|
Derivative Financial Instruments
|
6 Months Ended | ||
|---|---|---|---|
|
Jun. 30, 2012
|
|||
| Derivative Financial Instruments [Abstract] | |||
| Derivative Financial Instruments |
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 Credit Agreement. The two agreements fix the interest rate on a notional amount of $73.0 million of borrowings at 3.878% for the period beginning June 27, 2011 and terminating May 14, 2013. The notional amount of the swap agreements will decrease correspondingly with amortization of the Term Loan. We do not apply hedge accounting to the agreements and, accordingly, we report the mark-to-market change in the fair value of the interest rate swaps in earnings. For the three months ended June 30, 2012, we recognized in earnings a nominal gain relating to these agreements compared to a $0.1 million loss for the quarter ended June 30, 2011. For the six months ended June 30, 2012 and 2011, we recognized in earnings a nominal loss relating to these agreements.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- 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
|