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Notes Payable | 9 Months Ended
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Sep. 30, 2012
Debt Disclosure [Abstract] |
Notes Payable | Note 5 - Notes Payable Total debt outstanding at September 30, 2012 and December 31, 2011 was:
(Dollars in Millions) |  | Sep 30, 2012 |  | Dec 31, 2011
Senior Notes at Amortized Cost: |  |  |  |
6.00% Senior Notes due May 15, 2017 |  | $ | 357.2 |  |  | $ | 356.8 |
6.00% Senior Notes due November 30, 2015 |  | 248.5 |  |  | 248.2 |
Mortgage Note Payable at Amortized Cost |  | 5.5 |  |  | 5.6 |
Notes Payable at Amortized Cost |  | $ | 611.2 |  |  | $ | 610.6 |
On March 7, 2012, Kemper entered into a new four-year, $325.0 million, unsecured, revolving credit agreement, expiring March 7, 2016 (the “2016 Credit Agreement”), with a group of financial institutions. The 2016 Credit Agreement replaced Kemper’s $245.0 million, unsecured, revolving credit agreement which was scheduled to expire on October 30, 2012 (the “Former Credit Agreement”) and was terminated on March 7, 2012. There were no borrowings under the Former Credit Agreement at either December 31, 2011 or at its termination. The 2016 Credit Agreement provides for fixed and floating rate advances for periods up to six months at various interest rates. The 2016 Credit Agreement contains various financial covenants, including limits on total debt to total capitalization, consolidated net worth and minimum risk-based capital ratios for Kemper’s largest insurance subsidiaries, United Insurance Company of America (“United”) and Trinity Universal Insurance Company (“Trinity”). Proceeds from advances under the 2016 Credit Agreement may be used for general corporate purposes, including repayment of existing indebtedness. There were no outstanding borrowings under the 2016 Credit Agreement at September 30, 2012, and accordingly, $325.0 million was available for future borrowings. In the first quarter of 2012, the Company wrote off $0.5 million of unamortized issuance costs related to the Former Credit Agreement. Interest Expense, including facility fees, accretion of discount and write-off of unamortized credit agreement issuance costs, for the nine and three months ended September 30, 2012 and 2011 was:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2012 |  | Sep 30, 2011 |  | Sep 30, 2012 |  | Sep 30, 2011
Notes Payable under Revolving Credit Agreements |  | $ | 1.6 |  |  | $ | 1.5 |  |  | $ | 0.3 |  |  | $ | 0.6 |
Senior Notes Payable: |  |  |  |  |  |  |  |
6.00% Senior Notes due May 15, 2017 |  | 16.6 |  |  | 16.5 |  |  | 5.5 |  |  | 5.5 |
6.00% Senior Notes due November 30, 2015 |  | 11.6 |  |  | 11.5 |  |  | 3.9 |  |  | 3.8 |
Mortgage Note Payable |  | 0.3 |  |  | 0.3 |  |  | 0.1 |  |  | 0.1 |
Interest Expense before Capitalization of Interest |  | 30.1 |  |  | 29.8 |  |  | 9.8 |  |  | 10.0 |
Capitalization of Interest |  | (1.6 | ) |  | (1.8 | ) |  | (0.2 | ) |  | (0.7 | )
Total Interest Expense |  | $ | 28.5 |  |  | $ | 28.0 |  |  | $ | 9.6 |  |  | $ | 9.3 |
Note 5 - Notes Payable (continued) Interest paid, including facility fees and credit agreement issuance costs, for the nine and three months ended September 30, 2012 and 2011 was:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2012 |  | Sep 30, 2011 |  | Sep 30, 2012 |  | Sep 30, 2011
Notes Payable under Revolving Credit Agreements |  | $ | 1.9 |  |  | $ | 0.5 |  |  | $ | 0.2 |  |  | $ | 0.3 |
Senior Notes Payable: |  |  |  |  |  |  |  |
6.00% Senior Notes due May 15, 2017 |  | 10.8 |  |  | 10.8 |  |  | — |  |  | — |
6.00% Senior Notes due November 30, 2015 |  | 7.5 |  |  | 7.8 |  |  | — |  |  | — |
Mortgage Note Payable |  | 0.3 |  |  | 0.3 |  |  | 0.1 |  |  | 0.1 |
Total Interest Paid |  | $ | 20.5 |  |  | $ | 19.4 |  |  | $ | 0.3 |  |  | $ | 0.4 |

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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 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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