Derivative Instruments and Hedging Activities |
9 Months Ended |
|---|---|
Sep. 30, 2016 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities On September 16, 2014, the Company purchased an interest rate swap ("New Swap") with a notional amount of $220 million. The New Swap is effective April 1, 2016 through June 6, 2021, the termination date of the 2014 Term Loan. The agreement requires the Company to pay interest on the notional amount at the rate of 2.97% in exchange for the three-month LIBOR rate. At September 30, 2016 and December 31, 2015, this Swap had a fair value loss of $18.7 million and $13.0 million, respectively, principally reflecting the present value of future payments and receipts under the agreement. On October 31, 2011, the Company purchased a three-year interest rate swap (the "Swap") with a notional amount of $200 million effective January 1, 2014 through March 31, 2016. The agreement requires the Company to pay interest on the notional amount at the rate of 2.49% in exchange for the three-month LIBOR rate, with a floor of 1.5%. At December 31, 2015, the Swap had a fair value loss of $0.5 million. A final payment under the Swap of $0.5 million was made on March 31, 2016 when the Swap contract ended. The Company did not elect hedge accounting for the above derivative transactions and as a result, periodic mark-to-market changes in fair value are reflected as a component of interest expense in the consolidated statement of operations. |