Derivative Financial Instruments

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The following table presents pre-tax losses from changes in fair value of the Company's interest rate swaps, included in earnings (in thousands):

	Three Months Ended March 31,
	2015		2014
Loss reclassified from AOCI into net income from cash flow hedges (effective portion)	$	1,848	$	1,314
Loss recognized in income from de-designated derivative contracts	945		339
Derivative interest expense	$	2,793	$	1,653

As of March 31, 2015, $2.1 million of deferred losses on derivatives in AOCI are expected to be reclassified to earnings within the next 12 months. There were no losses recognized in AOCI from the effective portion of cash flow hedges during the three months ended March 31, 2015 or 2014.

Losses on cash flow hedging, reclassified out of AOCI into the consolidated income statements were as follows (in thousands):

		Three Months Ended March 31,
	Reclassified to:	2015			2014
Interest rate swaps	Derivative interest expense	$	1,848		$	1,314
Income tax (benefit) expense	Income tax expense	(711		)	(506		)
	Net income	$	1,137		$	808

Activities related to AOCI net of tax, are presented in the consolidated statement of stockholders' equity, and primarily pertain to derivative financial instruments. The tax effects are presented in the consolidated statements of comprehensive income. Activities related to foreign currency transactions were immaterial for the three months ended March 31, 2015 and 2014.