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Other Assets
12 Months Ended
Dec. 31, 2015
Other Assets [Abstract]  
Other Assets

Note 6 — Other Assets

Other Assets at December 31, 2015 and 2014 consisted of the following:

 

 

 

December 31,

 

(in thousands)

 

2015

 

 

2014

 

Collateral investments

 

$

1,783

 

 

$

3,624

 

Deferred costs, less current portion

 

 

1,479

 

 

 

828

 

Deferred financing costs - revolving credit facility

 

 

892

 

 

 

—

 

Other

 

 

663

 

 

 

834

 

Other assets

 

$

4,817

 

 

$

5,286

 

 

Deferred Financing Costs

At December 31, 2015, deferred financing costs relate to costs incurred with the issuance in December 2015 of the Company’s $30.0 million Revolving Credit Facility.  As discussed in Note 2 – Significant Accounting Policies, the Company has elected to early adopt ASU 2015-03 and 2015-15 retrospectively during the quarter ended December 31, 2015.  See Note 11 – Long-Term Debt for additional information regarding the Company’s long-term debt and the related deferred financing costs.

Collateral Investments

At December 31, 2014, the Company had $2.7 million in certificates of deposit serving as collateral for its outstanding letters of credit associated with the build-to-suit lease, credit collections, and workers’ compensation activity.  

During the fourth quarter of 2015, the Company entered into agreements to terminate its build-to-suit lease and to terminate the related sublease.  The Company had been required to hold an outstanding letter of credit in the amount $1.0 million to secure the lease, the collateral for which was included in Other Assets as of December 31, 2014.   In connection with the lease termination, the Company has been released from the letter of credit requirement and converted the collateral investment into cash during the fourth quarter of 2015.  As a result of this and other reductions, at December 31, 2015, the Company had $0.9 million in certificates of deposit serving as collateral for credit collections and workers’ compensation activity.  See Note 16 – Commitments and Contingencies for additional information regarding the Company’s outstanding letters of credit and Note 9 – Leases for additional information regarding the Company’s termination of the build-to-suit lease.

Additionally, the Company maintains a money market fund investment to serve as collateral for a travel card program.  The balance of the money market fund investment was $0.9 million at December 31, 2015 and 2014.