Derivative And Hedging Instruments

12 Months Ended

Dec. 31, 2016

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 certain secured financings.  The following tables provide the terms of our interestrate cap agreements that were in effect as of December 31, 2016 and 2015:

(Dollars in millions)
As of December 31, 2016
Facility Amount		Facility Name	Purpose	Start	End	Notional		Cap Interest Rate (1)
$	400.0	Warehouse Facility II	Cap Floating Rate	06/2016	12/2017	$	325.0	5.50	%
75.0		Warehouse Facility IV	Cap Floating Rate	03/2014	03/2017	18.8		5.50	%
			Cap Floating Rate	04/2016	04/2019	56.2		5.50	%
						75.0
100.0		Warehouse Facility V	Cap Floating Rate	06/2015	07/2018	75.0		5.50	%
385.0		Term ABS 2016-1	Cap Floating Rate	04/2016	02/2019	385.0		5.00	%

(Dollars in millions)
As of December 31, 2015
Facility Amount		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	%

(1) Rate excludes the spread over the LIBOR rate.

The interest rate caps have not been designated as hedging instruments.  As of December 31, 2016 and 2015, 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, 2016, 2015 and 2014 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	2016			2015		2014
Interest rate caps	Interest expense	$	(0.1	)	$	—	$	(0.1	)