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Subsequent Events
 9 Months Ended
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%