XML 86 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
Borrowings (Tables)
9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
Borrowings consist of the following:
(dollars in thousands)
Interest Rate
 
Maturity Date
September 30,
2012
 
December 31,
2011
Borrowings under ABL Facility
floating
 
May 18, 2017
$
—

 
$
—

New Senior Secured Notes
6.875%
(1)
May 15, 2020
450,000

 
—

Old Senior Secured Notes
10.00%
 
February 15, 2015
—

 
360,000

Promissory Note
6.00%
 
October, 2012 to September, 2016
956

 
1,111

Notes Payable
floating
 
October, 2012
—

 
339

RMB Loan Contract
floating
 
January, 2014
9,498

 
28,332

BES Euro Line
floating
 
December, 2012 to December, 2013
7,780

 
7,835

AICEP Loan
0.00%
 
July 30, 2018
1,238

 
—

Total borrowings
 
 
 
469,472

 
397,617

Less — unamortized discount
 
 
 
—

 
4,300

Plus — carrying value adjustment on debt related to the Interest Rate Agreement (1)
1,205

 
4,043

Total borrowings — net
 
 
 
470,677

 
397,360

Less — long term debt due within one year
 
 
3,819

 
4,192

Total long-term portion of borrowings — net
 
$
466,858

 
$
393,168

_____________________________
(1)
See Interest Rate Agreements under “New Senior Secured Notes” below and in note 9.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The fair market value and related carrying value adjustment are as follows:
(dollars in thousands)
September 30, 2012
 
December 31, 2011
Fair market value of Rate Agreements - asset (liability)
$
394

 
$
3,606

Adjustment to increase (decrease) carrying value of the related long-term debt
$
1,205

 
$
4,043

The net impact recorded on the Condensed Consolidated Statements of Comprehensive Income is as follows:
 
 
Three months ended September 30,
 
Nine months ended September 30,
(dollars in thousands)
 
2012
 
2011
 
2012
 
2011
Income (expense) on hedging activities in other income (expense)
 
$
(666
)
 
$
205

 
$
(420
)
 
$
697

Income on hedging activities in loss on redemption of debt
 
$
—

 
$
—

 
$
3,502

 
$
—