Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v3.4.0.3
Derivative Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swap Agreements

The Company has interest rate swap agreements in effect at March 31, 2016 as detailed below to effectively convert a total of $325 million of variable-rate debt to fixed-rate debt, and $150 million notional pre-issuance swap agreements to hedge the risk of changes in interest-related cash outflows associated with a potential issuance of long-term debt.

 

Notional Amount

   Effective Date      Expiration Date      Fixed
Rate Paid
   

Floating Rate

Received

$125 Million

     9/1/2011         8/1/18         2.3700   1 month LIBOR

$100 Million

     12/30/11         12/29/17         1.6125   1 month LIBOR

$100 Million

     9/4/13         9/4/18         1.3710   1 month LIBOR

$100 Million

     12/29/17         11/29/19         3.9680   1 month LIBOR

$125 Million

     8/1/18         6/1/20         4.1930   1 month LIBOR

$50 Million

     5/31/16         5/31/26         2.1560   3 month LIBOR

$50 Million

     5/31/16         5/31/26         2.1875   3 month LIBOR

$25 Million

     5/31/16         5/31/26         2.0330   3 month LIBOR

$25 Million

     5/31/16         5/31/26         1.9390   3 month LIBOR
Summary of Changes in AOCL

The changes in AOCL for the three months ended March 31, 2016 and March 31, 2015 are summarized as follows:

 

(dollars in thousands)

   Jan. 1, 2016
to
Mar. 31, 2016
     Jan. 1, 2015
to
Mar. 31, 2015
 

Accumulated other comprehensive loss beginning of period

   $ (14,415    $ (13,005

Realized loss reclassified from accumulated other comprehensive loss to interest expense

     1,197         1,358   

Unrealized loss from changes in the fair value of the effective portion of the interest rate swaps

     (13,293      (5,345
  

 

 

    

 

 

 

Loss included in other comprehensive loss

     (12,096      (3,987
  

 

 

    

 

 

 

Accumulated other comprehensive loss end of period

   $ (26,511    $ (16,992