DERIVATIVES	12 Months Ended
Dec. 31, 2014
DERIVATIVES	NOTE F — DERIVATIVES The Company is a party to interest rate swap agreements with an aggregate notional amount of $25.4 million to manage interest rate exposure in connection with its variable interest rate borrowings. The hedge periods of these agreements commenced in March 2013 and expire in June 2018 and the notional amounts amortize over this period. The interest rate swap agreements were designated as cash flow hedges under ASC Topic No. 815. The effective portion of the fair value gain or loss on these agreements is recorded as a component of accumulated other comprehensive loss. The effect of recording these derivatives at fair value resulted in an unrealized gain of $13,000 and $241,000 and an unrealized loss of $272,000, net of taxes, for the years ended December 31, 2014, 2013 and 2012, respectively. No amounts recorded in accumulated other comprehensive loss are expected to be reclassified to interest expense in the next twelve months. The fair values of the derivatives have been obtained from the counterparties to the agreements and were based on Level 2 observable inputs using proprietary models and estimates about relevant future market conditions. The aggregate fair value of the Company’s interest derivative instruments was a liability of $32,000 and $54,000 at December 31, 2014 and December 31, 2013, respectively, and is included in accrued expenses and other long-term liabilities in the consolidated balance sheets. During 2014, the Company also entered into certain foreign exchange contracts, primarily to offset the earnings impact related to fluctuations in foreign currency exchange rates associated with inventory purchases denominated in foreign currencies. These foreign exchange contracts were not designated as hedges as required in order to apply hedge accounting. The changes in the fair values of these contracts were recorded in earnings immediately. As of December 31, 2014, there were no open foreign exchange contracts. Included in selling, general and administrative expenses in the consolidated statement of operations is a gain of $0.7 million related to these foreign exchange derivative contracts.

DERIVATIVES

12 Months Ended

Dec. 31, 2014

NOTE F — DERIVATIVES

The Company is a party to interest rate swap agreements with an aggregate notional amount of $25.4 million to manage interest rate exposure in connection with its variable interest rate borrowings. The hedge periods of these agreements commenced in March 2013 and expire in June 2018 and the notional amounts amortize over this period. The interest rate swap agreements were designated as cash flow hedges under ASC Topic No. 815. The effective portion of the fair value gain or loss on these agreements is recorded as a component of accumulated other comprehensive loss. The effect of recording these derivatives at fair value resulted in an unrealized gain of $13,000 and $241,000 and an unrealized loss of $272,000, net of taxes, for the years ended December 31, 2014, 2013 and 2012, respectively. No amounts recorded in accumulated other comprehensive loss are expected to be reclassified to interest expense in the next twelve months.

The fair values of the derivatives have been obtained from the counterparties to the agreements and were based on Level 2 observable inputs using proprietary models and estimates about relevant future market conditions. The aggregate fair value of the Company’s interest derivative instruments was a liability of $32,000 and $54,000 at December 31, 2014 and December 31, 2013, respectively, and is included in accrued expenses and other long-term liabilities in the consolidated balance sheets.

During 2014, the Company also entered into certain foreign exchange contracts, primarily to offset the earnings impact related to fluctuations in foreign currency exchange rates associated with inventory purchases denominated in foreign currencies. These foreign exchange contracts were not designated as hedges as required in order to apply hedge accounting. The changes in the fair values of these contracts were recorded in earnings immediately. As of December 31, 2014, there were no open foreign exchange contracts. Included in selling, general and administrative expenses in the consolidated statement of operations is a gain of $0.7 million related to these foreign exchange derivative contracts.