also in the fourth quarter of 2013 , we acquired five stations in three new markets ( together with the stations acquired in the excalibur acquisition , the “ 2013 acquired stations ” ) . unless the context of the discussion requires otherwise , we refer to the 2015 acquired stations , the 2014 acquired stations and the 2013 acquired stations collectively as the “ acquired stations . ” 36 in addition , on september 14 , 2015 , we announced that we agreed to acquire the assets of all of the television and radio stations of schurz for approximately $ 442.5 million inclusive of working capital . on october 1 , 2015 , we announced the sale of the assets of certain television stations to facilitate regulatory approvals for the schurz acquisition , and we simultaneously announced the acquisition of the assets of two television stations through swap transactions as part of those divestitures . on november 2 , 2015 , we announced that we had reached agreements with three radio broadcasters to divest the assets of schurz 's radio stations to those third-parties upon the closing of the schurz acquisition . on october 1 , 2015 , we also announced the acquisition of the assets of kyes-tv , which would be our second station in the anchorage , alaska television market . the kyes-tv acquisition , which remains pending , is excluded from the foregoing definition . on february 1 , 2016 , to facilitate regulatory approval of the schurz acquisition , we completed one swap transaction , the disposition of the assets of kake-tv in the wichita , kansas television market in exchange for the assets of wbxx-tv in the knoxville , tennessee television market . on february 16 , 2016 , we completed the remaining portions of the schurz acquisition and related transactions . the schurz acquisition and related transactions were funded by $ 425.0 million of borrowings under the 2016 term loan under our senior credit facility . proceeds from borrowings under the 2016 term loan were used to fund the cash purchase price and to pay a portion of the related fees and expenses . revenues , operations , cyclicality , seasonality and financing our operating revenues are derived primarily from broadcast and internet advertising and retransmission consent fees and , to a lesser extent , from other sources such as production of commercials , tower rentals and management fees . broadcast advertising is sold for placement either preceding or following a television station 's network programming and within local and syndicated programming . broadcast advertising is sold in time increments and is priced primarily on the basis of a program 's popularity among the specific audience an advertiser desires to reach , as measured by nielsen . in addition , broadcast advertising rates are affected by the number of advertisers competing for the available time , the size and demographic makeup of the market served by the station and the availability of alternative advertising media in the market area . broadcast advertising rates are generally the highest during the most desirable viewing hours , with corresponding reductions during other hours . the ratings of a local station affiliated with a major network can be affected by ratings of network programming . we also sell internet advertising on our stations ' websites . these advertisements may be sold as banner advertisements , pre-roll advertisements or video and other types of advertisements or sponsorships . 37 most advertising contracts are short-term , and generally run only for a few weeks . approximately 55 % of the net revenues of our television stations for the year ended december 31 , 2015 were generated from local advertising ( including political advertising revenues ) , which is sold primarily by a station 's sales staff directly to local accounts . approximately 14 % of the net revenues of our television stations for the year ended december 31 , 2015 were generated from national advertising , which is sold either by a station 's sales staff to national accounts or by a station 's national advertising sales representative to national accounts . the stations generally pay commissions to advertising agencies on local , regional and national advertising . the stations also pay commissions to the national sales representative on national advertising , including certain political advertising . broadcast advertising revenue is generally highest in the second and fourth quarters each year . this seasonality results partly from increases in advertising in the spring and in the period leading up to and including the holiday season . broadcast advertising revenue is also generally higher in even-numbered years , due to spending by political candidates , political parties and special interest groups during the “ on year ” of the two-year political advertising cycle . this political spending typically is heaviest during the fourth quarter of such years . our primary broadcasting operating expenses are employee compensation , related benefits and programming costs . in addition , the broadcasting operations incur overhead expenses , such as maintenance , supplies , insurance , rent and utilities . a large portion of the operating expenses of our broadcasting operations is fixed . our total revenue for 2015 increased from 2014. this was expected due primarily to the impact from our 2015 acquired stations and 2014 acquired stations . our retransmission consent revenue increased in 2015 compared to 2014 due to improved terms of our retransmission consent contracts , increased subscriber rates and the impact from our acquired stations . local and national advertising revenue in 2014 benefited from approximately $ 3.8 million earned from the broadcast of the 2014 winter olympic games on our then 14 nbc channels . story_separator_special_tag our average debt balance increased as a result of increased borrowings used to finance , in part , the acquisition of certain of the acquired stations . t he average interest rates on our total debt balances were 6.2 % and 6.0 % for 2014 and 2013 , respectively . story_separator_special_tag credit facility . during december 2014 , we made voluntary principal pre-payments totaling $ 67.0 million on the outstanding balance of the 2014 term loan under our senior credit facility ( the “ 2014 term loan ” ) and as a result we are not required to make any additional principal payments until the 2014 term loan matures on june 13 , 2021. retirement plans we sponsor and in some cases contribute to defined benefit and defined contribution retirement plans covering substantially all of our full-time employees . our defined benefit pension plans are the gray television , inc. retirement plan ( the “ gray pension plan ” ) as well as two plans assumed when we acquired the related businesses in prior years . effective july 1 , 2015 , monthly plan benefits under the gray pension plan were frozen and no longer increased after june 30 , 2015 , therefore all three of our defined benefit pension plans are frozen plans . our funding policy is consistent with the funding requirements of existing federal laws and regulations under the employee retirement income security act of 1974. a discount rate is selected annually to measure the present value of the benefit obligations . in determining the selection of a discount rate , we estimated the timing and amounts of expected future benefit payments and applied a yield curve developed to reflect yields available on high-quality bonds . the yield curve is based on an externally published index specifically designed to meet the criteria of united states generally accepted accounting principles ( “ u.s . gaap ” ) . the discount rate selected for determining benefit obligations as of december 31 , 2015 was 4.31 % , which reflects the results of this yield curve analysis . the discount rate used for determining benefit obligations as of december 31 , 2014 was 4.00 % . our assumptions regarding expected return on plan assets reflects asset allocations , the investment strategy and the views of investment managers , as well as historical experience . we use an assumed rate of return of 7.00 % for our assets invested in the gray pension plans . in 2015 , estimated asset returns for this plan , calculated on a mean market value assuming mid-year contributions and benefit payments , were a loss of 1.5 % , and in 2014 were a gain of 6.5 % . other significant assumptions relate to inflation , retirement and mortality rates . our inflation assumption is based on an evaluation of external market indicators . retirement and mortality rates are based on actual plan experience . during 2015 and 2014 , we contributed an aggregate of $ 5.4 million and $ 6.8 million , respectively , to our pension plans , and we anticipate making an aggregate contribution of approximately $ 2.3 million to such plans in 2016. the use of significantly different assumptions , or if actual experienced results differ significantly from those assumed , could result in our funding obligations being materially different . 47 see note 8 “ retirement plans ” of our audited consolidated financial statements included elsewhere herein for further information concerning the retirement plans . the gray television , inc. capital accumulation plan ( “ the capital accumulation plan ” ) is a defined contribution plan intended to meet the requirements of section 401 ( k ) of the internal revenue code . effective beginning on july 1 , 2015 , employer contributions under the capital accumulation plan include matching cash contributions at a rate of 100 % of the first 3 % of each employee 's salary deferral , and 50 % of the next 2 % of each employee 's salary deferral . in addition , the company , at its discretion , may make an additional profit sharing contribution , based on annual company performance , to those employees who meet certain criteria . during 2015 , we contributed an aggregate $ 1.8 million in employer matching contributions to the capital accumulation plan . in the year ended december 31 , 2015 we accrued , and in january 2016 we contributed , $ 1.6 million of profit sharing contributions to our capital accumulation plan . our contributions to our capital accumulation plan in 2014 were not significant . capital expenditures capital expenditures for the years ended december 31 , 2015 and 2014 were $ 24.2 million and $ 32.2 million , respectively . we expect that our capital expenditures will be approximately $ 40.0 million in the year ending december 31 , 2016. we expect to fund future capital expenditures with cash from operations . off-balance sheet arrangements operating commitments we have various operating lease commitments for equipment , land and office space . we also have commitments for various syndicated television programs . we have two types of syndicated television program contracts : first run programs and off network reruns . the first run programs are programs such as wheel of fortune and the off network programs are programs such as seinfeld . a difference between the two types of syndicated television programming is that the first run programs have not been produced at the time the contract to air such programming is signed but the off network programs have already been produced . for all syndicated television contracts , we record an asset and corresponding liability for payments to be made for the entire “ off network ” contract period and for only the current year of the “ first run ” contract period . only an estimate of the payments anticipated to be made in the year following the balance sheet date of the

loss from early extinguishment of debt in connection with entering into the senior credit facility , we incurred loan issuance costs of approximately $ 7.1 million , including bank fees and other professional fees . this amendment and restatement was determined to be a significant modification and , as a result , we recorded a related loss from early extinguishment of debt of $ 4.9 million in 2014. also , on december 15 , 2014 we exercised an option to acquire the assets of excalibur , which at that time was treated as a vie . in connection with this transaction , excalibur repaid the outstanding balance of their debt and as a result the unamortized portion of their deferred loan costs was written off as a loss from early extinguishment of debt of $ 0.2 million . income tax expense our effective income tax rate decreased to 39.8 % for 2014 from 41.8 % for 2013. our effective income tax rates differed from the statutory rate due to the following items : replace_table_token_9_th 44 liquidity and capital resources general the following tables present data that we believe is helpful in evaluating our liquidity and capital resources ( dollars in thousands ) : replace_table_token_10_th replace_table_token_11_th our senior credit facility consists of a revolving loan ( the “ revolving credit facility ” ) and a term loan . excluding accrued interest , the amount outstanding under our senior credit facility as of december 31 , 2015 and 2014 consisted solely of a term loan balance of $ 556.4 million . our maximum borrowing availability under our revolving credit facility is limited by our required compliance with certain restrictive covenants , including a first lien net leverage ratio covenant . as of december 31 , 2015 and 2014 , we had $ 675.0 million of our 2020 notes outstanding . as of of december 31 , 2015 and 2014 , the interest rate on the balance outstanding under the senior credit facility was 3.8 % , the coupon interest rate on our 2020 notes was 7.5 % and the yield was 7.3 % . as of december 31 , 2015 and 2014 , we had a deferred loan cost balance , net of accumulated amortization , of $ 6.1


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```loss from early extinguishment of debt in connection with entering into the senior credit facility , we incurred loan issuance costs of approximately $ 7.1 million , including bank fees and other professional fees . this amendment and restatement was determined to be a significant modification and , as a result , we recorded a related loss from early extinguishment of debt of $ 4.9 million in 2014. also , on december 15 , 2014 we exercised an option to acquire the assets of excalibur , which at that time was treated as a vie . in connection with this transaction , excalibur repaid the outstanding balance of their debt and as a result the unamortized portion of their deferred loan costs was written off as a loss from early extinguishment of debt of $ 0.2 million . income tax expense our effective income tax rate decreased to 39.8 % for 2014 from 41.8 % for 2013. our effective income tax rates differed from the statutory rate due to the following items : replace_table_token_9_th 44 liquidity and capital resources general the following tables present data that we believe is helpful in evaluating our liquidity and capital resources ( dollars in thousands ) : replace_table_token_10_th replace_table_token_11_th our senior credit facility consists of a revolving loan ( the “ revolving credit facility ” ) and a term loan . excluding accrued interest , the amount outstanding under our senior credit facility as of december 31 , 2015 and 2014 consisted solely of a term loan balance of $ 556.4 million . our maximum borrowing availability under our revolving credit facility is limited by our required compliance with certain restrictive covenants , including a first lien net leverage ratio covenant . as of december 31 , 2015 and 2014 , we had $ 675.0 million of our 2020 notes outstanding . as of of december 31 , 2015 and 2014 , the interest rate on the balance outstanding under the senior credit facility was 3.8 % , the coupon interest rate on our 2020 notes was 7.5 % and the yield was 7.3 % . as of december 31 , 2015 and 2014 , we had a deferred loan cost balance , net of accumulated amortization , of $ 6.1
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 Suspicious Activity Report : also in the fourth quarter of 2013 , we acquired five stations in three new markets ( together with the stations acquired in the excalibur acquisition , the “ 2013 acquired stations ” ) . unless the context of the discussion requires otherwise , we refer to the 2015 acquired stations , the 2014 acquired stations and the 2013 acquired stations collectively as the “ acquired stations . ” 36 in addition , on september 14 , 2015 , we announced that we agreed to acquire the assets of all of the television and radio stations of schurz for approximately $ 442.5 million inclusive of working capital . on october 1 , 2015 , we announced the sale of the assets of certain television stations to facilitate regulatory approvals for the schurz acquisition , and we simultaneously announced the acquisition of the assets of two television stations through swap transactions as part of those divestitures . on november 2 , 2015 , we announced that we had reached agreements with three radio broadcasters to divest the assets of schurz 's radio stations to those third-parties upon the closing of the schurz acquisition . on october 1 , 2015 , we also announced the acquisition of the assets of kyes-tv , which would be our second station in the anchorage , alaska television market . the kyes-tv acquisition , which remains pending , is excluded from the foregoing definition . on february 1 , 2016 , to facilitate regulatory approval of the schurz acquisition , we completed one swap transaction , the disposition of the assets of kake-tv in the wichita , kansas television market in exchange for the assets of wbxx-tv in the knoxville , tennessee television market . on february 16 , 2016 , we completed the remaining portions of the schurz acquisition and related transactions . the schurz acquisition and related transactions were funded by $ 425.0 million of borrowings under the 2016 term loan under our senior credit facility . proceeds from borrowings under the 2016 term loan were used to fund the cash purchase price and to pay a portion of the related fees and expenses . revenues , operations , cyclicality , seasonality and financing our operating revenues are derived primarily from broadcast and internet advertising and retransmission consent fees and , to a lesser extent , from other sources such as production of commercials , tower rentals and management fees . broadcast advertising is sold for placement either preceding or following a television station 's network programming and within local and syndicated programming . broadcast advertising is sold in time increments and is priced primarily on the basis of a program 's popularity among the specific audience an advertiser desires to reach , as measured by nielsen . in addition , broadcast advertising rates are affected by the number of advertisers competing for the available time , the size and demographic makeup of the market served by the station and the availability of alternative advertising media in the market area . broadcast advertising rates are generally the highest during the most desirable viewing hours , with corresponding reductions during other hours . the ratings of a local station affiliated with a major network can be affected by ratings of network programming . we also sell internet advertising on our stations ' websites . these advertisements may be sold as banner advertisements , pre-roll advertisements or video and other types of advertisements or sponsorships . 37 most advertising contracts are short-term , and generally run only for a few weeks . approximately 55 % of the net revenues of our television stations for the year ended december 31 , 2015 were generated from local advertising ( including political advertising revenues ) , which is sold primarily by a station 's sales staff directly to local accounts . approximately 14 % of the net revenues of our television stations for the year ended december 31 , 2015 were generated from national advertising , which is sold either by a station 's sales staff to national accounts or by a station 's national advertising sales representative to national accounts . the stations generally pay commissions to advertising agencies on local , regional and national advertising . the stations also pay commissions to the national sales representative on national advertising , including certain political advertising . broadcast advertising revenue is generally highest in the second and fourth quarters each year . this seasonality results partly from increases in advertising in the spring and in the period leading up to and including the holiday season . broadcast advertising revenue is also generally higher in even-numbered years , due to spending by political candidates , political parties and special interest groups during the “ on year ” of the two-year political advertising cycle . this political spending typically is heaviest during the fourth quarter of such years . our primary broadcasting operating expenses are employee compensation , related benefits and programming costs . in addition , the broadcasting operations incur overhead expenses , such as maintenance , supplies , insurance , rent and utilities . a large portion of the operating expenses of our broadcasting operations is fixed . our total revenue for 2015 increased from 2014. this was expected due primarily to the impact from our 2015 acquired stations and 2014 acquired stations . our retransmission consent revenue increased in 2015 compared to 2014 due to improved terms of our retransmission consent contracts , increased subscriber rates and the impact from our acquired stations . local and national advertising revenue in 2014 benefited from approximately $ 3.8 million earned from the broadcast of the 2014 winter olympic games on our then 14 nbc channels . story_separator_special_tag our average debt balance increased as a result of increased borrowings used to finance , in part , the acquisition of certain of the acquired stations . t he average interest rates on our total debt balances were 6.2 % and 6.0 % for 2014 and 2013 , respectively . story_separator_special_tag credit facility . during december 2014 , we made voluntary principal pre-payments totaling $ 67.0 million on the outstanding balance of the 2014 term loan under our senior credit facility ( the “ 2014 term loan ” ) and as a result we are not required to make any additional principal payments until the 2014 term loan matures on june 13 , 2021. retirement plans we sponsor and in some cases contribute to defined benefit and defined contribution retirement plans covering substantially all of our full-time employees . our defined benefit pension plans are the gray television , inc. retirement plan ( the “ gray pension plan ” ) as well as two plans assumed when we acquired the related businesses in prior years . effective july 1 , 2015 , monthly plan benefits under the gray pension plan were frozen and no longer increased after june 30 , 2015 , therefore all three of our defined benefit pension plans are frozen plans . our funding policy is consistent with the funding requirements of existing federal laws and regulations under the employee retirement income security act of 1974. a discount rate is selected annually to measure the present value of the benefit obligations . in determining the selection of a discount rate , we estimated the timing and amounts of expected future benefit payments and applied a yield curve developed to reflect yields available on high-quality bonds . the yield curve is based on an externally published index specifically designed to meet the criteria of united states generally accepted accounting principles ( “ u.s . gaap ” ) . the discount rate selected for determining benefit obligations as of december 31 , 2015 was 4.31 % , which reflects the results of this yield curve analysis . the discount rate used for determining benefit obligations as of december 31 , 2014 was 4.00 % . our assumptions regarding expected return on plan assets reflects asset allocations , the investment strategy and the views of investment managers , as well as historical experience . we use an assumed rate of return of 7.00 % for our assets invested in the gray pension plans . in 2015 , estimated asset returns for this plan , calculated on a mean market value assuming mid-year contributions and benefit payments , were a loss of 1.5 % , and in 2014 were a gain of 6.5 % . other significant assumptions relate to inflation , retirement and mortality rates . our inflation assumption is based on an evaluation of external market indicators . retirement and mortality rates are based on actual plan experience . during 2015 and 2014 , we contributed an aggregate of $ 5.4 million and $ 6.8 million , respectively , to our pension plans , and we anticipate making an aggregate contribution of approximately $ 2.3 million to such plans in 2016. the use of significantly different assumptions , or if actual experienced results differ significantly from those assumed , could result in our funding obligations being materially different . 47 see note 8 “ retirement plans ” of our audited consolidated financial statements included elsewhere herein for further information concerning the retirement plans . the gray television , inc. capital accumulation plan ( “ the capital accumulation plan ” ) is a defined contribution plan intended to meet the requirements of section 401 ( k ) of the internal revenue code . effective beginning on july 1 , 2015 , employer contributions under the capital accumulation plan include matching cash contributions at a rate of 100 % of the first 3 % of each employee 's salary deferral , and 50 % of the next 2 % of each employee 's salary deferral . in addition , the company , at its discretion , may make an additional profit sharing contribution , based on annual company performance , to those employees who meet certain criteria . during 2015 , we contributed an aggregate $ 1.8 million in employer matching contributions to the capital accumulation plan . in the year ended december 31 , 2015 we accrued , and in january 2016 we contributed , $ 1.6 million of profit sharing contributions to our capital accumulation plan . our contributions to our capital accumulation plan in 2014 were not significant . capital expenditures capital expenditures for the years ended december 31 , 2015 and 2014 were $ 24.2 million and $ 32.2 million , respectively . we expect that our capital expenditures will be approximately $ 40.0 million in the year ending december 31 , 2016. we expect to fund future capital expenditures with cash from operations . off-balance sheet arrangements operating commitments we have various operating lease commitments for equipment , land and office space . we also have commitments for various syndicated television programs . we have two types of syndicated television program contracts : first run programs and off network reruns . the first run programs are programs such as wheel of fortune and the off network programs are programs such as seinfeld . a difference between the two types of syndicated television programming is that the first run programs have not been produced at the time the contract to air such programming is signed but the off network programs have already been produced . for all syndicated television contracts , we record an asset and corresponding liability for payments to be made for the entire “ off network ” contract period and for only the current year of the “ first run ” contract period . only an estimate of the payments anticipated to be made in the year following the balance sheet date of the

