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DERIVATIVES AND HEDGING ACTIVITIES (Block) | 9 Months Ended
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Sep. 30, 2011
Derivative Instruments And Hedging Activities Disclosure Abstract |
Derivative Instruments And Hedging Activities Disclosure Text Block | 8. DERIVATIVES AND HEDGING ACTIVITIES The Company from time to time enters into derivative financial instruments, including interest rate exchange agreements (“Swaps”) and interest rate collar agreements (“Collars”), to manage its exposure to fluctuations in interest rates. Hedge Accounting Treatment During the period of an interest rate hedging relationship, the Company's variable rate debt is expected to be greater than the notional amount of the derivative rate hedging transactions. These transactions are tied to the one-month Eurodollar London Interbank Offered Rate (“LIBOR”) interest rate. Under a fixed rate swap, the Company pays a fixed rate on a notional amount to the counter-party, and the counter-party pays to the Company a variable rate on the notional amount equal to the Company's LIBOR borrowing rate. A C ollar establishes two separate agreements: an upper limit, or c ap, and a lower limit, or f loor, for the Company's LIBOR borrowing rate. As of September 30, 2011 and 2010, the Company had outstanding the aggregate notional amounts of $100.0 million and $475.0 million, respectively, of interest rate transactions that were hedged against the Company's variable rate senior debt. As of September 30, 2011, the Company had the following derivative outstanding:
Type |  |  |  |  |  |  | Fixed |  |
Of |  | Notional |  | Effective |  | LIBOR |  | Expiration
Hedge |  | Amount |  | Date |  | Rate |  | Date
|  | (amounts |  |  |  |  |  |
|  | (in millions) |  |  |  |  |  |
Swap |  | $ | 100.0 |  | May 28, 2008 |  | 3.62% |  | May 28, 2012
The following tables include t hose derivatives that expired during the periods indicated:
Nine Months Ended September 30, 2011
Type |  |  |  |  |  |  |  |  | Fixed |  |
Of |  | Notional |  | Effective |  |  |  | LIBOR |  | Expiration
Hedge |  | Amount |  | Date |  | Collar |  | Rate |  | Date
|  | (amounts |  |  |  |  |  |  |  |
|  | (in millions) |  |  |  |  |  |  |  |
Swap |  | $ | 150.0 |  | January 28, 2008 |  | n/a |  | 3.03% |  | January 28, 2011
Collar |  |  | 100.0 |  | February 28, 2008 | [ | Cap |  | 4.00% | ] | February 28, 2011
|  |  | Floor |  | 2.14%
Swap |  | 0 | 125.0 |  | March 28, 2008 |  | n/a |  | 2.91% |  | September 28, 2011
|  |  | 375.0 |  |  |  |  |  |  |  |
Nine Months Ended September 30, 2010
Type |  |  |  |  |  |  |  |  | Fixed |  |
Of |  | Notional |  | Effective |  |  |  | LIBOR |  | Expiration
Hedge |  | Amount |  | Date |  | Collar |  | Rate |  | Date
|  | (amounts |  |  |  |  |  |  |  |
|  | (in millions) |  |  |  |  |  |  |  |
Swap |  | $ | 75.0 |  | January 28, 2008 |  | n/a |  | 3.03% |  | January 28, 2010
The following is a summary of the gains (losses) related to the Company's cash flow hedges for the periods indicated:
|  | Nine Months Ended
|  | September 30,
Description |  | 2011 |  | 2010
|  | (amounts in thousands)
Type Of Derivative Designated As A Cash Flow Hedge |  | Interest Rate |  | Interest Rate
Amount Of Gain (Loss) Recognized In Other |  |  |  |  |  |
Comprehensive Income (Loss) ("OCI") |  | $ | 5,129 |  | $ | 3,159
Location Of Gain (Loss) Reclassified From OCI To |  |  |  |  |  |
Statement Of Operations |  | Interest Expense |  | Interest Expense
Amount Of Gain (Loss) Reclassified From OCI To |  |  |  |  |  |
Statement Of Operations |  | $ | - |  | $ | -
Location Of Gain (Loss) In Statement Of Operations |  | Interest Expense |  | Interest Expense
Amount Of Gain (Loss) In Statement Of Operations |  |  |  |  |  |
Due To Ineffectiveness |  | $ | - |  | $ | -
|  | Three Months Ended
|  | September 30,
Description |  | 2011 |  |  | 2010
|  | (amounts in thousands)
Type Of Derivative Designated As A Cash Flow Hedge |  | Interest Rate |  | Interest Rate
Amount Of Gain (Loss) Recognized In Other |  |  |  |  |  |
Comprehensive Income (Loss) ("OCI") |  | $ | 1,679 |  | $ | 1,424
Location Of Gain (Loss) Reclassified From OCI To |  |  |  |  |  |
Statement Of Operations |  | Interest Expense |  | Interest Expense
Amount Of Gain (Loss) Reclassified From OCI To |  |  |  |  |  |
Statement Of Operations |  | $ | - |  | $ | -
Location Of Gain (Loss) In Statement Of Operations |  | Interest Expense |  | Interest Expense
Amount Of Gain (Loss) In Statement Of Operations |  |  |  |  |  |
Due To Ineffectiveness |  | $ | - |  | $ | -
T he gains and losses were recorded to the statement of comprehensive income (loss) as these derivatives qualified for hedge accounting treatment (s ee Note 14 for the net change in the fair value). The fair value of these derivatives was determined using observable market-based inputs (a L evel 2 measurement as described under Note 17) and the impact of the credit risk on a derivative's fair value (the creditworthiness of the transaction's counterparty for assets and the creditworthiness of the Company for liabilities). The Company does not expect to reclassify any portion of this amount to the statement of operations over the earlier of the expiration of the derivative or the next twelve months. The following table presents the accumulated derivative gain (loss) recorded in the statements of other comprehensive income (loss) as of the periods indicated:
| Fair Value Of Accumulated
| Derivatives Outstanding
| September 30, |  | December 31,
| 2011 |  | 2010
| Assets (Liabilities)
| (amounts in thousands)
Beginning balance as of January 1 | $ | (7,277) |  | $ | (13,432)
Net unrealized gain (loss) on derivatives, |  |  |  |  |
net of taxes (benefit) |  | 9,174 |  |  | 6,155
Ending balance | $ | 1,897 |  | $ | (7,277)
The following is a summary of the fair value of the derivatives outstanding as of the periods indicated:
|  |  | Fair Value
|  |  | September 30, |  | December 31,
| Balance Sheet |  | 2011 |  | 2010
| Location |  | Asset (Liability)
|  |  | (amounts in thousands)
Designated Derivatives |  |  |  |  |  |  |
Interest rate hedge transactions | Current liabilities |  | $ | (2,148) |  | $ | (2,958)
Interest rate hedge transactions | Other long-term liabilities |  | $ | - |  | $ | (4,319)

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 20: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 45 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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