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Derivative Instruments | 12 Months Ended
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Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments The Company utilizes interest rate swap agreements to fix the LIBOR-based variable portion of the interest rate on its long term debt. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. As of December 31, 2015, the Company had interest rate swap agreements in place that hedge a notional value of debt ranging from approximately $251.5 million to approximately $192.7 million and amortize consistent with future debt principal payments. The interest rate swap agreements establish fixed interest rates in a range of 0.74% to 2.68% with various expiration terms extending to June 30, 2020. At inception, the interest rate swaps were and continue to be designated as cash flow hedges. In December 2012, the Company entered into interest rate swap agreements to fix the LIBOR-based variable portion of the interest rates on its term loan facilities. At inception, the Company designated the swap agreements as cash flow hedges and utilized hedge accounting. However, the Company entered into a new credit agreement in 2013 and, as a result, the swap agreement was no longer expected to be an effective economic hedge. The Company terminated the interest rate swap and received cash of $3.3 million upon completion of the new credit agreement. At the date of the credit agreement, the Company de-designated this swap, which had $2.0 million (net of tax of $1.3 million) of unrealized gain remaining in accumulated other comprehensive income in the accompanying consolidated balance sheet, which was reclassified into earnings in 2013. In March 2012, the Company entered into an interest rate swap agreement to fix the LIBOR-based variable portion of the interest rate on its previous term loan B facility. At inception, the Company formally designated this swap agreement as a cash flow hedge and utilized hedge accounting. Upon the Company's amendment and restatement of its credit agreement during the fourth quarter of 2012, the Company determined that the interest rate swap was no longer expected to be an effective economic hedge. The Company terminated the interest rate swap and repaid the obligation upon completion of the previous credit agreement. After that date, the Company de-designated this swap, which had $1.0 million (net of tax of $0.6 million) of unrealized loss remaining in accumulated other comprehensive income, which was being amortized into earnings during the period in which the originally hedged transactions would have affected earnings. However, when the Company entered into a new credit agreement in 2013, the Company reclassified the remaining $0.6 million (net of tax of $0.4 million) of unrealized loss remaining in accumulated other comprehensive income into earnings. As of December 31, 2015 and 2014, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows:
|  |  |  | Asset / (Liability) Derivatives
|  | Balance Sheet Caption |  | December 31, 2015 |  | December 31, 2014
|  |  |  | (dollars in thousands)
Derivatives designated as hedging instruments |  |  |  |  |  |
Interest rate swaps |  | Other assets |  | $ | 430 |  |  | $ | 1,270 |
Interest rate swaps |  | Accrued liabilities |  | (150 | ) |  | (180 | )
Interest rate swaps |  | Other long-term liabilities |  | (3,180 | ) |  | — |
Total derivatives designated as hedging instruments |  |  |  | $ | (2,900 | ) |  | $ | 1,090 |
The following tables summarize the income (loss) recognized in accumulated other comprehensive income ("AOCI"), the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings as of December 31, 2015 and 2014 and for the years ended December 31, 2015, 2014 and 2013:
|  | Amount of Income (Loss) Recognized in AOCI on Derivative (Effective Portion, net of tax) |  | Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion) |  | Amount of Income (Loss) Reclassified from AOCI into Earnings
|  | As of December 31, |  |  | Year ended December 31,
|  | 2015 |  | 2014 |  |  | 2015 |  | 2014 |  | 2013
|  | (dollars in thousands) |  |  |  | (dollars in thousands)
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | (1,790 | ) |  | $ | 680 |  |  | Interest expense |  | $ | (420 | ) |  | $ | — |  |  | $ | — |
|  |  |  |  |  | Income (loss) from discontinued operations |  | $ | (440 | ) |  | $ | (970 | ) |  | $ | 2,510 |
Over the next 12 months, the Company expects to reclassify approximately $0.2 million of pre-tax deferred losses from AOCI to interest expense as the related interest payments for the designated interest rate swap are funded.
|  |  |  | Amount of Loss Recognized in Earnings on Derivatives
|  |  |  | Year ended December 31,
|  | Location of Loss Recognized in Earnings on Derivatives |  | 2015 |  | 2014 |  | 2013
|  |  |  | (dollars in thousands)
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest expense |  | $ | — |  |  | $ | — |  |  | $ | (1,480 | )
The fair value of the Company's derivatives are estimated using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of the Company's interest rate swaps use observable inputs such as interest rate yield curves. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014 are shown below.
| Description |  | Frequency |  | Asset / (Liability) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
|  |  |  |  | (dollars in thousands)
December 31, 2015 | Interest rate swaps |  | Recurring |  | $ | (2,900 | ) |  | $ | — |  |  | $ | (2,900 | ) |  | $ | — |
December 31, 2014 | Interest rate swaps |  | Recurring |  | $ | 1,090 |  |  | $ | — |  |  | $ | 1,090 |  |  | $ | — |

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