Notes and Contracts Payable

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Notes and Contracts Payable

Note 7 – Notes and Contracts Payable

In September 2016, the Company borrowed $160.0 million under its credit facility to fund acquisitions and to partially fund its obligation in connection with the termination of its pension plan. As a result, the Company’s available borrowing capacity under its credit facility was reduced from $700.0 million to $540.0 million. At September 30, 2016, outstanding borrowings under the facility totaled $160.0 million at an interest rate of 2.28%. See Note 10 Employee Benefit Plans for further discussion of the Company’s pension termination and Note 15 Business Combinations for further discussion of the Company’s acquisitions.