Annual report pursuant to Section 13 and 15(d)

INTEREST RATE SWAP AGREEMENTS (Tables)

v2.4.1.9
INTEREST RATE SWAP AGREEMENTS (Tables)
12 Months Ended
Dec. 31, 2014
Interest Rate Swap Agreements Designated as Hedge Agreements

Below is a summary of the Company’s interest rate swap agreements, all of which are designated as cash flow hedges, as of December 31, 2014:

 

Notional
Amount

  Effective Date     Pay Rate     Receive Rate     Expiration Date     Current
Liability  (1)
    Long-Term
Liability (2)
    Estimated
Total Fair
Value at
December 31,
2014
 

$175,000

    December 2010        1.3975     1-Month LIBOR        September 2015      $ 1,437      $ —        $ 1,437   

$175,000

    December 2010        1.4000     1-Month LIBOR        September 2015        1,451        —          1,451   

$100,000

    November 2011        1.7150     1-Month LIBOR        April 2016        1,367        317        1,684   

 

         

 

 

   

 

 

   

 

 

 

$450,000

          $ 4,255      $ 317      $ 4,572   

 

         

 

 

   

 

 

   

 

 

 

 

(1) 

Included in accrued other current liabilities on the consolidated balance sheet as of December 31, 2014.

(2) 

Included in other long-term liabilities on the consolidated balance sheet as of December 31, 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 years ended December 31, 2012, 2013 and 2014 were as follows:

 

     2012      2013      2014  

Beginning balances — January 1

   $ (12,357    $ (8,867    $ (5,716
  

 

 

    

 

 

    

 

 

 

Other comprehensive loss before reclassifications, net of taxes

     (11,959      (2,668      (3,169

Amounts reclassified from accumulated other comprehensive loss to interest expense,

net of taxes

     15,449         5,819         6,015   
  

 

 

    

 

 

    

 

 

 

Net other comprehensive income

     3,490         3,151         2,846   
  

 

 

    

 

 

    

 

 

 

Ending balances — December 31

   $ (8,867 )    $ (5,716 )    $ (2,870