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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2017
Derivative Instrument Detail [Abstract]  
Fair Values of Derivative Instruments

The following table presents the gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets:

 

 

 

 

Asset Derivatives

 

 

 

 

Liability Derivatives

 

(Dollars in thousands)

 

Location

 

June 30, 2017

 

 

December 31, 2016

 

 

Location

 

June 30, 2017

 

 

December 31, 2016

 

Derivatives designated in fair value hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

Other assets, current

 

$

99

 

 

$

32

 

 

 

 

$

—

 

 

$

—

 

Interest rate contracts

 

Other assets,

non-current

 

 

—

 

 

 

215

 

 

Other long-term obligations

 

 

115

 

 

 

91

 

 

 

 

 

$

99

 

 

$

247

 

 

 

 

$

115

 

 

$

91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives designated in cash flow hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

Other assets,

non-current

 

$

924

 

 

$

1,148

 

 

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

Lumber price swap

 

Other assets, current

 

$

3,265

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

 
Effect of Derivatives on Consolidated Statements of Income (Loss)

The following table details the effect of derivatives on our Consolidated Statements of Income (Loss):

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands)

 

Location

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Derivatives designated in fair value hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gain on interest rate contracts1

 

Interest expense

 

$

123

 

 

$

214

 

 

$

290

 

 

$

456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives designated in cash flow hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss recognized in other comprehensive income, net of tax (effective portion)

 

 

 

$

(226

)

 

$

(490

)

 

$

(228

)

 

$

(654

)

Loss reclassified from accumulated other comprehensive income (effective portion)1

 

Interest expense

 

$

(41

)

 

$

(77

)

 

$

(91

)

 

$

(77

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Lumber price contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gain on lumber price swap

 

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Unrealized gain on lumber price swap

 

Gain on lumber price swap

 

 

3,265

 

 

 

—

 

 

 

3,265

 

 

 

—

 

Net gain on lumber price contracts

 

 

 

$

3,265

 

 

$

—

 

 

$

3,265

 

 

$

—

 

 

1

Realized gain on hedging instruments consists of net cash settlements and interest accruals on the fair value 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.