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, 2014
LONG-TERM DEBT [Abstract]  
Long-Term Debt
Long-term debt at September 30, 2014 and 2013 consisted of the following:

   
2014
    
2013
  
Revolving credit facilities
  
$
702,055
    
$
335,420
  
Notes payable to banks
    
13,315
      
21,530
  
Short-term borrowings
    
6,410
      
8,612
  
Capital lease obligations
    
7,475
      
9,093
  
     
729,255
      
374,655
  
Less current maturities
    
(15,228
)
    
(23,587
)
   
$
714,027
    
$
351,068
  
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, 2014
 
Maturity Date
October 2011
  $25,000
1.67%
1.75%
October 2015
November 2011
  25,000
2.13%
1.75%
November 2014
March 2012
  25,000
2.44%
1.75%
March 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
Derivatives Designated as Hedging Instruments
At September 30, 2014 and 2013, the interest rate swap contracts were reflected in the consolidated balance sheets as follows:

Derivatives
  
2014
    
2013
  
Current assets
        
Other current assets
  
$
324
    
$
427
  
Long-term assets
                
Other assets
    
2,133
      
3,309
  
Current liabilities:
                
Other current liabilities
    
(1,808
)
    
(2,590
)
Long-term liabilities:
                
Other liabilities
    
(319
)
    
(2,054
)
Total derivatives
  
$
330
    
$
(908
)
                 
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
   
  2014
2013
          
Interest rate swaps
Interest expense
$(4,318)
$(4,170)

The Company recognized the following losses in accumulated other comprehensive income ("AOCI"):

           
     
Location of Gain
  
Amount of Loss
  
     
or (Loss)
  
Reclassified from
  
Derivatives in
  
Amount of Gain or
  
Reclassified from
  
AOCI
  
Cash Flow
  
(Loss) Recognized in
  
AOCI
  
into Income
  
Hedging
  
AOCI on Derivatives
  
into Income
  
(Effective Portion*)
  
Relationships
  
2014
    
2013
  
(Effective Portion*)
  
2014
    
2013
  
                   
Interest rate swaps
  
 
$(1,879)
 
  
 
$2,474
  
Interest expense
  
 
$(2,634)
 
  
 
$(2,544)
 
                                   
*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:

2015
  
$
15,228
  
2016
    
6,115
  
2017
    
23,853
  
2018
    
680,803
  
2019
    
213
  
Thereafter
    
3,043
  
   
$
729,255