XML 59 R40.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Derivative Financial Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Impact of derivatives on the consolidated balance sheet | The following tables summarize the fair values and notional amounts of all derivative instruments at December 31, 2017 and 2016, and their impact on earnings and other comprehensive income for the years ended December 31, 2017, 2016 and 2015. The net fair value of derivative instruments as of December 31, 2017 was a liability of $1.8 million, compared to the net fair value as of December 31, 2016 liability of $18.1 million. The change in the net fair value reflects a $3.5 million decrease in fair value offset by variation margin amounts of $19.9 million. The net position as of December 31, 2017 was a $19.8 million liability, compared to a $30.0 million liability as of December 31, 2016. The change in the net position reflects a $3.5 million decrease in fair value, $32.1 million decrease in collateral held and pledged (for contracts other than those cleared through the CME), offset by variation margin impacts of $25.4 million. Impact of Derivatives on the Consolidated Balance Sheets
|  |  |  | Cash Flow Hedges |  | Fair Value Hedges |  | Trading |  | Total
|  |  |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  | December 31,
|  |  |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016
Fair Values(1) |  | Hedged Risk Exposure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Assets:(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest rate |  | $ | — |  |  | $ | — |  |  | $ | 630 |  |  | $ | 7,808 |  |  | $ | 182 |  |  | $ | — |  |  | $ | 812 |  |  | $ | 7,808 |
Derivative Liabilities:(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest rate |  | (2,584 | ) |  | (14,463 | ) |  | — |  |  | (10,398 | ) |  | — |  |  | (1,076 | ) |  | (2,584 | ) |  | (25,937 | )
Total net derivatives |  |  |  | $ | (2,584 | ) |  | $ | (14,463 | ) |  | $ | 630 |  |  | $ | (2,590 | ) |  | $ | 182 |  |  | $ | (1,076 | ) |  | $ | (1,772 | ) |  | $ | (18,129 | )
(1) | Except for instruments cleared through the CME, fair values reported are exclusive of collateral held and pledged and accrued interest. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements, and classified in other assets or other liabilities depending on whether in a net positive or negative position. The net position includes the variation margin as legal settlement of the derivative contract for instruments cleared through the CME.
(2) | The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
|  | Other Assets |  | Other Liabilities
|  | December 31, |  | December 31, |  | December 31, |  | December 31,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Gross position(1) |  | $ | 812 |  |  | $ | 7,808 |  |  | $ | (2,584 | ) |  | $ | (25,937 | )
Impact of master netting agreement |  | (812 | ) |  | (7,808 | ) |  | 812 |  |  | 7,808 |
Derivative values with impact of master netting agreements (as carried on balance sheet) |  | — |  |  | — |  |  | (1,772 | ) |  | (18,129 | )
Cash collateral (held) pledged(2) |  | — |  |  | — |  |  | 21,586 |  |  | 48,134 |
Net position |  | $ | — |  |  | $ | — |  |  | $ | 19,814 |  |  | $ | 30,005 |
(1) | Except for instruments cleared with the CME, gross position amounts are exclusive of accrued interest and collateral held and pledged.
(2) | Cash collateral (held) pledged excludes amounts that represent legal settlement of the derivative contracts.
Offsetting assets | The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
|  | Other Assets |  | Other Liabilities
|  | December 31, |  | December 31, |  | December 31, |  | December 31,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Gross position(1) |  | $ | 812 |  |  | $ | 7,808 |  |  | $ | (2,584 | ) |  | $ | (25,937 | )
Impact of master netting agreement |  | (812 | ) |  | (7,808 | ) |  | 812 |  |  | 7,808 |
Derivative values with impact of master netting agreements (as carried on balance sheet) |  | — |  |  | — |  |  | (1,772 | ) |  | (18,129 | )
Cash collateral (held) pledged(2) |  | — |  |  | — |  |  | 21,586 |  |  | 48,134 |
Net position |  | $ | — |  |  | $ | — |  |  | $ | 19,814 |  |  | $ | 30,005 |
(1) | Except for instruments cleared with the CME, gross position amounts are exclusive of accrued interest and collateral held and pledged.
(2) | Cash collateral (held) pledged excludes amounts that represent legal settlement of the derivative contracts.
Offsetting liabilities | The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
|  | Other Assets |  | Other Liabilities
|  | December 31, |  | December 31, |  | December 31, |  | December 31,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Gross position(1) |  | $ | 812 |  |  | $ | 7,808 |  |  | $ | (2,584 | ) |  | $ | (25,937 | )
Impact of master netting agreement |  | (812 | ) |  | (7,808 | ) |  | 812 |  |  | 7,808 |
Derivative values with impact of master netting agreements (as carried on balance sheet) |  | — |  |  | — |  |  | (1,772 | ) |  | (18,129 | )
Cash collateral (held) pledged(2) |  | — |  |  | — |  |  | 21,586 |  |  | 48,134 |
Net position |  | $ | — |  |  | $ | — |  |  | $ | 19,814 |  |  | $ | 30,005 |
(1) | Except for instruments cleared with the CME, gross position amounts are exclusive of accrued interest and collateral held and pledged.
(2) | Cash collateral (held) pledged excludes amounts that represent legal settlement of the derivative contracts.
Schedule of notional amounts of outstanding derivative positions |
|  |  | Cash Flow |  | Fair Value |  | Trading |  | Total
|  |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  | December 31,
|  |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016
Notional Values |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | $ | 1,408,649 |  |  | $ | 1,054,688 |  |  | $ | 3,062,849 |  |  | $ | 3,628,062 |  |  | $ | 987,577 |  |  | $ | 494,638 |  |  | $ | 5,459,075 |  |  | $ | 5,177,388 |
Schedule of derivative instruments performance and location | Impact of Derivatives on the Consolidated Statements of Income
|  | Years Ended December 31,
|  | 2017 |  | 2016 |  | 2015
Fair Value Hedges |  |  |  |  |  |
Interest rate swaps:
Hedge ineffectiveness realized gains (losses) recorded in earnings(1) |  | $ | (4,557 | ) |  | $ | (1,035 | ) |  | $ | 2,695 |
Realized gains recorded in interest expense |  | 8,286 |  |  | 27,810 |  |  | 29,940 |
Total |  | $ | 3,729 |  |  | $ | 26,775 |  |  | $ | 32,635 |
Cash Flow Hedges |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |
Hedge ineffectiveness gains (losses) recorded in earnings(1) |  | $ | 53 |  |  | $ | (1,579 | ) |  | $ | (1,427 | )
Realized losses recorded in interest expense |  | (11,187 | ) |  | (17,665 | ) |  | (21,475 | )
Total |  | $ | (11,134 | ) |  | $ | (19,244 | ) |  | $ | (22,902 | )
Trading |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |
Interest reclassification |  | $ | (69 | ) |  | $ | 2,170 |  |  | $ | 3,451 |
Realized gains (losses) recorded in earnings |  | (3,693 | ) |  | (513 | ) |  | 581 |
Total(1) |  | (3,762 | ) |  | 1,657 |  |  | 4,032 |
Total |  | $ | (11,167 | ) |  | $ | 9,188 |  |  | $ | 13,765 |
_______ (1)Amounts included in “gains (losses) on derivatives and hedging activities, net” in the consolidated statements of income.
Schedule of derivative instruments, effect on other comprehensive income (loss) | Impact of Derivatives on the Statements of Changes in Stockholders’ Equity
|  | Years Ended December 31,
|  | 2017 |  | 2016 |  | 2015
Amount of gain (loss) recognized in other comprehensive income (loss) |  | $ | 8,008 |  |  | $ | (3,901 | ) |  | $ | (26,699 | )
Amount of loss reclassified in interest expense(1) |  | (11,187 | ) |  | (17,665 | ) |  | (21,475 | )
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit |  | $ | 19,195 |  |  | $ | 13,764 |  |  | $ | (5,224 | )
______
(1) | Amounts included in “realized losses recorded in interest expense” in the “Impact of Derivatives on the Consolidated Statements of Income” table.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: 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=84234895&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: 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=84234895&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration