Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Instruments [Abstract]

Schedule of Credit Agreements

The following table summarizes information relevant to the Credit Agreements as of and for the year ended December 31, 2014:

	Agency Credit Agreement		Finance Credit Agreement		Total
Maximum borrowing capacity	$	300,000	$	550,000	$	850,000
Borrowing base	$	237,830	$	519,255	$	757,085
Borrowings outstanding	$	—	$	445,000	$	445,000
Available borrowing capacity (a)	$	237,830	$	74,255	$	312,085
Average borrowings outstanding	$	—	$	306,448	$	306,448
Borrowing Costs	$	2,240	$	8,740	$	10,980

Legend:

(a) The available borrowing capacity is calculated as the borrowing base (i.e., the current maximum borrowing availability) less borrowings outstanding as of December 31, 2014.

Schedule of Debt

As of December 31, 2014 and 2013, Long-Term Debt consisted of the following (in thousands of dollars):

December 31	2014			2013
York Property Mortgage, net of unamortized discount of $1,782 and $5,346	$	218,728		$	218,778
2022 Senior Notes	300,000			300,000
Less current portion:
York Property Mortgage	(218,728		)	(3,630		)
Total Long-Term Debt, net	$	300,000		$	515,148

Aggregate Future Principal And Interest Payments

The aggregate future principal and interest payments due under the York Property Mortgage, the 2022 Senior Notes, and Sotheby's revolving credit facility borrowings during the five year period after the December 31, 2014 balance sheet date are as follows (in thousands of dollars):

2015	$	243,354
2016	$	15,750
2017	$	15,750
2018	$	15,750
2019	$	460,750

Components Of Interest Expense

In 2014, 2013, and 2012, Interest Expense consisted of the following (in thousands of dollars):

	2014		2013		2012
Revolving credit facility:
Amortization of amendment and arrangement fees	$	1,096	$	1,279	$	1,764
Commitment fees	1,144		1,532		1,277
Sub-total	2,240		2,811		3,041
York Property Mortgage	16,335		16,512		16,770
2022 Senior Notes and 2015 Senior Notes	15,750		15,750		9,775
Convertible Notes	—		6,417		13,470
Other interest expense	864		1,222		1,373
Total Interest Expense	$	35,189	$	42,712	$	44,429

Convertible Note Interest Expenses

In 2014, 2013, and 2012, Interest Expense related to the Convertible Notes consisted of the following (in thousands of dollars):

	2014		2013		2012
Contractual coupon interest expense	$	—	$	2,621	$	5,683
Discount amortization	—		3,796		7,787
Total	$	—	$	6,417	$	13,470