XML 55 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
LONG-TERM DEBT
12 Months Ended
Dec. 31, 2012
LONG-TERM DEBT [Abstract]  
LONG-TERM DEBT
6.      LONG-TERM DEBT

The Company (through a subsidiary) has an outstanding Bond financing with the Development Authority of Jefferson, Georgia (the "Authority"). The Bonds were issued by the Authority and purchased by GE Government Finance Inc., and mature on October 1, 2018. The proceeds from the Bond were used to finance capital equipment purchased for the Company's distribution facility located in Jefferson, Georgia. The purchase and installation of the equipment for the facility was completed by December 31, 2011. Pursuant to the transaction, the Company transferred to the Authority, for consideration consisting of the Bond proceeds, ownership of the equipment and the Authority leased the equipment to the Company's subsidiary pursuant to a capital equipment lease expiring October 1, 2018. Under the capital equipment lease, the Company has the right to acquire ownership of the equipment at any time for a purchase price sufficient to pay off all principal and interest on the Bonds, plus $1.00. As of December 31, 2012, there was $5.9 million outstanding against this financing facility.
 
 
Long-term debt consists of (in millions):

   
December 31,
 
   
2012
  
2011
 
Capitalized equipment lease obligations
 $8.1  $9.7 
Less: current portion
  2.8   2.6 
   $5.3  $7.1 

The aggregate maturities of long-term debt outstanding at December 31, 2012 are as follows (in millions):

   
2013
  
2014
  
2015
  
2016
  
2017
 
Maturities
 $2.8  $2.5  $2.2  $0.6  $-