NetSpend 2012 Annual Report Download - page 50

Download and view the complete annual report

Please find page 50 of the 2012 NetSpend annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 76

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76

In addition, TSYS maintains an unsecured credit
agreement with Columbus Bank and Trust. The credit
agreement has a maximum available principal
balance of $5.0 million, with interest at prime. TSYS
did not use the credit facility during 2012, 2011 or
2010.
Long-term debt at December 31 consists of:
(in thousands) 2012 2011
LIBOR + 1.125%, unsecured
term loan, due
September 10, 2017, with
quarterly principal and
interest payments ......... $146,250 —
LIBOR + 0.80%, unsecured
term loan, due November 5,
2014, with principal paid at
maturity ................. 23,236 25,652
1.50% note payable, due
December 31, 2013, with
monthly interest and
principal payments ........ 13,452 26,703
1.50% note payable, due
January 31, 2016, with
monthly interest and
principal payments ........ 11,825 —
1.50% note payable, due
July 31, 2015, with monthly
interest and principal
payments ............... 7,457 —
LIBOR + 0.60%, unsecured
term loan, due
December 21, 2012, with
principal to be paid at
maturity ................. —168,000
Total debt ............... 202,220 220,355
Less current portion ....... 27,361 181,251
Noncurrent portion of long-
term debt ............. $174,859 39,104
Required annual principal payments on long-term
debt for the five years subsequent to December 31,
2012 are summarized as follows:
(in thousands)
2013 ............................... $ 27,361
2014 ............................... 14,332
2015 ............................... 40,191
2016 ............................... 15,336
2017 ............................... 105,000
Capital lease obligations at December 31 consist of:
(in thousands) 2012 2011
Capital lease obligations ....... $30,418 38,852
Less current portion ........... 13,263 14,363
Noncurrent portion of capital
leases ..................... $17,155 24,489
The future minimum lease payments under capital
leases at December 31, 2012 are summarized as
follows:
(in thousands)
2013 ................................ $13,781
2014 ................................ 13,355
2015 ................................ 2,593
2016 ................................ 1,210
2017 ................................ 335
Total minimum lease payments .......... 31,274
Less amount representing interest ....... 856
$30,418
NOTE 14 Other Current Liabilities
Significant components of other current liabilities at
December 31 are summarized as follows:
(in thousands) 2012 2011
Accrued expenses .......... $ 30,963 40,141
Deferred revenues .......... 29,101 29,707
Accrued income taxes ....... 10,936 5,731
Client postage deposits ..... 4,228 3,562
Transaction processing
provisions ............... 1,816 5,382
Dividends payable .......... 729 18,913
Other ..................... 22,509 22,427
Total ..................... $100,282 125,863
47