XML 85 R41.htm IDEA: XBRL DOCUMENT v3.19.2
Derivative financial instruments (Tables)
 6 Months Ended
Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts and fair values of derivatives outstanding
Our derivative assets are recorded in other assets and our derivative liabilities are recorded in accounts payable, accrued expenses and other liabilities in our Condensed Consolidated Balance Sheets. The following tables present notional amounts and fair values of derivatives outstanding as of June 30, 2019 and December 31, 2018:
 
June 30, 2019
 
December 31, 2018
 
Notional amount (a)
 
Fair value
 
Notional amount (a)
 
Fair value
Derivative assets not designated as accounting hedges:
 
 
 
 
 
 
 
Interest rate caps
$
2,487,500

 
$
7,734

 
$
2,523,500

 
$
32,547

Derivative assets designated as accounting cash flow hedges:
 
 
 
 
 
 
 
Interest rate swaps
$
586,044

 
$
3,498

 
$
1,900,957

 
$
36,558

Total derivative assets
 
 
$
11,232

 
 
 
$
69,105

 
(a)
The notional amount is reported as nil for caps and swaps where the effective date has not yet commenced.
 
June 30, 2019
 
December 31, 2018
 
Notional amount (a)
 
Fair value
 
Notional amount (a)
 
Fair value
Derivative liabilities designated as accounting cash flow hedges:
 
 
 
 
 
 
 
Interest rate swaps
$
3,691,000

 
$
103,778

 
$
1,375,000

 
$
29,321

Total derivative liabilities
 
 
$
103,778

 
 
 
$
29,321

 
(a)
The notional amount is reported as nil for swaps where the effective date has not yet commenced.
Schedule of income (loss) recorded in comprehensive income
We recorded the following in other comprehensive income related to derivative financial instruments for the three and six months ended June 30, 2019 and 2018:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Gain (Loss)
 
 
 
 
 
 
 
Effective portion of change in fair market value of derivatives designated as accounting cash flow hedges:
 
 
 
 
 
 
 
Interest rate swaps
$
(66,778
)
 
$
7,531

 
$
(107,516
)
 
$
32,355

Income tax effect
8,348

 
(941
)
 
13,440

 
(4,044
)
Net changes in cash flow hedges, net of tax
$
(58,430
)
 
$
6,590

 
$
(94,076
)
 
$
28,311
Schedule of effect of derivatives recorded in interest expense in Consolidated Income Statements The following table presents the effect of derivatives recorded as reductions to or (increases) in interest expense in our Condensed Consolidated Income Statements for the three and six months ended June 30, 2019 and 2018:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Gain (Loss)
 
 
 
 
 
 
 
Derivatives not designated as accounting hedges:
 
 
 
 
 
 
 
Interest rate caps
$
(9,821
)
 
$
4,515

 
$
(25,708
)
 
$
21,055

Reclassification to Condensed Consolidated Income Statements:
 
 
 
 
 
 
 
Reclassification of amounts previously recorded within AOCI
2,235

 
—

 
$
6,166

 
—

Effect from derivatives on interest expense
$
(7,586
)
 
$
4,515

 
$
(19,542
)
 
$
21,055