Subsequent Events (Notes)

12 Months Ended

Dec. 31, 2018

Subsequent Event [Line Items]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

In January 2019, the Company completed five interest rate swap transactions with a total notional amount of $62.0 million to hedge its exposure to variability in cash flows on a portion of the Company’s floating-rate debt. The transactions swapped variable 90 day LIBOR to a fixed rate of 2.62% on average for terms of five to seven years. These transactions were designated as cash flow hedges for accounting purposes.

In February 2019, the Company secured a five year, $40.0 million term note with another bank to principally fund the cash needs of the pending acquisition of Trinity and LANB. Additionally, the Company increased its revolving line of credit with the same bank by $5 million to $25 million. The interest rate on the note and revolving line of credit is the one-month LIBOR rate plus 125 basis points.