The Company’s total outstanding borrowings for the periods indicated were as follows (in thousands):



	Balance			Balance
	September 30,			December 31,
Description:	2016			2015
Term loans (1)	$	592,500		$	380,000
Revolver loans (1), (2)	147,500			440,000
Other (3)	5,000			5,000
Subtotal (4)	$	745,000		$	825,000
Less: deferred financing fees (5)	(8,595		)	—
Net carrying amount	$	736,405		$	825,000

(1)

The contractual annualized interest rate as of September 30, 2016 on both the term loan and the revolver was 1.90%, which consisted of a floating eurodollar base rate of 0.52% plus a margin of 1.38%. However, the Company has outstanding interest rate swap contracts, accounted for as cash flow hedges, which effectively convert the floating eurodollar base rates to a fixed base rate on $700.0 million of borrowings (see below).


(2)	The Company had $1.05 billion of available borrowing capacity on the revolver (not including the expansion feature) as of September 30, 2016.

(3)

Consists of a $5.0 million State of Connecticut economic development loan with a 3.00% fixed rate of interest. The loan was originated in 2012 and has a 10 year maturity. Principal payments are deferred for the first five years and the loan may be repaid at any point by the Company without penalty. The loan has a principal forgiveness provision in which up to $2.5 million of the loan may be forgiven if the Company meets certain employment targets during the first five years of the loan. In October 2016, the Company was notified that it had met these targets and was entitled to a loan forgiveness credit of $2.5 million, which will be recognized in the fourth quarter of 2016.


(4)	The average annual effective rate on the Company's total debt outstanding for the nine months ended September 30, 2016, including the effect of the interest rate swaps discussed below, was approximately 2.77%.


(5)	Includes $5.0 million of deferred financing fees related to the 2016 Credit Agreement and fees previously classified in Other Assets. The fees are being amortized to Interest Expense, net over the term of the 2016 Credit Agreement.