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Derivative Financial Instruments (Tables)
6 Months Ended
Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosures  
Offsetting Assets and Liabilities
The following table represents our gross and net derivative assets and liabilities:

(In thousands)
Gross Amount Presented on the Consolidated Balance Sheets
 
Netting Adjustments (a)
 
Net Amount
March 31, 2014
 
 
 
 
 
Derivative assets
$
191

 
$
(191
)
 
$

Derivative liabilities
(2,193
)
 
191

 
(2,002
)
 
 
 
 
 
 
September 30, 2013
 
 
 
 
 
Derivative assets
$

 
$

 
$

Derivative liabilities
(1,586
)
 

 
(1,586
)

(a) We have agreements in place with some of our financial trading counterparties that allow for the financial right of offset for derivative assets and derivative liabilities under the agreements.
Designated as Hedging Instrument | Cash Flow Hedging
 
Derivative Instruments and Hedging Activities Disclosures  
Fair Value of Cash Flow Hedge Derivative Contracts Included in the Consolidated Balance Sheets
The following table presents the fair value of our derivative contracts designated as cash flow hedging instruments included in our Condensed Consolidated Balance Sheets as of March 31, 2014 and September 30, 2013:
 
 
Asset Derivatives
 
Liability Derivatives
(In thousands)
 
 
March 31, 2014
 
September 30, 2013
 
 
 
March 31, 2014
 
September 30, 2013
Derivative contracts designated as cash flow hedging instruments
Balance Sheet Location
 
Fair Value
 
Fair Value
 
Balance Sheet Location
 
Fair Value
 
Fair Value
Short-term interest rate swaps
Prepaid expenses and deferred costs
 
$

 
$

 
Accrued liabilities
 
$
1,303

 
$
1,586

Long-term interest rate swaps
Deferred costs and other assets
 
191

 

 
Other long-term liabilities
 

 

Short-term foreign exchange forward currency contracts
Prepaid expenses and deferred costs
 

 

 
Accrued liabilities
 
453

 

Long-term foreign exchange forward currency contracts
Deferred costs and other assets
 

 

 
Other long-term liabilities
 
437

 

Total derivatives designated as cash flow hedging instruments
 
 
$
191

 
$

 
 
 
$
2,193

 
$
1,586

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table presents the gains and losses on our derivative contracts designated as cash flow hedging instruments on our Condensed Consolidated Statements of Operations and Condensed Statements of Comprehensive Income for three and six months ended March 31, 2014 and the three and six months ended March 31, 2013:
Derivative contracts designated as cash flow hedging instruments
Amount of Gain or (Loss) Recognized in AOCI on Derivative
 
(Effective Portion)
 
Location of Gain or (Loss) Reclassified from AOCI in Income

 
Amount of Gain or (Loss) Reclassified from AOCI into Income

(Effective Portion)
(In thousands)
Three Months Ended March 31,
 
 
 
Three Months Ended March 31,
 
2014

2013
 
 
 
2014
 
2013
Interest rate swaps
$
(457
)
 
$
18

 
Interest expense, net of capitalized interest
 
$
(451
)
 
$
(436
)
Foreign exchange forward currency contracts
(123
)
 

 
Contract drilling revenues & costs
 
(88
)
 

Total
$
(580
)
 
$
18

 
 
 
$
(539
)
 
$
(436
)
 
 
 
 
 
 
 
 
 
 
Derivative contracts designated as cash flow hedging instruments
Amount of Gain or (Loss) Recognized in AOCI on Derivative
 
(Effective Portion)
 
Location of Gain or (Loss) Reclassified from AOCI in Income

 
Amount of Gain or (Loss) Reclassified from AOCI into Income

(Effective Portion)
(In thousands)
Six Months Ended March 31,
 
 
 
Six Months Ended March 31,
 
2014
 
2013
 
 
 
2014
 
2013
Interest rate swaps
$
(435
)
 
$
(48
)
 
Interest expense, net of capitalized interest
 
$
(805
)
 
$
(874
)
Foreign exchange forward currency contracts
(889
)
 

 
Contract drilling revenues & costs
 
(116
)
 

Total
$
(1,324
)
 
$
(48
)
 
 
 
$
(921
)
 
$
(874
)