Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v3.3.0.814
LONG-TERM DEBT (Tables)
 12 Months Ended
Sep. 30, 2015
LONG-TERM DEBT [Abstract]  
Long-Term Debt
Long-term debt at September 30, 2015 and 2014 consisted of the following:

   
2015
    
2014
  
Revolving credit facilities
  
$
884,254
    
$
702,055
  
Notes payable to banks
    
8,506
      
13,315
  
Short-term borrowings
    
5,199
      
6,410
  
Capital lease obligations
    
4,995
      
7,475
  
     
902,954
      
729,255
  
Less current maturities
    
(11,737
)
    
(15,228
)
   
$
891,217
    
$
714,027
  
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, 2015
 
Maturity Date
October 2011
  $25,000
1.67%
1.75%
October 2015
June 2012
  40,000
1.88%
1.75%
June 2022
August 2012
  35,000
1.74%
1.75%
June 2022
September 2012
  25,000
3.03%
1.75%
December 2015
September 2012
  25,000
1.24%
1.75%
March 2017
November 2012
  25,000
1.33%
1.75%
November 2015
May 2014
  25,000
1.35%
1.75%
May 2018
November 2014
  25,000
1.26%
1.75%
June 2018
March 2015
  25,000
1.49%
1.75%
March 2019
September 2015
  25,000
1.39%
1.75%
September 2020
December 2015
  25,000
1.59%
1.75%
December 2020
Derivatives Designated as Hedging Instruments
At September 30, 2015 and 2014, the interest rate swap contracts were reflected on a gross-basis in the consolidated balance sheets as follows:

Derivatives
  
2015
    
2014
  
Current assets
        
Other current assets
  
$
--
    
$
324
  
Long-term assets
                
Other assets
    
--
      
2,133
  
Current liabilities:
                
Other current liabilities
    
(1,165
)
    
(1,808
)
Long-term liabilities:
                
Other liabilities
    
(2,521
)
    
(319
)
Total derivatives
  
$
(3,686
)
  
$
330
  
                 
Loss Recognized on Derivatives
The loss recognized on derivatives was as follows:

 
Location of
Amount of
Derivatives in
Loss
Loss
Cash Flow Hedging
Recognized in
Recognized in Income
Relationships
Income on Derivatives
on Derivatives
   
    2015
2014
             
Interest rate swaps
Interest expense
$(3,922)
$(4,318)

The Company recognized the following losses in AOCI:

           
     
Location of Gain
  
Amount of Loss
  
     
or (Loss)
  
Reclassified from
  
Derivatives in
  
Amount of
  
Reclassified from
  
AOCI
  
Cash Flow
  
Loss Recognized in
  
AOCI
  
into Income
  
Hedging
  
AOCI on Derivatives
  
into Income
  
(Effective Portion*)
  
Relationships
  
2015
    
2014
  
(Effective Portion*)
  
2015
    
2014
  
                   
Interest rate swaps
  
 
$(4,841)
 
  
 
$(1,879)
 
Interest expense
  
 
$(2,392)
 
  
 
$(2,634)
 
                                   
*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:

2016
  
$
11,737
  
2017
    
29,979
  
2018
    
857,974
  
2019
    
212
  
2020
    
222
  
Thereafter
    
2,830
  
   
$
902,954