Annual report pursuant to Section 13 and 15(d)

Derivative Financial Instruments (Tables)

v3.8.0.1
Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swap Agreement

The Company has one interest rate swap agreement in effect at December 31, 2017 as detailed below to effectively convert $100 million of variable-rate debt to fixed-rate debt. 

 

Notional Amount

 

Effective Date

 

Expiration Date

 

Fixed

Rate Paid

 

 

Floating Rate

Received

$100 Million

 

9/4/13

 

9/4/18

 

 

1.3710

%

 

1 month LIBOR

 

Summary of Changes in AOCL

The changes in AOCL for the years ended December 31, 2017, 2016, and 2015 are summarized as follows:

 

(dollars in thousands)

 

Jan. 1, 2017

to

Dec. 31, 2017

 

 

Jan. 1, 2016

to

Dec. 31, 2016

 

 

Jan. 1, 2015

to

Dec. 31, 2015

 

Accumulated other comprehensive loss beginning of period

 

$

(21,475

)

 

$

(14,415

)

 

$

(13,005

)

Realized loss reclassified from accumulated other

   comprehensive loss to interest expense

 

 

13,185

 

 

 

5,044

 

 

 

5,229

 

Unrealized gain (loss) from changes in the fair value of the

   effective portion of the interest rate swaps

 

 

703

 

 

 

(12,104

)

 

 

(6,639

)

Gain (loss) included in other comprehensive loss

 

 

13,888

 

 

 

(7,060

)

 

 

(1,410

)

Accumulated other comprehensive loss end of period

 

$

(7,587

)

 

$

(21,475

)

 

$

(14,415

)