XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Bank Debt | 12 Months Ended
--- | ---
Dec. 31, 2015
Bank Debt [Abstract] |
BANK DEBT | 9. BANK DEBT We have in place certain credit facilities with TD Bank, N.A. (a wholly owned subsidiary of TD Financial Group, which is a multinational bank with approximately $944 billion in assets and over 22 million clients worldwide) which are secured by substantially all of our assets. Proceeds from the $1,000,000 mortgage note were received during the third quarter of 2010. Based on a 15-year amortization schedule, a balloon principal payment of approximately $451,885 will be due during the third quarter of 2020. Proceeds from the $2,500,000 mortgage note were received during the third quarter of 2015. Based on a 20-year amortization schedule, a balloon principal payment of approximately $1,550,007 will be due during the third quarter of 2025. We hedged our interest rate exposure on these mortgage notes with interest rate swap agreements that effectively converted floating interest rates based on the one-month LIBOR plus a bank profit margin to the fixed rates of 6.04% and 4.38%, respectively. As of December 31, 2015, the variable rates on these two mortgage notes were 3.57% and 2.65%, respectively. All derivatives are recognized on the balance sheet at their fair value. At the time of the closings and thereafter, the agreements were determined to be highly effective in hedging the variability of the identified cash flows and have been designated as cash flow hedges of the variability in the hedged interest payments. Changes in the fair value of the interest rate swap agreements are recorded in other comprehensive (loss) income, net of taxes. The original notional amounts of the interest rate swap agreements of $1,000,000 and $2,500,000 amortize in accordance with the amortization of the mortgage notes. The notional amount of the interest rate swaps was $3,226,549 as of December 31, 2015. Payments required by the interest rate swaps totaled $32,515, $22,116 and $23,096 during the years ended December 31, 2015, 2014 and 2013 respectively. As the result of our decision to hedge this interest rate risk, we recorded other comprehensive (loss) income, net of taxes, in the amount of ($26,925), ($3,495) and $30,284 during the years ended December 31, 2015, 2014 and 2013, respectively, which reflects the change in the fair value of the interest rate swap assets (liabilities), net of taxes. The fair values of the interest rate swaps have been determined using observable market-based inputs or unobservable inputs that are corroborated by market data. Accordingly, the interest rate swaps are classified as level 2 within the fair value hierarchy provided in Codification Topic 820, Fair Value Measurements and Disclosures. Proceeds from a $600,000 note bearing interest at 4.25% were received during the first quarter of 2011. This note was repaid during the third quarter of 2015. The $500,000 line of credit is available as needed and has been extended through May 31, 2016 and is renewable annually thereafter. The line of credit was unused as of December 31, 2015, 2014 and 2013. Interest on any borrowings against the line of credit would be variable at the higher of 4.25% per annum or the one-month LIBOR plus 3.5% per annum. These credit facilities are subject to certain financial covenants. We are in compliance with all applicable covenants as of December 31, 2015. Principal payments due under debt outstanding as of December 31, 2015 are reflected in the following table by the year that payments are due:
Period |  | $1,000,000 Mortgage Note |  |  | $2,500,000 Mortgage Note |  |  | Total |
Year ending December 31, 2016 |  | $ | 57,384 |  |  | $ | 78,456 |  |  | $ | 135,840 |
Year ending December 31, 2017 |  |  | 61,056 |  |  |  | 82,308 |  |  |  | 143,364 |
Year ending December 31, 2018 |  |  | 64,876 |  |  |  | 86,097 |  |  |  | 150,973 |
Year ending December 31, 2019 |  |  | 68,908 |  |  |  | 89,997 |  |  |  | 158,905 |
Year ending December 31, 2020 |  |  | 493,696 |  |  |  | 94,005 |  |  |  | 587,701 |
After December 31, 2020 |  |  | 0 |  |  |  | 2,049,766 |  |  |  | 2,049,766 |
Total |  | $ | 745,920 |  |  | $ | 2,480,629 |  |  | $ | 3,226,549 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration