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Derivative Financial Instruments
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12 Months Ended |
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Dec. 31, 2013
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| Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
| Derivative Financial Instruments |
Note 9 — Derivative Financial Instruments During the 2011 second quarter, we entered into two variable-to-fixed interest rate swap agreements as a strategy to manage the floating rate risk on the Term Loan borrowings under the Secured Credit Agreement. The two agreements fixed the interest rate on a notional amount of $73.0 million of borrowings at 3.878 percent for the period beginning June 27, 2011 and terminating May 14, 2013. The notional amount of the swap agreements decreased correspondingly with amortization of the Term Loan under the Prior Credit Agreement. We did not apply hedge accounting to the agreements and, accordingly, change in the fair value of the interest rate swaps were recognized in earnings. As of December 31, 2013 the swap agreements had expired and as of December 31, 2012, the fair value of the interest rate swap was a liability of $0.1 million and was recorded in accrued liabilities in our consolidated balance sheets. For the year ended December 31, 2013, we recognized in earnings a nominal gain relating to these contracts. For both years ended December 31, 2012 and December 31, 2011 we recognized a nominal loss, relating to these contracts. |
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- Definition
The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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