The following table summarizes the Company’s total outstanding borrowings (in thousands):



	Amount Outstanding December 31,			Amount Outstanding December 31,
Description:	2016			2015
Term loan (1)	$	585,000		$	380,000
Revolver (1), (2)	115,000			440,000
Other (3)	2,500			5,000
Subtotal (4), (5)	702,500			825,000
Less: deferred financing fees	(8,109		)	(6,169		)
Net carrying amount	$	694,391		$	818,831


(1)	The contractual annual interest rate as of December 31, 2016 on both the term loan and the revolver was 2.15%, which consisted of a floating Eurodollar base rate of 0.77% plus a margin of 1.38%. However, the Company has interest rate swap contracts which effectively convert the floating eurodollar base rate to a fixed base rate on $700.0 million of borrowings (see below).


(2)	The Company had $1.1 billion of available borrowing capacity on the revolver (not including the expansion feature) as of December 31, 2016.

(3)

Consists of a State of Connecticut economic development loan with a 3.0% fixed rate of interest that matures in 2022. During 2016, $2.5 million of the $5.0 million original balance was extinguished after the Company met certain employment targets. As a result of the loan extinguishment, the Company recorded a gain of $2.5 million, which was recorded in Other income (expense), net in the Consolidated Statements of Operations.


(4)	As of December 31, 2016, $30.0 million of the debt was classified as short-term and $672.5 million was classified as long- term on the Consolidated Balance Sheet.


(5)	The weighted-average annual interest rate on the Company's outstanding debt as of December 31, 2016 was 2.80%, which includes the impact of the Company's interest swap contracts, which are discussed below.