Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instrument Detail [Abstract]

Estimated Fair Value of Financial Instruments

Estimated fair values of our financial instruments as of December 31 are as follows:

	2015				2014
(Dollars in thousands)	CARRYING AMOUNT		FAIR VALUE		CARRYING AMOUNT		FAIR VALUE
Cash and short-term investments (Level 1)	$	7,925	$	7,925	$	31,012	$	31,012
Net derivative asset related to interest rate swaps (Level 2)	$	581	$	581	$	793	$	793
Long-term debt (including current portion of long-term debt and fair value adjustments related to fair value swaps) (Level 2)	$	603,881	$	626,021	$	625,668	$	657,943
Company owned life insurance (COLI) (Level 3)	$	687	$	687	$	877	$	877

Fair Values of Derivative Instruments

The fair values of derivative instruments on our Consolidated Balance Sheets as of December 31 are as follows:

	DERIVATIVE ASSETS
		2015		2014
(Dollars in thousands)	BALANCE SHEET LOCATION	FAIR VALUE		FAIR VALUE
Derivatives designated as hedging instruments:
Interest rate contracts	Other assets, current	$	7	$	—
Interest rate contracts	Other assets, non-current	574		793
Total derivatives designated as hedging instruments		$	581	$	793

Effect of Derivatives on the Consolidated Statements of Operations

The effect of derivatives on the Consolidated Statements of Income for the years ended December 31, 2015, 2014 and 2013 are as follows:

	LOCATION OF GAIN RECOGNIZED IN INCOME	AMOUNT OF GAIN RECOGNIZED IN INCOME
(Dollars in thousands)		2015		2014		2013
Derivatives designated in fair value hedging relationships:
Interest rate contracts
Realized gain on hedging instruments1	Interest expense	$	1,534	$	979	$	960
Net gain recognized in income from fair value hedges		$	1,534	$	979	$	960

¹  The realized gain on hedging instruments consist of net cash settlements and interest accruals on the interest rate swaps during the period, which are recognized in interest expense.