2.4.0.82117100 - Disclosure - Commitments and Contingenciestruefalsefalse1falsefalsefalseD2013Q2YTDhttp://www.sec.gov/CIK0000051548duration2012-12-01T00:00:002013-05-31T00:00:001true1us-gaap_TextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false2us-gaap_CommitmentsAndContingenciesDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commitments and Contingencies</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2002, the Unified Government issued subordinate sales tax special obligation revenue bonds (“2002 STAR Bonds”) totaling approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$6.3 million</font><font style="font-family:inherit;font-size:10pt;"> to reimburse the Company for certain construction already completed on the second phase of the Kansas Speedway project and to fund certain additional construction. The 2002 STAR Bonds, which require </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">annual</font><font style="font-family:inherit;font-size:10pt;"> debt service payments and are due </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 1, 2022</font><font style="font-family:inherit;font-size:10pt;">, will be retired with state and local taxes generated within the speedway’s boundaries and are not the Company’s obligation. KSC has agreed to guarantee the payment of principal and any required premium and interest on the 2002 STAR Bonds. At </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">May 31, 2013</font><font style="font-family:inherit;font-size:10pt;">, the Unified Government had approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$1.7 million</font><font style="font-family:inherit;font-size:10pt;"> outstanding on 2002 STAR Bonds. Under a keepwell agreement, the Company has agreed to provide financial assistance to KSC, if necessary, to support KSC’s guarantee of the 2002 STAR Bonds.</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with the Company’s automobile and workers’ compensation insurance coverages and certain construction contracts, the Company has standby letter of credit agreements in favor of third parties totaling approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$4.0 million</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">May 31, 2013</font><font style="font-family:inherit;font-size:10pt;">. At </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">May 31, 2013</font><font style="font-family:inherit;font-size:10pt;">, there were no amounts drawn on the standby letters of credit.</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Current Litigation</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is from time to time a party to routine litigation incidental to its business. Management does not believe that the resolution of any or all of such litigation will have a material adverse effect on the Company’s financial condition or results of operations. In addition, on February 23, 2013, during the last lap of the NASCAR Nationwide Series race at Daytona International Speedway ("Daytona"), an on-track incident resulted in debris from a race car entering the grandstands and injuring numerous spectators. Claims have been filed as a result of this incident, however the Company is confident that it has adequate insurance to cover any losses, in excess of its </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$1.5 million</font><font style="font-family:inherit;font-size:10pt;"> deductible, resulting from claims surrounding this incident.</font></div></div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for commitments and contingencies.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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