Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v2.4.0.8
LONG-TERM DEBT (Tables)
 12 Months Ended
Sep. 30, 2013
LONG-TERM DEBT [Abstract]  
Long-Term Debt
Long-term debt at September 30, 2013 and 2012 consisted of the following:

   
2013
    
2012
  
Revolving credit facilities
   $ 335,420     $ 281,323  
Notes payable to banks
     21,530       26,626  
Short-term borrowings
     7,639       4,322  
Capital lease obligations
     9,093       7,443  
      373,682       319,714  
Less current maturities
     (22,614 )      (21,566 ) 
    $ 351,068     $ 298,148  
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, 2013
 
Maturity Date
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
June 2012
  40,000
1.88%
1.25%
June 2022
August 2012
  35,000
1.74%
1.25%
June 2022
September 2012
  25,000
3.03%
1.25%
December 2015
September 2012
  25,000
1.24%
1.25%
March 2017
November 2012
  25,000
1.33%
1.25%
November 2015

Derivatives Designated as Hedging Instruments
At September 30, 2013 and 2012, the interest rate swap contracts were reflected in the consolidated balance sheets as follows:

Liability Derivatives
      
Balance Sheet Location:
  
2013
    
2012
  
Current assets
            
Other current assets
   $ 427     $ -  
Long-term assets
                
Other assets
     3,309       -  
Current liabilities:
                
Other current liabilities
     2,590       2,851  
Long-term liabilities:
                
Other liabilities
     2,054       6,282  
Total derivatives
   $ 908     $ 9,133  
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
   
2013
  
2012
         
Interest rate swaps
Interest expense
$(4,170)
  
$(3,418)

The Company recognized the following losses in accumulated other comprehensive loss (“AOCL”):

               
       
Location of Gain
  
Amount of Loss
  
       
or (Loss)
  
Reclassified from
  
Derivatives in
  
Amount of Gain or
  
Reclassified from
  
AOCL
  
Cash Flow
  
(Loss) Recognized in
  
AOCL
  
into Income
  
Hedging
  
AOCL on Derivatives
  
into Income
  
(Effective Portion*)
  
Relationships
  
2013
    
2012
  
(Effective Portion*)
  
2013
    
2012
  
                           
Interest rate swaps
     $2,474       $(3,288)  
Interest expense
     $(2,544)       $(2,085)  
                                   
*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:

2014
   $ 22,614  
2015
     34,785  
2016
     5,032  
2017
     1,623  
2018
     306,365  
Thereafter
     3,263  
    $ 373,682