XML 25 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2015
Derivative Instrument Detail [Abstract]  
Fair Value, by Balance Sheet Grouping
The following table presents the estimated fair values of our financial instruments:
 
June 30, 2015
 
December 31, 2014
(Dollars in thousands)
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Cash and short-term investments (Level 1)
$
10,614

 
$
10,614

 
$
31,012

 
$
31,012

Revolving line of credit borrowings (Level 1)
$
15,000

 
$
15,000

 
$
—

 
$
—

Derivative asset related to interest rate swaps (Level 2)
$
799

 
$
799

 
$
793

 
$
793

Long-term debt, including fair value adjustments related to fair value hedges (Level 2)
$
629,259

 
$
655,529

 
$
629,343

 
$
657,943

Company owned life insurance asset (COLI) (Level 3)
$
1,454

 
$
1,454

 
$
877

 
$
877
Fair Values of Derivative Instruments
The following table presents the gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets:
(Dollars in thousands)
Location
 
June 30,
2015
 
December 31,
2014
Derivatives designated as hedging instruments:
 
 
 
 
 
Interest rate contracts
Current assets
 
$
233

 
$
372

Interest rate contracts
Non-current assets
 
566

 
421

Total derivatives designated as hedging instruments
 
 
$
799

 
$
793
Effect of Derivatives on Consolidated Condensed Statements of Income
The following table details the effect of derivatives on our Consolidated Statements of Income:
 
 
 
Gain Recognized in Income
 
Location
 
Quarter Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
(Dollars in thousands)
 
 
2015
 
2014
 
2015
 
2014
Derivatives designated in fair value hedging relationships:
 
 
 
 
 
 
 
 
 
Realized gain on interest rate contract 1
Interest expense
 
$
409

 
$
247

 
$
788

 
$
501

Net gain recognized in income from fair value hedges
 
 
$
409

 
$
247

 
$
788

 
$
501

 
1 Realized gain on hedging instrument consists of net cash settlements and interest accruals on the interest rate swaps during the periods. Net cash settlements are included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows.