Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v2.3.0.15
LONG-TERM DEBT (Tables)
 12 Months Ended
Sep. 30, 2011
LONG-TERM DEBT [Abstract]  
Long-Term Debt
Long-term debt at September 30, 2011 and 2010 consisted of the following:

   
2011
    
2010
  
Revolving credit facilities
   $ 281,593     $ 203,361  
Notes payable to banks
     31,193       27,359  
Short-term borrowings
     661       2,829  
Capital lease obligations
     3,737       3,780  
      317,184       237,329  
Less current maturities
     (18,014 )      (12,073 ) 
    $ 299,170     $ 225,256  
Interest Rate Swaps
The Company has entered into the following interest rate swaps:

Effective Date
Amount
Fixed Interest Rate
Interest Rate Spread at September 30, 2011
 
Maturity Date
September 2007
$25,000
4.77%
1.25%
September 2012
May 2008
  20,000
3.72%
1.25%
September 2012
October 2008
  20,000
3.46%
1.25%
October 2011
May 2011
  25,000
1.37%
1.25%
May 2014
October 2011
  25,000
1.67%
1.25%
October 2015
November 2011
  25,000
2.13%
1.25%
November 2014
March 2012
  25,000
2.44%
1.25%
March 2015
September 2012
  25,000
3.03%
1.25%
December 2015
November 2012
  25,000
1.33%
1.25%
November 2015

Derivatives Designated as Hedging Instruments
The following derivatives are designated as hedging instruments:

Liability Derivatives
      
Balance Sheet Location:
  
2011
    
2010
  
Current liabilities:
            
Other current liabilities
   $ 2,061     $ 2,623  
Long-term liabilities:
                
Other liabilities
     5,100       1,822  
Total derivatives
   $ 7,161     $ 4,445  
 
Gain (Loss) Recognized on Derivatives
The income recognized on derivatives was as follows:

   
Location of
  
Amount of
Derivatives in
  
Gain or (Loss)
  
Loss
Cash Flow Hedging
  
Recognized in
  
Recognized in Income
Relationships
  
Income on Derivative
  
on Derivatives
       
2011
  
2010
             
Interest rate swaps
  
Interest expense
  
$(2,600)
  
$(3,669)

The Company recognized the following gains or losses in AOCL:

           
Amount of Gain
       
Location of Gain
  
or (Loss)
       
or (Loss)
  
Reclassified from
Derivatives in
  
Amount of Loss
  
Reclassified from
  
AOCL
Cash Flow
  
Recognized in
  
AOCL
  
into Income
Hedging
  
AOCL on Derivatives
  
into Income
  
(Effective Portion*)
Relationships
  
2011
  
2010
  
(Effective Portion*)
  
2011
  
2010
                     
Interest rate swaps
  
$(3,246)
  
$(1,467)
  
Interest expense
  
$(1,586)
  
$(2,238)
                     
*There is no ineffective portion or amount excluded from effectiveness testing.
Aggregate Maturities of Long-Term Debt
Aggregate maturities of long-term debt, including short-term borrowings and capital leases, follows:

2012
   $ 18,014  
2013
     7,271  
2014
     9,000  
2015
     282,245  
2016
     562  
Thereafter
     92  
    $ 317,184