Quarterly report pursuant to Section 13 or 15(d)

Interest Rate Swap Agreements (Tables)

v2.4.0.8
Interest Rate Swap Agreements (Tables)
9 Months Ended
Sep. 30, 2014
Interest Rate Swap Agreements Designated as Hedge Agreements

Below is a summary of the Company’s current interest rate swap agreements designated as cash flow hedges as of September 30, 2014:

 

                                          Estimated  

Nominal

Amount

  

Effective Date

   Pay Rate     Receive Rate      Expiration Date    Current
Liability (1)
     Long-Term
Liability (2)
     Total Fair Value at
September 30, 2014
 
$175,000    December 2010      1.3975     1-Month LIBOR       September 2015    $ 1,929       $ —         $ 1,929   
$175,000    December 2010      1.4000     1-Month LIBOR       September 2015      1,953         —           1,953   
$100,000    November 2011      1.7150     1-Month LIBOR       April 2016      1,436         520         1,956   

 

             

 

 

    

 

 

    

 

 

 
$450,000               $ 5,318       $ 520       $ 5,838   

 

             

 

 

    

 

 

    

 

 

 

 

(1)  Included in accounts payable and accrued expenses on the condensed consolidated balance sheet as of September 30, 2014.
(2)  Included in other long-term liabilities on the condensed consolidated balance sheet as of September 30, 2014.
Interest Rate Swap
 
Changes in Accumulated Other Comprehensive Loss, Net of Taxes

The changes in accumulated other comprehensive loss, net of taxes, related to the Company’s interest rate swap agreements for the three and nine months ended September 30, 2014 and 2013 were as follows:

 

     2014     2013  

Three Months Ended September 30,

    

Beginning balances – July 1

   $ (4,558   $ (6,501 )
  

 

 

   

 

 

 

Other comprehensive loss before reclassifications, net of taxes of $(42) and $(476)

     (70     (806

Amounts reclassified from accumulated other comprehensive loss to interest expense, net of taxes of $571 and $546

     962        921  
  

 

 

   

 

 

 

Net other comprehensive income

     892        115  
  

 

 

   

 

 

 

Ending balances- September 30

   $ (3,666   $ (6,386
  

 

 

   

 

 

 

 

     2014     2013  

Nine Months Ended September 30,

    

Beginning balances – January 1

   $ (5,716   $ (8,867
  

 

 

   

 

 

 

Other comprehensive loss before reclassifications, net of taxes of $(394) and $(156)

     (787     (249

Amounts reclassified from accumulated other comprehensive loss to interest expense, net of taxes of $1,681 and $1,617

     2,837        2,730   
  

 

 

   

 

 

 

Net other comprehensive income

     2,050        2,481   
  

 

 

   

 

 

 

Ending balances – September 30

   $ (3,666   $ (6,386