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฀
71
9.฀฀Debt฀and฀Credit฀Arrangements฀(continued)฀฀
฀
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:
฀฀฀2013 (32)$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ Interest฀expense (501)$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ Interest฀expense -$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
฀฀฀2012 (72)$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ Interest฀expense (150)$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ Interest฀expense -$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
฀฀฀2011 165$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ Interest฀expense (341)$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ Interest฀expense 65$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
฀
The฀ weighted฀ average฀ interest฀ rates฀ for฀ the฀ credit฀ facilities,฀ including฀ the฀ impact฀ of฀ the฀ previously฀
mentioned฀ swap฀ agreements,฀ were฀ 1.4%,฀ 1.3%฀ and฀ 1.9%฀ in฀ fiscal฀ 2013,฀ 2012฀ and฀ 2011,฀ respectively.฀
Interest฀paid,฀including฀payments฀made฀or฀received฀under฀the฀swaps,฀was฀$2.0฀million฀in฀2013,฀$967,000฀
in฀ 2012฀ and฀ $1.6฀ million฀ in฀ 2011.฀ As฀ of฀ December฀ 29,฀ 2013,฀ the฀ portion฀ of฀ the฀ $76,000฀ liability฀
associated฀with฀the฀interest฀rate฀swap฀that฀would฀be฀reclassified฀into฀earnings฀during฀the฀next฀12฀months฀
as฀interest฀expense฀approximates฀$17,000.฀
฀
10.฀฀Net฀Property฀and฀Equipment฀
฀
Net฀property฀and฀equipment฀consists฀of฀the฀following฀(in฀thousands):฀
฀
2013 2012
Land฀฀ 33,000$฀฀฀฀฀฀฀฀ 32,776$฀฀฀฀฀฀
Buildings฀and฀improvements 86,763฀฀฀฀฀฀฀฀฀฀ 86,219฀฀฀฀฀฀฀฀
Leasehold฀improvements 106,487฀฀฀฀฀฀฀฀ 96,652฀฀฀฀฀฀฀฀
Equipment฀and฀other 280,381฀฀฀฀฀฀฀฀ 249,055฀฀฀฀฀฀
Construction฀in฀progress 20,155฀฀฀฀฀฀฀฀฀฀ 23,262฀฀฀฀฀฀฀฀
Total฀property฀and฀equipment 526,786฀฀฀฀฀฀฀฀ 487,964฀฀฀฀฀฀
Accumulated฀depreciation฀and฀amortization฀ (314,689)฀฀฀฀฀฀฀ (291,303)฀฀฀฀฀
Net฀property฀and฀equipment 212,097$฀฀฀฀฀฀ 196,661$฀฀฀฀
฀
฀ ฀