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Derivative Assets And Liabilities | 12 Months Ended
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Dec. 31, 2016
Derivative Assets And Liabilities [Abstract] |
Derivative Assets And Liabilities | 13. Derivative assets and liabilities We have entered into interest rate derivatives to hedge the current and future interest rate payments on our variable rate debt. These derivative financial instruments can include interest rate swaps, caps, floors, options and forward contracts. ﻿ As of December 31, 2016, we had interest rate caps and swaps outstanding, with underlying variable benchmark interest rates ranging from one to three-month U.S. dollar LIBOR. ﻿ None of our derivatives that were outstanding as of December 31, 2016 were subject to master netting agreements, which would allow the netting of derivative assets and liabilities in the case of default under any one contract. Some of our agreements with derivative counterparties require a two-way cash collateralization of derivative fair values. As of December 31, 2016 and 2015, we had cash collateral of $8.6 million and $4.5 million, respectively, from various counterparties and the obligation to return such collateral was recorded in accounts payable, accrued expenses and other liabilities. We had not advanced any cash collateral to counterparties as of December 31, 2016 or 2015. The counterparties to our interest rate derivatives are major international financial institutions. We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one party. We could be exposed to potential losses due to the credit risk of non-performance by these counterparties. We have not experienced any material losses to date. Our derivative assets are recorded in other assets and our derivative liabilities are recorded in accounts payable, accrued expenses and other liabilities in our Consolidated Balance Sheets. The following tables present notional amounts and fair values of derivatives outstanding as of December 31, 2016 and 2015: ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | As of December 31,
﻿ | 2016 |  | 2015
﻿ | Notional amount |  | Fair value |  | Notional amount |  | Fair value
﻿Derivative assets not designated as hedges: |  |  |  |  |  |  |  |  |  |  |
﻿Interest rate caps | $ | 2,911,220 |  | $ | 30,362 |  | $ | 2,194,210 |  | $ | 18,965
﻿Derivative assets designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
﻿Interest rate swaps | $ | 425,612 |  | $ | 6,825 |  |  | — |  |  | —
﻿Total derivative assets |  |  |  | $ | 37,187 |  |  |  |  | $ | 18,965
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | As of December 31,
﻿ | 2016 |  | 2015
﻿ | Notional amount |  | Fair value |  | Notional amount |  | Fair value
﻿Derivative liabilities designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
﻿Interest rate swaps | $ | — |  | $ | — |  | $ | 23,223 |  | $ | 21
﻿Total derivative liabilities |  |  |  | $ | — |  |  |  |  | $ | 21
We recorded the following in other comprehensive income (loss) related to derivative financial instruments for the years ended December 31, 2016, 2015 and 2014: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ | Year Ended December 31,
﻿ | 2016 |  | 2015 |  | 2014
﻿Gain (Loss) |  |  |  |  |  |  |  |
﻿Effective portion of change in fair market value of derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |
﻿Interest rate swaps | $ | 6,846 |  | $ | 385 |  | $ | 2,065
﻿Reclassification of derivative loss to interest expense |  | — |  |  | — |  |  | 3,126
﻿Income tax effect |  | (856) |  |  | (47) |  |  | (649)
﻿Net changes in cash flow hedges, net of tax | $ | 5,990 |  | $ | 338 |  | $ | 4,542
﻿ The following table presents the effect of derivatives recorded in interest expense in our Consolidated Income Statements for the years ended December 31, 2016, 2015 and 2014. We do not expect to reclassify amounts from AOCI to interest expense in our Consolidated Income Statement over the next 12 months. ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ | Year Ended December 31,
﻿ | 2016 |  | 2015 |  | 2014
﻿Loss (Gain) |  |  |  |  |  |  |  |
﻿Derivatives not designated as hedges: |  |  |  |  |  |  |  |
﻿Interest rate caps and swaps | $ | 1,628 |  | $ | 18,118 |  | $ | 13,569
﻿Reclassification to Consolidated Income Statements: |  |  |  |  |  |  |  |
﻿Reclassification of amounts previously recorded in AOCI |  | — |  |  | — |  |  | 3,126
﻿Effect from derivatives | $ | 1,628 |  | $ | 18,118 |  | $ | 16,695
﻿

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624177-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624258-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708775-113959 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708773-113959 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624181-113959 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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