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Derivative Financial Instruments
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3 Months Ended | |||
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Mar. 31, 2013
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| Derivative Financial Instruments [Abstract] | ||||
| Derivative Financial Instruments |
The Company used derivative instruments to manage interest rate risk and had previously designated an interest rate swap as a cash flow hedge of interest expense related to variable-rate long-term debt. To the extent this hedging relationship was effective; changes in the fair value of the interest rate swap were recorded in Accumulated Other Comprehensive Loss (“AOCL”). Amounts were reclassified from AOCL to interest expense in the period when the hedged forecasted transaction affects earnings. The Company terminated this interest rate swap in December 2012 and has no outstanding derivative contracts as of December 31, 2012 or March 31, 2013. As of March 31, 2012, the Company had a single interest rate swap liability outstanding with a fair market value of 0.3 million, classified in Derivative Liabilities. This swap had a notional value at March 31, 2012 of $14.9 million. The Company measured the fair value of its interest rate swap using Level 2 fair value measurement inputs which are observable in the market. There were no reclassifications among fair value measurement levels during the period ended March 31, 2012. During the three month period ended March 31, 2012, changes in the fair value of the derivative and reclassifications from AOCL to earnings were insignificant.
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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