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LONG-TERM DEBT (Tables) | 12 Months Ended
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Sep. 30, 2015
LONG-TERM DEBT [Abstract] |
Long-Term Debt | Long-term debt at September 30, 2015 and 2014 consisted of the following:
|  | 2015 |  |  | 2014 |
Revolving credit facilities |  | $ | 884,254 |  |  | $ | 702,055 |
Notes payable to banks |  |  | 8,506 |  |  |  | 13,315 |
Short-term borrowings |  |  | 5,199 |  |  |  | 6,410 |
Capital lease obligations |  |  | 4,995 |  |  |  | 7,475 |
|  |  | 902,954 |  |  |  | 729,255 |
Less current maturities |  |  | (11,737 | ) |  |  | (15,228 | )
|  | $ | 891,217 |  |  | $ | 714,027 |
Interest Rate Swaps | The Company has entered into the following interest rate swaps:
Effective Date | Amount | Fixed Interest Rate | Interest Rate Spread at September 30, 2015 | Maturity Date
October 2011 | $25,000 | 1.67% | 1.75% | October 2015
June 2012 | 40,000 | 1.88% | 1.75% | June 2022
August 2012 | 35,000 | 1.74% | 1.75% | June 2022
September 2012 | 25,000 | 3.03% | 1.75% | December 2015
September 2012 | 25,000 | 1.24% | 1.75% | March 2017
November 2012 | 25,000 | 1.33% | 1.75% | November 2015
May 2014 | 25,000 | 1.35% | 1.75% | May 2018
November 2014 | 25,000 | 1.26% | 1.75% | June 2018
March 2015 | 25,000 | 1.49% | 1.75% | March 2019
September 2015 | 25,000 | 1.39% | 1.75% | September 2020
December 2015 | 25,000 | 1.59% | 1.75% | December 2020
Derivatives Designated as Hedging Instruments | At September 30, 2015 and 2014, the interest rate swap contracts were reflected on a gross-basis in the consolidated balance sheets as follows:
Derivatives |  | 2015 |  |  | 2014 |
Current assets |  |  |  |  |  |
Other current assets |  | $ | -- |  |  | $ | 324 |
Long-term assets |  |  |  |  |  |  |  |
Other assets |  |  | -- |  |  |  | 2,133 |
Current liabilities: |  |  |  |  |  |  |  |
Other current liabilities |  |  | (1,165 | ) |  |  | (1,808 | )
Long-term liabilities: |  |  |  |  |  |  |  |
Other liabilities |  |  | (2,521 | ) |  |  | (319 | )
Total derivatives |  | $ | (3,686 | ) |  | $ | 330 |
Loss Recognized on Derivatives | The loss recognized on derivatives was as follows:
| Location of | Amount of
Derivatives in | Loss | Loss
Cash Flow Hedging | Recognized in | Recognized in Income
Relationships | Income on Derivatives | on Derivatives
|  | 2015 | 2014
Interest rate swaps | Interest expense | $(3,922) | $(4,318)
The Company recognized the following losses in AOCI:
|  |  |  | Location of Gain |  | Amount of Loss |
|  |  |  | or (Loss) |  | Reclassified from |
Derivatives in |  | Amount of |  | Reclassified from |  | AOCI |
Cash Flow |  | Loss Recognized in |  | AOCI |  | into Income |
Hedging |  | AOCI on Derivatives |  | into Income |  | (Effective Portion*) |
Relationships |  | 2015 |  |  | 2014 |  | (Effective Portion*) |  | 2015 |  |  | 2014 |
Interest rate swaps |  |  | $(4,841) |  |  |  | $(1,879) |  | Interest expense |  |  | $(2,392) |  |  |  | $(2,634) |
*There is no ineffective portion or amount excluded from effectiveness testing. |
Aggregate Maturities of Long-Term Debt | Aggregate maturities of long-term debt, including short-term borrowings and capital leases, follows:
2016 |  | $ | 11,737 |
2017 |  |  | 29,979 |
2018 |  |  | 857,974 |
2019 |  |  | 212 |
2020 |  |  | 222 |
Thereafter |  |  | 2,830 |
|  | $ | 902,954 |

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