Derivative Instruments

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

In December 2012, the Company entered into an interest rate swap agreement to fix the LIBOR-based variable portion of the interest rate on its Term Loan A Facility at 0.74%, beginning February 2013. The interest rate swap amortizes with the Term Loan A facility payments and as of June 30, 2015 the interest rate swap had a total notional amount of $151.3 million. The interest rate swap expires on October 11, 2017, and at inception the Company designated the swap agreement as a cash flow hedge.

As of June 30, 2015 and December 31, 2014, the fair value carrying amount of the Company's derivative instrument is recorded as follows:

		Asset / (Liability) Derivatives
	Balance Sheet Caption	June 30, 2015			December 31, 2014
		(dollars in thousands)
Derivatives designated as hedging instruments
Interest rate swap	Other assets	$	570		$	1,270
Interest rate swap	Accrued liabilities	(320		)	(180		)
Total derivatives designated as hedging instruments		$	250		$	1,090

The following tables summarize the income recognized in accumulated other comprehensive income ("AOCI"), the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings for the three and six months ended June 30, 2015 and 2014:

	Amount of Income Recognized in AOCI on Derivative (Effective Portion, net of tax)					Amount of Loss Reclassified from AOCI into Earnings
						Three months ended June 30,						Six months ended June 30,
	As of June 30, 2015		As of December 31, 2014		Location of Loss Reclassified from AOCI into Earnings (Effective Portion)	2015			2014			2015			2014
	(dollars in thousands)					(dollars in thousands)
Derivatives designated as hedging instruments
Interest rate swap	$	150	$	680	Income from discontinued operations	$	(220	)	$	(250	)	$	(440	)	$	(490	)

Over the next 12 months, the Company expects to reclassify approximately $0.3 million of pre-tax deferred losses from AOCI to interest expense as the related interest payments for the designated interest rate swap are funded.

The fair value of the Company's derivatives are estimated using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of the Company's interest rate swap use observable inputs such as interest rate yield curves. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 are shown below.  

	Description	Frequency	Asset / (Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
			(dollars in thousands)
June 30, 2015	Interest rate swap	Recurring	$	250	$	—	$	250	$	—
December 31, 2014	Interest rate swap	Recurring	$	1,090	$	—	$	1,090	$	—