Swap settlements are recorded in the statement of income with the hedged item as interest
expense. During the years ended December 31, 2015 and 2014, $144,000 and $152,000,
respectively, was reclassified pre-tax from accumulated other comprehensive income (loss)
to interest expense as a result of swap settlements. We expect to reclassify approximately
$134,000, pre-tax, from accumulated other comprehensive income (loss) to interest expense
as a result of swap settlements, over the next twelve months.
Note 11 —- Accumulated Other Comprehensive Income
The following table presents changes in accumulated other comprehensive income by
component for the years ended December 31, 2015 and 2014:
Interest Rate Contract
(in thousands) 2015 2014
Beginning balance $ 180 = § 298
Other comprehensive income
before reclassifications (65) (209)
Amounts reclassified from
accumulated other
comprehensive income 86 91
Net current period other
comprehensive income 21 (118)
Ending balance $ 201s $ 180
The following table presents reclassifications out of accumulated other comprehensive
income for the years ended December 31, 2015 and 2014:
Amounts Reclassified Affected Line Item In
Details about Accumulated Other from Accumulated Other the Statement Where
Comprehensive Income Components Comprehensive Income Net Income is Presented
(in thousands) 2015 2014
Gain (loss) on cash flow hedges
Interest rate contracts $ 144 $ 152 Interest expense
(58) (61) Tax expense
Amounts reclassified from accumulated
other comprehensive income $ 86 | $ 9I Net of tax
33
