Annual report pursuant to Section 13 and 15(d)

Debt and Capital Lease Obligations

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Debt and Capital Lease Obligations
 12 Months Ended
Dec. 31, 2015
Debt and Capital Lease Obligations [Abstract]  
Debt and Capital Leases Disclosures [Text Block]
Debt and Capital Lease Obligations

Credit Facilities
 
On February 4, 2015, the Company entered into a five-year senior, unsecured credit facility (the “Facility”) with a maximum aggregate principal amount of $275,000, including a revolving credit facility of $150,000 and a term loan facility of $125,000. The revolving credit facility has a sublimit of $25,000 for letters of credit and a sublimit of $15,000 for swing line loans. The revolving credit facility is scheduled to expire in February 2020 and may be used to refinance existing indebtedness of the Company and for working capital, capital expenditures and other general corporate purposes. Unless the Company elects otherwise under the credit agreement, interest on borrowings under the Facility are based on the highest of (a) the federal funds rate plus 0.5%, (b) the administrative agent's prime rate and (c) the LIBOR Rate plus 1.0%, in each case plus a margin that can range from 0.1% to 0.6% with respect to the term loan facility and from 0.3% to 0.8% with respect to the revolving credit facility depending on the Company’s ratio of consolidated funded indebtedness to earnings as set forth in the credit agreement. The Facility contains financial covenants and other covenants that, among other things, restrict the ability of the Company, without the approval of the lenders, to engage in certain mergers, consolidations, asset sales, investments, transactions or to incur liens or indebtedness, as set forth in the credit agreement. As of December 31, 2015, the Company had no borrowings outstanding under the revolving credit facility. At December 31, 2015, the Company had utilized $11,048 of availability for outstanding letters of credit and had $138,952 of available borrowing capacity outstanding under the revolving credit facility.  

In conjunction with the acquisition of Towne (see note 2), the Company borrowed $125,000 on the available term loan. The term loan is payable in quarterly installments of 11.1% of the original principal amount of the term loan plus accrued and unpaid interest, and matures in March 2017. The interest rate on the term loan was 1.5% at December 31, 2015. The remaining balance on the term loan was $83,338 as of December 31, 2015. Of that amount, $55,556 is a current liability as it will be paid during 2016. The remaining $27,782 will be paid in 2017.

Capital Leases

Through acquisitions, the Company assumed several equipment leases that met the criteria for classification as a capital lease.  The leased equipment is being amortized over the shorter of the lease term or useful life.

Property and equipment include the following amounts for assets under capital leases:
December 31,
2015

December 31,
2014
Equipment
$
635


$
793

Accumulated amortization
(105
)

(253
)

$
530


$
540



Amortization of assets under capital leases is included in depreciation and amortization expense.
    
Future minimum payments, by year and in the aggregate, under non-cancelable capital leases with initial or remaining terms of one year or more consist of the following at December 31, 2015:
2016
 
$
395

2017
 
395

2018
 
391

2019
 
325

2020
 
60

Thereafter
 
—

Total
 
1,566

Less amounts representing interest
 
161

Present value of net minimum lease payments (including current portion of $331)
 
$
1,405


Interest Payments

Interest payments during 2015, 2014 and 2013 were $2,017, $495 and $482, respectively.  No interest was capitalized during the years ended December 31, 2015, 2014 and 2013.