Papa Johns 2011 Annual Report Download - page 76

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71
7. Debt and Credit Arrangements (continued)
The following tables provide information on the location and amounts of our swaps in the accompanying
consolidated financial statements (in thousands):
Fair Values of Derivative Instruments
Derivatives designated as hedging instruments:
Balance Sheet Location
Fair Value
Dec. 25, 2011 Balance Sheet Location
Fair Value
Dec. 26, 2010
Interest rate swaps
Other long-term assets
11
$
Other long-term liabilities
313
$
There were no derivatives that were not designated as hedging instruments under the provisions of the
ASC topic, Derivatives and Hedging.
Asset Derivatives Liability Derivatives
Effect of Derivative Instruments on the Consolidated Financial Statements
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:
2011 165$ Interest expense (341)$ Interest expense 65$
2010 2,404$ Interest expense (4,131)$ Interest expense (25)$
2009 1,388$ Interest expense (4,037)$ Interest expense (40)$
*A portion of our second interest rate swap became over-hedged in 2009 since the outstanding debt balance
associated with this swap was $49 million (floating rate debt of the swap was $50 million).
The weighted average interest rates for the credit facilities, including the impact of the previously
mentioned swap agreements, were 1.9%, 5.2% and 4.8% in fiscal 2011, 2010 and 2009, respectively.
Interest paid, including payments made or received under the swaps, was $1.6 million in 2011, $5.4
million in 2010 and $5.5 million in 2009.