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Derivative Financial Instruments | 6 Months Ended
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Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments During the first quarter of 2016, we obtained $150.0 million notional amount of forward-starting swaps that effectively lock the underlying 10-year treasury rate at 1.90% with respect to a forecasted debt issuance expected to occur prior to March 15, 2017. The counterparties under the swaps are major financial institutions. Our interest rate swaps have been designated as and are being accounted for as cash flow hedges with changes in fair value recorded in other comprehensive income/(loss) each reporting period. No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on our cash flow hedges during the six months ended June 30, 2016 and 2015. We have no collateral requirements related to our interest rate swaps. Amounts reported in accumulated other comprehensive loss ("AOCL") related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the period from July 1, 2016 through June 30, 2017, we estimate that $4.0 million will be reclassified to interest expense. The following table sets forth the fair value of our derivatives:
| June 30, 2016 |  | December 31, 2015
Derivatives: |  |  |
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: |  |  |
Interest rate swaps | $ | 11,049 |  |  | $ | 3,073 |
The following table sets forth the effect of our cash flow hedges on AOCL and interest expense:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Derivatives Designated as Cash Flow Hedges: |  |  |  |  |  |  |
Amount of unrealized gains/(losses) recognized in AOCL on derivatives (effective portion): |  |  |  |  |  |  |
Interest rate swaps | $ | (5,760 | ) |  | $ | 269 |  |  | $ | (9,395 | ) |  | $ | (2,645 | )
Amount of losses reclassified out of AOCL into contractual interest expense (effective portion): |  |  |  |  |  |  |
Interest rate swaps | $ | 783 |  |  | $ | 925 |  |  | $ | 1,578 |  |  | $ | 1,849 |

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