Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v3.8.0.1
LONG-TERM DEBT (Tables)
 12 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt at September 30, 2017 and 2016 consisted of the following:
 
2017
 
2016
Revolving credit facilities
$
551,126

 
$
608,000

Securitization facility
95,825

 
—

Senior secured term loan
232,479

 
246,449

Notes payable to banks
21,831

 
5,301

Short-term borrowings
4,735

 
8,617

Capital lease obligations
5,134

 
4,187

 
911,130

 
872,554

Less current maturities
(29,528
)
 
(27,747
)
 
$
881,602

 
$
844,807

Interest Rate Contracts
The following table presents information related to interest rate contracts entered into by the Company and designated as cash flow hedges:
 
 
September 30, 2017
 
September 30, 2016
Pay fixed swaps - notional amount
 
$
414,063

 
$
403,125

Net unrealized gain (loss)
 
$
3,959

 
$
(5,834
)
Weighted-average maturity period (years)
 
3.3

 
3.9

Weighted-average received rate
 
1.23
%
 
0.53
%
Weighted-average pay rate
 
1.34
%
 
1.26
%

Interest Rate Swap Contracts Reflected in Consolidated Balance Sheets
At September 30, 2017 and 2016, the interest rate swap contracts were reflected on a gross-basis in the consolidated balance sheets as follows:

Derivatives:
2017
 
2016
Current assets:
 
 
 
Other current assets
$
1,098

 
$
43

Long-term assets:
 

 
 

Other assets
2,892

 
150

Current liabilities:
 

 
 

Other current liabilities
(7
)
 
(1,529
)
Long-term liabilities:
 

 
 

Other liabilities
(24
)
 
(4,498
)
Total derivatives
$
3,959

 
$
(5,834
)
Gains (Losses) Recognized on Derivatives
The gains (losses) recognized on derivatives was as follows:
Derivatives in Cash Flow Hedging Relationships
 
Location of Gain (Loss) Recognized in Income on Derivatives
 
Amount of Gain (Loss) Recognized in Income on Derivatives
 
 
 
 
2017
 
2016
 
2015
Interest rate swaps
 
Interest expense
 
$1,752
 
$(3,146)
 
$(3,922)

The Company recognized the following gains (losses) in AOCI:
Derivatives in Cash Flow Hedging Relationships
 
 Amount of Gain (Loss) Recognized in AOCI on Derivatives
 
Location of Gain or (Loss) Reclassified from AOCI into Income
 
Amount of Gain (Loss) Reclassified from AOCI into Income(Effective Portion*)
 
 
2017
 
2016
 
2015
 
(Effective Portion*)
 
2017
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$7,043
 
$(3,230)
 
$(4,841)
 
Interest expense
 
$1,069
 
$(1,919)
 
$(2,392)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*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, is as follows:

2018
$
29,528

2019
166,012

2020
25,487

2021
687,504

2022
242

Thereafter
2,357

 
$
911,130