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Long-Term Debt
3 Months Ended
Mar. 31, 2013
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt
 
On October 20, 2003, the Company issued $100.0 million 5.50% Senior Notes due on November 1, 2013, of which $71.8 million was outstanding at March 31, 2013, at a discount of approximately $0.2 million, which is being amortized over the life of the notes. Such notes contain restrictions on liens on principal property or stock issued to collateralize debt, among other provisions. As of March 31, 2013, the Company was in compliance with such provisions. Interest is payable semi-annually in arrears on May 1 and November 1. The notes may be redeemed in whole or in part at any time at a specified redemption price. The proceeds of the debt issuances were used for general corporate purposes.

As of March 31, 2013 and December 31, 2012, Miles Kimball had approximately $6.0 million and $6.2 million, respectively, of long-term debt outstanding under a real estate mortgage note payable which matures June 1, 2020.  Under the terms of the note, payments of principal and interest are required monthly at a fixed interest rate of 7.89%.
 
The Company’s debt is recorded at its amortized cost basis. The estimated fair value of the Company’s $78.0 million and $78.2 million total long-term debt (including current portion) at March 31, 2013 and December 31, 2012 was approximately $79.1 million and $79.8 million, respectively.  The fair value of the liability is determined using the fair value of its notes when traded as an asset in an inactive market and is based on current interest rates, relative credit risk and time to maturity. Due to the nature of the information used, the Company considers these to be level 2 measurements.

As of March 31, 2013, the Company had a total of $2.0 million available under an uncommitted bank facility to be used for letters of credit. The issuance of letters of credit under this facility will be available until January 31, 2014.  As of March 31, 2013, no amount was outstanding under this facility.

As of March 31, 2013, the Company had $1.1 million in standby letters of credit outstanding that are collateralized with a certificate of deposit.