Annual report pursuant to Section 13 and 15(d)

Interest Rate Swap Agreements (Tables)

v2.4.0.8
Interest Rate Swap Agreements (Tables)
12 Months Ended
Dec. 31, 2013
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, 2013:

 

Nominal
Amount

  Effective Date     Pay Rate     Receive Rate     Expiration Date     Current
Liability  (1)
    Long-Term
Liability (2)
    Estimated
Total Fair
Value at
December 31,
2013
 

$175,000

    December 2010        1.3975     1-Month LIBOR        September 2015      $ 1,943      $ 1,195      $ 3,138   

$175,000

    December 2010        1.4000     1-Month LIBOR        September 2015        1,984        1,228        3,212   

$100,000

    November 2011        1.7150     1-Month LIBOR        April 2016        1,440        1,386        2,826   

 

         

 

 

   

 

 

   

 

 

 

$450,000

          $ 5,367      $ 3,809      $ 9,176   

 

         

 

 

   

 

 

   

 

 

 

 

(1) 

Included in accrued other current liabilities on the consolidated balance sheet as of December 31, 2013.

(2) 

Included in other long-term liabilities on the consolidated balance sheet as of December 31, 2013.

Interest Rate Swap Agreement
 
Changes in Accumulated Other Comprehensive Loss, Net of Taxes, Related to Interest Rate Swap Agreements

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, 2011, 2012 and 2013 were as follows:

 

     Interest Rate Swap Liabilities  
     2011     2012     2013  

Beginning balances — January 1

   $ (11,726   $ (12,357   $ (8,867
  

 

 

   

 

 

   

 

 

 

Other comprehensive loss before reclassifications, net of taxes

     (18,759     (11,959     (2,668

Amounts reclassified from accumulated other comprehensive loss to interest expense

     20,165        15,449        5,819   
  

 

 

   

 

 

   

 

 

 

Net other comprehensive income (loss)

     1,406        3,490        3,151   

Loss included in earnings

     (2,037     —          —     
  

 

 

   

 

 

   

 

 

 

Ending balances — December 31

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