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OTHER LIABILITIES AND DEBT | 12 Months Ended
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Dec. 31, 2011
OTHER LIABILITIES AND DEBT [Abstract] |
OTHER LIABILITIES AND DEBT | J. OTHER LIABILITIES AND DEBT As of December 31, 2011 and 2010, USE had current and long term liabilities associated with the following funding commitments:
|  | (In thousands) |
|  | December 31, |  |  | December 31, |
|  | 2011 |  |  | 2010 |
Other liabilities and debt: |  |  |  |  |  |
Other liabilities |  |  |  |  |  |
Deferred rent |  | $ | 14 |  |  | $ | 16 |
Employee health insurance self funding |  |  | 10 |  |  |  | -- |
|  | $ | 24 |  |  | $ | 16 |
Other long term liabilities: |  |  |  |  |  |  |  |
Accrued executive retirement costs |  | $ | 822 |  |  | $ | 762 |
Debt: |  |  |  |  |  |  |  |
Credit Facility - collateralized by |  |  |  |  |  |  |  |
oil and gas reserves, at 3.07% |  | $ | 12,000 |  |  | $ | -- |
Long term Debt |  |  |  |  |  |  |  |
Real estate note - collateralized by |  |  |  |  |  |  |  |
property, interest at 5.5% |  |  | 9,904 |  |  |  | -- |
Real estate note - collateralized by |  |  |  |  |  |  |  |
property, interest at 6% |  |  | 400 |  |  |  | 600 |
|  |  | 22,304 |  |  |  | 600 |
Less current portion |  |  | (481 | ) |  |  | (200 | )
Totals |  | $ | 21,823 |  |  | $ | 400 |
In December 2008, USE and TCM jointly purchased land for $4 million ($2 million in January 2009, $400,000 annually for five years). USE is responsible for one-half the purchase price. As of December 31, 2011, USE has paid $1.6 million leaving $400,000 to be paid at the rate of $200,000 per year through 2013. On December 6, 2011, TCM notified the Company that it wishes to sell its interest in the property. The Company has 18 months to decide whether to purchase TCM's 50% interest in the property, at cost, and close such purchase. On May 5, 2011 USE borrowed $10.0 million from a commercial bank against Remington Village. At the date of filing of this annual report $9.9 million is due on the note. The note is secured by the Company's multi-family property in Gillette, WY. The note is amortized over 20 years with a balloon payment at the end of five years with an interest rate of 5.50% per annum. Proceeds of the note were used to fund general business obligations. When Remington Village is sold, the proceeds from the sale will first be applied to the retirement of the debt and the remainder applied to general corporate overhead and project development. Therefore, the debt is included in current liabilities held for sale.
|  | (In thousands) |
|  | Payments due by period |
|  | Total |  |  | 2012 |  |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 and thereafter |
Credit facility |  | $ | 12,000 |  |  | $ | 12,000 |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |
Real estate note - 5.5% |  |  | 9,904 |  |  |  | 281 |  |  |  | 312 |  |  |  | 326 |  |  |  | 345 |  |  |  | 8,640 |
Real estate note - 6.0% |  |  | 400 |  |  |  | 200 |  |  |  | 200 |  |  |  | -- |  |  |  | -- |  |  |  | -- |
Total |  | $ | 22,304 |  |  | $ | 12,481 |  |  | $ | 512 |  |  | $ | 326 |  |  | $ | 345 |  |  | $ | 8,640 |

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- Definition The entire disclosure for other liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 24 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20,24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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