Long-term Debt and Derivatives (Tables)

9 Months Ended

Sep. 30, 2011

Long-term Debt and Derivatives

Schedule of long-term debt, net of current maturities

	September 30,			December 31,
	2011			2010
	(in thousands)
Senior secured credit facility	$	1,639,375		$	1,589,125
$250 million 6 ¾% senior subordinated notes due March 2015	—			250,000
$325 million 8 ¾% senior subordinated notes due August 2019	325,000			325,000
Other long-term obligations	1,919			3,782
Capital leases	3,289			3,216
	1,969,583			2,171,123
Less current maturities of long-term debt	(45,581		)	(357,927		)
Less discount on senior secured credit facility Term Loan B	(1,810		)	—
	$	1,922,192		$	1,813,196

Schedule of future minimum repayments of long-term debt

The following is a schedule of future minimum repayments of long-term debt as of September 30, 2011 (in thousands):

Within one year	$	45,581
1-3 years	111,435
3-5 years	775,215
Over 5 years	1,037,352
Total minimum payments	$	1,969,583

Schedule of effect of derivative instruments on the consolidated statement of income

The effect of derivative instruments on the consolidated statement of income for the three months ended September 30, 2011 was as follows (in thousands):

	Location of Gain (Loss)
Derivatives Not Designated as	Recognized in Income	Gain (Loss) Recognized
Hedging Instruments	on Derivative	in Income on Derivative
Interest rate swap contracts	Interest expense	$	(36	)
Total		$	(36	)

The effect of derivative instruments on the consolidated statement of income for the nine months ended September 30, 2011 was as follows (in thousands):

	Gain (Loss)			Location of Gain (Loss)	Gain (Loss)
	Recognized in			Reclassified from	Reclassified from			Location of Gain (Loss)	Gain (Loss)
Derivatives in a	OCI on Derivative			AOCI into Income	AOCI into Income			Recognized in Income on	Recognized in Income on
Cash Flow Hedging Relationship	(Effective Portion)			(Effective Portion)	(Effective Portion)			Derivative (Ineffective Portion)	Derivative (Ineffective Portion)
Interest rate swap contracts	$	(672	)	Interest expense	$	(8,173	)	None	$	—
Total	$	(672	)		$	(8,173	)		$	—

	Location of Gain (Loss)
Derivatives Not Designated as	Recognized in Income	Gain (Loss) Recognized
Hedging Instruments	on Derivative	in Income on Derivative
Interest rate swap contracts	Interest expense	$	(39	)
Total		$	(39	)

The effect of derivative instruments on the consolidated statement of income for the three months ended September 30, 2010 was as follows (in thousands):

	Gain (Loss)			Location of Gain (Loss)	Gain (Loss)
	Recognized in			Reclassified from	Reclassified from			Location of Gain (Loss)	Gain (Loss)
Derivatives in a	OCI on Derivative			AOCI into Income	AOCI into Income			Recognized in Income on	Recognized in Income on
Cash Flow Hedging Relationship	(Effective Portion)			(Effective Portion)	(Effective Portion)			Derivative (Ineffective Portion)	Derivative (Ineffective Portion)
Interest rate swap contracts	$	(3,462	)	Interest expense	$	(6,363	)	None	$	—
Total	$	(3,462	)		$	(6,363	)		$	—

	Location of Gain (Loss)
Derivatives Not Designated as	Recognized in Income	Gain (Loss) Recognized
Hedging Instruments	on Derivative	in Income on Derivative
Interest rate swap contracts	Interest expense	$	(18	)
Total		$	(18	)

The effect of derivative instruments on the consolidated statement of income for the nine months ended September 30, 2010 was as follows (in thousands):

	Gain (Loss)			Location of Gain (Loss)	Gain (Loss)
	Recognized in			Reclassified from	Reclassified from			Location of Gain (Loss)	Gain (Loss)
Derivatives in a	OCI on Derivative			AOCI into Income	AOCI into Income			Recognized in Income on	Recognized in Income on
Cash Flow Hedging Relationship	(Effective Portion)			(Effective Portion)	(Effective Portion)			Derivative (Ineffective Portion)	Derivative (Ineffective Portion)
Interest rate swap contracts	$	(13,640	)	Interest expense	$	(19,222	)	None	$	—
Total	$	(13,640	)		$	(19,222	)		$	—

	Location of Gain (Loss)
Derivatives Not Designated as	Recognized in Income	Gain (Loss) Recognized
Hedging Instruments	on Derivative	in Income on Derivative
Interest rate swap contracts	Interest expense	$	(56	)
Total		$	(56	)

Schedule of the fair value of the interest rate swap contract liabilities included in accrued interest within the consolidated balance sheets

	September 30, 2011			December 31, 2010
	(in thousands)
	Balance Sheet	Fair		Balance Sheet	Fair
	Location	Value		Location	Value
Derivatives designated as hedging instruments
Interest rate swap contracts	Accrued interest	$	—	Accrued interest	$	13,034
Total derivatives designated as hedging instruments		$	—		$	13,034
Derivatives not designated as hedging instruments
Interest rate swap contracts	Accrued interest	$	1,437	Accrued interest	$	3,712
Total derivatives not designated as hedging instruments		$	1,437		$	3,712
Total derivatives		$	1,437		$	16,746