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Interest Rate Swap Agreements | 9 Months Ended
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Sep. 30, 2012
Interest Rate Swap Agreements [Abstract] |
Interest Rate Swap Agreements |
11. | Interest Rate Swap Agreements
The Company is currently a party to four interest rate swap agreements that qualify for cash flow hedge accounting. No premium or discount was incurred upon the Company entering into any of its interest rate swap agreements because the pay rates and receive rates on the interest rate swap agreements represented prevailing rates for each counterparty at the time each of the interest rate swap agreements was consummated. The fair values of the interest rate swaps are recorded on the Company’s consolidated balance sheet as an asset or liability with the effective portion of the interest rate swaps’ gains or losses reported as a component of accumulated other comprehensive loss and the ineffective portion reported in earnings. The changes in fair values are reclassified from accumulated other comprehensive loss into earnings in the same period that the hedged items affect earnings. For the nine months ended September 30, 2012 and 2011, the Company reclassified approximately $11,184 and $12,047, respectively, from accumulated other comprehensive loss into earnings. The valuation technique used to determine fair value is the income approach and under this approach, the Company uses projected future interest rates as provided by counterparties to the interest rate swap agreements and the fixed rates that the Company is obligated to pay under these agreements. Therefore, the Company’s measurements use significant unobservable inputs, which fall in Level 3 of the U.S. GAAP hierarchy as defined by FASB ASC Topic 820-10-35. There were no changes in valuation techniques during the period and no transfers in or out of Level 3. See Note 14 for a summary of unrealized gains or losses recorded in accumulated other comprehensive loss and earnings. Below is a summary of the Company’s current interest rate swap agreements designated as hedge agreements as of September 30, 2012:
Amount Designated as a Hedge |  |  | Nominal Amount |  |  | Effective Date |  | Pay Rate |  |  | Receive Rate |  |  | Expiration Date |  | Current Liability (1) |  |  | Long-Term Liability (2) |  |  | Estimated Total Fair Value at September 30, 2012 |
$ | 63,983 | (3 ) |  | $ | 75,000 |  |  | November 2008 |  |  | 3.6300 | % |  |  | 1-Month LIBOR |  |  | November 2012 |  | $ | 320 |  |  | $ | — |  |  | $ | 320 |
$ | 175,000 |  |  | $ | 175,000 |  |  | December 2010 |  |  | 1.3975 | % |  |  | 1-Month LIBOR |  |  | September 2015 |  |  | 1,968 |  |  |  | 3,483 |  |  |  | 5,451 |
$ | 175,000 |  |  | $ | 175,000 |  |  | December 2010 |  |  | 1.4000 | % |  |  | 1-Month LIBOR |  |  | September 2015 |  |  | 1,991 |  |  |  | 3,534 |  |  |  | 5,525 |
$ | 100,000 |  |  | $ | 100,000 |  |  | November 2011 |  |  | 1.7150 | % |  |  | 1-Month LIBOR |  |  | April 2016 |  |  | 1,570 |  |  |  | 3,056 |  |  |  | 4,626 |
$ | 513,983 |  |  | $ | 525,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,849 |  |  | $ | 10,073 |  |  | $ | 15,922 |
(1) | Included in accounts payable and accrued expenses on the condensed consolidated balance sheet as of September 30, 2012.
(2) | Included in other long-term liabilities on the condensed consolidated balance sheet as of September 30, 2012.
(3) | An additional $11,017 of this original $75,000 swap is no longer designated as a hedge as a result of the prepayment of the unextended portion of the Company’s term loan debt.
The Company amortized approximately $2,470 and $3,248 to interest expense during the nine months ended September 30, 2012 and 2011, respectively, related to a previously terminated interest rate swap agreement. The accumulated other comprehensive loss related to the terminated interest rate swap agreement became fully amortized during the nine months ended September 30, 2012. See Note 14 for additional information about the Company’s fair value measurements related to its interest rate swap agreements.

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. 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