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Interest Rate Caps
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Interest Rate Caps

Note 9. Interest Rate Caps

The Company has purchased interest rate cap contracts with an aggregate notional principal amount of $200.0 million and 2.50% strike rates against the one-month LIBOR. $150.0 million of these contracts expire in April 2018, with the remaining $50.0 million expiring in March 2019. When the one-month LIBOR exceeds 2.50%, the counterparty reimburses the Company for the excess over 2.50%. No payment is required by the Company or the counterparty when the one-month LIBOR is below 2.50%. The following is a summary of changes in the rate caps:

 

     December 31,  
In thousands    2016      2015  

Balance at beginning of period

    $ 120       $ —     

Purchases

      112         577   

Fair value adjustment included as an (increase) in interest expense

      (170 )       (457 ) 
  

 

 

     

 

 

  

Balance at end of period, included in other assets

    $ 62       $ 120