Instruments		For the Years Ended December 31,
	Location	2015		2014			2013
Interest rate caps	Interest expense	$	—	$	(0.1	)	$	(0.1	)