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Derivatives and Hedging (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value Amounts of Derivative Instruments
The following table summarizes the fair value amounts of derivative instruments reported in the consolidated balance sheets as of December 31, 2016 and 2015:
 
Derivatives in Asset Positions
Fair value
 
Derivatives in Liability Positions
Fair value
(in thousands)
2016
 
2015
 
2016
 
2015
Derivative instruments designated as hedges
 
 
 
 
 
 
 
Interest rate contracts (1)
$
6,655

 
$
12,687

 
$
—

 
$
—

       Total derivative instruments designated as hedges
$
6,655

 
$
12,687

 
$
—

 
$
—

Undesignated derivative instruments

 

 

 

Call spread overlay
$
185,750

 
$
169,037

 
$
(187,546
)
 
$
(170,951
)
Foreign exchange contracts
3,154

 
1,393

 
(6,089
)
 
(525
)
Total derivative instruments
$
188,904

 
$
170,430

 
$
(193,635
)
 
$
(171,476
)

_________________
(1) The fair value amounts for the interest rate contracts include accrued interest.
Schedule of Gains on Derivative Instruments
The following tables summarize the classification and gains and losses on derivative instruments for the years ended December 31, 2016, 2015 and 2014:
Year-Ended December 31, 2016 (in thousands)
 
Gain/(loss)
recognized in AOCI
 
Location of
gain/loss in
income statement
 
(Gain) loss
reclassified
from AOCI into
income
 
Gain (loss) recognized
in income
Cash flow hedges
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
(3,969
)
 
Other expense, net
 
$
(6,228
)
 
n/a
 
 
 
 
 
 
 
 
 
Fair value hedges
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
Other expense, net
 
$
—

 
$
(1,930
)
 
 
 
 
 
 
 
 
 
Undesignated derivative instruments
 
 
 
 
 
 
 
 
Call spread overlay
 
n/a
 
Other expense, net
 
n/a
 
$
118

Foreign exchange contracts
 
n/a
 
Other expense, net
 
n/a
 
(6,072
)
 
 
 
 
 
 
 
 
$
(5,954
)
Year-Ended December 31, 2015 (in thousands)
 
Gain/(loss)
recognized in AOCI
 
Location of
(gain) loss in
income statement
 
(Gain) loss
reclassified
from AOCI into
income
 
Gain (loss) recognized
in income
Cash flow hedges
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
5,337

 
Other expense, net
 
$
(5,273
)
 
n/a
 
 
 
 
 
 
 
 
 
Fair value hedges
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
Other expense, net
 
$
—

 
$
1,691

 
 
 
 
 
 
 
 
 
Undesignated derivative instruments
 
 
 
 
 
 
 
 
Call spread overlay
 
n/a
 
Other expense, net
 
n/a
 
$
(171
)
Foreign exchange contracts
 
n/a
 
Other expense, net
 
n/a
 
21,434

 
 
 
 
 
 
 
 
$
21,263


Year-Ended December 31, 2014 (in thousands)
 
Gain/(loss)
recognized in AOCI
 
Location of
(gain) loss in
income statement
 
(Gain) loss
reclassified
from AOCI into
income
 
Gain (loss) recognized
in income
Fair value hedges
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
Other expense, net
 
$
—

 
$
3,294

 
 
 
 
 
 
 
 
 
Undesignated derivative instruments
 
 
 
 
 
 
 
 
Call spread overlay
 
n/a
 
Other expense, net
 
n/a
 
$
(1,743
)
Foreign exchange contracts
 
n/a
 
Other expense, net
 
n/a
 
$
61,713

 
 
 
 
 
 
 
 
$
59,970