Papa Johns 2014 Annual Report Download - page 86

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73
9. Debt and Credit Arrangements (continued)
The following table provides information on the location and amounts of our swaps in the accompanying
consolidated financial statements (in thousands):
Balance Sheet Location
Fair Value
Dec. 28,
2014
Fair Value
Dec. 29,
2013
Liability Derivatives
The effect of derivative instruments on the accompanying consolidated financial statements is as follows
(in thousands):
Derivatives -
Cash Flow
Hedging
Relationships
Amount of Gain
or (Loss)
Recognized in
Accumulated
OCI on
Derivative
(Effective
Portion)
Location of Gain
or (Loss)
Reclassified
from
Accumulated
OCI into Income
(Effective
Portion)
Amount of Gain
or (Loss)
Reclassified
from
Accumulated
OCI into Income
(Effective
Portion)
Location of Gain
or (Loss)
Recognized in
Income on
Derivative
(Ineffective
Portion and
Amount
Excluded from
Effectiveness
Testing)
Amount of Gain
or (Loss)
Recognized in
Income on
Derivative
(Ineffective
Portion and
Amount
Excluded from
Effectiveness
Testing)
Interest rate swaps:
2014 (164)$ Interest expense (996)$ Interest expense -$
2013 (32)$ Interest expense (501)$ Interest expense -$
2012 (72)$ Interest expense (150)$ Interest expense -$
The weighted average interest rates for the credit facility, including the impact of the previously
mentioned swap agreements, were 1.7%, 1.4% and 1.3% in fiscal 2014, 2013 and 2012, respectively.
Interest paid, including payments made or received under the swaps, was $3.7 million in 2014, $2.0
million in 2013 and $967,000 in 2012. As of December 28, 2014, the portion of the $376,000 liability
associated with the interest rate swap that would be reclassified into earnings during the next 12 months
as interest expense approximates $113,000.