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Derivative Instruments | 3 Months Ended
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Mar. 31, 2017
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 March 31, 2017, the Company had interest rate swap agreements in place that hedge a declining notional value of debt ranging from approximately $241.7 million to approximately $192.7 million, amortizing consistent with future scheduled 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. As of March 31, 2017 and December 31, 2016, the fair value carrying amount of the Company's derivative instruments are recorded as follows (dollars in thousands):
|  |  |  | Asset / (Liability) Derivatives
|  | Balance Sheet Caption |  | March 31, 2017 |  | December 31, 2016
Derivatives designated as hedging instruments |  |  |  |  |  |
Interest rate swaps |  | Prepaid expenses and other current assets |  | $ | 240 |  |  | $ | 160 |
Interest rate swaps |  | Accrued liabilities |  | (810 | ) |  | (870 | )
Interest rate swaps |  | Other long-term liabilities |  | (2,880 | ) |  | (3,360 | )
Total derivatives designated as hedging instruments |  | $ | (3,450 | ) |  | $ | (4,070 | )
The following table summarizes the loss recognized in accumulated other comprehensive income or loss ("AOCI") as of March 31, 2017 and December 31, 2016, and the amounts reclassified from AOCI into earnings for the three months ended March 31, 2017 and 2016 (dollars in thousands):
| Amount of Loss Recognized in AOCI on Derivative (Effective Portion, net of tax) |  |  |  | Amount of Loss Reclassified from AOCI into Earnings
|  |  |  | Three months ended March 31,
| As of March 31, 2017 |  | As of December 31, 2016 |  | Location of Loss Reclassified from AOCI into Earnings (Effective Portion) |  | 2017 |  | 2016
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | (2,140 | ) |  | $ | (2,520 | ) |  | Interest expense |  | $ | (250 | ) |  | $ | (110 | )
Over the next 12 months, the Company expects to reclassify approximately $0.6 million of pre-tax deferred losses from AOCI to interest expense as the related interest payments for the designated interest rate swaps are funded. 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 March 31, 2017 and December 31, 2016 are shown below (dollars in thousands):
| 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)
March 31, 2017 | Interest rate swaps |  | Recurring |  | $ | (3,450 | ) |  | $ | — |  |  | $ | (3,450 | ) |  | $ | — |
December 31, 2016 | Interest rate swaps |  | Recurring |  | $ | (4,070 | ) |  | $ | — |  |  | $ | (4,070 | ) |  | $ | — |

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