XML 55 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
Derivative Financial Instruments
From time to time, the Company seeks to offset its exposure to changing interest rates under its debt financing arrangements and certain of its Affiliates seek to offset their exposure to changing foreign currency rates by entering into derivative contracts.
The following table summarizes the interest rate swap agreements outstanding at June 30, 2015:
 
 
 
 
 
 
 
 
 
 
 
Fair Value(1)
 
Notional
Amount
 
Paying
 
Receiving
 
Start Date
 
Expiration Date
 
December 31, 2014
 
June 30, 2015
Counterparty A
$
25.0

 
1.67
%
 
3-Month LIBOR
 
October 2010
 
October 2015
 
$
(0.3
)
 
$
(0.1
)
Counterparty A
$
25.0

 
1.65
%
 
3-Month LIBOR
 
October 2010
 
October 2015
 
(0.3
)
 
(0.1
)
Counterparty B
$
25.0

 
1.59
%
 
3-Month LIBOR
 
October 2010
 
October 2015
 
(0.2
)
 
(0.1
)
Counterparty B
$
25.0

 
2.14
%
 
3-Month LIBOR
 
October 2010
 
October 2017
 
(0.6
)
 
(0.6
)
__________________________

(1)
Aggregate fair values of $1.4 million and $0.9 million at December 31, 2014 and June 30, 2015, respectively, are presented within Other liabilities. The Company posted collateral with its counterparties of $1.7 million.

The Company’s Affiliates entered into foreign currency forward contracts to hedge projected cash flows denominated in currencies other than their functional currency. The following table summarizes the foreign currency forward contracts outstanding at June 30, 2015:
 
 
 
 
 
 
 
 
 
 
 
Fair Value(1)
 
 
 
Paying
 
Receiving
 
Start Date
 
Expected Settlement
 
December 31, 2014
 
June 30, 2015
Counterparty C
 
 
€15.8
 
$19.2
 
December 2014
 
Quarterly 2015
 
$
0.3

 
$
1.5

Counterparty C
 
 
$7.5
 
£4.7
 
September 2014
 
Monthly 2015
 
(0.8
)
 
(0.2
)
Counterparty C
 
 
£2.0
 
$3.1
 
June 2015
 
July 2015
 
—

 
0.0

__________________________
(1)
The fair values of receivables and payables related to outstanding hedge contracts are presented within Other assets and Other liabilities, respectively. These amounts are expected to be reclassified into earnings within the next twelve months.
During the three and six months ended June 30, 2015, the Company realized $1.1 million and $1.4 million, respectively, of gains and $0.5 million and $1.1 million, respectively, of losses upon the settlement of certain foreign currency forward contracts. Such realized gains and losses are presented gross in the Consolidated Statements of Income within Revenue, Investment and other income or Operating expenses.