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Bank and Other Notes Payable | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Bank and Other Notes Payable | Bank and Other Notes Payable: Bank and other notes payable at December 31, 2017 and 2016 consist of the following: Line of Credit: The Company has a $1,500,000 revolving line of credit that bears interest at LIBOR plus a spread of 1.30% to 1.90%, depending on the Company's overall leverage level, and matures on July 6, 2020 with a one-year extension option. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000. Based on the Company's leverage level as of December 31, 2017, the borrowing rate on the facility was LIBOR plus 1.45%. As of December 31, 2017 and 2016, borrowings under the line of credit, were $935,000 and $885,000, respectively, less unamortized deferred finance costs of $7,548 and $10,039, respectively, at a total interest rate of 3.13% and 2.40%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2017 and 2016 was $919,158 and $865,921, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Term Loan: On December 8, 2011, the Company obtained a $125,000 unsecured term loan under the line of credit that bore interest at LIBOR plus a spread of 1.95% to 3.20%, depending on the Company's overall leverage level, and was to mature on December 8, 2018. On October 23, 2015, the Company paid off the term loan, which resulted in a loss of $578 on the early extinguishment of debt. Prasada Note: On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on May 30, 2021. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At December 31, 2017 and 2016, the note had a balance of $4,732 and $5,521, respectively. The estimated fair value (Level 2 measurement) of the note at December 31, 2017 and 2016 was $4,717 and $5,786, respectively, based on current interest rates for comparable notes. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the collateral for the underlying debt. As of December 31, 2017 and 2016, the Company was in compliance with all applicable financial loan covenants. The future maturities of bank and other notes payable are as follows:
Year Ending December 31, |
2018 | $ | 830 |
2019 | 875 |
2020 | 922 |
2021 | 937,105 |
| 939,732 |
Deferred finance cost | (7,548 | )
| $ | 932,184 |
The future maturities reflected above reflect the extension options that the Company believes will be exercised.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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