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Subsequent Events | 9 Months Ended
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Sep. 30, 2016
Subsequent Events [Abstract] |
Subsequent Events |
18. | Subsequent Events
Interest Rate Swap Agreements On November 3, 2016, the Company entered into three forward-fixed interest rate swap agreements to manage the interest rate risk associated with our outstanding variable-interest rate borrowings. Commencing on December 30, 2016, the Company will receive variable interest of 1-month LIBOR under these swaps and will pay fixed rates between 0.896% to 1.125% under these swap agreements, reducing a portion of the variability of the future interest payments associated with $800,000 of our borrowings. The derivative agreements do not qualify for hedge accounting treatment and as such future changes in the fair value of these derivatives will be marked-to-market within our consolidated statements of income. The notional amounts, fixed and variable interest rates and maturities of the swap agreements are as follows:
| Tranche A | Tranche B | Tranche C
Notional amount (USD) | 400,000 | 150,000 | 250,000
Amortization | 5% annually | N/A | N/A
Maturity date | 12/31/2020 | 12/31/2020 | 12/31/2018
Fixed interest rate | 1.108% | 1.125% | 0.896%

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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