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Interest Rate Swap Agreements (Tables)
 6 Months Ended
Jun. 30, 2014
Interest Rate Swap Agreements Designated as Hedge Agreements

Below is a summary of the Company’s current interest rate swap agreements designated as cash flow hedges as of June 30, 2014:

 

Nominal
Amount		     

Effective Date

    Pay Rate    

Receive Rate

   

Expiration Date

    Current
Liability (1)		      Long-
Term
Liability (2)		      Estimated
Total Fair
Value at
June 30,
2014		  
$ 175,000       December 2010      1.3975 %    1-Month LIBOR    September 2015    $ 2,027       $ 448       $ 2,475   
$ 175,000       December 2010      1.4000 %    1-Month LIBOR    September 2015      2,058         436         2,494   
$ 100,000       November 2011      1.7150 %    1-Month LIBOR    April 2016      1,472         818         2,290   

 

 

                

 

 

     

 

 

     

 

 

  
$ 450,000                  $ 5,557       $ 1,702       $ 7,259   

 

 

                

 

 

     

 

 

     

 

 

  

 

(1)  Included in accounts payable and accrued expenses on the condensed consolidated balance sheet as of June 30, 2014.
(2)  Included in other long-term liabilities on the condensed consolidated balance sheet as of June 30, 2014.
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 three and six months ended June 30, 2014 and 2013 were as follows:

 

     Interest Rate Swaps  
     2014     2013  

Beginning balances – April 1

    $ (5,219 )    $ (8,091 ) 
  

 

 

    

 

 

  

Other comprehensive income (loss) before reclassifications, net of taxes of $504 and $(75)

      (848 )      122   

Amounts reclassified from accumulated other comprehensive loss to interest expense, net of taxes of $895 and $888

      1,509        1,468   
  

 

 

    

 

 

  

Net other comprehensive income

      661        1,590   
  

 

 

    

 

 

  

Ending balances – June 30

    $ (4,558 )    $ (6,501 ) 
  

 

 

    

 

 

  
     Interest Rate Swaps  
     2014     2013  

Beginning balances – January 1

    $ (5,716 )    $ (8,867 ) 
  

 

 

    

 

 

  

Other comprehensive loss before reclassifications, net of taxes of $1,010 and $334

      (1,827 )      (514 ) 

Amounts reclassified from accumulated other comprehensive loss to interest expense, net of taxes of $1,769 and $1,725

      2,985        2,880   
  

 

 

    

 

 

  

Net other comprehensive income

      1,158        2,366   
  

 

 

    

 

 

  

Ending balances – June 30

    $ (4,558 )    $ (6,501 )